Stable 4Q22

Cenkos: Agronomics Ltd -- 2022 in review

Following the publication of Agronomics' FY22 (to June 22) results, we provide an overview of both FY22 and the calendar, which we believe has showcased the progress and evolution of the company's investment strategy and some significant milestones for the cellular agriculture industry as a whole. Through FY22, Agronomics invested c£42m into its portfolio, and additionally formed two new companies, while in November 2022, the FDA announced it had completed its first pre-market consultation for a

Cenkos: Agronomics Ltd -- First FDA Pre-Market Consultation

The FDA has announced it has completed the first pre-market consultation for a food product made from cultured animal cells. The submission, made by Upside Foods, and FDA response means that the agency accepts Upside's data package and conclusion that its cultivated chicken product is safe to eat. This clearly represents a significant achievement for Upside Foods and a major milestone for the cultivated meat sector in general, marking the first significant regulatory milestone in a major jurisdi

Positive news in the portfolio

Agronomics - Recent events support move into precision fermentation

Agronomics (ANIC) invests in cellular agriculture companies. In our last note, we discussed a shift in its focus more towards precision fermentation companies, whose development is more advanced, offering greater near-term commercial potential. This week’s announcement that Onego Bio, one of ANIC’s portfolio companies, has entered a partnership with Perfect Day, a US precision fermentation company, is a further step in this direction. The alliance should hasten Onegro Bio’s route to market and f

Agronomics - Fermenting growth and commercial viability

Agronomics (ANIC) invests in cellular agriculture companies. This report provides an update on our January 2022 initiation note and March 2022 update, following the announcement of ANIC’s Q2 NAV and some exciting new portfolio investments. These investments mark a shift in focus, in favour of companies such as precision fermentation contract manufacturer Liberation Labs and All G Foods, which appear to offer greater near-term commercial potential. ANIC’s performance since inception in 2019 has b

Strong 2Q NAV

Healthy, sustainable, kind - and profitable

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

Cenkos: Healthcare Sector -- Ward Round

Weekly round-up of AIM-listed healthcare news. Agronomics, Eden Research, IXICO, HeiQ, Trellus Health, NetScientific, Circassia, 4basebio, Fusion Antibodies, Surgical Innovations Group, Yourgene Health, Abingdon Health, Verici Dx, Poolbeg Pharma, Omega Diagnostics

Cenkos: Healthcare Sector -- Ward Round

Weekly round-up of AIM-listed healthcare news. Intelligent Ultrasound, Inspiration Healthcare, Agronomics, CareTech Holdings, e-therapeutics, ABCAM, EKF Diagnostics, HUTCHMED (China), Benchmark Holdings, Totally, ImmuPharma, Open Orphan, Destiny Pharma, Polarean Imaging, Induction Healthcare.

Cenkos: Healthcare Sector -- Ward Round

IXICO, HeiQ, Creo Medical, GlaxoSmithKline, Totally, Advanced Oncotherapy, Arecor Therapeutics, Midatech Pharma, Futura Medical, Yourgene Health, Renalytix, Polarean Imaging, Diurnal, Novacyt, Faron Pharmaceuticals, Poolbeg Pharma, ANGLE

Cenkos: Agronomics Ltd -- Joint Venture Launch

Agronomics and its joint venture (JV) partner, Roslin Technologies Limited, have announced the launch of their first JV, Good Dog Food (GDF) Limited, which will develop cultivated meat products for the pet food market. Roslin Technologies will bring its animal cell line technology to the JV and Agronomics brings its network of investors and cultivated meat expertise. The JV structure is a new model for Agronomics, which has previously been an early stage investor rather than a founding partner.

Agronomics - Bright outlook for top investor in revolutionary sector

Agronomics (ANIC) invests in cellular agriculture companies. This note provides an update on our January 2022 initiation note, following the release of ANIC’s interim results and the announcement of several new and follow-on portfolio investments. Two of these investments have resulted in uplifts to the valuation of ANIC’s initial investments, which will add to the steady rise in its NAV since inception, as will ‘further significant developments’ in a number of portfolio holdings, foreshadowed i

Cenkos: Agronomics Ltd -- Portfolio update

We provide an update on Agronomics portfolio of cellular agriculture companies following a busy start to 2022 delivering five investments into the portfolio. With two of these investments resulting in uplifts to original investments, we estimate that the current net asset value (NAV) per share is c15p. Notably, the current share price is trading virtually in-line with our NAV per share estimate, while in recent years the shares have traded at a significant premium. We believe that the key driver

LIBERUM: Trident Royalties* - Record quarterly receipts

LIBERUM: Trident Royalties* - General Motors invests in Thacker Pass

LIBERUM: Trident Royalties* - Thacker Pass a go-go

QuotedData’s Real Estate Monthly Roundup – January 2023

Performance - 2022 ended with another difficult month for property companies as the sector continues to get to grips with the impact of higher interest rates. There were several funds that performed well during December, however, with secondary shopping centre landlord Capital & Regional top of the pile. For a second month on the trot Home REIT saw its share price tank after it came under attack from a short seller in November. Valuation moves - It was a mixed bag for valuations, with six-month

Strong H1 update and contract wins

Made Tech has announced a very strong update: H1 sales +76% y/y and alongside this, also several wins/expansions worth £27m. As a result, Made Tech has now delivered 48%/FY23e sales and as well, has a very strong backlog: £48m (+53% y/y) so is very well positioned to drive continued growth, both this year and next. Margins meanwhile leave room for improvement, as having generated £0.5m EBITDA in H1, this leaves work to do, but with contractors now materially lower (at c.10% vs. c.20% in the PY)

FY22 TU – Strong Upgrades on Better Performance

Argentex has issued a trading update for the 9M22 period this morning, with revenue and earnings performance ahead of expectations. FY22 revenues are up 54% yoy to £50.4m (+7.5% vs. SCM estimates) and operating margins are ahead of management expectations. This was driven by growth in the number of corporate clients as well as good progress across its growth strategy, with robust trading across all products and geographies. Another strong update from Argentex, as the Group continues to deliver o

Thacker Pass Update

The lithium industry, perhaps the hottest sub-sector of mining right now, was set even more abuzz by the announcement yesterday that Lithium Americas Corp has secured a $650m financing package from General Motors for the development and construction of the Thacker Pass mine in Nevada. There has been some talk for a while on when an automaker was going to make a serious investment in a battery metal mine. This is the largest ever and it is suitable that it is in Thacker Pass which is the largest

Morning Note – 31 January 2023

Hybridan Small Cap Feast - 17 Jan 23

17 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

FLASH: FY22 pre-close indicates profit beat

Q4 Activities Update

Trident Royalties Plc (AIM: TRR) has, this morning, provided an update on its activities undertaken during the quarter ended 31 December 2022. In terms of royalty receipts it has been the best quarter since inception. QoQ revenues increased 46% to US$3.5m (9x YoY). Each royalty either met or exceeded our forecasts with Koolyanobbing 52% ahead. The gold offtake portfolio was slightly above our forecast.

Hybridan Small Cap Feast - 23 Jan 23

23 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

Further investment in Zopa given impressive growth

Augmentum Fintech has announced that it has invested another £4m in digital bank, Zopa, as part of a £75m funding round alongside existing investors. The additional capital will be used to fund Zopas further growth by supporting capital requirements of its expanding balance sheet as well as provide flexibility for potential M&A activity. The bank continues to grow strongly (with >100% yoy revenue growth). Zopa marks one of AUGMs top investments and the additional provided growth capital is a pos

This Week's AIM Highlights 3rd February 2023

Hybridan Small Cap Feast - 26 Jan 23

26 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