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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
Companies: Surface Transforms PLC
Hardman & Co
Companies: 88E MTC TIA DEC ULTP
Cavendish
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
Companies: BILN BOOT CGS LVD GOAL VTU CARR
Singer Capital Markets
Companies: ITV RR/ KWS JD/ SENX
Shore Capital
BYD, China’s leading New Energy Vehicle (NEV) producer, provided updates following FY23 report release. In addition to technological advancements, BYD has outlined aggressive sales targets, aiming to sell 3.6 million units in 2024, up 20% YoY. The company is also focusing on expanding its international footprint, with goals to reach 500,000 overseas sales in 2024 and double that figure to 1 mn units by 2025. Furthermore, BYD anticipates a significant shift in the Chinese market's landscape, e
Companies: TSLA 1211 TSLA
Hypothesis Research
Revolution Beauty Group’s (REVB’s) capital markets day (CMD) provided an opportunity for the new management team to present its refocused strategy: to become a top five global beauty brand by 2030. Management aims to drive product innovation at affordable prices, tailored to the demands of its target Generation Z consumer. REVB will continue to develop its online and offline routes to market with new and existing direct-to-consumer (D2C) and business-to-business (B2B) partners, using data to gro
Companies: Revolution Beauty Group plc
Edison
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
Companies: Ceres Power Holdings plc
LVMH published mixed results for H1 23. The stronger-than-expected recovery of Chinese demand for leather goods have offset the decline in the cognac business mainly in the US. However, the normalised promotional actions for Cognac in the US and higher A&P spending for the leather goods business have weighed on profitability during the first half. Although the weakening consumer environment in the US is likely to continue, LVMH confirms that the margins for FY23 will be at least the same as i
Companies: LVMH Moet Hennessy Louis Vuitton (MC:EPA)LVMH Moet Hennessy Louis Vuitton SE (MC:PAR)
AlphaValue
Watkin Jones’s guidance for FY24E is unchanged in its trading update for the first half to 31 March. We maintain our forecasts for the full year and introduce half-year estimates, in line with reiterated guidance that performance will be significantly H2 weighted. The group confirms a continuing gradual recovery in appetite among institutional investors to forward fund its build-to-rent (BTR) and student developments. We believe this should gather pace as the direction of interest rates becomes
Companies: Watkin Jones Plc
Progressive Equity Research
Character Group traded satisfactorily in the first half, even though pressure on consumer expenditure continued to create challenging trading conditions. The Group was able to deliver a robust performance while enjoying a solid balance sheet and strong cash generation. Given the encouraging first half performance and the Group’s continued resilience, the Board expects that adjusted PBT will exceed market expectations. Consequently, we have increased our PBT forecast by 10% and continue to view t
Companies: Character Group plc
Allenby Capital
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.
Companies: CSFS MBT PPS MIRI
Companies: UTL ASC DNLM BWNG MONY DFS BOO
tinyBuild— a leading video games publisher and developer with global operations. tinyBuild's strategic focus is in creating longlasting IP by partnering with video games developers, establishing a stable platform on which to build multi-game and multimedia franchises is to join AIM. Offer details TBC. Due mid-March. AMTE Power, a developer and manufacturer of lithium-ion battery cells for specialist markets, announced its intention to seek admission to trading on AIM. Admission is expected to ta
Companies: ENW WYN TRAK HZM BWNG IKA DBOX G4M UPR
Hybridan
SCE has announced H1 results to end June 2022 which are broadly in line with expectations and we maintain our forecast of breakeven for FY2022E. Increased volume expectations from OEM 8 and the recently announced order from OEM 9 drive upgrades: we increase FY2023E PBT +120% to £2.4m and FY2024E PBT +20% to £6.8m. The order book now stands at c£190m and SCE has now revealed its ‘PCP’ (Prospective Contract Pipeline), which is a staggering £400m, illustrating the potential for this business to gro
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
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