Water Intelligence Interim Results

Water Intelligence reported strong interims that were ahead of our forecasts on all metrics and which firmly underpin our conservative FY estimates, while it has put in place the foundations for a reacceleration of growth through its Next 50 programme.

Hybridan Small Cap Feast - 13 August 2024

13th August 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, or it is a rumour Dish of the day Admissions: None Delistings: Destiny Pharma Plc (DEST.L) has delisted from AIM Tesco Personal Finance Group (71XN.L) has delisted from the Standard Segment of the Main Market. What’s baking in the oven? ** Our daily digest of news from UK Small Caps If you would

Water Intelligence Credit Expansion for Growth Plan

Water Intelligence has announced a refinancing and expansion of its credit facilities with its existing lender M&T Bank which provides additional non-dilutive funding to execute its strategic growth plan.

Hybridan Small Cap Feast 9 July 2024

What’s baking in the oven? ** Potential**** Initial Public Offerings: ITF announced: 8th July 2024: Rome Resources: The Canada-based early-stage resource exploration Company has announced its intention to IPO on AIM in order to continue to make financial progress on its “Bisie North Tin Project”. The Company’s first day of trading on AIM is expected to be 26th July 2024. The Primary Offer expected size is approximately £4.0m. 24th June 2024: Rosebank Industries: The Company aims to repeat the su

Water Intelligence strategic acquisition of FGP

Water Intelligence has announced the acquisition of Feakle Gas & Plumbing (FGP) which we view as strategically attractive as it expands the group's footprint into the EU and well structured financially.

Water Intelligence FY23 Results

We believe the shares are markedly undervalued for a growth business with an historic EV/EBITDA ratio of close to 7x,

Hybridan Small Cap Feast - 16 May 2024

16th May 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: 7th May: Time To ACT plc, an engineering business focused on technology for the energy transition sector, has announced its intention to seek Admission to trading on the Aquis Stock Exchange

Water Intelligence Q1 Trading Update

Water Intelligence has reported a positive Q1 update which firmly underpins our FY24 estimates and we edge up our forecasts by +1% following the recent franchise reacquisition.

Hybridan Small Cap Feast - 09 May 2024

9th May 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: E-Therapeutics (ETX.L) has left AIM. Advanced Oncotherapy (AVO.L) has left AIM. What’s baking in the oven? ** Potential**** Initial Public Offerings: 7th May: Time To ACT plc, an engineering business focused on technology for the energy transition sector, has a

Hybridan Small Cap Feast - 15 Feb 24

15th February 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 obj

Water Intelligence - Continued double digit profit growth; 2023E inline; good start to FY24E

WATR's detailed update this morning highlights continued delivery of double-digit profit growth. WATR is a supplier of in-demand technology-led water leak detection and related services across the whole of the US, with rarity / uniqueness in being a nationwide provider of these services, while also operating in international markets including the UK, Australia, and Canada. This morning's update highlights the challenges posed by rising rates and sticky inflation, with despite this WATR turning o

Water Intelligence FY23 Trading Update

Water Intelligence has reported a strong Trading Update and we raise our FY23 Adjusted EBITDA & PBT estimates by +2% to $13.4m/$8.7m.

Water Intelligence - New capabilities generate further insurance-related contracts

This morning's announcement from WATR picks up the story from the company's 10-month update published last month, which highlighted new, enhanced execution capabilities on the back of investment, these being “expected to lead to gaining additional national insurance contracts … for execution during 2024”. WATR is a supplier of water leak detection, an area in high demand, together with related services across the whole of the US as well as in meaningful international markets (the UK, Australia

Water Intelligence - 10-month update paints a strong picture, PTBA +14% YoY, inline for FY23E

WATR's 10-month update published this morning reflects continuing momentum in the business, in particular pushing margins ahead while also continuing to invest for growth. WATR is a supplier of in-demand water leak detection and related services across the whole of the US, with rarity / uniqueness in being a nationwide provider of these services, while also playing in international markets including the UK, Australia and Canada. The company has typically generated double-digit CAGR over the pa

Water Intelligence 10m Trading Update

Water Intelligence has reported a strong 10m Trading Update that indicates it is on track to meet expectations and we increase our FY23 estimates by +2%.

PANMURE LIBERUM: Commodity redEYE: Peak conviction, instantly restored

SP Angel Morning View: Iron ore limit up as China stimulates further over the weekend, boosting sentiment

SP Angel Morning View: Gold edges higher as Russian Ministry of Finance plans to boost precious metals purchases in 2025

American West Metals (AW1 AU) – Suspension Anglo Asian Mining* (AAZ LN) – Agitation leaching plant production resumed Barrick Gold (GOLD US) – Agreement reached with Mali government Caledonia Mining* (CMCL LN) – Solar power plant at the Blanket mine, Zimbabwe Cobra Resources (COBR LN) – Bench scale test results from Boland project, South Australia Ionic Rare Earths (IXR AU) – UK funding for REE recycling business Orosur Mining* (OMI LN) –Annual results and share placing Power Nickel (PNPN

Global Unmanned Aerial Vehicles (UAV) Industry Report October 2024

This report looks at the unmanned aerial vehicles industry globally. Unmanned Aerial Vehicles (UAVs), Unmanned Aerial Systems (UAS) or Remotely Piloted Aircraft (RPA) — the official International Civil Aviation Organization (ICAO) term for such aircraft — are multi-rotor helicopters or planes with no human pilots that are controlled by onboard computers by the remote control of a pilot on the ground. They are also most commonly known as drones. The report talks about the overall market size, mar

Morning Note – 30 September 2024

Hybridan Small Cap Feast - 4 October 2024

Dish of the day Admissions: None Delistings: None What’s baking in the oven? ITF announced:*** Potential** Initial Public Offerings: 30th September 2024: Applied Nutrition, the sports nutrition, health and wellness brand announced that it is considering an £500m IPO onto the LSE Main Market. Across the four ranges, the Group sells approximately 100 different products, with flavour and format combinations across those products resulting in over 500 stock keeping units. July 2024 YE numbers report

Morning Note – 3 October 2024

Galliford Try | FY24 results – top end results, distributions hiked

Another set of results, another beat to expectations. After a particularly strong 2HFY24 performance, Galliford Try beat the top end of consensus expectations for revenue and nearly did the same for adjusted profit before tax, notwithstanding hefty upgrades following the positive FY24 trading update. The strength of the performance was underscored by a 48% hike in the dividend for the year to 15.5p, more than 20% above the top end of consensus, together with the announcement of a further £10m sh

Zeus Building Products Round-up - 4 October 2024

September was a busy month of companies reporting interim results and providing commentary on the remainder of the year and into 2025. Trying to decipher clear trends proved challenging, with results being mixed across the board. That said, our analysis on the quarterly change in consensus estimates across the four subsectors was encouraging, shown in Exhibit 1. It was promising to see c. 60% of companies reporting inline full year expectations, with c. 15% see upgrades to FY1 expectations. The

Getech Group - Interim results

Following a year of transition in which the Company has refocused the business on its core strength of data led sub-surface exploration, Getech’s interim results show that the business is moving in the right direction. During the period, Getech delivered an uplift in revenue, Annualised Recurring Revenue (ARR) and orderbook. Following a recent £1.7m fundraise, the business is well placed to increase its customer base and convert an expanded £9.6m sales pipeline. Getech looks compelling on an FY2

SP Angel Morning View: Base metals continue to rise following China stimulus

Mpac Group+ (MPAC, House Stock at 415p) - Sweet on the“pallet” – transformational!

Earnings inflection ahead, very encouraging order intake

We expect to see an inflection in group earnings from Q324. Recent commercial momentum has been encouraging with the gain of two significant orders including a EUR60m drone order in July. H1 EBITDA margin down on high tendering activity, solid operating cash on WC improvement Exail delivered mixed H124 results, with revenue up +5% but EBITDA down -9%. This resulted in an EBITDA margin of 19%, down -300bps and primarily reflecting the high level of tendering activity and related costs. Operat

Galliford Try - Initiation Note

After the significant (and timely) sale of its housebuilding businesses in January 2020, Galliford Try is an old name with a newly focused business model, no debt, no pension liabilities, and significant cash on its balance sheet. It is a pure-play construction business with a large order book and highly visible revenue (90% of FY21 revenue was already secured by 30th June 2020), which is set to be profitable and cashflow positive this year. As a result, it will re-instate its dividend at the

Morning Note – 20 June 2024