Hybridan Small Cap Feast - 16/04/2024

16th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radical Limited for

Morning Note – 16 April 2024

Billington Holdings - Record result boosts dividend; forecasts upgraded

FY23 results show very strong growth over FY22, driven by strong Structural Steel activity, with results slightly ahead of upgraded profit expectations, while stronger than expected cash flow resulted in an unexpectedly generous dividend of 33p (offering a FY23 yield of 7.0%). The group now has net cash of £22.1m and is debt free and is therefore in a strong position for potential M&A activity. Following the recent £90m of new orders to increase the order book to record levels we conservatively

Hybridan Small Cap Feast - 22 Mar 24

22nd March 2024 @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

Morning Note – 22 March 2024

Morning Note – 14 November 2023

Billington Holdings - Trading ahead of expectations – FY23 EPS upgraded 33%

The group has announced a trading update for the year to 31 December, confirming earlier strong trading and momentum continuing into H2. Trading has been at record levels across the group’s activities. As such, it now expects FY23 to be ahead of previous market expectations. Looking to FY24, the group continues to have a strong pipeline and order book to support growth, although it remains alert to inflationary pressures and the uncertain macro-outlook. We increase our FY23E adj EPS by 33.3% and

Billington Holdings - Interims: trading ahead of expectations, FY23E EPS +24%

Interim performance was strong, with a robust post-pandemic revenue recovery and stronger than expected drop-through to profits. Margins benefitted from a good project mix and collective all round group performance, efficiency gains and a one-off benefit as energy and steel prices softened. Management points to trading expected to be ahead in FY23 and we upgrade our EPS forecast by 24%, with FY24 forecasts maintained as margins normalise. We anticipate stronger H2 cash generation, adding to the

Morning Note – 19 September 2023

Morning Note – 18 April 2023

Billington Holdings - FY results: step change in H2 delivers significant profit

Full-year results are in line with expectations and show a substantial improvement in profitability despite the challenges in its markets arising from the Ukraine invasion and inflation. The business has seen a strong H2, with more stable raw material pricing, good mix of customer projects and operational efficiencies from the investment in new equipment and process improvements. The significant increase in dividend to 15.5p/share reflects the Board’s confidence in FY23 and the strong level of n

Morning Note – 9 March 2023

Billington Holdings - Positive trading update – FY23 EPS upgraded by 14%

The group’s year-end update is very positive, indicating that FY22 profits, cash and dividends will be ahead of recently upgraded expectations. The higher level of profit comes from efficiencies that have improved gross and operating margins. The update also signals that based on a strong order book and encouraging pipeline of prospects it also anticipates FY23 profits will be ahead of expectations. As a result, we upgrade our FY22 EPS by 15.7% followed by 14% in FY23, with dividends upgraded by

Morning Note – 14 December 2022

Billington Holdings - Positive YE trading update – FY22 EPS upgraded by c.50%

The Group has announced a positive year-end trading update highlighting adjusted PBT is expected to be significantly ahead of expectations in both FY22 and FY23. With a recovery in activity levels through H2 and an increasing volume of work being taken on at improved margins, it also points to the benefits of efficiency gains from its capex programme across the Group, which will have a greater effect in FY23. The order book has continued to grow across a variety of sectors and at enhanced margin

Renold - Strong end to FY24: EPS up 11%. Robust FY25: EPS up 27.6%

The FY24 year-end update is very upbeat signalling trading being materially ahead of expectations, with a better-than-expected profit out turn and stronger cash generation. It continues to strengthen margins through efficiencies and investment in modern equipment. The order book remains close to record levels providing a robust view of future forecasts. In FY24E we upgrade EPS by 11% and in FY25E a significant upgrade of 27.6%. It looks capable of declaring a dividend in FY25 as well as manageme

Q1 Operating Results

Another Good Year of Diversified Growth with More to Come in 2024 CCapital have released their Q1 operating results. Overall, revenue has come in slightly lower than expected at $80.2m vs TamE of $85.9m but is largely tracking in line with our FY24 annual estimate and we note the company has maintained guidance. Drilling revenue for this quarter was impacted by a fall in utilisaztion rates as well as general remobilisation geographically but we expect a strong recovery throughout the year as k

Plant Health Care - China distribution with AMVAC

Plant Health Care announced it has signed a distribution agreement with AMVAC, an American Vanguard Company, to support commercialisation of novel fertiliser products incorporating Plant Health Care's Harpinαβ in China starting in 2024. The novel product combines Harpinαβ technology with an AMVAC fertiliser and is expected to help growers improve crop quality and yield as part of an integrated and environmentally responsible crop production programme. AMVAC continues to evaluate Plant Health Car

Morning Note – 15 April 2024

discoverIE - Back to organic growth

discoverIE’s March year-end update confirms a strong operational performance in challenging markets. Following two years when sales increased by +48%, FY 2024 Group sales were +1% ahead of 2023 at CER (reported -3%) driven by a +2% contribution from acquisitions and organic -1%. As expected, organic growth returned in the later part of the year (Q4 +2%, +11% sequentially) and the order book has reverted to normalised levels of c.4.5 months’ sales, which – combined with a continuing strong pipeli

Severfield - Multiple positives should excite investors

Severfield’s trading update indicates that FY23 results are expected to slightly exceed market expectations and the company ends the year with a record UK and Europe order book. Furthermore, with a positive trading outlook and net debt coming in lower than expected, Severfield has announced a £10m share buyback, highlighting the cash-generative nature of the company and management’s confidence in its position. The stock trades on an FY25 P/E of less than 6x and yields 7%, which we believe appear

Warns on brine supply costs

SP Angel . Morning View . Copper prices hold higher as China processing fees fall below $0/t amid low feedstock availability

PROGRESSIVE: Severfield: Targeted acquisition strategy aids growth path

Acquisitions have been an important element of Severfield management’s growth strategy, with the aim of adding new products, sectors and regions to what we have identified as exciting long-term organic opportunities. In this Spotlight report, we focus on the group’s targeted M&A approach, highlighting three significant deals.

LIBERUM: Severfield: Erratum: Better EPS and cashflow, and buyback

Invinity Energy Systems - Update on Strategic Investment

Invinity’s update on discussions with strategic investors reveals interest from multiple parties. While this has slightly delayed finalising an agreement it increases the potential for a better outcome. Although details are unknown at this stage, we think there is enough in the statement to be comfortable that any agreements will be consistent with the company’s strategy of growing market share in core markets and using a licencing and royalty model in other markets.

PROGRESSIVE: Severfield: Step change in European and Indian outlook

Severfield’s full-year results to March will be ‘slightly above’ the Board’s expectations, according to today’s trading update, with net debt significantly better. We maintain our PBT estimates for both forecast years, which are ahead of consensus, but reduce our net debt for FY24E. Record orders were boosted by the steel specialist’s European operations, after last year’s Voortman acquisition, while the Indian JV has seen ‘another step up in profitability’. The group has also launched its first

Clean and competitive fertiliser

FY results: strong cash flow

Hardman & Co Insight: 2023 was an annus horribilis for Quoted UK Infrastructure and Renewable Energy

The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no