Hybridan Small Cap Feast - 22 Jan 24

22nd 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 – 22 January 2024

Eden Research - Strong performance

Eden Research has provided a trading update, highlighting strong performance through FY23 (ahead of expectations) and continued product and commercial developments. Group revenues grew c72% to £3.1m ahead of our estimated £2.8m revenues for the year, including product sales of £2.6m (c63% YoY), supported by the first commercial sale of the company’s new brand, Ecovelex, to distribution partner Corteva Agriscience. Further down the P&L, Eden expects its operating loss to be improved versus our ex

Morning Note – 9 January 2024

Eden Research - California approval for Mevalone

Eden Research has announced it has received regulatory approval in the state of California for Mevalone, its biofungicide product. Initially developed to treat botrytis on grapes, we see this as a significant milestone for Eden Research, given the size of the wine production industry in this state, though note the disease targets and crops on which Mevalone can be used have been expanded since its original launch. This approval follows a number of US state approvals, including Cedroz (bionematic

Eden Research - Ecovelex: Temporary Italian Approval

Eden Research and its partner Corteva Agriscience have announced that Ecovelex has been granted a temporary approval in Italy for the 2024 growing season. This marks the first approval for Ecovelex, developed by the partners as a bird repellent seed treatment for corn. The regulatory dossier for Ecovelex has previously been submitted in the EU to Austria (acting as the interzonal rapporteur member state) in order to achieve full regulatory clearance for the product. This is clearly a positive de

Hybridan Small Cap Feast 05/10/2023

Dish of the day Joiners: No joiners today. Leavers: Pittards has left AIM. What’s cooking in the IPO kitchen?** Announced ITF 12 July: Substrate Artificial Intelligence, an artificial intelligence company based in Spain that creates, buys and scales companies around AI in diverse sectors such as fintech, agritech, energy, human resources, and health, intends to join the Access Segment of the AQSE Growth Market. Admission expected on 10 October. Announced ITF 26 September: Mydecine Innovations Gr

Hybridan Small Cap Feast - 29 Sep 23

29th September 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 ob

Morning Note – 29 September 2023

Eden Research - Expanding opportunities

Eden Research has published its interim results for the 6-months to June 2023, noting product sales of £1.09m and an adjusted EBITDA loss of £0.8m. Cash at the end of the period was £0.5m ahead of a tax credit received post-period end and the completion of the previously announced equity fund raise. We maintain our year-end cash estimate of £7.8m. Through the year the company has made significant commercial progress, most notably the initiation of the European registration phase in the developme

Hybridan Small Cap Feast 16/08/2023

Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Announced ITF 4 August: Tan Delta Systems plc, a Sheffield based Company intends to IPO on AIM. Tan Delta has developed an innovative and differentiated monitoring solution based on real time oil analysis and analytics that offers equipment operators enhanced insight into the maintenance status of their equipment and thus the ability to reduce maintenance costs, improve reliability and reduce carbon footpr

Cenkos: Eden Research Plc -- Ecovelex first order

Eden Research has announced the receipt of its first commercial order for Ecovelex. Full authorisation of the product has yet to be received, however it could be sold commercially under emergency use authorisations in specific countries if these are granted. Until such authorisations are in place to provide greater financial visibility, we are leaving our forecasts unchanged, though see this order potentially bringing forward some of our 2024 c£1.6m forecast Ecovelex revenues. Following the rece

Cenkos: Eden Research Plc -- Keep growing

We believe Eden Research's product portfolio of launched and pipeline opportunities provides a strong foundation for near- and mid-term revenue growth. Our forecasts see revenues growing to c£5.0m in FY24E from £1.8m in FY22A, supported by the core products and pipeline, with the seed treatment expected to contribute to revenues in FY24E. The company has announced it is conditionally raising £9m, gross, which it will use to support the launch of its new seed treatment, Ecovelex, in partnership w

Hybridan Small Cap Feast - 03 Jul 23

3rd July 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

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

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.

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

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