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Punching above their weight?
The contribution of small- and mid-cap quoted companies to markets, employment and tax revenues
Back in May 2019, Hardman & Co and the Quoted Companies Alliance jointly published a paper looking at the importance of small and mid-size quoted companies (SMQCs) to the markets, and their contribution to tax revenues and employment in the UK. This is a poorly researched area, and that paper helped frame the debate; it has been quoted from by bodies such
Companies: VTA TRX RECI PANR PCA OCI IBT ICGT FSV BBGI CLIG FAS FCSS FEV FJV DNL ARBB APP
Hardman & Co
Companies: Oakley Capital Investments Limited
In terms of environmental policy, the quest to cut carbon emissions dramatically and to achieve net zero remains high on the political agenda, although the war in Ukraine – and specifically the issue of gas supplies – may weaken these commitments.
In any event, the environmental performance of China and the US – responsible, between them, for around one half of global emissions – will be key. In Asia, where ca.85% of energy consumption is currently being met by fossil fuels – there are ca.4.6b
Companies: VTA TRX SCE RECI PANR PCA OCI IBT AVO APP ARBB BBGI CSN DNL FAS FCSS FEV FJV FSV ICGT
On a wet day in May, OCI’s CM Day was a ray of sunshine, explaining how it has delivered the impressive market- and peer-beating 19% NAV CAGR growth 2017-21 (6% 1Q’22), and why this growth should be sustainable going forward. At its core is an investment focus on structurally high-growth areas, combined with a unique proprietary network originating deals. Once a business has been acquired, value is added through business transformation (e.g. digitalisation), performance improvement, leadership d
Feature article: Latest ONS survey: steady as she goes…and ignore retail investors at your peril
The ONS (Office for National Statistics) has been charting the beneficial ownership of UK-quoted companies periodically since the early 1960s. The latest paper was published in March 2022, and considers the data for December 2020.
At December 2020, “Rest of the World” investors owned 56.3% of the market, a further growth since the last survey, while UK institutions’ ownership edged up to 31.6%.
Companies: VTA TRX SCE STX AVO ARBB PIN RECI PCA OCI IBT ICGT FAS FCSS FEV FJV FSV DNL CLIG BBGI PIN
Companies: Oakley Capital Investments Limited (OCI:LON)Honeycomb Investment Trust Plc (HONY:LON)
An efficient reporting system has seen all the listed multinational pharmaceutical companies announcing results for 2021, which has given us the opportunity to update our industry statistics and drug database. This report provides the first snapshot of the global and US rankings of the top 20 drug companies for 2021. Comparisons are made with historical data to show how different company strategies have evolved. 2021 was characterised by a strong rebound in performance following the pandemic-aff
Companies: VTA STX RECI PIN PCA OCI ICGT IBT FAS FCSS FEV FJV FSV BBGI CLIG E7F0 ARBB APP AVO PIN
OCI’s full-year results were strong, with an annual total NAV return of 35% (three quarters of which was driven by underlying company EBITDA growth of 28%). This brings OCI’s five-year CAGR NAV total return to 19%, and is driven by i) high-growth companies/sector champions with structural tailwinds and often digital disruption benefits, ii) repeatable and proprietary sourcing, and post-acquisition support from its unique entrepreneur network, iii) recurring/subscription revenue streams, and iv)
Companies: Oakley Capital Investments Limited (OCI:LON)Real Estate Credit Investments Limited (RECI:LON)
Directors’ dealings - A legal way to do insider trading
One of the first things that a junior analyst learns is to keep an eye on directors’ dealings, but sometimes this is more complicated than meets the eye. In this article, I look at some less obvious tricks to study directors’ dealings.
It’s worth prefacing these remarks with a comment that, although investors want company CEOs and CFOs to have skin in the game, individuals shouldn’t have all their chips in one bask
Companies: VTA RECI PIN PCA OCI ICGT IBT CLIG BBGI ARBB APP PIN
Following the strengths in education investments reported in OCI’s January trading statement, we note that the sector’s attractions include i) structural growth, ii) defensive revenue, iii) high barriers to entry, iv) strong ESG credentials and v) scarcity of scale assets. The sector benefits from PE’s value-creation toolkit, with i) bolt-on strategies in highly fragmented markets, ii) tech-enablement and digitalisation skills, iii) transferability of expertise, and iv) increasing commercialisat
Feature article: Streamers vs. broadcasters - Broadcasters fight back
Streaming is the most disruptive force in video media. Globally, streamed video services continue to grow, led by the US majors, apparently at the expense of non-streamed and advertising-dependent broadcasters.
Recent trading announcements by leading streamers and leading UK broadcasters point in two directions: streaming growth in the North American market is slowing, according to figures from Netflix and Disney, while
Companies: VTA TRX FCSS IBT RECI PIN PCA OCI DNL FEV FJV FSV FAS CLIG BBGI ARBB APP PIN
Companies: OCI CHRY DGI9
Research Tree provides access to ongoing research coverage, media content and regulatory news on Oakley Capital Investments Limited.
We currently have 191 research reports from 6
Weekly round-up of AIM-listed healthcare news.
Venture Life Group, GENinCode, Kromek, Alliance Pharma, Polarean Imaging, Benchmark Holdings, Ondine Biomedical, Verici Dx, Faron Pharmaceuticals, Avacta Group, Abingdon Health, Open Orphan, Belluscura, Hutchmed (China), Oxford Biodynamics
Companies: ANIC RUA CREO GENI HEIQ IHC IXI IUG OPTI SBTX VAL VLG
Companies: H&T Group plc
Urban Logistics REIT (“ULR”) has delivered a solid FY22 performance – deploying capital apace and driving strong returns through active asset management. Earnings and dividend are both in line vs SCMe. EPRA NAV is 190p (+7% vs SCMe); as yield compression came as a bonus. Caution is being exercised in deploying remaining capital, which impacts FY23e earnings only. We upgrade EPRA NAV by 14-20% incorporating some (but not all) recent yield compression. We increase our Target Price to 210p (FY23e E
Companies: Urban Logistics REIT plc
Singer Capital Markets
Argentex Group (“AGFX” or the “Group”) is a regulated, commercial FX specialist, offering a range of service-led and technology-enabled FX products to corporate, institutional and HNW clients. The Group’s core business has a strong growth track record and we expect a normalising market environment post-COVID to support organic growth within this. Additionally, we see attractive opportunities across its newly launched platform with a range of technology-enabled products as well as its continuing
Companies: Argentex Group Plc
Companies: D4T4 NTQ FEN IOG PMG SAV SCE
Mercia Asset Management reported FY22 results, with a significant uplift in adj. operating profit to £8.4m, driven by strong management fee margins of >2% on stable FuM as well as strong finance income during the year. Group AuM has grown to >£1bn post period end, driven by fundraises across the Northern VCTs. The Group is well set to achieve its Mercia 20:20 Vision, with ~£27m (~46%) of its cumulative three-year PBT target delivered in year one. We increase our adj. EBITDA forecasts by 1-26% on
Companies: Mercia Asset Management PLC
Companies: Real Estate Investors plc
1 July 2022
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 objectives
Companies: VTU ADME ARCM LVCG MANO NMT PGH SLE
Arrow Exploration (AXL LN)C; Target price of £0.45 per share: Another well delivers flow rate above expectations – The RCS-1 well was flow tested at oil rates of up 1,872 bbl/d (936 bbl/d net to Arrow) of 30 API crude from the C7B sands. The zone was tested for 33 hours at an average oil rate of 1,076 bbl/d (538 bbl/d net to Arrow) with no formation water. Production will start next week at ~1,000 bbl/d (500 bbl/d net) in order to mini
Companies: UKOG TXP SQZ BLOK AOI 88E ZPHR GPRK GPRK CEG AXL
Augmentum Fintech has delivered a strong finish to FY22, with NAV per share up 19% YoY and +9% HoH to 155.2p, driven by both investments and positive fair value changes across the majority of its portfolio companies. The 23% IRR since IPO is above the Group’s 20% Internal Target Return, demonstrating overall attractive investment performance. Post-period end The Group has invested £4.0m in new portfolio company Kenbi and the £43m proceeds from the sale of its stake in ii strengthens AUGM’s cash
Companies: Augmentum Fintech
Marlowe delivered an impressive set of FY22A results, with underlying organic revenue growth of 9%, Adj EBITDA margins up 240bps to 18.6%, and Adj EBITDA of £54.4m (ahead of our £50.7m forecast). We make minor updates to our FY23E forecasts (Adj Diluted EPS increases 1% to 49.6p) and release new FY24E forecasts. Given the strength of Marlowe's business model, its defensive nature (non-discretionary products and services; 85%+ recurring revenue), the group's continued positive momentum (including
Companies: Marlowe Plc
Dish of the day
Visum Technologies has joined the AQSE Growth Market. The Company's business is to own and operate an "on-ride" video and photographic camera system that it sells and/or licenses to customers (being theme parks, ride manufacturers, souvenir imaging providers, and other leisure operators).
No Leavers Today.
What’s cooking in the IPO kitchen?
Immediate acquisitions (IME.L) is to re-join AIM via a Reverse Takeover of Fiinu Holdings Limited. Once complete the Compan
Companies: VAST TSTL 7DIG AHT CMX JADE
Further to its strategic review, Palace Capital intends to focus on becoming an ESG driven, regional office market specialist. To that end the company has announced a new £46.5m property disposal programme including its entire industrial property portfolio with the proceeds to be reinvested into the office sector. Palace Capital has also announced a buyback for up to 5% of its shares and continues to review its cost base. The outcome of the strategic review is to sharpen the focus on themes mana
Companies: Palace Capital plc
The final decision on CRB III (see below) on streaming revenues is positive for Songwriters, Music publishing and Hipgnosis (SONG). The decision will result in addition revenues being paid to SONG over the coming periods. We view the ruling as positive and evidence of a continuing shift in the understanding of the value of a Songwriter’s contribution to a hit record and the willingness of industry stakeholders to recognise it. YTD SONG has de-rated significantly and currently trades on a 23.8% d
Companies: Hipgnosis Songs Fund Limited Shs GBP
Stocks in focus this week are Personal Group, Johnson Service Group, Capita and Mears
Companies: Personal Group Holdings Plc