M Winkworth+ (WINK, House Stock at 158p) - Adj. PBT forecasts unchanged after update

Q3 exceeded expectations; outlook upgraded ‘again’

GSK continued the trend of quarterly beats in the Q3, backed by the promising uptake of its newly-launched RSV vaccine. All the focus areas witnessed strong momentum and, consequently, the management increased its 2023 guidance for the second time this year. Overall, a healthy ongoing performance with improving R&D dynamics of late. The use of its balance sheet strength should help GSK allay the markets’ longer-term growth worries. These factors, along with receding Zantac litigation concerns, s

SCS Group+ (SCS, House Stock at 169p) - Recommended cash offer

AG Barr+ (BAG, House Stock at 485p) - In line H1 24A results, robust guidance, a high-class medium-term growth story

Anpario^ (ANP, House Stock at 208p) - Director appointment

‘Another’ quarterly beat lifts full-year guidance

The Q2 results exceeded expectations, with strong performances from Vaccines, HIV and other key franchises. Consequently, management upgraded its full-year outlook. While investors are nervous about key HIV patent expiries towards the end of this decade, resulting in the share price pressure of late, our positive stance on GSK is backed by its dominant position in Vaccines and HIV – which supports its strong cash-generating ability, gradually diluting the Zantac concerns and the firm’s attractiv

Initial Equity Trading Comments - 15 May 2023

Quarterly beat, outlook maintained

The Q1 results surpassed expectations, driven by a strong showing in Vaccines, HIV and other key areas although, as expected, sales were materially impacted by falling COVID-19 demand. The 2023 guidance nonetheless remained unchanged. Overall, at the currently-attractive price levels, we maintain our positive recommendation on GSK, supported by healthy prospects for Vaccines and HIV, which are set to further strengthen with the recent/upcoming approvals. Nonetheless, the firm needs to reduce its

Q4 beat + strong guidance

Despite some moderation, Q4 sales crossed expectations as healthy growth in Vaccines and HIV was overshadowed by declining sales of COVID-19 solutions. While 2023 is guided to be strong, COVID-19-related sales are expected to continue declining. Even as Vaccines and HIV continue their momentum, GSK needs to find other avenues for growth, preferably in high-potential oncology. Considering the firm’s legacy strengths and hope of an R&D turnaround, given the on-going initiatives, the share price of

GlaxoSmithKline ADR: Initiation of Coverage – Business Strategy & Other Drivers, Financial Forecasts, DCF & Comparables Valuation, ESG & Other Risks (12/22)

This is our first report on GlaxoSmithKline (GSK), one of the largest pharmaceutical companies in the world. The company is making a significant performance in both operating performance and R&D productivity. The demerger also strengthened its balance sheet, thus creating new flexibility for investing in innovation and sustainable growth. GSK’s last quarterly result was a disappointment as it failed to meet market expectations in terms of revenues as well as earnings. Adjusted operating profit a

Q3 topped expectations; full-year guidance upgraded

GSK’s Q3 beat was driven by a strong showing in vaccines – led by Shingrix and the HIV franchise – with healthy support from the other franchises. The 2022 outlook was again revised upwards. While recent (R&D) disappointments along with some past questionable decisions and Zantac uncertainties could again pile pressure on the management, we remain positive on the stock, supported by GSK’s meaningful presence in vaccines and the HIV markets, healthy momentum for the newer drugs and significant po

Warpaint London+ (W7L, House Stock at 375p) - Trading ahead of expectations - +10% upgrade implied

The Hardman & Co Monthly: April 2024

Feature article: Steady as she goes, but could be better: A review of investment company liquidity since 2016 Liquidity is the lifeblood of equity markets. The measurement of liquid asset availability to a market or company is a way of gauging a market’s health. This article builds on our previous work, which analysed the liquidity data for non-financial trading companies, by applying the same analytical techniques to the investment companies (IC) space. We analyse liquidity for ICs as a whol

Avon Protection - Unmasking its growth potential

Avon Protection’s capital markets day highlighted its continued focus on medium-term margin expansion (targeting operating margin of 14–16%), concentrating on its core business of respirators and head protection. The unwinding of the armour business, alongside the consolidation of Team Wendy (acquired in H220) should enable Avon to benefit from rising global defence spending. Its strong relationship with the US DoD, and organic growth opportunities with recurring revenue from necessary product r

Morning Note – 9 April 2024

Hybridan Small Cap Feast - 15 April 24

15th 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: Change of Market: TheWorks (WRKS.L) a multi-channel value retailers of books, arts and crafts, stationery, toys and games, offering customers a differentiated propositio

Morning Note – 8 April 2024

Hybridan Small Cap Feast - 17 April 24

17th 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

Hardman & Co Healthcare Index: 2023 – Capital demands dent performance

The Hardman & Co Healthcare Index (HHI) has been running since 2009. Its main function is to highlight the attractions of life sciences investments over the long term. For the second year running, apart from global economic influences affecting world markets, performance in 2023 was dented by the capital-intensive nature of the sector. The HHI fell 3.7%, to 483.8, underperforming the main London markets – FTSE 100 (+3.8%) and FTSE All-Share (3.8%) but outperforming the FTSE AIM All-Share Index (

Hardman & Co Research: Tissue Regenix (TRX) - Six consecutive periods of >20% growth

TRX is focused on the development and commercialisation of two proprietary processing technologies for the repair of soft tissue (dCELL®) and bone (BioRinse®). It has a broad portfolio of products used in biosurgery, orthopaedics and dental markets. Investment in tissue processing, manufacturing capacity and strong commercial partners, together with its “4S” strategy, has generated six consecutive reporting periods of strong growth, with TRX turning EBITDA-positive in 2023. Further growth in 202

Cambridge Nutritional Sciences - H1 2024 interims: Executing a newly focussed st

Cambridge Nutritional Sciences (CNS) has published its H1 2024 results to end September 2023. Group revenues grew 44% to £4.9m and gross profits increased by 63% to £3.1m, with the company benefitting from newfound operational efficiencies. With its now streamlined strategy focussing on the core Health & Nutrition business and the initial signs of an encouraging uptick in sales momentum, we believe the company is well positioned for growth that will help create future value for shareholders. We

Morning Note – 22 March 2024

Venture Life Group - Strong organic growth; focus on EBITDA

Venture Life has reported FY23 results to December 2023, following the February trading update. Revenues grew 17% in the year to £51.4m (our est. £50.7m) and adjusted EBITDA was £11.6m (our est. £11.6m). Cash conversion was 85%, generating £9.8m of cash from operations. Cash generation and no M&A in 2023 allowed the company to de-lever, closing FY23 with net debt to adjusted EBITDA at 1.3x. Management have focused on growth with three therapy areas generating double-digit revenue growth and onli

Creo Medical - Solid FY23 lays the groundwork for 2024

Creo Medical has released a trading update for FY23, an active year for the company, with progress made across all business segments. Traction improved in H223, following Speedboat Inject’s European clearance for upper gastrointestinal (GI) procedures and the accelerated approval and launch of Creo’s slimmest electrosurgical device, Speedboat UltraSlim. Top-line growth was supported by continued streamlining of the cost structure, resulting in a better-than-expected underlying EBITDA loss (impro

Warpaint London + (W7L, House Stock at 382p) - Late-year sparkles– another double-digit upgrade to FY23F EPS

Zoetis Inc.: Launch Of CircoMatch & Other Drivers, Financial Forecasts, DCF & Comparables Valuation, ESG & Other Risks (02/23)

Zoetis delivered a decent set of results for the last quarter of 2022 meeting analyst expectations as well as the high end of its management guidance. Despite the economic challenges, ongoing pandemic recovery, and the political unpredictability brought on by the war in Ukraine, they delivered operational growth for the year in each of their top 13 markets. The company's unique companion animal portfolio drove its 8% operational revenue increase for the year, growing 14% operationally. In compar