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Companies: BILN ELCO NXQ CUSN ATG
Cavendish
Companies: Nexteq PLC
Canaccord Genuity
Dowlais Group’s first set of results were ahead of our expectations, with positive cash generation a highlight despite restructuring and demerger costs. Softer automotive markets will limit margin progress in FY24 towards the double-digit target. Despite this, margins of c 6.5% are still ahead of automotive peers, although the shares trade at a significant discount to our implied generic peer-based valuation.
Companies: Dowlais Group PLC
Edison
Surface has issued a brief Q1 update. Production will ramp-up this year as final new equipment is installed, and manufacturing teething problems recede.
Companies: Surface Transforms PLC
Zeus Capital
Nexteq’s FY23 results show adjusted EBITDA +4% ahead of the +6% upgrade at the January trading update, record FY23 EFCF of $17.4m, and a confident outlook that leads us to reiterate our FY24E revenue and upgrade FY24E gross profit, adj EBITDA, and EFCF by +1-10%. The strategic focus on higher-margin products and customers reducing elevated inventory levels led FY23 group revenue -5% yoy to $114.3m, with Quixant 6% lower at $69.3m and Densitron 2% lower at $45.1m. Effective supply-chain managemen
Companies: GHH PHC GETB DEC LORD GELN
Companies: IG Design Group plc
Companies: FOG TND BVXP ACC HDD
On 9 January last year, we set out our ten top stock picks for 2023, for what turned out to be another relatively poor twelve months for UK equities due to two wars, stubbornly high inflation and further tightening of monetary policy. This was even as other major markets, such as the US, largely recovered in the year. In the 2023 calendar year, the AIM All-Share index fell 8.2% and is still 42% off its 2021 high. From the release of our 2023 top picks note, the average total return (assuming div
Companies: PTAL GHH IGP MSLH PINE NXQ EQLS NXR AXL
Nexteq’s FY23 trading update highlights a strong gross margin performance, adjusted PBT comfortably ahead of market expectations, and net cash +36% ahead of our previous forecast at $27.9m. The strategic focus on higher-margin products and customers reducing elevated inventory levels have led FY23 group revenue -4% yoy to $114.8m, with Quixant 6% lower at $69.4m and Densitron broadly in line at $45.4m. Effective supply chain management, strong price discipline, and increased sales of higher marg
Companies: CPH2 ITM CNA AFC DRX IKA CWR CHAR IES AT/ HE1 ATOM
Liberum
A streamlined strategy, solid foundations, and a new, enthusiastic management team creates meaningful upside risk to forecasts. The scale of the opportunity is significant, with the path to £1bn retail sales more than achievable in our view. Our valuation analysis implies a share price of 85.3p, 205% above current levels.
Companies: Revolution Beauty Group plc
£23.3bn in enterprise value has been returned to AIM technology shareholders over the past six years in the form of 51 public to private takeouts, including 10 in 2023 alone with the takeovers of Smoove* and Tribal announced in early October. With UK valuations appearing cheap and looking more attractive to potential acquirers, we take a moment to reflect on the trends of corporate and private equity bidders targeting AIM-listed technology companies going back to 2017, through the uncertainties
Companies: CPX FNX CLBS PEB TIDE CNC ELCO IGP FTC IOM PCIP KBT MAI SRT VNET TRCS ING IQG DOTD TIA RCN NXQ TIG BBB ARC BBSN KRM GETB ACC JNEO SWG RDT QTX CER EXR NEXN XLM BOOM CLX FADL LINV SND
Byotrol’s interim results were in-line with the recent trading update and, as such, we reiterate our FY 2024 forecasts. Group revenues for the period were down by 9% to £2.0m, however, product sales (excluding IP related royalty income) were flat YoY. Encouragingly, professional product sales increased by 8% to £1.8m and the company delivered an improvement in underlying gross margin to 44.5% (vs FY 2023 42.6%) supported by rebalancing the portfolio towards higher margin products in animal and h
Companies: Byotrol plc
Companies: FOG BOIL BYOT SDI STX
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