Hybridan Small Cap Feast - 16 Jun 23

16th June 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 objecti

Hybridan Small Cap Feast - 21 Apr 23

21st April 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 - 10 Mar 23

10 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

SHORE CAPITAL - i(x) Net Zero Plc+ (IX., HOUSE STOCK at 14p) - CIO replaces CEO with immediate effect

Hybridan Small Cap Feast - 24 Jan 23

24 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

i(x) Net Zero: First Green Methanol Project Announced

i(x) Net Zero has recently announced that Airbus and Air Canada have invested “millions” directly into its portfolio company Carbon Engineering (CE). In addition, Carbon Engineering announced that it will develop a second US-based Direct Air Capture (DAC) project with development partner 1PointFive in Kleburg County, Texas. We believe these developments again illustrate that, through its portfolio companies, i(x) Net Zero has the ability to convert opportunity into investment.

i(x) Net Zero: First Green Methanol Project Announced

WasteFuel, in which i(x) Net Zero (“i(x)”) owns a ~36% stake, has announced a new partnership with waste management firm Averda to develop its first commercial scale plant to convert municipal waste to renewable (aka green) methanol. The location for the new plant is not yet confirmed but is expected to be in the United Arab Emirates near Jebel Ali, which holds the largest port facility in the Middle East and the flagship operation of DP World. The size and further details of the project have no

Hybridan Small Cap Feast 08/11/22

Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Life Sciences REIT plc (LABS.L), the AIM listed real estate investment trust focused on UK life science properties, announces that, in accordance with the intention expressed at the time of the Company's initial public offering on AIM, the board has determined to apply for the Company's existing ordinary shares to be admitted to listing on Premium Segment of the Main Market. The Company's a

SHORE CAPITAL - i(x) Net Zero+ (IX.) - House Stock at 19p - WasteFuel partnership in the Middle East

i(x) Net Zero: Maersk ups its commitment to green methanol

Maersk has ordered a further six dual-fuel ships capable of running on green methanol as a step closer to its 2040 net-zero target. Hyundai Heavy Industries will be building these ships which will have a nominal capacity of 17,000 containers each. These vessels will replace capacity in the current fleet and save ~800,000 tonnes of CO2 emissions annually. This takes Maersk’s total number of green methanol capable ships on order to 19, likely representing an investment well over $1 billion and a s

i(x) Net Zero: Target valuation rises 16% driven by stronger USD and progress across portfolio companies

i(x) Net Zero’s 30 June 22 interim results show a $5.2 million increase in NAV of its portfolio companies to $65.9 million, representing an 8.6% rise since YE21. The largest YTD contribution was the increase in the NAV of investee company Enphys due to the previously announced follow on investment of $1.5 million. The results mark steady progress for the year, with a subsequent £10.7 million raise via IPO in February 2022 to accelerate its growth strategy. As of 30 June 2022, the company had $11

SHORE CAPITAL - i(x) Net Zero+ (IX.) - House Stock at 22p - Interim Results

SHORE CAPITAL - i(x) Net Zero+ (IX.) - House Stock at 25p

SHORE CAPITAL - i(x) Net Zero+ (IX., House Stock at 39p)

i(x) Net Zero: 2021 results highlight progress across investee companies

i(x) announced its 31 December 2021 results. The highlight was the rise of NAV in investee companies from $15.5 million at YE 2020 to $60.7 million at YE 2021, rising to $65.4 million by 31 May 2022. The largest contribution was the increase in the NAV of waste to fuels investee company WasteFuel. The results mark steady progress for the year, with a subsequent £10.7 million raise via IPO in February 2022 to accelerate its growth strategy. As of 30 April 2022, the company had $11.3 million of

Strong H1'23 results; forecasts upgraded

LIBERUM: Housebuilders: Darkest before dawn

Strategic progress drives robust growth

H1 interims are in line. Argentex has delivered strong growth (+28% yoy revenue) by driving growth initiatives. New technology-enabled products have been launched, including Alternative Transaction Banking, which are already delivering compelling growth ahead of expectations. Pressing into Europe via the Netherlands is also delivering strong growth. At the core, client KPIs remain strong. We leave our forecasts unchanged, with revenue momentum continuing into Q3. We believe the current 12.4x Dec

LIBERUM: Alpha Group International: A winning business at a cheap valuation

LIBERUM: Housebuilders: Rate peak nears & Gove less BANANAs

Equals Group (EQLS LN) - Interims justify rise in forecasts

What’s new: Equals Group has delivered outstanding interims, which have exceeded even the positive commentary at the Capital Markets Day in May and the trading update on 5 July. With trading “ahead of expectations”, we raise our 2023E revenue forecast by 7% to £95m and adj EBITDA forecast by 11% to £20m, as well as nudging up our forecasts for 2024E and 2025E.

LIBERUM: Alpha Group International: Underlying strength

H1 23: focusing on capital generation

Promising results for M&G in H1 23. The new CEO, Andrea Rossi, continues to execute the company’s new strategy, and we have confidence that he is positioning M&G to surpass its financial targets for the 2022-24 plan. The H1 23 operating capital generation results significantly outperformed expectations, exceeding the consensus by more than 50%. This substantial capital accumulation is poised to deliver strong returns to shareholders, rewarding them for their patience during this transitional per

Gore Street Energy Storage + (GSF, House Stock, 84p) - Steady NAV growth

Robust interims; small reductions to FY24 forecasts

LIBERUM: Harworth: Valuation gains reflect management actions and operational progress

LIBERUM: Pollen Street : Fundraising momentum continues

Taking the Upper Brand: Brands Sector Overview

The earliest dated brand has long been contested; the majority point to Kongō Gumi, a family run construction company that specialised in Buddhist temples in Japan; its documented record of ownership goes back to 578 AD. Like Kongō Gumi, several different brands have withstood the test of time, albeit without then same degree of longevity. The term brand originates from the 1500s and means "to burn" in Ancient Norse and was initially used to mark cattle for ownership. This practice can be consid

Interim Results

FSFL, a UK centric solar electricity generator, delivered a solid H1’23 total return (-2.4%) in a difficult environment. During the period, the fund continued with its forward sales (locking in cashflows for the next 2.5 years), increased its discount rate by c50bps to 7.5% (UK), maintained its medium term inflation (2024-2030) assumption of 3.0% and announced plans to recycle 200MW of assets into higher returning projects. During 2023 the sector has de-rated as investors, grappling with valuati

Morning Note – 6 September 2023