Personal Group Holdings - Now to capitalise on the significant opportunity

Personal Group reported FY23 Group revenue of £49.7m, against guidance at the trading update of c.£49m and adjusted EBITDA of £8.1m, in line with the c.£8m guided. Insurance reported a record year of new sales of £11.8m, 24% higher than FY22, with annualised premium income increasing to £31.6m, +13%, highlighting the strength of the Group’s existing offering. No changes to Group revenue and adjusted EBITDA forecasts, but a slightly higher contribution from Insurance offset by lower estimates in

Morning Note – 25 January 2024

Personal Group Holdings - Recurring strength

Personal Group’s trading update for the financial year ended 31 December 2023 highlighted the strength of the core insurance offering, which reported a record year of new sales despite cost-of-living headwinds. The contribution from the white-labelling benefits solution with Sage has also more than doubled in the past 2 years and now accounts for c.8% of Group revenue, excluding voucher resales. Growth in higher quality insurance and benefits platform income in turn meant that adj. EBITDA of c.£

Morning Note – 29 September 2023

Personal Group Holdings - Solid interims

Personal Group’s interims show strong growth momentum, with revenue up by 34% and EBITDA increasing by 75%. Given strong new insurance sales have continued at the start of H2 and retention levels have remained robust, the group is confident in meeting full-year expectations. The balance sheet remains strong (H1 net cash of £22.6m) and confidence in the outlook is reflected in the 10% increase to the interim dividend. Overall, this is an encouraging set of results and underlines the resilience of

Cenkos: Personal Group Holdings Plc -- Continuing to deliver

Personal Group released a half-year update showing continued momentum, with revenue up 34% and EBITDA increasing by 75%. Given the growth in recurring revenues and associated visibility this provides, the Board remains confident that trading is in-line with market expectations. Overall, this is a solid update and a continuation of the growth momentum seen in the second half of last year. On a FY23E PE of 12x, we continue to believe the market is underestimating the relevance of the group's offer

Cenkos: Personal Group Holdings Plc -- Momentum building

Personal Group's FY22 results show good underlying growth in both API and ARR, with significant HoH EBITDA expansion also delivered in H2. The growth in its insurance book and increased levels of ARR provides high levels of visibility into 2023. Retention rates are high, the group has added 101 new clients and its expansion into the SME market is growing rapidly. Today's results demonstrate the clear benefits of the diversification of the model since 2019 and the ongoing relevance of its offerin

Hybridan Small Cap Feast - 30 Jan 23

30 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

Cenkos: Personal Group Holdings Plc -- A strong finish to the year

Personal Group Holdings has released a positive trading update. The group has seen considerable growth in H2 (including a return to HoH EBITDA growth), has seen strong retention levels across its operations and is benefitting from an increasing proportion of recurring revenues, providing it with good visibility for FY23E. Whilst the share price is slightly up YTD, on a 12-month view they are down 44% which in our view looks increasingly anomalous. We believe the relevance of the group's product

Cenkos: The week that was -- Stocks in focus this week are Personal Group, Crestchic, NWF and Billington

Enclosed is our weekly round-up of news and updates from the professional services  & construction sector.

Cenkos: Personal Group Holdings Plc -- Momentum returning

Today's interim results are in line with expectations and should provide reassurance in terms of its growth outlook. We continue to be surprised by the weakness of the share price (-43 % YTD), H1 revenue growth of 5.8% and the strength of its balance sheet paint a different picture to what the market is pricing. In our view, the share price fall provides a good buying opportunity for a business whose offering should be even more relevant, given the current macroeconomic backdrop, especially the

Hybridan Small Cap Feast 27/09/22

Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Streaks Gaming plc, a UK-based provider of conversational gaming products intends to join the Standard Segment of the Main Market this autumn. The flotation is expected to value Streaks at approximately £10.2m (pre-money) and will make it the first LSE-listed "pure-play" conversational gaming company. Raising between £5-10m. Independent Living REIT plc, intends to float on the Premium Segme

The Week that was: Stocks in focus this week are Lords Group, Personal Group, Brickability, The Pebble Group

Enclosed is our weekly round-up of news and updates from the professional services & construction sector.

Cenkos: The week that was -- Stocks in focus this week are Personal Group, Johnson Service Group, Empresaria and Impellam

Enclosed is our weekly round-up of news and updates from the professional services sector.

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

BlackRock World Mining

BRWM’s managers: we see all the classic signs of high commodity prices...

Jupiter Green

JGC’s fundamental story continues to show resilience, but the discount remains wide…

Lowland Investment Company - Is the tide turning?

Lowland Investment Company’s (LWI’s) unconstrained, multi-cap investment policy differentiates it from most peers in the AIC UK Equity Income sector. It offers investors broad market exposure, outside of the large, traditional ‘income stocks’ at a 13% discount to NAV. The underperformance of small- and mid-cap companies versus larger peers has slowed and a turnaround would be very positive for LWI. Portfolio returns are already benefiting from acquisition activity, spurred by low valuations, and

NextEnergy Solar Fund – High- and growing-income opportunity?

NextEnergy Solar Fund (NESF) is almost 10 years old. Since launch, it has built a £1.2bn, 933MW portfolio of 100 operating solar assets, powering the equivalent of over 330,000 homes, declared dividends totalling £333m, and avoided the emission of about 2.2 Mt CO2e. NESF is on track to pay 8.35p in dividends, with forecast dividend cover of about 1.3x. Share price weakness that has afflicted the whole sector means that dividend translates to a yield of 11.1%, one of the highest in its sector, a

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

Primary Health Properties - Strategic and accretive Irish expansion

Primary Health Properties (PHP) has agreed to acquire Ireland’s first Enhanced Community Care (ECC) facility for a total consideration of €30m. With its interim results, PHP highlighted its continued plans for strategic expansion in Ireland, where higher yields support accretive investment in an expanding market. Alongside low-risk, value-creating asset management schemes and accelerating organic rental growth, this represents a key opportunity for continuing growth in income. Our forecasts are

Building a robust platform for growth - FY24 pre-close statement

Against a tough trading background in FY24, Speedy Hire has taken steps to build a platform for long term sustainable growth through the launch of its Velocity strategy. While progress has been more strategic than financial in the year – although we note positive underlying cash flow was achieved - new business wins, the acquisition of Green Power Hire and a transitioned B&Q model all suggest that profitability is likely to move ahead again from FY25 onwards. Speedy’s FY24 pre close statement e

abrdn Private Equity Opportunities – On the way to greener pastures?

Despite navigating through what its managers considered to be challenging conditions in 2023, abrdn Private Equity Opportunities (APEO) was able to report both positive NAV growth and double-digit share price returns in its recently published annual results. APEO’s discount has narrowed by more than 10% in recent months, so that it is trading on a 28.9% discount currently, narrowing from about 45% last October. These figures were generated over a period that saw a slowdown in activity in Europea

Vanquis Banking Group+ (VANQ, House Stock, 47p) - Deep value

VietNam Holding - Introducing redeemable shares

VietNam Holding (VNH) posted a solid net asset value (NAV) per share total return (TR) in 2023 of 15.8% (22.4% in US dollar terms), outperforming the Vietnam All Share index (VNAS), which posted an 11.7% return, and its direct peers. The investment manager remains confident that 2024 will be strong for Vietnamese equities, underpinned by average 20% y-o-y expected earnings per share (EPS) growth. VNH recently introduced a share redemption facility (on top of regular share buybacks), which allows

Murray Income Trust - Delivering income and capital growth

Murray Income Trust (MUT) invests in high-quality, mainly UK-listed stocks. It has achieved both its dividend and capital growth objectives over the long term. The trust boasts 50 years of continually rising dividends. It paid a dividend of 37.5p per share in FY23 (ended 30 June 2023 (FY22: 36.0p)), and the board has indicated the dividend will rise to at least 38.0p in FY24. This represents a prospective yield of 4.5%. Late last year the company decided to take action to allow shareholders to a

UK Equities: Overlooked, oversold, and over here

In this note we look at the gap between perception and reality in the UK equity market, the opportunities and threats in the economic and market outlook, and the emerging consensus that the valuation discount versus other major markets is at or close to an inflection point. We consider the benefits of UK equity strategies both for income investors and for those seeking exposure to the higher growth potential of smaller and mid-cap companies.

Bigger and better

Agronomics - A unique offering in a rapidly developing sector

Agronomics (ANIC) invests in cellular agriculture companies. Since mid-2022 it has placed increasing emphasis on companies using precision fermentation technology or providing contract precision fermentation services, as these appear to have greater near-term commercial potential than cultivated meat and seafood. Agronomics’ NAV has risen almost 100% since the inception of the current strategy in April 2019, and looks set to increase further as the company’s portfolio holdings receive regulatory