LIBERUM: Currys: Another positive as Greece disposal successfully completes

LIBERUM: Currys: Second guidance raise means 11% upgrades YTD

LIBERUM: Currys: PBT guidance 6% ahead of consensus

LIBERUM: Currys: Delivering as promised; all guidance reiterated

LIBERUM: Currys: Selling 7% of sales for 30% of market cap; higlights very depressed valuation

LIBERUM: Currys: H1 and potential disposal should reassure against depressed valuation

LIBERUM: Currys: True competitive advantages, yet valuation remains far too low

LIBERUM: Currys: A true competitive advantage

Q1 trading remains weak; guidance reiterated!

There were no major surprises in Currys’ Q1 trading performance. Although the UK&I and Nordic region remained in the red, the lfl sales trend improved during the quarter. The top line in Greece remained positive, despite the impact of wildfires on customer footfall. While the gross margin improvement (yoy) is encouraging, we expect the retailer’s performance to be back-end loaded during FY23/24. We are comfortable with our financial estimates and maintain our positive stock recommendation.

LIBERUM: Currys: Solid start; guidance unchanged

Profit ahead of consensus, but poor FCF and discontinued dividend are concerning

Currys’ FY22/23 performance was a mixed bag – profit was 5% ahead but FCF was significantly below consensus. While UK&I and Greece were ahead of the street expectations, the slump in the Nordics was worse. However, investors were spooked by the considerable FCF decline and suspension of the final dividend. The management is cautious about consumer demand in the near-term. We plan to downgrade our financial estimates as both the top line and profitability are likely to remain under pressure in th

LIBERUM: Currys: FY23 in line; no changes to consensus expected

LIBERUM: Currys: Strategic review of Greece - proactive and appropriate

UK is gaining strength; Nordics still a pain-point

Currys’ pre-close trading performance for FY 22/23 was stronger than the market had expected. The Lfl was in line but the adjusted PBT is expected to be £110-120m (vs guidance of £104m). This is attributable to the UK&I segment clocking strong trading in March and April 2023, with more than 40% growth in profit for the full year. However, the Nordics remain a pain-point, which is unlikely to provide respite anytime soon. We maintain positive stock recommendation.

Supreme (SUP LN) - Record performance, EBITDA ~doubled

Supreme’s FY24 trading update confirms a record performance in the 12 months to 31 March 2024. Organic revenue and profit growth across all four divisions has driven Group revenue +45% YOY to £225m, with FY24 adj. EBITDA almost doubling to ‘at least £38m’, driving record levels of cash generation. Supreme is actively exploring complementary M&A, supported by a debt free balance sheet. Trading on an undemanding FY25 PE of just 6.7x, with a 3.4% yield, we believe downside risks are more than price

Morning Note – 22 April 2024

Supreme+ (SUP, House Stock at 125p) - Supreme, Supreme!

Morning Note – 25 April 2024

SP Angel Spec Sits: FY Trading Update (LTHM)

Headlam Group - Strategy for growth in tougher market

Headlam Group has laid out an ambitious long-term revenue target of between £900m and £1bn, as it seeks to grow its share of the UK floor coverings distributor market. Despite a challenging backdrop due to the low level of residential housing transactions, management is seeking to expand each of its sales channels: Trade Counters, Larger Customers, Regional Distribution and Europe & Other. The FY23 results reflected the more challenging environment and the group trades at a discount to its long-

Hardman & Co Insight: 2023 was an annus horribilis for Quoted UK Infrastructure and Renewable Energy

The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no

Vianet - FY24 ahead, strategic forecourt customer win

Vianet’s FY24 trading update shows FY24 revenue +1% ahead of our previous forecast, adjusted EBITA +2% ahead, EFCF and net debt +£0.6m ahead, and a strategic new customer win with prominent forecourt operator Wilcomatic. A robust FY25 pipeline and outlook leads us to reiterate our FY25E forecasts at this point, with the update highlighting: strong progress renewing and winning new customers on 3-5 year contracts as they migrate from 3G to Vianet’s advanced 4G LTE solutions; the successful integr

SP Angel Morning View: Copper prices hit $9,700/t as China smelts concentrates for zero charge Tc/Rc

Vianet Group: FY24 trading update, strategic contract win

Vianet has published a positive trading update for FY24 with turnover up 7.6% to £15.18m, a 3.5 percentage point increase in gross margin YoY, and adjusted EBITA ahead of market expectations. Net debt continues to fall and closed FY24 at £1.52m (£2.1m at 30 September 2023), demonstrating strong free cash flow generation, even without the benefit of the £0.9m tax receipt received in 1H24, which augers well for a final dividend. The company reported a new contract with Wilcomatic Wash Systems, the

LIBERUM: Ilika: CMD confirms operational progression

Hybridan Small Cap Feast - 24 April 24

24th 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: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi

LIBERUM: Gattaca: Resilient contract performance, perm tough

LIBERUM: Severfield: Erratum: Better EPS and cashflow, and buyback

LIBERUM: CEO Video: Matt Wragg, Gattaca plc: