Hybridan Small Cap Feast - 19 April 24

19th 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

Vector Capital - Full year results illustrate challenging backdrop; dividend maintained

Vector Capital is an established commercial lending group, focused on secured short-term and bridging loans in the property sector. This morning, the group has reported full year results to 31 December 2023, illustrating the challenging market backdrop. While underlying trading was robust, with good demand being seen for new loans, provisions for bad debts relating to historical loans of £728k in the year led to a decrease in PBT to £2.1m (WHI est. £2.4m, FY22 £2.8m). Looking ahead, although VCA

Hybridan Small Cap Feast - 05 Feb 2024

5th February 2024 @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 obje

Vector Capital (VCAP) - Year-end update illustrates a positive outturn against a challenging backdrop

Vector Capital is an established commercial lending group, focused on secured short-term and bridging loans in the property sector. This morning, the group has released an update for the year to 31 December 2023, pointing to a robust performance against a challenging market backdrop throughout much of 2023. FY 2023E revenue is expected to stand at not less than £5.7m, c.£0.5m ahead of our forecast, while the PBT outturn is anticipated in line, the differential principally reflecting the Board's

Vector Capital - Loan book value in line with expectations

Vector Capital is an established commercial lending group, focused on secured short-term and bridging loans in the property sector. This morning, the group has provided an update on its loan book value, illustrating a robust performance against a challenging market backdrop. With interest rate rises and pressures on property values, Vector has taken a cautious approach to lending over the past year – reflected in a decrease in the loan book value from £53.4m at 31 December 2022 to £48.9m at the

Vector Capital (VCAP) - Trading update in line with expectations; PER 7x, dividend yield 8%

This morning's update illustrates a positive performance from Vector and we leave our forecasts unchanged (WHI est. FY 2023E Revenue £5.2m, PBT £2.4m, EPS 4.1p, DPS 2.6p, FY 2024E Revenue £5.9m, PBT £2.7m, EPS 4.5p, DPS 2.6p). Although market pressures are likely to persist, it is encouraging to see demand for loans remaining strong going into 2024. Vector's low loan-to-value ratios continue to mitigate against default risk for the vast majority of its loans and the dividend remains well covered

Vector Capital - Robust interim results despite challenging environment for lending

Vector Capital is an established commercial lending group, focused on secured short-term and bridging loans in the property sector. Today's interim results for the period to 30 June 2023 illustrate a robust performance from the business against challenging market conditions, with trading remaining in line with expectations and confirmation of a maintained interim dividend. As announced in July, Vector's loan book value stood at £48.8m at 30 June 2023, down from £53.2m at 31 December 2022, reflec

Vector Capital - H1 Trading Update in line with forecasts, with strong demand for new business

Vector Capital is an established commercial lending group, specialising in secured short-term and bridging loans to SMEs, principally focused in the property sector. Today's half year trading update from the company reflects a steady performance since their most recent Q1 update despite a continuation of challenging market conditions, with trading reported to be in line with expectations and a modest increase in the loan book since March. As at 30 June, Vector's loan book stood at £49.0m, up fro

Vector Capital (VCAP) – Corporate – Q1 trading update in line with revised expectations illustrating resilience against a challenging market backdrop

Vector Capital is an established commercial lending group, specialising in secured short-term and bridging loans to SMEs in the property sector. The group has this morning released a Q1 update, pointing to the loan book as at 31 March 2023 standing at £48.6m (3-month average £51m), reflecting planned redemptions of £7.8m and new loans of £3.0m (FY 2022A £53.4m, FY 2021A £46.3m). The average loan to value ratio at the end of Q1 stood at 57.2%, 280bps down from the beginning of the financial year

Vector Capital - Full year results marginally ahead; forecasts reduced to reflect near-term caution

Vector Capital is an established commercial lending group, specialising in secured short-term and bridging loans to SMEs, principally focused in the property sector. The group has this morning released full year results to 31 December 2022 illustrating strong growth in the average monthly loan book driving a 12.4% increase in group revenue, while an increase in interest costs and the previously flagged £0.2m provision for potentially doubtful debts led to PBT £0.1m ahead of our revised forecast

Hybridan Small Cap Feast - 31 Jan 23

31 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

Vector Capital (VCAP) – Corporate – Year-end trading update, revenue growth marginally ahead

Vector Capital is an established commercial lending group, specialising in secured short-term and bridging loans to SMEs, principally focused in the property sector. The group has this morning provided a full year trading update pointing to revenue being marginally ahead of our forecast at £5.9m (WHI est: £5.8m), representing a 12% YoY increase on FY21. As flagged previously, the year-end value of Vector's aggregate loan book increased to £53.4m as at 31 December 2022 (30 June 2022 £

Vector Capital (VCAP) – Year-end loan book illustrates continued growth

Vector Capital is an established commercial lending group, specialising in secured short-term and bridging loans to SMEs, principally focused in the property sector. The group has this morning provided a positive update on the year-end value of its aggregate loan book, which increased 15.4% YoY to £53.4m as at 31 December 2022 (30 June 2022 £51.6m, 31 December 2021 £46.3m), reflecting resilient demand despite rising base rates and inflationary pressures. Against the present macro outlook, Vector

WH Ireland: Vector capital (VCAP) - Year-end update – positive demand continues; £200k provision to be taken in FY 2022E

Vector Capital is an established commercial lending group, specialising in secured short-term and bridging loans to SMEs, principally focused in the property sector. The group has this morning released a trading update for the year ending 31 December 2022 pointing to the revenue and the loan book outturn being in line with market expectations, while a £200k provision is expected to be taken in FY 2022E against potential doubtful debts following a review of its existing loan book and reflecting t

Morning Note – 22 April 2024

Benefits of scale set to materialise

Frenkel Topping - Resilient with strong growth potential

FY 2023 was a challenging year for Frenkel with higher interest rates encouraging clients to place money into lower margin money market funds. Despite this, sales grew +32% (supported by recurring revenue +9% and +51% in non-recurring), EBIT margins remained strong at 22% and adj. EPS grew +17% (taking into account the higher number of shares). FY 2024 has seen a solid start to transactional business and there is a strong pipeline of new FUM opportunities both of which support further growth. Wi

S&U - PBT ahead, encouraging volume trends

S&U reported FY24 PBT of £33.6m, down from £41.4m in FY23 on higher funding and regulatory costs and higher impairments in Advantage in H2. PBT was 2% ahead of our forecast as stronger revenues – up 12% to £115.4m – and better costs offset higher-than-expected impairments. Net receivables grew to a record at both Advantage and Aspen and management noted particular strength in Q4 and a good trading environment in the current year. Having absorbed a significant rise in funding cost as well as addi

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

LSL Property Services (LSL LN) - Transformation & market recovery

2023 results are, as indicated in its February pre-close update, “slightly ahead of market expectations”. Current trading continues to improve, with 1Q24 underlying operating profit up yoy, “reflecting the benefits of the Group’s transformation programme completed in 2023 as well as improving market conditions.” With net cash of £35m at end 2023, the Board approved 7.4p final DPS and £7m buy back.

Foresight Solar Fund - Termination of coverage

Edison Investment Research is terminating coverage on ABC Arbitrage (ABCA), paragon (PGN), Foresight Solar Fund (FSFL), Kendrion (KENDR), Lithium Power International (LPI), Triple Point Energy Transition (TENT), 4iG (4IG), e-therapeutics (ETX), Pharnext (ALPHA) and Shield Therapeutics (STX). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our web

International Public Partnerships - Consistently and responsibly delivering

International Public Partnerships’ (INPP’s) FY23 results show that it continues to deliver consistent and predictable returns for investors, while delivering environmental and social benefits for the individuals and communities that are served by its assets. Despite this strong performance and a substantial need for private infrastructure funding, the macroeconomic environment has weighed on INPP’s share price, in common with the wider sector. Regardless, attractive returns are available from th

LIBERUM: PensionBee: Strong start to the new financial year

Regional REIT - Performing as expected ahead of refinancing

In a challenging market, Regional REIT’s (RGL’s) FY23 operational and financial performance was robust, in line with expectations and previous guidance. Investor focus remains on the company’s loan to value (LTV) reduction and bond refinancing plans, explored in detail in our previous note and RGL will provide an update on this in due course.

LIBERUM: PayPoint: On track for £100m of EBITDA in FY 26

Witan

Business as usual for WTAN’s executive team, while the board reviews investment management arrangements…

LIBERUM: Speedy Hire: Weakness in FY 24 but recovery in FY 25

Hybridan Small Cap Feast - 22 April 2024

22nd 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

Foxtons Group (FOXT LN) - 1Q24 IMS shows real momentum

Foxtons Group plc first quarter revenue rose 9% to £35.7m (1Q23: £32.9m) with growth delivered across all business segments. Trading is in line with management's expectations.