Hybridan Small Cap Feast - 12/04/2024

12th 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: Change of Market: TheWorks (WRKS.L) a multi-channel value retailers of books, arts and crafts, stationery, toys and games, offering customers a differentiated propositio

Hybridan Small Cap Feast - 26 Feb 24

26th 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

Directa Plus - Value accretive deal to acquire 49% of Setcar

Directa Plus has announced it has signed a conditional share sale purchase agreement with GVC Investment Company Ltd to acquire a further 48.96% stake in Setcar S.A., the Group’s environmental services subsidiary. Following completion of the Acquisition, Directa Plus’ shareholding in Setcar will increase from 50.99% to 99.95%, with an existing shareholder in Setcar remaining a minority shareholder. The total consideration is €1.5m and the acquisition requires the passing of certain resolutions b

Acquisition of 49% minority interest in Setcar

Directa Plus has announced the acquisition of a further 48.96% in Setcar, the Group’s environmental services subsidiary. Upon completion, Directa Plus’ shareholding in Setcar will increase to 99.95% (from 50.99%) for a total consideration of €1.5m, split €0.5m immediate payment (paid out of existing cash resources), and a further payment of €1.0m which is due prior to 30 March 2024. Directa Plus’s acquisition values the Setcar business at 0.4x Sales or 8.6x EBITDA. For Directa Plus, they now tak

Hybridan Small Cap Feast - 12 Feb 24

12th 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

Morning Note – 12 February 2024

FY23 Trading Update: Trading on 1x Sales

Directa Plus has announced an FY’23 trading update with revenues broadly flat yoy at €11.0m (c.8% below SCMe) but an improvement in adjusted EBITDA loss (at least 20% yoy) and Cash (gross) at €2.4m. This update implies H2’23 revenues of €6.4m, a record half year revenue performance. The reduction in adjusted EBITDA loss reflects the shift within Directa Plus from its previous R&D focus, to a new commercial-engine focused on end markets where graphene has near-term potential. The company remains

Hybridan Small Cap Feast - 31 Jan 24

31st January 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 obje

Morning Note – 31 January 2024

Directa Plus - Environmental division showing the upside

Directa Plus’s Environmental division is the biggest growth driver for the group, with significant new contracts signed over the past few years thanks to the performance of its unique Grafysorber product. We see the Environmental division at a tipping point, with the company having recently won its largest contract with LIBERTY Galati. With multiple market opportunities offering a billion dollars per annum potential, and strong commercial momentum, we take stock of where this product and divisio

Morning Note – 21 December 2023

Directa Plus - Agreement to Acquire Downstream IP

Directa Plus has announced that it has signed an agreement with an Italian innovator to acquire the proprietary know-how for a system capable of preparing tailored graphene compounds for application, initially in Batteries and Polymers. The acquisition marks a strategic leap for Directa Plus’ positioning in the value chain, enabling the provision of G+® technology and additional compounds in a single, easily usable format for customers in these markets. The acquired know-how and technology enabl

More positive news flow

Directa Plus has reported a steady cadence of positive news flow in H2’23. New this morning, DCTA has signed an agreement with an Italian innovator (unnamed) to acquire a new technology that further unlocks the exciting battery and polymer market. This follows last Friday’s intra-day announcement of an expansion of the collaboration with Miguel Caballero. Directa Plus appears to be on the brink of a commercial breakout, this is supported by the record contract win reported in September 2023. A n

Morning Note – 27 September 2023

H1’23: A strong order book and improved margins

Directa Plus has reported a robust set of interim results with an improved margin and FCF performance, despite lower yoy revenues due to contract delays. H1’23 revenues decreased 17% yoy, but DCTA reported a second successive period of lower FCF burn as the business transitions from its previous R&D focus, to a new commercial strategy focused on end markets where graphene has near-term potential. The period reported did not benefit from any of the well flagged opportunities within Grafysorber, h

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

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

Morning Note – 16 April 2024

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

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

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.

Clean and competitive fertiliser