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.

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

Cenkos: Seeing Machines Ltd -- Revenue upgrade on OEM momentum

Seeing Machines' released interim results showing the strong momentum it is experiencing in its OEM division with OEM revenues growing 268% YoY. This strong performance carried a weaker performance in Aftermarket (down 14% YoY) and enabled the company to report total revenues up 54% YoY and an EBITDA loss reduced by 58% to just $3.9m. Looking ahead we continue to view Seeing Machines as highly undervalued compared to its market position in DMS, with rapid adoption in both OEM and aftermarket dri

Finals

FY22 finals from Spectra Systems Corp (SPSY.L), a leader in machine-readable high-speed bank note authentication, brand protection technologies, and gaming software, comfortably exceeded forecasts that had been upgraded three times during the year. Revenue +18% to $19.6m (ACLe: $17.9m) and adj. EBITDA by 17% to $8.1m (ACLe: $7.6m). Net cash was a record $17.5m (ACLe: $16.9m) and a 11.5 cent DPS has been declared. Short and medium-term outlooks remain positive with Spectra’s key central bank cust

Hybridan Small Cap Feast - 06 Mar 23

6 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 objective

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

LIBERUM: Superdry* - A phenomenal deal realising great value for shareholders

Morning Note – 21 March 2023

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

Diversifying with a stronger base

Quixant - Record revenue and improved margins demand a rerating

Record FY22 results are in line with forecasts upgraded with the post-YE update, although a tax credit boosted Adj. EPS and the improved outlook and healthy cash position encouraged a higher-than-expected 3.0p dividend. Underlying markets remain robust and demand is high, while component shortages are easing to improve margins; diversification and new products (QMax-3, the turnkey cabinet solution and Broadcast products) drives growth and improves visibility. We therefore raise FY23 expectations

Hybridan Small Cap Feast - 16 Mar 23

16 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

Hybridan Small Cap Feast - 24 Mar 23

24 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

Hybridan Small Cap Feast - 13 Mar 23

13 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

Hybridan Small Cap Feast - 20 Mar 23

20 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

Moving into 2023 with cautious optimism & clear strategy

Set against a tough consumer / inflationary backdrop today’s finals are satisfactory and in line with previous guidance – revenue +5% and PBT +11%. Higher net debt is the main forecast variance, reflecting elevated inventory but we expect most of this to unwind in FY23. The outlook is cautiously optimistic and whilst prudence dictates holding fire on forecasts, the risk is on the upside. Our conservatively pitched numbers imply a 3 year EPS CAGR of 14%. The equity story is all about delivering a