A clear route to realise project value

Minoan has progressively eliminated most of the outstanding issues which have delayed delivery of its luxury resort in Crete. As it builds momentum, the group’s newsflow over the next 12 18 months should turn to confirmation of development partners and financing, plus a firm timetable for the construction of its luxury hotel, residential and leisure project, the key planning consents for which are now in place. The location for Minoan’s planned ‘branded residences’ is the 6,000 acres Cavo Side

Statement sets out catalysts for potential rerating

The project is a luxury hotel and villa development that will house four luxury five-star hotels and villa complexes. Minoan commissioned new studies for the detailed environmental assessment of the project and site during FY21. These underpin a revised masterplan which incorporates a new, more luxurious development that fully capitalises on the asset’s ‘Strategic Investment’ status. The investment case pivots on potential for Minoan to secure (a) an amended agreement with the Foundation in 20

Small Cap Feast

Cornerstone FS to join AIM, an SME focused, cloud-based provider of international payment, currency risk management and electronic account services focused on removing the complexity of international payments for customers. Raising £2.2m. Mkt Cap £12.3m. Due 18 Mar. Imperial X (AQSE:IMPP) to join the Main Market (standard). It is also proposed that on Admission to the Official List, the Company will change its name to Cloudbreak Discovery Plc. With effect from Admission, Imperial X will hold equ

Simplified capital structure, reduced dilution

Minoan will publish its interim results for the six months ended 30 April 2020 by the end of August, and at that point provide an update on the status of its development project in Eastern Crete. In the meantime, it has reorganised its secured debt, simultaneously cancelled a net 52m warrants (plus rights to future warrants) and raised £205,000 via a placing at 1.1p/share.

Small Cap Feast

MJ Hudson Group PLC, the financial services support provider to Alternatives fund managers and asset owners, is planning an AIM IPO. Deal details TBC.

The tide has turned

Recent events, notably Greece’s switch to a more business-friendly administration after its General Election last weekend, continue to shift the prevailing political and economic winds in Minoan’s favour. This result followed the swing to the right in the Regional, Municipal, and European elections in May. This update provides a very brief summary of the current economic and political backdrop in which the group operates. We intend to follow this with a further more detailed note as the project’

Small Cap Feast

Summerway Capital investing company established to acquire companies or businesses which the directors of the Company believe have the potential for strategic, operational and performance improvement so as to create shareholder value. Offer TBC, market cap TBC expected 19 October Admission is being sought as a result of the proposed RTO of Cambian Group plc following completion of the acquisition by CareTech a leading provider of specialist social care services, supporting adults and children w

Small Cap Breakfast

Jadestone Energy (JSE.TO)—an independent oil and gas production and development company focused on the Asia-Pacific region. Pro-forma production of 13.9 mboe/d, 2P reserves of 45.3 MMboe, and a 2P NPV10 of US$563.7 million . Offer TBA. Current mkt cap C$135m. Due early August. CentralNic-Schedule 1 from the business operating in proprietary retail platforms selling domain names and associated web presence services including hosting and email on a subscription basis, has acquired KeyDrive S.A w

Small Cap Breakfast

Anexo -specialist integrated credit hire and legal services group. Offer TBA. Due 19 June. i-nexus—develops and provides strategy execution software to assist global enterprises in effective execution of their strategic plans and initiatives looking to jon AIM. Offer TBC, expected 19 June Yellow Cake will use its expertise to generate value through the ownership of physical U3O8 (Uranium) together with a range of activities and opportunities connected with owning physical U3O8. Acquiring supply

Initiation of Coverage

Minoan Group joined AIM in 2007 to further its project on the Cavo Sidero peninsular in Crete. Amongst other things, holiday makers visit the Greek islands for the relaxed pace of life. Investors have got to admire the stamina and tenacity of the board, led by Executive Chairman Christopher Egleton who, for more than 10 years, has navigated this project through the Greek system to emerge, finally, triumphant in June 2017.

Small Cap Breakfast

Gore Street Energy Storage Fund—Seeking to raise £100m for the purposes of investment in a diversified portfolio of utility scale energy storage projects. Due 12 April. Odyssean Investment Trust—Raising £100m at £1. Due 1 May. The Company will primarily invest in smaller company equities quoted on markets operated by the London Stock Exchange.

AIM Breakfast

CITYFIBRE INFRASTRUCTURE HLDGS PLC (CFHL LN) | CORETX HLDGS PLC (COR LN), HORNBY PLC (HRN LN) | HURRICANE ENERGY PLC (HUR LN) | MINOAN GROUP (MIN LN) | RANDALL & QUILTER INVT HLDGS LTD (RQIH LN) | RICHOUX GROUP PLC (RIC LN) | YOLO LEISURE & TECHNOLOGY PLC (YOLO LN)

Value in Crete

The Presidential Decree (‘PD’) authorising Minoan’s major development in Crete outshines the group results for 2014/15 just published.

Assessing the key investment & valuation dynamics

We view XP Factory as a genuine growth stock. In this detailed note we show how it is capitalising on the secular themes driving the competitive socialising sector and generating superior site returns, organic growth and customer reviews. This is further enhanced by a strong set of interims, with an acceleration of LFL over the summer and no change to FY Dec’23 expectations. Prospects of a healthy future is backed by our base case 3-year EBITDA CAGR of 44% on steady state expansion, which rises

Kitchen-sinking forecasts…and cash is still ok

ZOO today provides an update on H1 trading and as well, the full-year outlook the result being material changes to FY24 forecasts, while we withdraw FY25 estimates. The driving force behind these changes is a combination of factors; more cautionary customer spend (as SVOD platforms are placing greater emphasis on balancing growth and profit) while more recently, protracted industrial action has introduced yet further disruption. As such, H1 revenue is set to be materially down at c.$21m vs. $51m

Morning Note – 27 September 2023

Growing up fast

Interims to June are very encouraging, with sales +12% organic (and +68% stated) to £18.1m - reflecting material market outperformance, as Zinc’s strategy and execution is clearly bearing fruit. Further, with The Edge now embedded (and performing well) the Group now also carries significant greater scale, sector and geographic diversification and better margins too (at 41% vs. 33% in 1H22). Together, these provide competitive advantages in our view. With FY23 revenue visibility now £35m (as well

Cornerstone FS+ (CSFS, House Stock at 12.5p) - Disposal of another non-trading subsidiary

Hybridan Small Cap Feast - 27 Sep 23

27th September 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 ob

SP Angel Technology: Cornerstone FS (CSFS.LN) - H1 2023 Strong Performance YTD

CSFS reported its financial results for the period ended 30 June 2023 with revenue of £3.6m and Adj. EBITDA of £0.2m, and profit before tax of £0.023m, in line with the trading update provided in May 2023, but well ahead of what our full year forecasts would indicate.

Morning Note – 25 September 2023

Hybridan Small Cap Feast 15-09-2023

Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Announced ITF 12 July: Substrate Artificial Intelligence, an artificial intelligence company based in Spain that creates, buys and scales companies around AI in diverse sectors such as fintech, agritech, energy, human resources, and health, intends to join the Access Segment of the AQSE Growth Market. Admission delayed. Announced ITF 6 July: Blackpoint Biotech plc, a medical cannabinoids co

Big upgrades a function of non-cash lease accounting

There were no surprises in terms of FY23 EBITDA and net cash, both pre-reported. Non-cash treatment after IFRS16 right-of-use asset impairments has led to a substantial PBT/EPS beat, though, much of which feeds into FY24/FY25 forecasts with 78%/33% upgrades. This disguises a drop in underlying DPS cover and, as part of a capital distribution policy update, the final is reduced to 1.6p. This may disappoint some but has nothing to do with confidence in future prospects, and current trading is posi

LIBERUM: Safestay: Strong organic growth, acquisitions back on the horizon

Despite decent sales performance, profit warning spooks investors!

Kingfisher’s H1 FY23/24 lfl sales was 40bp ahead of market expectations but the PBT was 5.4% weaker. Although UK&I sales remained in the black, the performances in France and Poland were the pain-points. The Q3 lfl performance (to date) of -2.4% yoy is also below market expectations. We expect the pressure on earnings to continue during H2. Management has lowered FY23/24 PBT guidance to £590m (vs £634m earlier). We will reduce the target price by 7-8% but maintain our positive recommendation.

FY23 on track with further strategic progress

Interims show DPP is in good shape and responding positively to the new CEO’s actions. Order count is up (despite a soft macro backdrop), LFLs are strong and the proportion of stores transitioning to profitability is materially higher vs 12m ago. Strong summer trading in Poland and an easing of cost pressures underpin our decision to make no forecast changes FY23 being an inflection point in terms of moving into positive EBITDA (pre-IFRS16 basis). Overall, these interims are positive and support

Robust interims - on track for FY23

Tasty - Interim Results

Well-documented cost-of-living pressures continue to have a material impact on the casual dining sector, and Tasty is no exception. LFL sales rose +1.4% YoY in H1 to £21.7m, which was offset by material cost inflation (food, labour, utilities etc), leading to Adj EBITDA reducing to £1.1m (H1/22 £2.7m). Whilst trading conditions are likely to remain challenging in the near-term, we see grounds for optimism in FY24 – inflation is falling steadily and the Bank of England recently held interest rate