Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: BATS, HOC, BBY, IPO, MTO, SUPR, ANIC, KWS, POW, & CAU.

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: BATS, RIO, MSLH, REDD, TUI, IQG, LIKE, YCA, SERE, & TEG.

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: BAT, HIK, SBRY, HLN, SN., HTWS, PHP, TKO, & IHC.

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: BAT, MRO, GNS, CURY, GRID, HLT, MPE, EMIS, & ANIC.

FY guidance remains intact despite the weak US performance

Pricing enabled the performance to meet expectations, with the New Categories products being the primary driver of growth. However, we were disappointed by the weak performance in the US and the profitability indications outlook for products from the New Categories segment. Nevertheless, the guidance remains unchanged.

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: BATS, CCH, CESF, KNOS, BWY, MEGP, DORE, OTMP, AVCT, & SCE.

A reassuring trading update for investors

The trading update was well-received by the market, something which was evident in a notable increase of approximately 0.90% in the stock price during midday trading. The confirmed outlook provided reassurance in light of the disappointing performance in the US. However, we expect the prolonged absence of share buybacks to exert downward pressure on the share price in the near future.

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: BATS, ABF, CHG, GEN, TM17, BRFI, & DGE.

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: BATS, CURY, WG., DPLM, BBOX, RST, WAND, TRR, & VNET.

British American Tobacco: New Category Growth, Improved Position In THP & Vapor Markets & Other Drivers, DCF & Comparables Valuation, ESG & Other Risks (04/23)

British American Tobacco delivered decent financial results and successfully navigated a progressively challenging macro environment. Revenue growth was driven by the New Category growth and a strong combustibles price mix. In New Categories, the company delivered strong revenue growth driven by Geo expansion, innovation, and share growth. Vuse strengthened its first position in the U.S. The company’s closed system value share in Europe grew strongly. It also extended its value share leadership

Where is the buy-back?

Nothing surprising in the FY22 figures, but there are two main points to bear in mind after the publication: 1) FY23 company’s guidance is disappointing, and 2) no buy-backs are expected for FY23 (so far), when this was expected by everybody.

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: BATS, JMAT, DEC, PETS, WIX, ECOR, NEXS, & ITM.

Slight disappointment, but nothing to panic about

The lack of updated guidance for FY22 and clear confirmation of a buyout for FY23 (be patient) weighed on the share price today. For our part, we continue to see positives, particularly with regard to NGP, whose targets have been reconfirmed.

British American Tobacco ADR: Initiation of Coverage – Financial Forecasts, DCF & Comparables Valuation, ESG & Other Risks (10/22)

This is our first report on global tobacco major, British American Tobacco. The company has been navigating a progressively challenging macro environment and its stock price performance has been steady. British American Tobacco is known for its dividend and yield and also for regular buybacks. The company is making strong progress in transforming the cigarette business into a lower-risk alternative for smokers. The performance in the last quarter has been driven by all three innovative categori

Reassuring NGP beat

Another good report despite some caution regarding combustibles in the coming half. New Generation Products, which are currently the main driver, continue to do very well with the 2025 targets confirmed. This is the most important thing in our opinion.

Surface Transforms (SCE): Open Offer

Surface Transforms (SCE) has announced the raising of £6.5m new equity and is launching an Open Offer to shareholders. It is raising capacity and quarterly revenue but has needed to address the two sets of production constraints it faced: scrappage and process-line pinch points. Pinch points have been much reduced through capital expenditure and expert maintenance teams. Major capital expenditure is ongoing and unaffected by the fund raise. The scrappage from the fast ramping up of volumes is re

Allenby Capital TMT Update - 13.05.24 - MIRI.L, MBT.L, PPS.L, CSFS.L, LST.L, DNM.L

Please find below our weekly update covering themes that we feel that are of interest to investors and participants in the small and mid-cap TMT sector as well as commentary on recent newsflow.

Morning Note – 10 May 2024

Surface Transforms (SCE LN) - Fundraising to support volume production

Surface Transforms has announced a Placing and Subscription seeking £6.5m at 1p, combined with an Open Offer for up to £2m (before expenses). Proceeds will be used for working capital for existing operations and to support the manufacturing scale-up. We introduce summary estimates pending the outcome of the entire fundraising event (including the Open Offer) and the full outturn statement for 2023a due in late May. Our base case assumption is for revenue of £17.5m in 2024e (2023a: £8.3m); this c

Ceres Power Holdings - Strategic partnerships powering growth

Ceres Power Holdings’ innovative technology uses electrolysis to produce green hydrogen and solid oxide fuel cells to generate power. In a year where it moved to the Main Market of the London Stock Exchange, it recorded revenue growth of 13% and gross margin expansion to 61% (the highest in the sector, according to management), but is yet to record an operating profit (FY23 operating loss of £59.4m versus £54.0m in FY22). Ceres continued its strategy to drive innovation and technology across sol

Morning Note – 4 April 2024

Morning Note – 8 May 2024

REVB: 1Q Results Reveal Solid Cash Balance

Revelation Biosciences is a life sciences company whose development of immunologic-based therapies is based on the well-established biology of phosphorylated hexaacyl disaccharide (PHAD) and its effect on the innate immune system. The company announced 1Q2024 results and we remind investors that the company has begun Phase I trials on its Gemini project and has funding needs met through 2024, which is extremely positive for a clinical stage company.

Hybridan Small Cap Feast - 16/04/2024

16th 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: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radical Limited for

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

boohoo Group (BOO LN) - Clear strategy to drive profitable growth

FY24 performance reflects decisive action in a challenging market: Gross merchandise value (GMV) of £1,809m is down 13% YOY, driven by lower sales in brands, partly offset by growth in the Debenhams marketplace.

Specta Systems - Another first from SPSY … polymer banknotes which guarantee a recycled supply chain, thereby meeting clients' needs

This morning's announcement from SPSY highlights the company's innovative technology in the interest of “meet[ing] clients' needs”. A global first from SPSY, today's news heralds the first polymer banknote substrate which will be certified as sourced and manufactured through an accredited circular supply chain, commencing with Toray Plastics America, SPSY's partner. This new development follows on from SPSY's invention of the Fusion substrate, a transformative technology which we expect to mak

Initial Equity Trading Comments - 19 February 2024

Re-run of the value screen and 10 focus stocks

We have completed another periodic refresh of our value screen, first established in our inaugural quant/screening note of 26 May 2015. As usual the screen selected the 25 stocks exhibiting the most extreme value characteristics (based on 2016 consensus P/E and latest price to tangible book ratio) from our universe, and we have chosen 10 stocks to focus on. Since inception last year the screen has outperformed the main small-cap and micro-cap indices (by about 8pp and 3pp respectively) and has p

Surface Transforms - Fund raise for the profitable growth phase

SCE is raising £16m through a placing (and up to a further £3m through open offer) to fund substantial expansion and additional working capital. This will enable the Group to grow to £75m revenue capacity in the near term, commence the build and equipping of a new factory and then (with internally generated free cash flow) scale to £150m revenue capacity and beyond. With a contracted order book of £190m and a prospective pipeline of £400m, this is clearly the time to seize the opportunity. The e