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Artificial intelligence (AI) is a double-edged sword in cybersecurity. Whilst new AI models, architectures, and innovations are emerging to protect the security posture of organisations, attackers are also benefiting from deepfakes, sophisticated phishing, and automation of malicious codes. To ensure the impact of AI on cybersecurity to be a net-positive, we need to pit good AI against bad AI. Point solutions enhanced with machine learning: Global cybersecurity has been built with point soluti
Companies: EPIC DARK TIDE IGP IOM NCC CHRT CNS CLCO TERN SWG CCS SYS BVC
Hybridan
26th March 2024 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment object
Companies: BIRD MBH CHRT INSE KMK FNTL HDD JNEO CCS
29th January 2024 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment obje
Companies: TXG Z29 TXG IGP EKF RUA CHRT SPEC SSTY CHAR EMH
13th December 2023 Small Cap Team will take a break until Monday 8 January 2024 after this Friday 15th December. Merry Christmas to all our readers. @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be
Companies: SEE AYM GOOD CHRT FIPP RBD POW JADE
Cohort’s expertise in innovative defence and security products and services are increasingly suitable for a wide range of global customers whose budgets are likely to rise. It is in a prime position to benefit from the growth in global defence spending that should result from increased geopolitical tension. We expect a return to sustainable organic growth in the current year accompanied by strong cash flow. An FY24e P/E multiple of 11.8x is undemanding, accompanied by 10% dividend income growth.
Companies: Cohort plc
Edison
Edison Investment Research is terminating coverage on Schroder Asia Pacific (SDP), Fundsmith Emerging Equities Trust (FEET), Cohort (CHRT) and Akobo Minerals (AKOBO). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.
Dish of the day Joiners: One Health Group plc (AQSE: OHGR), joins the Apex segment of the AQSE Growth Market. The group provides medical services, in the form of elective surgical care, to support the NHS in the management of patients, through a growing network of community-based outreach clinics and independent hospitals. Market Cap on admission £15.05m. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Kistos Holdings plc, intends to join AIM. The Company was incorporated to act
Companies: SCE MTC HRN SAR CHRT CNSL HUW COG
In our recent note following the trading update on 26 September 2022, we upgraded our FY24 EPS estimate to reflect an expected cut in future UK corporation tax rates. As the proposed tax cut has now been withdrawn, it is necessary to reverse that adjustment. As a result, Cohort is trading at a still undemanding FY24e multiple of 13.6x and, while falling by 6% to 683p, the DCF value remains at a substantial premium to the current share price.
Cohort’s trading update ahead of its AGM and capital markets day continues to indicate the FY23 trading performance is ahead of the prior year. A continued strong level of order intake supported by UK MOD activity appears to be mitigating some ongoing supply chain delays, mainly affecting EID in Portugal. Our group FY23 estimates remain unchanged. For FY24 we now assume a lower tax rate which lifts our EPS estimate by c 7%. The resulting FY24 P/E of 12.6x looks increasingly undemanding with the
Cohort’s subsidiary, SEA, has continued its strong order intake momentum by announcing a major new £34m support contract for the Royal Navy. The order augments the improving prospects for SEA as sales activity normalises following the pandemic hiatus. It also further underpins future revenue visibility at the group level, which was already strong with order cover at 90% of FY23 market consensus sales estimates in July although supply chain issues remain a risk. As Cohort’s defence focus returns
The nature of the ongoing conflict in Ukraine, and its impact on near-term Cohort performance, is hard to predict. However, the recent change in stance by NATO and in general towards overseas defence, adds both confidence and momentum to our medium-term outlook for Cohort. The standout feature of recent FY results was a record year-end order book of £291m. This underpins £128m or 78% of market FY23 revenue outlook and gives increased visibility and management confidence in FY23 performance whi
Equity Development
Cohort’s position as a growing international defence company is being increasingly recognised as the sector gains relevance for governments and investors alike. The Russian invasion of Ukraine is stimulating short-term operational requirements but, more importantly, has initiated a return to higher long-term defence spending commitments from NATO members. Cohort’s positioning in the training and supply of critical capabilities to its customers should benefit from the enhanced environment. FY22 w
Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen? Unigel Group, intends to join the Aquis Growth Market. Unigel Group is a pioneer in the field of thixotropic gels for the fibre optic cable industry. The Company is also a leading supplier of laminated steel tapes to the fibre optic cable industry in the US. Thixotropic gels and laminated steel tapes are essential components to the rapidly growing global fibre optic cable market. The Group exports to over 40
Companies: TUN TIDE OMG CHRT SPA FNTL HZM
Cohort indicated in its closing FY22 trading update that it expects to deliver earnings in line with market expectations despite a c £10m shortfall in revenues. Part of the sales impact is due to a contract adjustment at Chess, but pandemic-related delays continued to affect other group companies. Order intake has remained strong and management expectations for FY23 are maintained, with order cover for FY23 sales of 69% (64% for FY21). With increasing global defence spending and a return to grow
Research Tree provides access to ongoing research coverage, media content and regulatory news on Cohort plc. We currently have 0 research reports from 8 professional analysts.
Invinity Energy Systems (IES LN) develops Vanadium Flow Batteries (VFBs) for utility-scale grid storage. The Group’s next-generation Mistral VFB technology, jointly developed with Gamesa Electric, launches in H2 2024 to provide grid-scale longer-duration energy storage (LDES) as renewable generation increases globally. To capture this opportunity, the Group has today announced that it has raised £56.0m through a placing at 23p per share. It is now undertaking an Open Offer to raise up to £6.6m a
Companies: Invinity Energy Systems PLC
VSA Capital
Invinity’s major equity fundraising is targeting a minimum of £50m with half already committed by the UK Infrastructure Bank (UKIB). A second strategic investment of £3m has been committed by Korean Investment Partners. The raise will see Invinity to net cash generation, with £30m of the raise supporting the company’s scale up ahead of this year’s launch of the next generation Mistral flow battery. The raise will boost the balance sheet, reducing counterparty risk and unlocking sales and bigger
Longspur Clean Energy
Companies: CNC RNO MAI IUG CUSN POLB
Cavendish
Companies: Ultimate Products PLC
Shore Capital
Companies: Smiths News PLC
Canaccord Genuity
Epwin’s FY23 results were robust and management navigated inflationary pressures well. Despite some market headwinds, we have increased our FY24 and FY25 underlying operating profit estimates for the second time this year. Long-term, well-established growth trends imply that Epwin is well-placed to leverage off increasing demand for its energy-efficient and low-maintenance building products. Epwin offers an attractive investment case with the potential for uplifts from additional self-funded M&A
Companies: Epwin Group PLC
Companies: eEnergy Group PLC
Companies: James Cropper plc
Itaconix Plc’s (AIM: ITX.L, OTC: ITXXF) vision - safer chemicals in consumer goods. ITX makes IP protected innovative bio-polymers that replace acrylic acid and styrene based polymers (US$ 20bn market) in consumer products. IA polymers have commercial applications in consumer and specialty chemicals markets including detergents markets as water softeners and dispersants; odour capture markets and hair products markets for hold, texture and flexibility. ITX’s innovations are protected by 16 paten
Companies: Itaconix plc
ACF Equity Research
Companies: Iofina plc
Tan Delta develops and supplies sensors and systems which use innovative real time oil analysis technology to allow operators of commercial and industrial equipment to cut maintenance costs, improve reliability, and reduce carbon footprint.
Companies: Tan Delta Systems PLC
Zeus Capital
Companies: Mpac Group PLC
Zonal pricing is now under consideration for implementation in the GB power market. While this is very much not a given, this note summarises the key reports on its potential impacts. We find that while there is an overall reduction in revenues across generation, this may be less than originally predicted and new regional price differences and timing differences may favour storage in Scotland and delay new gas plant construction nationally. We think this later second order impact improves the en
Companies: DRX NESF IES SAE
Companies: ARV CLA SLP GAL 002466 GGP JAY KOD GRL MKA SVML GEMD ZIOC
SP Angel
Companies: Kinovo PLC
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