AFC Energy (AFC LN) - Building blocks in place

Progress on product development, field validation and early orders is positive. We reintroduce our estimates. More orders now need to flow. Following recent full year results and updates with management we reintroduce our estimates. AFC has significantly accelerated development and deployment of the S Series family of generators and secured initial orders. Focus on the construction sector with its high usage of off-grid diesel has attracted good customer interest. The Group’s new 30kW-50kVA gen

AFC Energy (AFC LN) - Ready for the ramp-up

Progress on product development and validation has been significant over the past year. Increased focus on emissions targets and energy security, combined with the recent UK/EU ban on Russian diesel, continues to drive momentum for replacing diesel with clean fuels including hydrogen. Focus on the construction sector with its high usage of off-grid diesel, has attracted significant customer interest and generated first revenue from the S Series H-Power Towers. EV charging and maritime remain att

Hybridan Small Cap Feast - 23 Mar 23

23 March 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

AFC Energy (AFC LN) - H-Power Tower deployment accelerates

AFC has provided a useful update on the deployment of the H-Power Tower product range, following system validations in 2022. H-Power Towers have now been leased for more than 7,000 hours in the UK and European construction markets, providing valuable off-grid power solutions to customers. In addition, contracts have been signed for more than 8,000 hours of H-Power Tower lease hire in 2023 to date. AFC also reports that it has a growing order book supported by an increase in customer proposals. A

Hybridan Small Cap Feast 11/07/22

iners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen? Georgina Energy, an early-stage resource company with a strategy of actively pursuing the exploration, commercial development and monetisation of helium, hydrogen and hydrocarbon interests located in the Amadeus and Officer Basins in Northern and Western Australia intends to join AIM. Georgina Energy has two principal onshore interests. The first, the Mount Winter Prospect is located in the Amadeus Basin in No

AFC Energy (AFC LN) - A year of deployment

Interim results from AFC contain few surprises and the group remains on track for the full year. The two main deltas versus our (unpublished) forecast were that the £2m stage payment from ABB were treated as deferred income rather than as revenue and that income from R&D tax credits was below our estimate. The first issue is an accounting issue which has no bearing on cash flow, while the second is likely a timing issue. On its own, the tax issue explains why period end cash, at £48.6m, was £1m

AFC Energy (AFC LN) - Kier agreement

AFC has signed an agreement with another leading UK construction/infrastructure player, this time in Kier Group. We believe this further endorses our long term thesis that AFC will play an active role in encouraging the transition away from diesel-fuelled temporary power solutions. We believe its technology could help the sector make clear strides towards a net zero future, which has to commence now if they are to reach this target by 2045. The share price has been weak of late (in line with man

Hybridan Small Cap Feast 07/04/22

Joiners: Ajax Resources (AJAX.L) a special purpose acquisition company established to deliver shareholder value through the acquisition of businesses or production and development assets in the energy and natural resources sector, joins the Main Market. Raising gross proceeds of £1,342,000 at a price of £0.04p per IPO Share, of which the Board of Directors has invested an aggregated amount of £130k. Leavers: No leavers today. What’s cooking in the IPO kitchen? Financials Acquisition Corp, a spec

AFC Energy (AFC LN) - Keltbray collaboration

AFC has signed an agreement with another leading UK construction and engineering Group in Keltbray. This further endorses our long term investment case that AFC will play an active role in encouraging the transition away from diesel fuelled temporary power solutions, and help its partners make clear strides towards a net zero future.

AFC Energy (AFC LN) - Well placed to replace diesel

The Group is optimistic about signing additional commercial agreements in 2022 but the main focus will be on product supply to ABB and field trials with Acciona both of which could result in material new orders. Results for FY22 reflected higher investment than we expected. Our revenue forecasts for FY22 and FY23 are unchanged but our spend projections are a fraction higher. Our long term model and valuation are under review to reflect positive changes to the Group’s selling model and to incorpo

Hybridan Small Cap Feast 01/03/2022

7Digital Group 0.375p £10.2m (7DIG.L) The global leader in B2B end-to-end digital music solutions, announced that the Company has signed a contract with an existing B2B music streaming service customer, worth a minimum of EUR2.2m over a three-year period. The Company has been providing services to the customer since 2016, with contract renewals on an annual basis. This latest contract expands the relationship to a long-term agreement, providing greater visibility over revenue. The Company also e

AFC Energy (AFC LN) - Acciona update

AFC has released some positive news confirming that Acciona has agreed to deploy the first of its new Hybrid Fuel Cell systems in Spain this year. We anticipate some strong growth momentum over time from this, albeit our forecast assumptions remain unchanged for now. The investment thesis remains enticing and we reiterate our 186p valuation per share.

LIBERUM: New Energy Monthly - Meetings with 3 UK New Energy stocks

AFC Energy (AFC LN) - Fuel flexibility adds to the potential

The group’s update expresses confidence in achieving published FY22 revenue forecasts and reveals a new Hybrid Fuel Cell (HFC). The update summarises the group’s agreements with ABB, Urban-Air Port, Mace, Altaaqa, ACCIONA and Julich and the entry into the maritime sector with VARD. The HFC platform will add fuel flexibility to the group’s offering, enabling the use of methanol as a feedstock. The investment thesis, which we refreshed in September, remains enticing and we reiterate our 186p valua

Hybridan Small Cap Feast 03/12/2021

i(x) Net Zero, the investing company which focusses on Energy Transition and Sustainability in the Built Environment, announces its intention to join AIM. Following Admission, the Company intends to use the net proceeds of the proposed Fundraising to provide development and expansion capital to certain of its investee companies, for future investments in companies that fall primarily within its areas of interest in Energy Transition and Sustainability in the Built Environment and to provide work

boohoo Group (BOO LN) - Building back to growth

FY23 revenue and EBITDA is a marginal beat vs. estimates with cash generation the standout beat. Market conditions are challenging, reflected in lower FY24 growth, but strategic progress is delivering improved profitability, with medium term guidance confident in a return to double-digit growth and increased profitability.

Initial Equity Trading Comments - 15 May 2023

Cenkos: Solid State Plc -- Solid Supply Chain

Solid State has a track record of delivering consistent growth in revenue and earnings, supported by secular organic growth drivers and a successful strategy of targeted acquisitions. We examine the customer industries, the company's technology specialisms and the financial performance drivers. Solid State is well positioned to continue delivering growth and shareholder value creation over the medium-term. We initiate coverage with a BUY.

Mixed thoughts about Imperial Brands

Despite falling short on the bottom line, the H1 23 results were in line with the street’s expectations in terms of the top-line and operating profit. The challenges posed by high comps and the effects of the COVID period significantly impacted tobacco volumes but this decline was effectively mitigated by pricing strategies. In our assessment, the market’s lukewarm response to the results can be attributed to a perceived lack of catalysts for Imperial.

Morning Note – 11 May 2023

AGM update; benefitting from geographic diversity

Portmeirion has issued a brief AGM statement covering the traditionally quieter period of the year. Progress has been made YTD with geographical diversity and self-help being supportive features we understand. Overall, the expectation is for a flat H1 performance, which in the context of a challenging consumer backdrop would be a creditable outcome. We note USA has been singled out as showing customer caution in recent weeks re ordering and will need to be closely monitored over Q2. With c.80% o

Portmeirion+ (PMP, House Stock, 508p) - No changes to forecasts on AGM statement

Portmeirion+ (PMP, House Stock, 418p) - Appointment of Non-executive Director

LSE AIM - Market Screener (30 May 2023)

 The market capitalization of AIM stocks was £95.9bn as of 26 May 2023, down 3.7% since 14 April 2023. Among the top YTD winners, there were Celadon Pharmaceuticals (up 216.6%), Vast Resources (+325% YTD), B90 Holdings (+212.4%), Verditek (209.1%, MktCap £7.5mn), Star Phoenix Group (+175%), Inspecs Group (+166.3%). Among the bottom movers, were companies canceling admission to AIM: Applied Graphene Materials (-88%,), Circle Property (-93%, MktCap £1.2mn), Purplebricks Group (-93.1% on a possi

Cenkos: Seeing Machines Ltd -- Strong aftermarket KPIs

We believe Seeing Machines quarterly Key Performance Indicators for Q3/23E show the company looks to be on track to meet our overall FY23E expectations. Whilst the vehicles produced with Seeing Machines DMS technology for Q4/23E needs to step up to meet our latest FY23E forecast, we believe the overall OEM division is performing strongly. Also, the Aftermarket division looks to be on track to exceed our monitored connection forecast and, with product availability continuing to increase, we exp

Morning Note – 9 May 2023

Hybridan Small Cap Feast - 22 Feb 23

22 February 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 objec

Morning Note – 19 April 2023

Surface Transforms (SCE): A major quantum production ramp up now secured

Final results were announced on 17 April, together with 1Q’23 sales and an update on the now rectified major production hiccough. In November 2022, SCE announced a second OEM 10 contract, the largest for SCE to date. The forward pipeline has been replenished and remains the same. The OEM 10 order commences in 2025, which is normal visibility. OEM 8 comprises the large majority of 2023 and 2024 revenue and was scheduled for a rapid 2022 start of production, but OEM 8 requested a few months’ pause

Strong start to FY23, meagre impact on market sentiment

Mercedes published preliminary Q1 23 results beating expectations on the margin and industrial free cash flow as pricing remained strong, volume rebounded (especially in the Vans unit) and the product mix continued to grow in line with the groups’ premiumization strategy. Today’s good print from Mercedes adds little to Renault’s report yesterday in terms of answering investor concerns about the risk of a price war. While we do not expect an upgrade to the group’s FY23 guidance, the Q1 figures un