Small Cap Feast: 30/07/21

Joiners: HydrogenOne Capital Growth (HGEN.L) has joined the Premium Segment of the Main Market. HGEN is targeting a raise of £250m. First London listed investment fund dedicated to clean hydrogen. The IPO raised gross proceeds of £107m, including a strategic cornerstone investment of £25m by INEOS Energy. Leavers: All Active Asset Capital has left AIM. What’s cooking in the IPO kitchen? SpectrumX Holdings, a leader in proprietary formulations of HOCL (Hypochlorous Acid), is expected to list o

Small Cap Feast: 13/07/21

Joiners: Seraphine Group, has started trading on the Premium Segment on the Main Market. Seraphine, and together with its subsidiaries, is an international digitally-led maternity and nursing wear brand. Offer price 295p. £150.2m Mkt Cap. Gross proceeds of approximately £61m, equating to a total offer size of approximately £75.5m. Leavers: Immunodiagnostic Holdings has left AIM following a cash offer. What’s cooking in the IPO kitchen? South West Brands the multi-brand cannabidiol consumer go

Small Cap Feast: 22/06/21

Joiners: Thor Explorations (TSXV:THX;THX.L) has completed a secondary listing on AIM. . Segun Lawson, President & CEO, stated: "Today's admission to the AIM market of the London Stock Exchange represents another milestone in the development of the Company, offering wider access for investors as we progress through a transformational period in the Company's development. We continue to focus on pouring first gold at the Segilola Project in Nigeria in July 2021, targeting publication of a Maiden r

Proton Motor Power Systems# - Europe's PEM fuel cell leader: Mass Market Primed

Initiating with a Buy rating. We initiate our coverage of Proton Motor Power Systems (“Proton Motor”) with a BUY rating and a target price of 201p. Our valuation equates to a market capitalisation of £1.47bn, compared to a current share price of 65.5p and a market cap of £479m.

Small Cap Feast

Small Cap Feast

Registration document approved for Helios Towers. The Group provides essential network services, flexible infrastructure solutions and reliable power supply to mobile network operators in five African growth economies. Revenue increased 7 per cent. year-on-year to US$191m (H1 2018: US$178m), with Adjusted EBITDA up 15 per cent. year-on-year at US$99m (H1 2018: US$86m) for the six months ended 30 June 2019. Pricing rumoured at 115p to 145p implying valuation of up to $1.8bn. Expected Oct 2019.

Small Cap Feast

Techniplas –global producer and support services company providing highly engineered and technically complex components, making the supply chain to original equipment manufacturers more efficient. FYDec17 rev $515m. Loungers plc—the operator of 146 café/bar/restaurants across England and Wales under the Lounge and Cosy Club brands, announces its intention to seek admission on AIM, offer TBC

Small Cap Feast

Network International Holdings—Potential Intention to Float— leading enabler of digital commerce across the Middle East and Africa region, operating across over 50 highly underpenetrated payment markets that contain a total population of 1.5 bn. 2018 rev $298m, underlying EBITDA $152m. Techniplas –global producer and support services company providing highly engineered and technically complex components, making the supply chain to original equipment manufacturers more efficient. FYDec17 rev

Small Cap Feast

Circassia Pharma (CIR.L) - specialty pharmaceutical company focused on respiratory disease transferring from the Main Market. No funds being raised. Due 4 Feb. Greenfields Petroleum (TSX-V:GNF) production focused company with operated assets in Azerbaijan seeking AIM dual listing including $60m private placement. Mkt cap $12.6m CAD. Expected late January 2019.

Small Cap Feast

Azalea Energy—oil and gas production and development company based in Louisiana, United States. Net production of 13 MMcfe/D (2,200 boepd) and total 1P proved reserves of 91 Bcfe (15.1 mmboe), 2P reserves of 111 Bcfe (18.5 mmboe) raising up to $38m, expected mkt cap over $100m. Due Oct Summerway Capital investing company established to acquire companies or businesses which the directors of the Company believe have the potential for strategic, operational and performance improvement so as to cr

Contract win now a framework agreement

Proton Power Systems (PPS) has signed a seven year framework agreement worth €15m with a blue chip German customer for fuel cell emergency power units. These are expected to be delivered and installed over a seven year period. This follows the first binding order received in April 2016 from the customer worth €1.8m in 2016. As this agreement covers only one of Germany’s regions there is potential for it to grow substantially. We view this news positively and will reinstate formal research covera

Recent contract win puts FY15 in perspective

Proton Power Systems (PPS) has reported its 2015 final results and while revenues reduced to £0.7m from £1.4m this masks the substantial operational progress that has been made over the last 12 months or so. This manifested itself in the recent £1.3m order for emergency power solutions in outdoor cabinets to be delivered in 2016. This is the most significant order PPS has received in its 21-year history.

Frontier Developments (FDEV LN) - Expect change

Initial sales from the launch of Warhammer Age of Sigmar: Realms of Ruin have underperformed. After several disappointing new releases, the company has decided to reverse its strategy to diversify into adjacent game genres. We believe the increased focus should improve Frontier Development’s efficiency but may also increase its revenue concentration and volatility. The update and strategic change lead us to lower FY24 Adj LBITDA to £13.6m from £9.0m. We now also forecast no revenue growth over t

LIBERUM: Frontier Developments: Warhammer: Soft trading through key period

Strong H124 profitability and growth plan ambitions

PROGRESSIVE: IG Design Group: Strong profit growth, key strategy initiatives and quantified aspirations

IG Design Group delivered a 27% increase in adjusted PBT to $34.8m for H1 FY24 (to 30 September) with a significant reduction in net debt to $15.1m, as signposted in last month’s trading update. The adjusted operating profit margin was some 270bps higher at 8.6% (vs 5.9% in H1 FY23), the highest achieved since H1 FY20 ahead of the CSS acquisition. Management has provided more details on the key attributes and initiatives for its new growth-focused strategy. The group is on track to return to pre

Hardman & Co Research: Surface Transforms (SCE) - Funding for growth: Open Offer

In the past two years, Surface Transforms (SCE) has quadrupled its order book, raised monthly sales run rates from £0.2m to £1.0m and expanded its capacity four-fold to a £20m pa sales rate. A 3 November update pointed to production teething troubles. October sales of £1.0m were below prior estimates, so we significantly reduced our 2023 and 2024 estimates. We estimate PAT breakeven for 2H24. Initially from debt, SCE has the resources to finance capital expenditure from internal cash flow to rai

The Joy of Techs - Cavendish Technology quarterly sector note

£23.3bn in enterprise value has been returned to AIM technology shareholders over the past six years in the form of 51 public to private takeouts, including 10 in 2023 alone with the takeovers of Smoove* and Tribal announced in early October. With UK valuations appearing cheap and looking more attractive to potential acquirers, we take a moment to reflect on the trends of corporate and private equity bidders targeting AIM-listed technology companies going back to 2017, through the uncertainties

Accrol Group Holdings (ACRL LN) - Consecutive upgrades

H1 FY24 has delivered positive trading momentum with continued volume growth and an acceleration in margin recovery back to pre-pandemic levels.

Morning Note – 14 November 2023

Frontier Developments (FDEV LN) - Road to recovery

We are encouraged by Frontier Developments' announcement of an Organisational Review. We believe many video games companies inflated their expense bases during 2020 and 2021 and reduced focus on return on investment. Frontier now plans to reduce annual operating costs by up to 20% by the beginning of FY25. Frontier's Organisational Review returns the business' focus to optimising returns, leading us to forecast a recovery in adjusted EBIT margins to 5.3% in FY25 and 9.4% in FY26. We believe the

SHORE CAPITAL - Portmeirion (PMP) - House Stock at 353p - Significantly undervalued

PROGRESSIVE: IG Design Group: H1 trading sees significant net debt reduction and profit growth despite lower sales

IG Design Group has delivered substantial growth for the H1 trading period (to 30 September) in terms of key profit measures and margins, together with strong cash flow and net debt reduction, both of which exceeded management expectations. These achievements have been attained despite lower sales compared to H1 FY23, with the adjusted operating profit margin in H1 FY24E therefore set to surpass last year’s 5.9%. As such, the overall results clearly show the ongoing benefits of the group’s strat

Initial Equity Trading Comments - 11 May 2023

LIBERUM: New Energy Nuggets: Hydrogen - the future is green

LIBERUM: Ceres Power - Initiation - A Compellingly solid case

Spectra Systems - Punchy H1 feeds into FY2023 and longer term opportunities

Strong H1 results from SPSY today reflect excellent traction with key customers, markets and technology. The company is a leader in machine-readable high speed banknote authentication, brand protection technologies and gaming security software. H1 sales rose 25% to $11.6m YoY (H1-22: $9.3m), benefiting from strong material sales and contracted development revenue, driving 59% increases in adj. PBTA to $5.8m (H1-22: $3.7m). Adj. EPS of 10.8c represents a 72% YoY increase, with the tax burden in