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

Hybridan Small Cap Feast - 15 Jun 23

15th June 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 objecti

Cenkos: Eden Research Plc -- Corteva agreement milestone

Eden Research has announced it has applied for authorisation in the EU for its seed treatment product, developed in collaboration with Corteva Agriscience, to be branded Ecovelex. Application in the UK, Eden's home market, will follow in due course. We believe this represents a significant milestone for Eden Research and for the collaboration partners. Ecovelex has been developed as a seed treatment to deter birds from eating the seeds, affecting the birds olfactory system in a harmless fashion.

Cenkos: Eden Research Plc -- Further US and NZ approvals

Following the broad Environmental Protection Agency (EPA) approvals for Eden's product and technology portfolio and subsequent state level approvals, the company has announced the important regulatory approvals in California (Cedroz) and Florida (Cedroz and Mevalone). Additionally, Eden has announced the approval of Mevalone in New Zealand. Given the nature of the crops on which Eden's current formulated products are applied, ie soft fruit, grapes and vegetables grown in warmer climates, these a

Hybridan Small Cap Feast - 12 May 23

12th May 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

Hybridan Small Cap Feast - 05 May 23

5th May 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 objective

PROGRESSIVE: Oxford Metrics: Drivers to growth and catalysts for rerating

Oxford Metrics’ results for the year to 30 September show a business that is growing strongly, driven by long-term technology, economic and demographic trends across the life sciences, entertainment and engineering markets. The results are in line with the trading update given on 25 October (see our note) that showed revenue and adjusted PBT ahead of our, and market, expectations. With a confident management commentary on the outlook, we raise our estimates for FY24E and introduce forecasts for

ITM Power (ITM LN) - Trading update

ITM has released a trading update, providing guidance on its upcoming H1 FY 2024 results, and reiterating full year FY 2024 guidance.

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%.

Likewise (LIKE LN) - Strong revenue growth; on track to meet FY23 estimates

Likewise has confirmed that trading has remained in line with expectations underpinning Zeus estimates of 10.5% yoy growth (to £136.6m) for FY23. Q4 remains the single most important trading period of the year. November recorded record monthly revenue of £14.0m and Group revenue for the eleven months to the end of November is up 13.3% yoy. Within this, the Likewise Floor business has increased revenue by 29% underpinning the organic growth within the Group. It is very encouraging that the busine

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

Morning Note – 5 December 2023

Norcros - UK margins up materially, South Africa stabilising

Norcros’s compelling investment case was underpinned at the half year where underlying operating profit was down less than 3% despite material revenue pressure. Group operating margins rose 60bp, the UK business reported record underlying profits and Norcros continued to take market share in both the UK and South Africa. We believe that Norcros’s key strengths are underappreciated and that legacy issues, notably the pension deficit, have been resolved. We retain our estimates and value the share

discoverIE - Efficiencies driving margin, good forward visibility

discoverIE has reported an encouraging H1 2024 showing a resilient sales performance (flat in total, +4% CER) against strong comparators (+23% CER last year) in a difficult macro environment and an impressive increase in operating margins from 11.5% to 12.9%. Underlying EPS increased +8% and gearing of 1.6x is at the lower end of the target range. There remains significant opportunity for acquisitions, which – alongside targeting continued margin increases – provides upside potential to our fore

SIMEC Atlantis Energy (SAE LN) - Uskmouth BESS lease monetised

SAE has announced an agreement for monetisation of its lease payments from the 230MW Uskmouth BESS project, helping secure cash payments for the company and further demonstrate this element of its business model. Today’s statement also reports progress on further BESS projects, and a proposed extension to SAE’s Abundance bonds.

Quadrise+ (QED, House Stock at 2.4p) - Positive test results follow strong share price momentum

SP Angel Morning View: Gold powers through $2,100/oz on outlook for Fed rate cuts

Titon Holdings+ (TON, House Stock at 80p) - Trading update

UK-Listed Energy Sector: Review of the UK oil and gas landscape – why the country needs it, current policy and tax

The front of this note takes a look at the UK oil and gas sector, why domestic production is advantageous, what the main political parties think, and what could happen going forward. The latter part contains a review of the companies in our coverage – some that are UK centric, which give exposure to the note’s wider theme, and others that are focused elsewhere.

Velocys - Recommended Offer at 0.25p

The recommended offer announced today for Velocys comes from a consortium consisting of Lightrock, Carbon Direct Capital, GenZero and Kibo Investments. At 0.25p this values Velocys at £4.1m on a fully diluted basis. Following the acquisition, the consortium will provide up to US$40m of funding to help Velocys achieve it’s medium-term growth plans as well as providing a £3.5m bridging loan until the acquisition is effective. We remain of the view that the offer is cheap relative to the long-term

PROGRESSIVE: SDI Group: Acquisition of Peak Sensors

SDI Group has announced the acquisition of Peak Sensors, a UK manufacturer of temperature sensors, for an estimated £2.4m (£2.3m less cash). The initial cash consideration is £1.58m, with a further c.£0.82m payment due shortly after completion. The deal will be funded from SDI’s revolving credit facility. As at 30 September, SDI had c.£1.78m cash, £15.1m bank debt and £9.9m undrawn bank facility excluding the accordion, providing considerable financial flexibility for the group. The acquisition