Small Cap Feast

Essensys plc—a provider of mission-critical SaaS platforms and on-demand cloud services to the high growth flexible workspace industry, plans to join AIM. £28m raised. Half primary, half shareholder sell down expected 29 May 2019. Mkt cap £72.6m. Issue price 151p. SDX Energy plc—a North Africa focused oil and gas company, announces its intention to complete a Canadian plan of arrangement under section 192 of the Canada Business Corporations Act and will have shares de-listed from the TSX-V and

Small Cap Feast

Network International Holdings—Pleading enabler of digital commerce across the Middle East and Africa region, operating across over 50 highly underpenetrated payment markets that contain a total population of 1.5 bn. 2018 rev $298m, underlying EBITDA $152m. Due April. No new funds to be raised. Secondary sell down. Targeting 25% of at least 25%. Techniplas –global producer and support services company providing highly engineered and technically complex components, making the supply chain to orig

Small Cap Breakfast

Clean Invest Africa—Introduction due around 14 Nov. Vehicle established to identify investment opportunities and acquisitions in renewable and clean energy projects/companies or alternative technologies that are used in a socially and environmentally responsible way that will aid the development of the African continent. City Pub Group - owner and operator of an estate of 34 premium pubs across Southern England. £30m raise. Consistent track record of strong revenue and EBITDA growth, with a thr

On Track Materially to Beat Expectations

Fever Tree (FEVR LN, HOLD, T/P 2100p) released an unscheduled trading statement today which states that the company is on track materially to beat earnings expectations in 2017. Clearly, momentum remains strong and the company reiterates its estimate that it currently accounts for around 97% of the growth in the mixer category which is the fastest growing UK soft drinks category at an annual rate of around 20%. The UK represents 48% of the company’s revenue.

Strong H2 in Prospect – Raising Forecasts

Fever Tree’s (FEVR LN, HOLD, T/P 2100p) interim results on Tuesday 25th July 2017 again beat expectations. Revenue grew 77% to £71.9m (H1 2016: £40.6m) and diluted EPS rose 106% to 16.7p (H1 2016: 8.1p). In this Quick Sharpener we update our forecasts – refer to exhibit 1 and increase our price target at 2100p

Sparkling UK Dominates H1 Sales Growth

Fever Tree (FEVR LN, HOLD, T/P 1700p) interim results reported brisk 77% revenue growth to £71.9m (H1 2016: £40.6m). Adjusted EBITDA at the half year stage rose 102% to £25.2m (H1 2016: £12.4m) and diluted EPS increased by 106% to 16.7p (H1 2016: 8.1p). The UK drove revenue growth, benefiting from distribution gains made in H2 2016 and the strong performance of the off-trade which now accounts for 50% of UK’s revenue split. These strong set of results mean Fever Tree would only need to achieve £

Heavy results week – combating sluggishness

Next week includes a busy reporting schedule for the UK FMCG sector with 7 names in our coverage universe due to release either a trading statement or results. So far, we infer that Q2 2017 included sustained slowing in emerging markets for the larger operators and continued sluggishness in mature markets, notably Western Europe. However, for the small and mid-cap soft drinks companies, which include Britvic (BVIC LN, BUY, T/P 800p) the UK weather was clearly helpful. This should have had a posi

AGM statement prompts forecast upgrade

Fever Tree (FEVR LN, HOLD, T/P 1700p) announced in its AGM statement that this year’s financial performance should be comfortably ahead of current market expectations. We adjust our numbers accordingly to raise our 2017 revenue number from £118m to £128m and fully diluted EPS from 25.2p to 28.0p. We raise our price target from 1250p to 1700p, which is roughly where the shares currently trade.

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

North America drives the stock down

North America looks to be a concern following what seems to be a clear slow down. Nevertheless, overall organic net sales exceeded the consensus, as did operating profit. Tomorrow’s report from Remy tomorrow will help to draw some conclusions.

Hybridan Small Cap Feast - 12 Jan 23

12 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

Morning Note – 16 January 2023

Sparkling YE update with strong momentum entering 2023

Today’s YE update is excellent, with stellar growth of 53% in the higher margin sparkling wine category the stand out feature. Good progress is evident across all trade channels, market share is higher and momentum going into 2023 is strong. In short, new management is building a track record of delivery against the sparkling wine / premiumisation led strategy. English sparkling wine is in structural growth, benefiting from an improved maritime climate, international recognition and investment.

Dekel Agri-Vision (DKL) – Corporate – Cashew moves to 100% ownership; transformative project moving ahead

This morning's announcement that the company's stake in its Tiebissou raw cashew nut (RCN) processing project is being raised from 70.7% to 100% appears well-aligned to the company's strategy of growth and diversification, and particularly so at a point when the cashew project is set to deliver significant rewards in FY2023-24 and beyond. DKL is an increasingly diversified agricultural concern focussed on West Africa (Ivory Coast) whose portfolio of projects includes a fully operatio

SHORE CAPITAL - Greencore+ (GNC) House Stock, 76p

Exceptional 2022 harvest yield & quality

A very positive update today from Chapel Down on the all-important yearly harvest. The yield is a bumper 2k tonnes, a near historical high and significantly, of very high quality grapes. This is consistent with the Group’s premium strategic positioning and helps underpin outer year revenue expectations. The exceptional harvest news builds on the solid interims recently and supportive of the ambition to double the size of the business by 2026 (>£28m sales and >£5m EBITDA). English sparkling wine

Domestic, regulated and medicinal

ABI takes over the lead

ABI outperformed its peers, even beating expectations, and this is rare enough to be noted. Although the environment is not the most conducive, it may be time to recognise the group’s worth.

WH Ireland: Capital Metals (CMET) - Updated development study for Eastern Minerals Project, Sri Lanka

Capital Metals today updates the market on the economics for the development of the Eastern Minerals Project in Sri Lanka – one of the world's highest grade mineral sands projects. The low capital cost of $37m to positive cashflow and $81m in total (which includes a 20% contingency) is to be spread over 4 years as Capital Metals brings the project into full production in four stages; from delivering a Heavy Mineral Concentrate (HMC) to expansion and mineral separation to sell separate mineral s

Capital Metals (CMET) - Low-capex, high-margin mineral sands project in Sri Lanka primed for development

Capital Metals has advanced its high-grade Eastern Minerals Project in Sri Lanka to a point where it is ready, subject to funding, for construction. With minimal construction capital ($48m WHIe), the project would be generating cashflow within 12 months, and cashflow-positive 12 months hence. Amid growing demand and restricted supplies of zircon, titanium dioxide, and garnet, we believe the high-margin Eastern Minerals Project is eminently fundable and will generate high returns for shareholders

Premier Foods+ (PFD) - House Stock at 113p - Acquisition of The Spice Tailor - a hand-in-glove growth driver - 1Y EPS enhancement

SHORE CAPITAL - Greencore Group+ (GNC) - House Stock, 71p - FY22 sustaining recovery - FY23 downgrades

Steady progress in line with expectations