Small Cap Feast

Essensys plc—a provider of mission-critical SaaS platforms and on-demand cloud services to the high growth flexible workspace industry, plans to join AIM. £28m raised. Half primary, half shareholder sell down expected 29 May 2019. Mkt cap £72.6m. Issue price 151p. Induction Healthcare Group plc—a healthcare technology company focused on streamlining the delivery of care by Healthcare Professionals looking to join AIM. Expected raise of £14.58m at 115p, market cap of £34.07m. Expected 22 May 201

Rally seen in the first quarter stalls

Parliamentary and Brexit developments continue to hold centre stage, although the precise path forward remains as unclear as ever. The uncertainty over Brexit, worries over a possible slowdown in the US and the outlook for global economic growth generally have all contributed to the recent falls in markets. While the rally seen since the start of the year has petered out, most indices have still made progress. In Share News & Views we comment on Bloomsbury Publishing, Bonhill Group*, Braemar Shi

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We have seen a continuation of the rally evident so far this year. The factors are familiar with greater optimism regarding US-China trade talks. At home, the path to Brexit remains unclear as D-day looms. The possibility of a delay has increased. The company reporting season continues to highlight winners and losers with the majority of results in line. We have also seen an uptick in corporate M&A. Results set the morning agenda and Brexit votes the evening one. In Share News & Views we comment

Trading in line with expectations.

APC’s AGM statement highlights that “the Board are pleased with the start to the new financial year” and confirms that “the Company continues to trade in line with management expectations”. APC remains focused on its growth strategy. We maintain all of our forecasts at this stage. Our FY2019E forecast is for PBT of £1.63m and EPS at 0.74p putting the shares on a PER of 8.3x. Interims are expected in April. We reiterate our Buy recommendation and 12p target price.

Small Cap Feast

United Oil & Gas (UOG.L) an oil and gas exploration and development company brought to the Official List (Standard Segment) in July 2017 by way of a reverse takeover of Senterra Energy plc. No capital to be raised, expected market cap of £17m and expected 1 March Techniplas –global producer and support services company providing highly engineered and technically complex components, making the supply chain to original equipment manufacturers more efficient. FYDec17 rev $515m. Polemos, to be renam

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Roses are red – markets are blue! The rally since the start of the year resumed this week, after a pull-back last week. The FTSE 100 has risen due to the weakness of sterling and the impact on its dollar-earning constituents. More domestically-oriented indices have also risen but lagged more recently. The latest Brexit twist is due later with a statement to Parliament on the negotiations. Company news continue to dominate the morning headlines and amendment votes the evening ones. In Share News

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We have seen a continuation of the rally seen since the start of the year, although some earlier momentum has been lost. The factors that influenced the market previously continue to dominate – US-China trade talks and the outlook for the global economy. The latest hurdles in the Brexit Withdrawal Bill are due later. Company updates dominate the morning headlines, late night votes dominate the evening ones. In Share News & Views we comment APC Technology*, Bonhill Group*, Braemar Shipping*, Esca

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It may only be a fortnight into the new year but many of the factors that unnerved the market last month have continued to impact sentiment. The outcome of trade talks between the US and China, concerns about global economic growth and some poor trading statements, especially in the retail sector, have all featured. Above all, Brexit and the progress of the Withdrawal Bill have dominated with the latest “high noon” due later. Despite this, we have seen a good rally in the junior markets year to

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It may only be a fortnight into the new year but many of the factors that unnerved the market last month have continued to impact sentiment. The outcome of trade talks between the US and China, concerns about global economic growth and some poor trading statements, especially in the retail sector, have all featured. Above all, Brexit and the progress of the Withdrawal Bill have dominated with the latest “high noon” due later. Despite this, we have seen a good rally in the junior markets year to

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The instruction to “Deck the halls with boughs of holly” may represent a grateful relief, given the prickly time we have seen in markets over the last month or so. An unhelpful combination of the deadlock surrounding the Brexit process, concerns over the outlook for the global economy and some poor company results have resulted in all markets falling further. The impact on our universe is clear from the table below with AIM taking the significant pain. In Share News & Views we comment on APC*, C

2018 – A transformational year

FY2018 results are in line with expectations. Revenues rose 10% to £17.1m, EBITDA was +43% to £1.15m and PBT rose by 63% to £0.68m. The performance has been helped by a concentration on its core strengths, a reorganisation of its sales team and the addition of new technologies. APC made 2 acquisitions First Byte Micro and Aspen Electronics in the period. APC remains focused on its growth strategy. We have kept our FY2019E PBT of £1.63m, up 139% and EPS at 0.74p putting the shares on a PER of 9.5

Update highlights trading in line

Today’s update highlights that the group continues to trade in line with management expectations. APC continues to make progress in its three-five year strategy to grow through increased bookings from existing technologies, especially those in high growth markets, from signing new complementary product lines and through targeted bolt-on acquisitions. We are forecasting FY2018E revenues of £17.51m, EBITDA of £1.18m, PBT of £0.68m and EPS of 0.42p. The group is due to announce finals on 17 Decembe

Small Cap Feast

Litigation Capital Management—provider of litigation financing and ancillary services, moving from ASX (ASX:LCA) to AIM. Offer TBC. Due 18 Dec. Mkt Cap A$64m. Crossword Cybersecurity PLC* (NEX:CCS)—the technology commercialisation company focusing exclusively on the cyber security sector is due to start trading on AIM 14 December. Raising £2m at 290p. Mkt cap at issue price £13.6m. Manolete Partners—leading UK insolvency litigation financing business looking to join AIM raising £16.3m as

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Market volatility persists with an agreement between the US & China to defer further tariff increases lifting major indices. However, the uncertainty surrounding the Brexit process continues to dominate in the UK. The impact on our universe is clear from the table below with AIM notably weaker. The reporting season runs on, though it should lighten, ahead of the festive season next week just as the progress of the Brexit deal reaches a crescendo. In Share News & Views we comment on AorTech*, Beg

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Following the gyrationsin October, we have continued to see further volatility this month. While some of the factors that unnerved investors have receded, Brexit concerns dominate, with the eventual outcome still unclear. At home, the reporting season has proved variable with both notable ‘risers and fallers’. The flow of announcements continues, although things may quieten down, ahead of the festive season. Undoubtedly the progress of the Brexit deal is key. In Share News & Views we comment upo

Strix Group plc (KETL LN) - Chinese covid policy impacting trading, Billi acquisition closes

Strix has issued a trading update today following a disrupted period due to China’s continued Zero Covid policy approach and ongoing macro uncertainty. This has so far restricted business activity for two of Strix’s top five major OEM customers, with further disruption expected. Revenues for the full year will be below initial expectations whilst profitability is impacted more heavily due to the operational gearing in the business. These difficult market conditions see Zeus full year revenue for

Invinity Energy Systems - 15MWh order, largest to date

Invinity has announced a record new order, for 15MWh of its vanadium flow batteries (VFB) for Everdura Technology in Taiwan with 255MWh of follow-on-order potential. This marks Invinity's sixth announced sale this year and its fifth in 2H22. For the YtD that brings total firm orders to 37.7MWh, almost 3.5x the previous annual record. The evidence continues to mount that Invinity has a commercially competitive product, yet it trades at well under half the market capitalisation to book value accor

Invinity Energy Systems - More Traction In Taiwan

Invinity have announced their largest single battery sale to date through a 15MWh contract with Taiwanese industrial technology company Everdura. This comes on the back of another recent deal in the Taiwanese market, as well as notable sales in the US and Europe. We see sales momentum for Invinity’s flow battery accelerating as renewable penetration increases creating urgency for proven, low-cost, safe Long Duration Energy Storage (LDES) technology.

Auctus on Friday - 25/11/2022

AUCTUS PUBLICATIONS ________________________________________ Calima Energy (CE1 AU)C; Target price of A$0.60 per share: Market cap paid back in 2 years, even after incorporating higher differentials - Four wells out of the five well 4Q22 programme have now been drilled with two wells already in production. Gemini#10 is producing in line with the type curve (IP of 120 boe/d gross and 60 boe/d net to Calima 50% WI). Gemini #11 was put into production on 24 November while Gemini#12 will be brought

LIBERUM: Yü Group* - Strong growth and dividend on the cards

Cenkos: Brickability Group Plc - Underlying trading remains strong

Positive interims, with LFL revenue growth of 9.3%, adjusted EBITDA growth of 45.7%, a 5% increase in the dividend and an in-line outlook statement. There is clearly added uncertainty going into 2023, the diversity of both its product base and customers means it remains in a good position. The share price has behaved more like a housebuilder and in our view, this fails to reflect the diversity of its model and the fact that the group's earnings continue to rise. On revised forecasts the shares t

Invinity Energy Systems - 2.2MWh sale, entry into Taiwanese market

Invinity has announced a further sale of its vanadium flow batteries (VFB), this one comprising 2.2MWh of its VS3 model. The purchaser is Bei Ying International Corporation, a Taiwanese industrial equipment wholesaler which is acting as a reseller for Invinity. This brings total sales announced since the interims to 14.3MWh and to 22.7MWh for the year to date. Given the run rate, we believe there is a high likelihood of further sales before year end, confirming solid demand for Invinity's VS3 pr

LIBERUM: ATOME Energy * - Flagship Villeta project doubles to 120MW capacity

Hybridan Small Cap Feast 23/11/2022

Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Kistos Holdings plc, intends to join AIM. The Company was incorporated to act as a new holding company for the group companies 0f Kistos plc (KIST), a holding company with the objective of creating value for its investors through the acquisition and management of companies or businesses in the energy sector. Anticipated Market Cap £327m. Expected 22 Dec 2022. AT85 Global Mid-Market Infrastr

DX Group (DX/ LN) - Back on the (supply) chain gang*

DX Group has reported strong full year earnings; we reinstate our estimates and valuation following the relisting of the shares in October. Trading has been resilient despite widely reported, but now resolved, corporate governance issues. Growth was healthy in DX Freight driven by the 1-Man delivery service, and with higher parcel revenues in DX Express. Current trading is reportedly in-line with expectations, and the medium-term operating margin target of 7.5%-10.0% (FY22a: 5.8%) has been reite

Hybridan Small Cap Feast 16/11/22

Dish of the day Joiners: BWP REIT joins the Wholesale Segment of the International Property Securities Exchange (IPSX). BWP REIT is a newly formed single asset company and has raised £35m by issuing 35m new ordinary shares at 100 pence per share to acquire Bridgewater Place, an office-led mixed use property in central Leeds and valued at £63m. The property is one of the tallest buildings in Yorkshire, comprising 234,000 sq. ft of office space, and is close to 90% let to EY, as well as multinatio

Where There's Muck - Bioenergy

Energy from biomass or waste can be genuinely low carbon and sustainable, representing a major tool in the decarbonisation toolbox. The ability to add carbon capture technology creates an immediately available negative emissions solution and adding liquid fuels allows the decarbonisation of sectors previously seen as challenging. Demand for all these solutions is likely to grow as decarbonisation and energy security become essential requirements in the energy mix.

Morning Note – 16 November 2022

Full year results and additional debt finance

EAAS has announced its full year results (to June ’22) alongside news that it has secured further debt finance of £2.5m in order to support the growth of the business and strengthen the Group’s balance sheet. Last Friday’s update confirmed a strong start to the new year and reiterated expectations of material year on year revenue and EBITDA growth for FY23. We expect to update our valuation analysis following the upcoming AGM (20th Dec).

Q2 22: mixed signals

Rolls Royce published mixed figures. Profitability was particularly low, pushing the net result back into the red zone. However, FCF generation was a positive surprise despite the rise in inventory. It has finally found an agreement to sell ITP Aero and will use the resulting cash to repay its only floating interest rate debt.