Morning Note – 13 May 2024

Carr's Group - Worth more than a lick!

Carr’s has significantly altered over recent years and is now focused on two activities: Engineering and Agriculture, having divested lower margin operations. The new management team has signalled it is looking at strategic options for the Engineering division, whilst Agriculture offers recovery in performance through its transformation programme against a steadily improving market backdrop. Carr’s maintains a strong balance sheet, enabling it to make complementary EPS-enhancing acquisitions, wh

Premier Foods+ (PFD, House Stock, 167p) - Setting out FY24F expectations

Greggs - Encouraging start to FY24

Greggs’ trading update for the first 19 weeks of the year shows that the company is driving superior revenue growth from its key initiatives of growing space, delivery and evening sales and leveraging the app along with its continuous menu enhancements, despite what has continued to be a challenging backdrop for consumers. The strong revenue growth on top of a tough comparative from the prior year includes both volume and price growth, which compares very well versus many other consumer-facing c

Strong operational and strategic progress

Greggs - Showing us how it's done

The second full year of Greggs’ five-year growth plan to double revenue by FY26 should be marked down as very successful, especially so given the challenging external environment. Unlike many consumer-facing companies, high selling price inflation was accompanied by volume growth, leading to good market share gains. The consumer is responding well to new initiatives to grow revenue in new dayparts and digital channels. Profitability was well-managed with better recovery of input cost inflation t

Hybridan Small Cap Feast - 14 May 2024

14th May 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: 7th May: Time To ACT plc, an engineering business focused on technology for the energy transition sector, has announced its intention to seek Admission to trading on the Aquis Stock Exchange

Hardman & Co Healthcare Index: 2023 – Capital demands dent performance

The Hardman & Co Healthcare Index (HHI) has been running since 2009. Its main function is to highlight the attractions of life sciences investments over the long term. For the second year running, apart from global economic influences affecting world markets, performance in 2023 was dented by the capital-intensive nature of the sector. The HHI fell 3.7%, to 483.8, underperforming the main London markets – FTSE 100 (+3.8%) and FTSE All-Share (3.8%) but outperforming the FTSE AIM All-Share Index (

Major European contract award

Anpario+ (ANP, House Stock at 230p) - FY24F upgrades - recovery play

Hybridan Small Cap Feast - 10 Jan 24

10th 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

Re-run of the value screen and 10 focus stocks

We have completed another periodic refresh of our value screen, first established in our inaugural quant/screening note of 26 May 2015. As usual the screen selected the 25 stocks exhibiting the most extreme value characteristics (based on 2016 consensus P/E and latest price to tangible book ratio) from our universe, and we have chosen 10 stocks to focus on. Since inception last year the screen has outperformed the main small-cap and micro-cap indices (by about 8pp and 3pp respectively) and has p

Resilient NAV in Q1

We saw LSD NAV growth in Q1... ITM posted its Q1 set of results reporting 0.7% QoQ growth in NAV (ie EUR 2.2bn) driven by the performance of the non-core investments and the PE funds. NAV/ps closed at EUR 52.4/sh at the end of the quarter and discount (including the impact of the dividend paid last May) was c37%. ...with mixed trends across the industrial assets and strong energy Digging into the results of the main assets, industrial revenues (ex-energy and financials) were flat. We saw grow

Initial Equity Trading Comments - 16 May 2023

Morning Note – 19 January 2024