Morning Note – 10 April 2024

Morning Note – 12 February 2024

Morning Note – 15 November 2023

Hybridan Small Cap Feast - 10 Oct 23

10th October 2023 @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

Morning Note – 2 October 2023

Enteq Technologies - FY results: cash boosted to focus on SABER commercialisatio

FY23 results show a year of two halves, reflecting the strategic decision to scale back loss-making and lower-margined business. The significant reduction is evident, with H1 forming 81% of FY revenue. Cash focus has been paramount to assist funding of the final stages of SABER development and field trials. These trials have been positive and strengthen the view that SABER is achieving required technical needs. Cash has been boosted by the disposal of freehold property in Houston and the disposa

Enteq Technologies - SABER tool successfully completes downhole drilling trial

The company has announced a positive and encouraging update on the development of its potentially game-changing SABER tool. It has completed its downhole drilling tests, successfully achieving required parameters of generating forces sufficient to change drilling direction. It now moves to the next stage, with the selection of industry partners for potential customer trials. This is a significant outcome and draws SABER closer to commercialisation, with the potential to be a market-disruptive so

Morning Note – 12 April 2023

Hybridan Small Cap Feast - 29 Mar 23

29 March 2023 @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 objectiv

Morning Note – 29 March 2023

Morning Note – 15 February 2023

Hybridan Small Cap Feast 16/11/22

Dish of the day Joiners: BWP REIT joins the Wholesale Segment of the International Property Securities Exchange (IPSX). BWP REIT is a newly formed single asset company and has raised £35m by issuing 35m new ordinary shares at 100 pence per share to acquire Bridgewater Place, an office-led mixed use property in central Leeds and valued at £63m. The property is one of the tallest buildings in Yorkshire, comprising 234,000 sq. ft of office space, and is close to 90% let to EY, as well as multinatio

Morning Note – 16 November 2022

Enteq Technologies - Interims show good growth and encouraging SABER progress

Interim results are reflective of the legacy MWD business with the group refocusing on SABER as a potentially game-changing product in the faster growth, more lucrative RSS market. SABER’s development is progressing on track having passed all its tests successfully to date, with the next step being hard rock drilling tests in Norway, prior to commercialisation. Our forecasts remain under review, and we are encouraged by the prospects for the unique and market-disruptive SABER that has a scale op

UK's best rated holiday provider: still ~£4 too cheap to us

Seraphim Space Investment Trust - Several key holdings funded to break-even

Seraphim Space Investment Trust (SSIT) reported a modest 1.8% NAV total return (TR) in H124, as the positive impact from up rounds (most notably D-Orbit’s) was partly offset by downward fair value adjustments of some other holdings due to technical setbacks or operational underperformance. However, we note that fund-raising across the spacetech sector remained robust in CY23. Moreover, 82% of SSIT’s portfolio has a robust cash runway, with 60% fully funded based on the projections of its managem

Anexo Group (ANX LN) - Solid performance across divisions

Anexo has reported FY23 results, with a solid performance across the Group, boosted by the agreement of its first Emissions action in the year. Increased activity levels in Credit Hire and a large portfolio of claims in Legal Services underpin our forecasts, with the benefit of future Emissions Case agreements providing upside risk should settlements be reached.

Anexo Group - Solid FY23 results, significant net cash inflow, continuing opportunities for growth

This morning's FY results from ANX suggest that substantial growth opportunities remain in its three businesses in the credit hire and legal services areas, with these as ever serving high-demand markets. ANX is the UK market-leader in credit hire and legal services for impecunious no-fault motorists, while also operating Housing Disrepair and Vehicle Emissions litigation businesses. Last year, Credit Hire saw judicious management of the fleet during the period in order to make the best use of a

Mining Monthly: March Edition

What you need to know: • Following a long period of consolidation, gold broke out in March, hitting record highs, and continuing to push higher as we enter April. • Silver and copper also had strong months up 10% and 4%, respectively. • More notably, we are finally seeing the equities outperform their underlying metal price with the GDX, SIL, and COPX up 22.7%, 21.1% and 19.4%, respectively, significantly outperforming broader markets. • With precious metals taking the limelight, the rest of the