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Surface Transforms has announced a £100m contract with OEM 10, a major global automaker. The Group will be the sole supplier for two model variants, and discs will replace those of a key competitor on an earlier model variant, providing validation of Surface’s superior technology. Revenue from this contract will flow in 2025e. In contrast, current trading has been hit by production delays at OEM 8. Production is now restored but Surface has struggled to provide enough discs in a shortened period
Companies: Surface Transforms PLC
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What’s cooking in the IPO kitchen?**
Kistos Holdings plc, intends to join AIM. The Company was incorporated to act as a new holding company for the group companies 0f Kistos plc (KIST), a holding company with the objective of creating value for its investors through the acquisition and management of companies or businesses in the energy sector. Anticipated Market Cap £327m. Expected 22 Dec 2022.
AT85 Global Mid-Market Infrastr
Companies: SEE JSE MKA EAH ABDP MRL TENG KIBO
Strong H1 results from discoverIE provide further evidence of the value of the group’s focus on the structurally growing markets of renewables, medical, transport and industrial & connectivity. H1 2023 sales were up +26% (+23% CER, +14% organic) and adj. EPS up +37%. Operating margins rose from 10.3% to 11.7%, evidencing rising value-add and the group’s ability to pass on the impact of inflation and supply chain issues. discoverIE’s components are essential to client projects but generally only
Companies: discoverIE Group PLC
Companies: N Brown Group plc
Victoria has reported underlying EBITDA of £100.1m that is in-line with October’s trading update. Revenues of £776m were ahead 59% (7.7% like-for-like organic growth) with significant impacts from acquisitions, namely the Balta carpets and rugs businesses, and inflationary price increases. Underlying PBT and diluted EPS were down 3.1% and 26% respectively. Despite on-going macro challenges, the Board has reaffirmed that it continues to be confident that synergy gains and other management actions
Companies: Victoria PLC
Singer Capital Markets
Companies: IG Design Group plc
IG Design Group has delivered a strong set of interim results, as guided in October’s trading update, with adjusted PBT up 35% to $27.4m on a reported basis (+42% on a constant currency basis). This was driven by accelerated ordering of seasonal goods by retailer customers keen to de-risk their supply chains, alongside catch-up pricing and product engineering, which has delivered some gross margin recovery. While cautious on the outlook given continuing economic uncertainties, the Board has upgr
Progressive Equity Research
CAP-XX has announced a partnership to develop solutions that combine Energous' WattUp technology with CAP-XX's high-performance supercapacitors. The combination of CAP-XX supercapacitors with Energous' WattUp over-the-air wireless power technology is expected to enable maintenance-free IoT devices that do not require battery replacement.
Energous, listed on NSADAQ (Ticker: WATT, market cap $75m), is a fabless semiconductor and systems supplier for Radio Frequency wireless power networks. Based
Companies: CAP-XX Limited
Companies: Superdry PLC
discoverIE reported another strong set of results for H123 despite ongoing supply chain challenges, with 14% y-o-y organic revenue growth, 37% EPS growth and a record end-H1 order book. As the company is on track to achieve underlying earnings for FY23 in line with board expectations, our FY23 and FY24 underlying EPS forecasts are broadly unchanged. The company is refining its ESG strategy and has announced its net zero commitments (scope 1 and 2 carbon emissions by 2030, scope 3 by 2040), havin
Good H1 figures and the turnaround plan on track make the risk/reward tilt upwards given the recent underperformance against BAT. However, we continue to believe that IMB’s combustible focus strategy is not the right one and we see much more positive catalysts when looking at BAT.
Companies: Imperial Brands PLC
• Financial performance: Group revenue of £1,982.8m is +13.6% YOY and +41.3% versus FY20, representing significant market share gains versus global apparel markets that remain below pre-pandemic levels (UK: +27.3% versus market -3%, US +3.8% versus market -9%). The UK delivered a standout performance +27.3% YOY with strong growth across both established and new brands. Demand in international markets has been impacted by extended delivery times due to constrained airfreight capacity, a headwind
Companies: boohoo group Plc
H122 results reflect deterioration in UK consumer alongside ongoing pressures of higher return rates and extended delivery to international markets. Despite challenging market backdrop, BOO is well positioned with significant liquidity headroom and a near term focus on driving operational efficiency.
The Big Book 2022 includes our highest conviction Best Ideas for 2022. In 2021 our Best ideas outperformed by 24%, extending our track record (>10% outperformance on average over the past decade). We have again divided our coverage into six distinct themes to create our Matrix. We have added two new categories this year: ESG and Pricing Power, both of which will be fundamental investment themes for 2022. We look forward to discussing our ideas with you.
Companies: RCH VLX WIN MTW HSP ADT INHC GFRD YGEN MERC G4M ART
CAP-XX’s supercapacitor technology is at a very interesting point in its progress to large scale commercialisation of these extremely useful energy storage devices. Consultants have forecast twelve-fold growth in the supercapacitor market to c.US$6.5bn by 2024, driven by adoption in applications where they enable more efficient and economical usage of batteries and transient energy. The most exciting applications are in the automotive industry and in small scale wearables and connected devices f