Morning Note – 1 May 2024

Ultimate Products+ (ULTP, House Stock at 178p) - Directorate change announced

Epwin Group - Second earnings uplift this year after results exceed

Epwin’s FY23 results were robust and management navigated inflationary pressures well. Despite some market headwinds, we have increased our FY24 and FY25 underlying operating profit estimates for the second time this year. Long-term, well-established growth trends imply that Epwin is well-placed to leverage off increasing demand for its energy-efficient and low-maintenance building products. Epwin offers an attractive investment case with the potential for uplifts from additional self-funded M&A

Cautious guidance for 2024

James Cropper+ (CRPR, House Stock at 265p) - FY24F adj. PBT slightly better than forecast

Tan Delta Systems (TAND) - 2023a in line, pipeline building

Tan Delta develops and supplies sensors and systems which use innovative real time oil analysis technology to allow operators of commercial and industrial equipment to cut maintenance costs, improve reliability, and reduce carbon footprint.

Mpac Group+ (MPAC, House Stock at 425p) - Further contract in battery manufacturing

SP Angel Morning View: Copper prices push past two-year highs as Codelco struggles to ramp up production

SP Angel Morning View: China likely to trump BHP offer for Anglo American

SP Angel Morning View: Copper jumps over $10,000/t as BHP bid for Anglo highlights miners' appetite for copper

Quadrise+ (QED, House Stock at 1.6p) - Agreement with MSC & Cargill still being finalised

Hybridan Small Cap Feast - 01 May 2024

1st May 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: REDX Pharma (REDX.L) has delisted from the AIM Market 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

Norcros - Sale of Johnson Tiles UK agreed

Norcros’s disposal of Johnson Tiles is the latest strategic activity taken by management to better allocate capital to fit with priorities. Last year it closed its UK adhesives operation. Norcros has a compelling investment case, where its new product development initiatives, market positioning and self-help initiatives allow it to take market share in both the UK and South Africa. Its rating is low at 6.0x FY24e P/E, which is attractive, especially when compared to its yield of 5.4% on its well

Norcros (NXR LN) - Sale of Johnson Tiles UK streamlines the business and improves operating margin

Norcros has announced the sale of its Johnson Tiles UK business to the current management team for a consideration of £1.0m, with a further modest earnout based on the equity value of the business, both payable in April 2028.

AUCTUS ON FRIDAY - 26/04/2024

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$1.00 per share: Important step to unlock Sicily – The Italian ministry has informed ADX that it will be granted the d 363C.R-.AX gas exploration permit in the Sicily Channel. In addition, the Regional Administrative Court of Rome has annulled the Plan for the Sustainable Energy Transition of Eligible Areas that prevented the oil redevelopment, appraisal and exploration activities on the licence.