Hybridan Small Cap Feast 20/12/2022

Joiners: No joiners today. Leavers: PCF Group has left AIM. What’s cooking in the IPO kitchen?** Quetzal Capital, to be renamed Tap Global Group, intends to join the AQSE Growth Market. Tap Global is an innovative and fully integrated provider of crypto settlement and fiat banking. It provides its customers with access to several major crypto exchanges through Tap Global’s app, allowing them to purchase up to 15 crypto assets and store them directly in the customer’s wallet. Tap Global also offe

Tavistock Investments FY 2022 Results

Tavistock’s full year results confirm the year to March 2022 was its most impressive to date with a balance sheet changing disposal and continued growth of the advisory business. The highlight of the year was the transformational disposal of Tavistock Wealth, the Group’s wealth management business, for up to £40m. The initial £20m receipt enabled debt repayment, share buy backs and dividend payments but the Company still ended the year with a net cash position of over £15m. The retained advisory

Hybridan Small Cap Feast 10/01/2022

Joiners: East Star Resources (EST.L) the Kazakhstan-focused gold and copper explorer, has raised gross proceeds of £3.1m by way of an oversubscribed placing and subscription of 62,000,000 new shares at a price of 5p, and has today been readmitted to the Official List of the Financial Conduct Authority by way of a Standard Listing following its acquisition of 100% of the share capital of Discovery Ventures Kazakhstan Limited, which holds an initial package of four licences in two producing but un

Solid Interims to September 2022 and cash rich

Tavistock has reported solid interims for the 6m period ended September 2021. Of more significance in the period was the completion of the transformational disposal of Tavistock Wealth, the Group’s wealth management business. The initial £20m receipt has enabled debt repayment, share buy backs and dividend payments but still left the Company with over £16.5m of net cash. With up to another £20m of disposal proceeds to be received over the next three years the Company is in rude financial health.

FY 2021 Results – Cash rich and primed for growth

As guided in June, Tavistock has reported a strong set of results for the year ended 31 March 2021. Furthermore, the disposal of Tavistock Wealth has completed and the Company is significantly net cash rich (currently c.£17m). Exciting times lie ahead which we expect to include an accelerated programme of acquisitions within the Advisory business, resumption of dividend payments and share buy backs given the shares are trading at 4.5p against an NAV of around 14p.

Disposal of Tavistock Wealth and positive trading update

Tavistock Investments Plc (“Tavistock”) consists of Tavistock Wealth (an investment management business) and Tavistock Advisory (several financial advisory businesses). The Company has announced the sale of Tavistock Wealth for up to £40m which compares extremely favourably to the £16m Group market capitalisation prior to the announcement. Tavistock also provided a trading update confirming that H2 2021 (year end March) followed the strong H1 performance. Full year underlying EBITDA of £2.77m (+

Small Cap Feast: 15/06/2021

Joiners: No Joiners Today. Leavers: Motif Bio has left AIM. What’s cooking in the IPO kitchen? Orcadian Energy, the North Sea focused, oil and gas development company, announces its intention to seek admission to AIM. The Company's key asset is the 100% interest in the Pilot oilfield, with audited proven and probable reserves of 78.8m barrels (audited by Sproule BV). Orcadian plans to raise gross proceeds of c. £5m to progress its assets. Expected June/ early July. Itim Group Limited (to be

Interims to Sept. 2020, growth in EBITDA

Covering a six-month period fully impacted by COVID-19, Tavistock’s interims to the end of September 2020 showed remarkable resilience. Adjusted EBITDA grew 25% to £1.26m and in a positive announcement the Board has noted the likely return of the dividend. The Company has adapted well to the impact of COVID-19 with a relatively seamless move to working remotely, so much so that a cost cutting initiative will see the number of offices permanently reduced from eleven to six. The Group wide reorgan

FY to March 2020, adj. EBITDA growth in a tough year

Tavistock released results for the year ended 31 March 2020 in line with market expectations, namely underlying EBITDA growth of 24% to £1.83m. In our opinion the result was a notable achievement given the political and economic headwinds facing the industry over the prior 12 months. The Company has adapted well to the impact of COVID19 with a relatively seamless move to working remotely. Combined with salary waivers and cost cutting (the Group wide reorganisation is expected to result in saving

Trading in line, Covid-19 creating uncertainty

Tavistock has confirmed that its trading result for the year ended 31 March 2020 is in line with market expectations, our forecasts are for underlying EBITDA of £1.8m. A particular highlight has been the outperformance of the protected portfolios which the Company provides to clients. Despite the strong performance Tavistock is not immune to the impact of Covid-19 which it states has made commercial conditions extremely challenging. A number of actions have been implemented to protect profitabil

Solid interims, cautious outlook

Tavistock’s interims for the 6m period ended September 2019 showed continued earnings growth with EBITDA increasing 95% yoy to £1.01m. The key driver behind this growth was the expansion in Funds Under Management (“FUM”) to £1.1bn, an increase of 18.3% on the prior year period. Management expressed caution for the rest of the year with particular reference to the uncertain political outlook. Furthermore, the termination of the alliance with Lighthouse Group plc (“Lighthouse”) in May of this year

Small Cap Feast

The Pebble Group, a provider of products, services and technology to the global promotional products industry, announces its intention to seek admission of its shares to trading on the AIM market of the London Stock Exchange, which is expected to take place in early December 2019.The Group delivered revenue of £99.8m in the year ended 31 December 2018.No mention of bottom line and a suggestion that funds raised would provide an exit to private equity shareholders and the repayment of debt. Offer

Small Cap Feast

Kaspi.kz, the largest Paym ents, Marketplace and Fintech Ecosystem in Kazakhstan w ith a leading m arket share in each of its key products and services. GDR offering expected Oct 2019. In the first half of 2019, the Company generated total revenue of KZT226,862m (U.S. $598m), up 34% and net income of KZT77,001m (U.S. $203m), up 54%. Registration document approved for Helios Towers. The Group provides essential network services, flexible infrastructure solutions and reliable power supply to mobil

Stable 4Q22

LIBERUM: Trident Royalties* - Record quarterly receipts

LIBERUM: Trident Royalties* - General Motors invests in Thacker Pass

LIBERUM: Trident Royalties* - Thacker Pass a go-go

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

Strong H1 update and contract wins

Made Tech has announced a very strong update: H1 sales +76% y/y and alongside this, also several wins/expansions worth £27m. As a result, Made Tech has now delivered 48%/FY23e sales and as well, has a very strong backlog: £48m (+53% y/y) so is very well positioned to drive continued growth, both this year and next. Margins meanwhile leave room for improvement, as having generated £0.5m EBITDA in H1, this leaves work to do, but with contractors now materially lower (at c.10% vs. c.20% in the PY)

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

Thacker Pass Update

The lithium industry, perhaps the hottest sub-sector of mining right now, was set even more abuzz by the announcement yesterday that Lithium Americas Corp has secured a $650m financing package from General Motors for the development and construction of the Thacker Pass mine in Nevada. There has been some talk for a while on when an automaker was going to make a serious investment in a battery metal mine. This is the largest ever and it is suitable that it is in Thacker Pass which is the largest

Morning Note – 31 January 2023

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

FLASH: FY22 pre-close indicates profit beat

Q4 Activities Update

Trident Royalties Plc (AIM: TRR) has, this morning, provided an update on its activities undertaken during the quarter ended 31 December 2022. In terms of royalty receipts it has been the best quarter since inception. QoQ revenues increased 46% to US$3.5m (9x YoY). Each royalty either met or exceeded our forecasts with Koolyanobbing 52% ahead. The gold offtake portfolio was slightly above our forecast.

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

Further investment in Zopa given impressive growth

Augmentum Fintech has announced that it has invested another £4m in digital bank, Zopa, as part of a £75m funding round alongside existing investors. The additional capital will be used to fund Zopas further growth by supporting capital requirements of its expanding balance sheet as well as provide flexibility for potential M&A activity. The bank continues to grow strongly (with >100% yoy revenue growth). Zopa marks one of AUGMs top investments and the additional provided growth capital is a pos

This Week's AIM Highlights 3rd February 2023