SHORE CAPITAL - Marks & Spencer+ (House Stock, 146p) - Fleshing out the FY24 store development programme - shaping for better growth

Better Christmas trading but maintained cautious outlook

M&S experienced a stronger-than-expected trading performance during the Christmas period in both the food and C&H businesses. The strong growth in the value-for-money daily food line took the food business to its highest level ever in terms of market share. The C&H business also delivered an encouraging performance thanks to the accelerated omnichannel development and increased product diversity. However, following this better-than-expected Christmas trading, the market was somewhat disappoint

SHORE CAPITAL - Marks & Spencer+ (MKS) - House Stock at 143p - Strong Q3 FY23 trading statement – FY23&24 forecasts retained, upside risk

SHORE CAPITAL - Marks & Spencer+ (MKS) - House Stock at 121p - Interim CFO appointment - Jeremy Townsend

Lower margin in the food business

M&S published its H1 22/23 figures with adjusted PBT slightly below the market’s expectations. M&S opted not to pass on all cost inflation to retain its active customers despite the continued rising costs and a challenging consumer environment, which caused weaker profitability in the Food business. The group expects the challenging trading environment to continue in H2 22/23.

SHORE CAPITAL - Marks & Spencer+ (MKS) - House Stock at 117p - H1 FY23 results - slight beat, no change to forecasts

SHORE CAPITAL - Marks & Spencer+ (MKS, House Stock at 102p)

SHORE CAPITAL - Marks & Spencer+ (MKS, House Stock at 93p) Investor presentation - from transmission to reshaping

SHORE CAPITAL - MARKS & SPENCER+ (MKS, HOUSE STOCK, 102p) - Exciting forecourt partnership with Applegreen in Ireland.

SHORE CAPITAL - Marks & Spencer+ (MKS, House Stock, 141p) - Acquisition of Gist – good news - FY24 EPS enhancement

SHORE CAPITAL - Marks & Spencer+ (MKS, House Stock, 143p) - CFO resignation – Eoin Tonge to join ABF

SHORE CAPITAL - Marks & Spencer+ (MKS) - House Stock at 137p

SHORE CAPITAL - Marks & Spencer+ (MKS, House Stock at 138p)

Improved business shape, cloudy outlook

M&S released its FY21/22 results with both revenue and adjusted pre-tax profit slightly above expectations. However, the end of business rates relief, the full exit from the Russian business and a minimal contribution from Ocado has seen the group start FY22/23 with a lower profit base. The group expects intensified cost pressure and the inflationary environment to result in very challenging trading conditions for the year ahead.

SHORE CAPITAL - Marks & Spencer+ (MKS) - Great FY22, shaving FY23 for ORL - sustaining progress...

Top Picks for 2023 - 2022 review and outlook for 2023

On 10 January last year, we set out our ten top stock picks for 2022, in what turned out to be a very poor twelve months for global equities, due to war, accelerating inflation, political instability and recession fears. Between 7 January 2022 and 31 December 2022, the AIM All-Share Index declined 30.0%, whilst the average performance of our ten top picks was -24.7%, a modest relative outperformance. In this note we discuss the performance of our 2022 top picks, equities trends in 2022, and our

LIBERUM: Vertu Motors - Helston acquisition an excellent strategic fit

Morning Note – 26 January 2023

SHORE CAPITAL - XP Factory+ (XPF, House Stock at 16p)

Hybridan Small Cap Feast - 23 Jan 23

23 January 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 object

Hybridan Small Cap Feast - 19 Jan 23

19 January 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 object

YE update – another positive staging post for new team

The YE update shows that strong LFL and operational momentum was sustained in H2. Overall FY22 system sales grew by 20% and LFLs by 21%, led by volume/mix as the new CEOs actions begin to take effect. We make no forecast changes, but the positive H2 profitability trend cited is an important inflection point in the context of DPP now moving to sustainable profits. A well-capitalised balance sheet also means expansion is firmly on the agenda. The key point is that international evidence shows once

SHORE CAPITAL - Motorpoint Group+ (MOTR) - House Stock at 145p

Hybridan Small Cap Feast - 24 Jan 23

24 January 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 object

Spring is finally coming

The market reacted positively to easyJet’s Q1 trading update as the meaningful pricing tailwind and the continued restoration of load factors allowed for consensus-beating results and guidance. The buoyancy was further fuelled by the low-cost rivals’ promising stance on summer activities. We expect an upgrade in the consensus and to our valuation.

BOTB - Beats forecasts, £6.275m return of capital announced

BOTB prelims were slightly ahead of our forecasts, which we recently raised post the May trading statement. Trading continues to normalise despite the uncertain consumer outlook, driven by constant fine-tuning to changing market conditions. BOTB also declared a 6p/share (£0.565k) final dividend and a £6.275m return of capital via tender offer, equivalent to 66.7p/share; and 72.7p and £6.84m combined. We have increased our EPS (Dil. Adj.) forecasts by 23% to 53.9p from 43.9p for FY23E, and by 21%

Cenkos: Consumer Q1/23

Key Observations Despite a second successive decline in CPI during the quarter, inflation remained at one of the highest levels in 40 years (10.5% in December) contributing to a winter of discontent, with each day in December facing some form of industrial action. The industrial action materially impacted the consumer sector and provided an insight into the simmering frustration around the decline in real wages of the UK population. There were multiple examples of consumer corporate failures d

Tintra plc Initiation

Tintra plc (TNT.L) has an ambitious strategy to build new global banking infrastructure. This will be distinct from existing banks and fintechs, as it is specifically designed to finance growth in cross-border trade for emerging economies. The group identified issues in ways that existing banks serve these markets, which often put their customers at a disadvantage vs developed economy equivalents. Tintra believes that only an entirely new global network of regulated financial services providers

SHORE CAPITAL - Rank Group^ (RNK, Buy at 91p) H1: Guidance unchanged but signs of life

BOTB - Board strengthening and new forecasts

The group has announced a broadening and strengthening of the board through two new appointments. We introduce an additional two years of forecast and raise our target price to £31.