Initial Equity Trading Comments - 15 May 2023

Strength where it counts, quality where it matters

LIBERUM: Gateley* - FY 23 in line, strong balance sheet remains a differentiator

DWF Group (DWF LN) - Growth accelerating, costs controlled

FY23E performance confirmed as broadly in line with forecasts. Revenue of £380m is +c.8.5% YOY, with H2 growth accelerating to +13.5% (FY23: +3.4%).

AXL LN/CN, LBE LN, PTAL LN/TAL CN, SOUC LN/SOU CN, VLE CN, ANGS LN, AST LN, BP LN, CEG LN, COP US, EME LN, EQNR NO, GTE LN/CN/US, ITH LN, KIST LN, TCF CN, TRIN LN, TTE FP, UOG LN

AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; target price of £0.50 per share: Zone at Carrizales Norte with no booked reserves has flowed >1 mbbl/d – The Ubaque horizon at the Carrizales Norte-1 (CN-1) exploration well was put on three tests, the last of which tested at 1,134 bbl/d of 13.5 API oil on pump. The flow rate was stabilized with a 28.3% water cut (completion fluid). The water cut has been decreasing throughout testing. This is a very go

Hybridan Small Cap Feast - 4 May 23

4th May 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 objective

Morning Note – 19 April 2023

Market trends support outlook for year ahead

This new report adds our FY24e forecasts which incorporate (a) full contributions from recent property services and financial advisory acquisitions, (b) relatively cautious views at this early stage of underlying FY24 organic growth (i.e. below prior years) and (c) an ongoing pick-up in UK insolvency volumes. Our projections reflect potential from BEG’s increasingly diversified and competitively positioned businesses. To recap, the recent year-end trading update anticipated 11% growth in FY23e

FY23 Trading Update: Cash outperforms

Eckoh has provided a strong FY’Mar23 trading update which highlights the significant progress made in North America with N. American Security Solutions exit ARR up 34% organically to $15.9m (FY22: $11.9m). Group Revenues were broadly in-line with our forecasts (£39m vs £40m) but adjusted operating margin outperformed by c.50bps at 19.5%. Net Cash also surprised to the upside at £5.7m (vs SCMe: £5.4m). Looking forward, total contracted business grew >50% which alongside the launch of new products

A much improved outlook, TP increased

Pressure Technologies returns from suspension today with the announcement of FY22 results that are in-line with its March trading update. Notably, there is greater confidence expressed in the outlook as market conditions and order intake have continued to improve during this calendar year. In February 2023 Chesterfield Special Cylinders (‘CSC’) won its largest ever £18.2m naval order and in March 2023 Precision Machined Components (‘PMC’) was also awarded a record £3m contract. The FY22 results

Hybridan Small Cap Feast - 18 Jan 23

18 January 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 object

Hybridan Small Cap Feast - 27 Mar 23

27 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

N+1 Singer - Ergomed - Investor meeting highlighted upside potential

Ergomed hosted a very interesting investor meeting yesterday, providing an overview of the business with a particular focus on PrimeVigilance. We continue to believe Ergomed’s specialised service offering provides it with a substantial opportunity to generate attractive returns for shareholders with significant upside from the development business. The group has grown considerably over the years (37% 3 year revenue CAGR to Dec 2016) and we estimate continued double-digit service growth in our fo

Allenby Capital TMT Update

Growth Companies - Share & share alike Sell in May?