THE MONTHLY September 2021

Undoubtedly, renewable energy is a growth sector, albeit one where public subsidies are pivotal. Approximately 40% of UK electricity demand is now met by renewable energy, a figure that is set to rise further as coal-fired stations are decommissioned and nuclear power capacity, despite the Hinkley Point C project, falls. Of the privatised electricity companies, SSE, by some way, is the key renewables player: it owns more than 3.8GW of renewables generation capacity. However, there are now 19 qu

THE MONTHLY August 2021

We are entering a new economic era where the whole purpose of capitalism and the raison d’être of business are being debated. A lot of the recent focus has been on ESG and the part companies should play in achieving ESG aims, such as a netzero-carbon economy. In other words, some “stakeholders” believe businesses should not exist simply to generate profits, but expect them to contribute to broader goals. Whilst society looks to business with increasing expectations, it is increasingly evident th

Hardman & Co Monthly: THE MONTHLY July 2021

Since the late 17th century, when the National Debt – effectively today’s public sector net debt (PSND) – was virtually nil, it has fluctuated widely, with financing various wars being the key factor. PSND soared on the back of the Napoleonic Wars, before falling during much of the 19th century. But the onset of World War 1 (WWI) in 1914, and especially of World War 2 (WWII) in 1939, saw PSND reach record levels.

2020 final results due

AVO’s goal is to deliver an affordable and novel PT system, called LIGHT, based on state-of-the-art technology developed originally at the world-renowned CERN. Over the past two years, important technical milestones have significantly derisked the project. Now, AVO is working on the verification and validation phase, prior to LIGHT being used on the first patients to support CE marking. In its recent technical update, the company highlighted progress made over the past three months towards a ful

SP Angel Healthcare Conditions- 31-03-2021

The Monthly April 2021

In the past few weeks, all the listed multi-national pharmaceutical companies have reported results for 2020, which has given us the opportunity to update our industry statistics and drug database. This report provides the first, snapshot publication of global and US rankings of the top 20 drug companies for 2020. Comparisons are made with historical data to show how different company strategies have evolved. In addition, summary analysis has been provided for the sales evolution of therapeutic

32% IRR since inception in 2016

Arix Bioscience (ARIX) is a listed global venture capital (VC) company that presents an opportunity for institutional and retail investors to participate in the high riskreturn profile of early-stage biotech investing. ARIX minimises risk through a combination of an expert investment team and portfolio diversification. During 2020, the new management team set itself some ambitious targets for the next three years, which would see the NAV double to ca.£500m. The performance in 2020 was strong, bo

THE MONTHLY January 2021

Although 2020 will probably go down in history as one of the most challenging years experienced during our lifetime, it will also likely be chronicled as one of the best years for the recognition and appreciation of science. As we entered 2020, the COVID-19 pandemic was in its infancy. However, it rapidly evolved through the exponential rise in infections and mortality globally. Much has been achieved during the past 12 months in the fight against COVID-19, but, as we enter 2021, there are consi

Artios attracts Merck KGaA in deal up to $7bn

Arix Bioscience (ARIX) is a listed global venture capital (VC) company that presents an opportunity for institutional and retail investors to participate in the high riskreturn profile of early-stage biotech investing. ARIX minimises risk through a combination of an expert investment team and portfolio diversification. Along with its 2020 interim results, management provided the market with some aspirational targets for the next three years, which would see the NAV double to ca.£500m. Last month

Hitting the jackpot

Arix Bioscience (ARIX) is a listed global venture capital (VC) company that presents an opportunity for institutional and retail investors to participate in the high riskreturn profile of early-stage biotech investing. ARIX minimises risk through a combination of an expert investment team and portfolio diversification. Along with its 2020 interim results, management provided the market with some aspirational targets for the next three years, which would see the NAV double to ca.£500m. News that

THE MONTHLY November 2020

President Trump likes to project himself as a highly successful businessman, but surprisingly little is known about his true financial position. Various articles, including a 2016 in-depth analysis by The Wall Street Journal, have speculated about his income and asset base. All sorts of claims and counter-claims have been made about his wealth – by Trump himself, pitching his fortune at some $9bn, and by journalist Timothy O'Brien, suggesting that it is as “low” as $150m-$250m. It is doubtful wh

THE MONTHLY October 2020

20 years ago, a young intern at a leading investment bank was asked for his views on the future of the media industry. His published thoughts included the suggestion that his generation never watched TV. This came as a complete shock to the older generation of analysts and fund managers. Could this apply to the car industry? The following article results from an interview between the Hardman & Co analyst, Derek Terrington, and his son, William (age 23). Derek is famous for his research note expo

Realising the valuation disconnect

Arix Bioscience (ARIX) is a listed global venture capital (VC) company that presents an opportunity for institutional and retail investors to participate in the high risk-return profile of early-stage biotech investing. ARIX minimises risk through its expert investment team and with portfolio diversification. Strong interim results, which saw the NAV rise 24% to £251.0m, highlighted the enormous disconnect between this and its share price. ARIX has prioritised 11 companies in the portfolio on wh

THE MONTHLY September 2020

The COVID-19 pandemic has had a significant impact globally in many areas. While primarily a health issue, it has had wide-ranging implications for stock markets, which have now rallied after the plunge in share prices in mid-March when the full severity of the emerging pandemic became more widely appreciated. Nonetheless, the FTSE 100 Index remains almost 20% off its late February 2020 figure.

THE MONTHLY August 2020

For this Monthly, we are delighted that Rooney Nimmo and 24Haymarket have allowed us to reproduce a recent report they jointly published, entitled An analysis of UK exits (2015-2019), which provides a granular analysis by sector of the activity in our dynamic private companies world. We hope you find the insights of interest.

Stable 4Q22

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

QuotedData’s Real Estate Monthly Roundup – January 2023

Performance - 2022 ended with another difficult month for property companies as the sector continues to get to grips with the impact of higher interest rates. There were several funds that performed well during December, however, with secondary shopping centre landlord Capital & Regional top of the pile. For a second month on the trot Home REIT saw its share price tank after it came under attack from a short seller in November. Valuation moves - It was a mixed bag for valuations, with six-month

Sustained execution drives value opportunity

Urban Logistics REIT (ULR) has deployed a further £48m selectively into attractively priced assets (~6% NIY) with strong covenants and rent reversion opportunities. Further asset management efforts enhanced passing rents and WAULTs. Development activity has also bolstered the rental base. MSCI has made a material upward rerating (A from CCC) on enhanced disclosure. We make no changes to forecasts. We continue to see attractive value here with the shares trading on a 30% discount to EPRA NAV with

LIBERUM: Ramsdens Holdings* - Another upgrade

FY22 TU – Strong Upgrades on Better Performance

Argentex has issued a trading update for the 9M22 period this morning, with revenue and earnings performance ahead of expectations. FY22 revenues are up 54% yoy to £50.4m (+7.5% vs. SCM estimates) and operating margins are ahead of management expectations. This was driven by growth in the number of corporate clients as well as good progress across its growth strategy, with robust trading across all products and geographies. Another strong update from Argentex, as the Group continues to deliver o

Equals Group (EQLS LN) - Pre-close prompts upgrade

Equals Group confirms its 2022 results are “ahead of market expectations”:

AuM grows in Q3 on performance, reduced outflows

Liontrust posted +3% AuM growth in Q3. Although net outflows persisted, redemption trends improved (£0.6bn vs £1.6bn Q2). There was a considerable boost from performance. Cashflow Solution funds posted good inflows and Economic Advantage funds saw neutral flows. Although the £32.6bn AuM was a little below our £33.7bn estimate, this number was achieved only thirteen days later on positive performance in the first weeks of 2023. We take a cautious view leaving FY23e all but unchanged (reducing out

Cenkos; Marlowe Plc -- Building the software offering

Marlowe hosted a well-attended CMD last week in which it provided a deep dive into its burgeoning software business, which from a standing start in 2018, has grown to represent c25% of group Adj EBITDA today, driven by a combination of targeted acquisitions and strong organic growth (mid-high teens in FY22A). Multiple macro drivers underpin growth in the global GRC market, which is expanding at a c8% CAGR. With the share price having nearly halved over the past 12-months, Marlowe now trades mate

FLASH: Strong realisation proving the model

Hybridan Small Cap Feast - 17 Jan 23

17 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

Exit of Intechnica signals quality & further progress

MERC has announced the sale of Intechnica Holdings for a total enterprise value of £14.5m (25.5% holding from MERC), driving cash proceeds of £3.7m and equating to a 27% IRR and 1.7x multiple on its current holding value. Additionally, MERCs third-party funds collectively held a further 27.9%, for which the exit generated a 32% blended IRR (2.6x MOIC). The Groups exit of Intechnica marks another successful exit from its balance sheet portfolio and underpins once again the high quality inherent t

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

LIBERUM: NewRiver* - Trading update shows continued resilience of business model

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