LIBERUM: PayPoint: Growth is not priced in

DSW Capital+ (DSW, House Stock at 51p) - H1 results –promising outlook

Octopus Renewables Infrastructure

ORIT: renewables diversified across stage, technology, and geography…

A tough year, but clear fundamental value

AUM closed FY23 (30 Sep 23) on £37.4bn, 5% up y-o-y. Net flows were slightly negative (-£92m or -0.3% of opening AUM), with investment performance adding £1.8bn. It’s been a tough year for asset managers, but in a London-listed peer group, Impax recorded the second-strongest net flow rate (median -7%, see note). Some experienced heavy (double-digit) net outflows. A profit fall was due to adjusted operating costs increasing faster than revenue, by 11% from £108.0m to £120.3m. Part of this increas

Lifesafe (LIFS) - Strong growth but downgrades nonetheless as we await industrial fluid

LIFS' announcement this morning discloses strong revenue growth, with sales in the first eleven months up 62%, highlighting the attractiveness of their innovative fire products. These have made them leaders on Amazon both in the UK and in the substantial US market, where they were successfully launched early last year. However, disappointing sales from one partner, combined with enhanced competition, have caused a pull-back in sales forecasts combined with increased losses in the current year; a

H1'24 results: strength of the model evident

Vanquis Banking Group+ (VANQ, House Stock at 112p) - Adding flesh to the bones

Morning Note – 30 November 2023

Around the World in Eight Ideas - Investment Trust Opportunities Beyond the UK

Although the UK now represents a paltry 3.5-4.0% of global equity indices, home bias in the domestic stock market is estimated at c 25% across institutional and retail investors. This persists across asset classes: in the Investment Association universe of open-ended funds, 28.1% of total AUM at the end of September 2023 was invested in UK sectors. This leaves a significant amount of investors' assets exposed to overseas markets that may be unfamiliar and harder to access. In such a situation, t

LIBERUM: DF Capital: Taking a prudent view on the refinancing of the major dealer

Hardman & Co Insight: Higher interest rates overshadow IIC/REIF prospects

Hardman & Co Research’s focus is on the nine quoted infrastructure investment companies (IICs) and on the 22 renewable energy infrastructure funds (REIFs), most of which saw their share prices fall during 2022, while the FTSE 100 rose by just 0.9%. In our Quoted UK Infrastructure and Renewable Energy – Prospects for 2023 publication, we have addressed the three key issues of recent months: higher inflation, extremely volatile power prices and rising interest rates.

Delivering growth in uncertain markets

Positive interims from Vp this morning highlight another period of growth despite the mixed market backdrop. The results again illustrate the benefit of Vp’s diverse mix of specialist activities, with the quality of earnings confirmed by further growth in operating margin (now 13.9%) and ROCE (14.7%). Strategic priorities include continued progress with ESG initiatives and a greater emphasis on Digital, with more on this likely to follow later in the year. We maintain our Fair Value estimate o

Duke Royalty - In Royal Health

Duke has released its H1/24A interim results for the period ending 30th September 2023 that are in-line with expectations. Recurring cash revenues increased 17% to £12.2m, whilst total cash revenues increased 35% to £14.1m. The portfolio continues to be resilient despite macroeconomic headwinds, and c£18m of capital was deployed across new and existing investments. We iterate a 1-year price target of 45p based on a target FCF yield of 8%.

Agronomics - A unique offering in a rapidly developing sector

Agronomics (ANIC) invests in cellular agriculture companies. Since mid-2022 it has placed increasing emphasis on companies using precision fermentation technology or providing contract precision fermentation services, as these appear to have greater near-term commercial potential than cultivated meat and seafood. Agronomics’ NAV has risen almost 100% since the inception of the current strategy in April 2019, and looks set to increase further as the company’s portfolio holdings receive regulatory

Critical Metals plc releases its Final Results

Key Points CRTM reported a loss of £2.7M for the 12 months ending 30 June 2023. Increased indirect ownership of the Molulu project from 40% to 70%, streamlining the corporate structure. Commenced copper ore production at Molulu in January 2023. In October 2023, the Company announced that it had entered into an off-take agreement with O.M Metal & Resources S.A.R.L, for a minimum of 20,000 tonnes of copper oxide ore. Raised £600,000 at a price of 25p per share and raised a further £1.3M at 25p per