Accrol+ (ACRL, House Stock at 38p) - Recommended cash offer & withdrawal of forecasts

Accrol+ (ACRL, House Stock at 36p) - H1 FY24F EBITDA +44%/FCF yield c.12%

Accrol Group Holdings (ACRL LN) - H1 EBITDA +44%, positive outlook

Interim results: H1 revenue (six months to 31 October 2023) normalised to £100.3m, -17.2% YOY (H1 FY23: £121.1m) as input cost savings were passed through to customers, partly offset by volume growth private label market share increased to 55% (H1 FY23: 54%, H1 FY22: 50%).

Hybridan Small Cap Feast - 18 Jan 24

18th January 2024 @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 obje

Accrol+ (ACRL, House at 35p) - Acquisition to extend product offering

Accrol Group Holdings (ACRL LN) - Compelling wet wipes bolt-on

The acquisition of Severn Delta provides meaningful scale to the Group’s existing wet wipes business at a compelling deal multiple of just 3.0x EBITDA, prior to the realisation of synergies. The transaction is another example of Accrol’s solid approach to capital allocation, securing a complementary business on attractive terms, creating upside risk to Zeus forecasts.

Accrol+ (ACRL, House Stock at 30p) - Margin uplift drives second upgrade in two months

Accrol Group Holdings (ACRL LN) - Consecutive upgrades

H1 FY24 has delivered positive trading momentum with continued volume growth and an acceleration in margin recovery back to pre-pandemic levels.

Accrol Group Holdings (ACRL LN) - FY23 results in-line, FY24 upgraded

Broad based growth in volumes and value: Revenue of £241.9m is +51.7% YOY (FY22: £159.5m) with growth across all product categories: Toilet tissue +40.2% to £163.0m (FY22: £116.3m), Kitchen towel +68.4% to £53.9m (FY22: £32.0m), Facial tissue +112.5% to £18.7m (FY22: £8.8m) and Wipes +140.0% to £4.8m (FY22: £2.0m). Sales volumes are +7.7% YOY vs. an overall flat tissue market, reflecting market share gains +200bps to 21.5% (FY22: 19.5%). Private label now represents 56% of the UK tissue market b

Hybridan Small Cap Feast - 16 May 23

16th May 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 objectiv

Accrol+ (ACRL, House Stock, 35p) - FY23F EBITDA at least in line; further FY24F upgrade!

Accrol Group Holdings (ACRL LN))- FY23 ‘at least in line’, FY24 upgraded

FY23 Adj. EBITDA to be at least in line with market expectations, with a 5% beat on revenue, driven by strong volume growth, +7.7% YOY reflecting further market share gains.

Hybridan Small Cap Feast - 03 May 23

3rd May 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 objective

Surface Transforms - New guidance – forecasts under review

Surface Transforms has issued new revenue guidance for FY24, with the company now expecting revenues in the range £17.5-22m. We are withdrawing our previous forecasts for FY24 and withdrawing our price target while we review the impact of the new guidance.

Surface Transforms plc (SCE LN) - Forecasts and valuation withdrawn

We note the regulatory announcement this morning from Surface Transforms and withdraw our estimates and valuation, pending conversations with management.

Morning Note – 16 April 2024

Robust margin and cash performance

Surface Transforms (SCE LN) - Obstacles removed for higher production

Surface has issued a brief Q1 update. Production will ramp-up this year as final new equipment is installed, and manufacturing teething problems recede.

Initial Equity Trading Comments - 19 February 2024

Hybridan Small Cap Feast - 16/04/2024

16th 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: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radical Limited for

Dowlais Group - Motoring forward

Dowlais Group’s first set of results were ahead of our expectations, with positive cash generation a highlight despite restructuring and demerger costs. Softer automotive markets will limit margin progress in FY24 towards the double-digit target. Despite this, margins of c 6.5% are still ahead of automotive peers, although the shares trade at a significant discount to our implied generic peer-based valuation.

Morning Note – 9 April 2024

Zeus Top Picks for 2024 - 2023 review and outlook for 2024

On 9 January last year, we set out our ten top stock picks for 2023, for what turned out to be another relatively poor twelve months for UK equities due to two wars, stubbornly high inflation and further tightening of monetary policy. This was even as other major markets, such as the US, largely recovered in the year. In the 2023 calendar year, the AIM All-Share index fell 8.2% and is still 42% off its 2021 high. From the release of our 2023 top picks note, the average total return (assuming div

Morning Note – 4 April 2024

LIBERUM: New Energy Nuggets: Hydrogen - the future is green

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

Gooch & Housego (GHH LN) - A chink of light

Gooch has issued a positive update for H1. Trading has started to recover with stocking levels normalising at industrial and medical devices customers. The outlook is positive with growth returning, and management has confirmed our full year estimates (adjusted for the disposal of EM4). The order book and order flow appear healthy, and net debt is comfortable. Gooch clearly still has plenty to do to lift operating margins from a lacklustre 8.1%, but the transformation plan appears to be back on

Nexteq - FY23 adj EBITDA +4% ahead, FY24E upgrades of +1-10%

Nexteq’s FY23 results show adjusted EBITDA +4% ahead of the +6% upgrade at the January trading update, record FY23 EFCF of $17.4m, and a confident outlook that leads us to reiterate our FY24E revenue and upgrade FY24E gross profit, adj EBITDA, and EFCF by +1-10%. The strategic focus on higher-margin products and customers reducing elevated inventory levels led FY23 group revenue -5% yoy to $114.3m, with Quixant 6% lower at $69.3m and Densitron 2% lower at $45.1m. Effective supply-chain managemen