SHORE CAPITAL - Initial Trading Comment - 29 November 2022

Support Group - finnCap Business Services quarterly sector note

Topic of the quarter: The Order Book Myth. Business Services has a range of companies with significant order books that should provide valuable visibility in these uncertain times. However, orders can be delayed or cancelled, definitions vary and delivering them profitably is an obvious challenge. We have screened the companies we keep an eye on in the wider sector for size of order book relative to sales, and then looked at their historic ability to deliver EPS at least in line with expectation

Support Group - finnCap Business Services quarterly sector note

Topic of the quarter. Digital change is sweeping across nearly every industry, accelerated by the pandemic. Construction has long been viewed as slow to change and at the back of the queue in terms of technological innovation, reinforced by age-old problems of contract issues and inefficiencies. Yet there are pockets of progress, driven, perhaps unexpectedly, by the consumer. Equipment Hire is a good example. A number of players operate a B2C and B2B model alongside each other. Success in the B2

Small Cap Feast

Supreme, a leading manufacturer, supplier and brand owner of fast moving consumer products, announces the successful pricing of its initial public offering at 134 pence per share with institutional investors, to raise gross proceeds of £67.5 million. It is expected that dealings in the Shares will commence at 8.00 a.m. on 1 February 2021 on AIM It is expected that dealings in the Shares will commence at 8.00 a.m. on 1 February 2021NQ Minerals, the base and precious metals producer from its

Small Cap Feast

Small Cap Feast

Techniplas –global producer and support services company providing highly engineered and technically complex components, making the supply chain to original equipment manufacturers more efficient. FYDec17 rev $515m. Circassia Pharma (CIR.L) - specialty pharmaceutical company focused on respiratory disease transferring from the Main Market. No funds being raised. Due 4 Feb. Mkt Cap c.£185m. Greenfields Petroleum (TSX-V:GNF) production focused company with operated assets in Azerbaijan se

AIM Journal

Legalisation of online sports betting in the US will provide opportunities for AIM online gaming companies. The Supreme Court of the United States has decided to overturn the Federal prohibition of sports betting. The state of New Jersey argued that congress had exceeded its authority and the judges agreed. The US sports betting market, both onsite and online, could be worth $6bn by 2023, but individual states will have to enact legislation to enable online sports betting to commence in their te

Small Cap Breakfast

Block Energy—a NEX Listed UK based oil exploration and production company whose main country of operation is the Republic of Georgia, looks to join AIM end of February 2018. Offer TBC OnTheMarket—Intention to float on AIM to raise c.£50m which will be used to fund the growth of the OnTheMarket.com portal, already the third biggest UK residential property portal provider. Offer raising £30m at 165p with mkt cap of £100m . Due 9 Feb.

Support Group

Topic of the quarter: It’s alive! Infrastructure and assets in general have traditionally been built to provide a fixed service and are maintained and renovated to a fixed schedule – dead and dumb. Technology will completely change this. Sensors and wireless networks have the potential to allow assets to ‘talk’ to us. These living, smart assets will be able to tell us when they need maintenance, how efficient they are being and provide the data that will directly influence their construction,

Essential services carefully selected

Renew provides essential repair and maintenance services for UK infrastructure. These are very large, long-term markets providing significant potential for growth, but the key to Renew’s model is being selective with a focus on profits rather than just sales. Hence, while underlying Engineering Services sales in FY 2017 were flat, underlying EBIT was up +12% and total EPS up 17%. With very high and rising ROCE, strong cash flow characteristics and the potential from large, defensive long-term ma

Morning Note

Patisserie Holdings (CAKE): Reassuringly good (BUY) | President Energy* (PPC): New Argentine debt facility (CORP) | Premaitha Health* (NIPT): Middle East customer wins (CORP) | Intercede* (IGP): Interims to September (CORP) | Trakm8* (TRAK): A longer road but a greater goal (CORP) | Renew (RNWH): Essential services carefully selected (BUY) | Universe Group* (UNG): Trading update (CORP)

Morning Note

Solid State* (SOLI): Interim results, distribution shows strong growth (CORP) | Europa Oil & Gas* (EOG): Holmwood planning update (CORP) | President Energy* (PPC): Open Offer result (CORP) | Stride Gaming (STR): Back to form (BUY) | Stride Gaming (STR): Back to form (BUY) | Telecom Plus (TEP): Optimism at interims (BUY) | Renew (RNWH): Solid foundation for continued growth (BUY)

Morning Note

eServGlobal* (ESG): Banking boom (CORP) | Real Good Food* (RGD): FY 2017 results (CORP) | Renew (RNWH): Growth, rising margin and net cash (BUY) | Savannah Resources* (SAV): Mahab 4 and Maqail South licencing and Oman scoping study update (CORP)

Heading for record 2023 deliveries

Top Picks for 2023 - 2022 review and outlook for 2023

On 10 January last year, we set out our ten top stock picks for 2022, in what turned out to be a very poor twelve months for global equities, due to war, accelerating inflation, political instability and recession fears. Between 7 January 2022 and 31 December 2022, the AIM All-Share Index declined 30.0%, whilst the average performance of our ten top picks was -24.7%, a modest relative outperformance. In this note we discuss the performance of our 2022 top picks, equities trends in 2022, and our

Terminating coverage

Setting up a breakthrough year - Correction

ITM Power (ITM LN) - Trading update

• ITM has released a trading update, reporting on progress of the detailed review being carried out under its new CEO. This includes a profit warning, with FY 2023 results now expected to exhibit lower revenue and a higher EBITDA loss than previous guidance (existing guidance was to be at the lower end of the range on output of 48-65MW and £23-28m revenue, and was also for EBITDA loss of £45-50m), with the difference described as “material”. This has been driven by several factors: losses on cus

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

This Week's AIM Highlights 20th January 2023

Hybridan Small Cap Feast - 11 Jan 23

11 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

LIBERUM: Yü Group* - Yet more upgrades

Strix (KETL LN) - Full year trading update

Strix have issued a full year trading update indicating profit after tax will be c. £23.0m, in line with updated guidance provided in the 30 November 2022 trading update following completion of the Billi acquisition. Year-end net debt came in at £87.0m, slightly ahead of Zeus forecasts, leaving the company well placed to bring net debt / EBITDA materially below 2.0x during FY23. Profitability being in line provides confidence that the Zeus FY22 revenue forecast of £110.0m will be achieved, imply

Invinity Energy Systems - Reassuring Update And New Sale

We see Invinity’s update as reassuring and the new commercial sale adds to this especially as it is a second sale through an existing partner. Year-end cash of £5.1m and £7.5m of further potential convertible funding aligns with a strong order backlog and pipeline growth to give comfort for FY 23 and beyond in our view.

Q4 & FY22 Trading Update

Capital Limited (LSE: CAPD) this morning provided its Q4 & FY2022 trading update. The Company has continued to perform strongly in 2022 with Q4 revenue 8.2% higher QoQ and 18.9% higher YoY. The full year of revenue has once again exceeded the revised guidance (albeit marginally) and our estimates.

Invinity Energy Systems - Progress In UK Storage Competition

Progress in the UK with the Government’s Long Duration Storage competition moves Invinity to the potentially attractive Phase 2 of the scheme. This could result in a large-scale demonstration project in a market with relatively high renewable penetration and as a result act as an exemplar of what flow batteries can achieve at scale.

Powerhouse Energy - Progress In Poland

Powerhouse is making progress in Poland. This is potentially a major opportunity for Powerhouse, and establishing a project here using its technology could open a potentially strong market in our view.

Cautious optimism for FY23