Cenkos: Healthcare Sector - Ward Round

Weekly round-up of AIM-listed healthcare news. Venture Life Group, GENinCode, Kromek, Alliance Pharma, Polarean Imaging, Benchmark Holdings, Ondine Biomedical, Verici Dx, Faron Pharmaceuticals, Avacta Group, Abingdon Health, Open Orphan, Belluscura, Hutchmed (China), Oxford Biodynamics

Earnings in line, NAV ahead, caution being exercised

Urban Logistics REIT (“ULR”) has delivered a solid FY22 performance – deploying capital apace and driving strong returns through active asset management. Earnings and dividend are both in line vs SCMe. EPRA NAV is 190p (+7% vs SCMe); as yield compression came as a bonus. Caution is being exercised in deploying remaining capital, which impacts FY23e earnings only. We upgrade EPRA NAV by 14-20% incorporating some (but not all) recent yield compression. We increase our Target Price to 210p (FY23e E

Morning Note – 8 June 2022

In line final results, market headwinds impact AuM

Finals are in line on management fee earnings, but an unexpected performance fee drives a 6% earnings beat and a higher dividend. Recent market conditions have been challenging and have impacted AuM, down 12% in Q1 so far (vs pf incl. Majedie). We update our model, driving a 8-11% reduction in our earnings estimates. We think that the current 8x Mar-23e PER is already more than pricing in further forecast risk. We note a 6%+ prospective dividend yield generously covered by earnings with signific

LIBERUM: Alternatives Daily

Hybridan Small Cap Feast 22/06/2022

Dish of the day Joiners: No Joiners Today. Leavers: No Leavers Today. What’s cooking in the IPO kitchen? Visum Technologies seeking admission to The AQSE Growth Market. The Company's business is to own and operate an "on-ride" video and photographic camera system that it sells and/or licenses to customers (being theme parks, ride manufacturers, souvenir imaging providers, and other leisure operators). Due 30 June. LifeSafe Holdings, a fire safety technology business with innovative fire safety p

LIBERUM: Alternatives Daily

SP Angel Morning View: Tin, lithium and nickel prices bounce despite equity fall on monetary tightening

AfriTin Mining (ATM LN) – Uis mine delivers record 13% quarter-on-quarter increase in Q1 tin output Altus Strategies* (ALS LN) – Share purchases by the management Ariana Resources (AAU LN) – Tavsan drilling results Cornish Metals* (CUSN LN) – Valuation 48p/s – Indonesia insists that value must be added to tin exports as Chinese tin smelters take break for maintenance BHP (BHP AU) – Thermal coal exit scrapped as prices sit around record highs KEFI Gold and Copper* (KEFI LN) – Saudi Arabia op

Cenkos: Marlowe Plc -- Record organic growth

Marlowe delivered an impressive set of FY22A results, with underlying organic revenue growth of 9%, Adj EBITDA margins up 240bps to 18.6%, and Adj EBITDA of £54.4m (ahead of our £50.7m forecast). We make minor updates to our FY23E forecasts (Adj Diluted EPS increases 1% to 49.6p) and release new FY24E forecasts. Given the strength of Marlowe's business model, its defensive nature (non-discretionary products and services; 85%+ recurring revenue), the group's continued positive momentum (including

LIBERUM: Alternatives Daily

SP Angel Morning View: Markets start to price 75bp Fed hike rise as inflation expectations build

AEX Gold (AEXG LN) – Results from initial Nanoq exploration campaign and commencement of 2022 field program Altus Strategies* (ALS LN) - BUY – Recommended offer from Elemental Royalties in all share merger of equals Anglesey Mining (AYM LN) – Drilling results from Parys Mountain Antofagasta (ANTO LN) – Mineral resources at the Encierro and Cachorro deposits Condor Gold* (CNR LN) – Raising £3.25m to complete the La India feasibility study Lynas Rare Earths (LYC AU) – $120m Pentagon contract

Hybridan Small Cap Feast 23/06/22

Dish of the day Joiners: No Joiners Today. Leavers: No Leavers Today. What’s cooking in the IPO kitchen? Immediate acquisitions (IME.L) is to re-join AIM via a Reverse Takeover of Fiinu Holdings Limited. Once complete the Company is proposing to change its name to Fiinu Group plc. Fiinu intends to be a provider of a consumer banking product, the Plugin Overdraft ®, which is designed to provide customers with an overdraft facility without having to change their current account or request an overd

NextEnergy Solar Fund - NAV Grows 15% in FY 22

NextEnergy Solar Fund’s (NESF) full-year results show a 15% growth in NAV resulting from better pricing and new asset growth. The fund has been working hard to diversify its asset growth opportunity with battery storage in the UK and more international exposure through its commitment and co-investment opportunity with the NPIII private fund. From a strong start the fund is showing continued progress into the current year.

Molten Ventures - Readying the ship for choppy waters

Molten had a very strong FY22 (net growth in fair value of 37%), delivering a solid series of cash exits (realisations/gross portfolio value of 13%). Despite this, Molten’s shares trade at 0.44x FY22 NAV per share of 937p, which seems an unjustifiably deep discount given its 26% y-o-y NAV/share growth and five-year NAV/share CAGR of 22%. Moreover, Molten has a broad-based portfolio, weighted towards the more robust B2B business model. Molten’s quoted holdings represented 4% of FY22 fair value an

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