Hybridan Small Cap Feast 24/11/2022

Dish of the day Joiners: One Health Group plc (AQSE: OHGR), joins the Apex segment of the AQSE Growth Market. The group provides medical services, in the form of elective surgical care, to support the NHS in the management of patients, through a growing network of community-based outreach clinics and independent hospitals. Market Cap on admission £15.05m. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Kistos Holdings plc, intends to join AIM. The Company was incorporated to act

Cohort - Reversing anticipated FY24 tax benefit

In our recent note following the trading update on 26 September 2022, we upgraded our FY24 EPS estimate to reflect an expected cut in future UK corporation tax rates. As the proposed tax cut has now been withdrawn, it is necessary to reverse that adjustment. As a result, Cohort is trading at a still undemanding FY24e multiple of 13.6x and, while falling by 6% to 683p, the DCF value remains at a substantial premium to the current share price.

Cohort - Order book supports return to growth

Cohort’s trading update ahead of its AGM and capital markets day continues to indicate the FY23 trading performance is ahead of the prior year. A continued strong level of order intake supported by UK MOD activity appears to be mitigating some ongoing supply chain delays, mainly affecting EID in Portugal. Our group FY23 estimates remain unchanged. For FY24 we now assume a lower tax rate which lifts our EPS estimate by c 7%. The resulting FY24 P/E of 12.6x looks increasingly undemanding with the

Confident AGM statement and Q1 update

Cohort has reported order wins since the start of the financial year of over £70m and a resulting order book of over £300m, indicative of c.95% cover of consensus FY23 revenue outlook. Encouragingly, order book longevity continues to increase. The most recent events in the war in Ukraine serve as a reminder of the renewed emphasis on defence preparedness across NATO and in the UK. Cohort reports increased levels of activity from the UK MOD, highlighting MCL – specialist in electronic communic

Cohort - Making good progress at SEA

Cohort’s subsidiary, SEA, has continued its strong order intake momentum by announcing a major new £34m support contract for the Royal Navy. The order augments the improving prospects for SEA as sales activity normalises following the pandemic hiatus. It also further underpins future revenue visibility at the group level, which was already strong with order cover at 90% of FY23 market consensus sales estimates in July although supply chain issues remain a risk. As Cohort’s defence focus returns

Initiation note - 'Record orders bode well'

The nature of the ongoing conflict in Ukraine, and its impact on near-term Cohort performance, is hard to predict. However, the recent change in stance by NATO and in general towards overseas defence, adds both confidence and momentum to our medium-term outlook for Cohort. The standout feature of recent FY results was a record year-end order book of £291m. This underpins £128m or 78% of market FY23 revenue outlook and gives increased visibility and management confidence in FY23 performance whi

Cohort - Defence prioritisation to strengthen demand

Cohort’s position as a growing international defence company is being increasingly recognised as the sector gains relevance for governments and investors alike. The Russian invasion of Ukraine is stimulating short-term operational requirements but, more importantly, has initiated a return to higher long-term defence spending commitments from NATO members. Cohort’s positioning in the training and supply of critical capabilities to its customers should benefit from the enhanced environment. FY22 w

Hybridan Small Cap Feast 19/07/2022

Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen? Unigel Group, intends to join the Aquis Growth Market. Unigel Group is a pioneer in the field of thixotropic gels for the fibre optic cable industry. The Company is also a leading supplier of laminated steel tapes to the fibre optic cable industry in the US. Thixotropic gels and laminated steel tapes are essential components to the rapidly growing global fibre optic cable market. The Group exports to over 40

Cohort - Set to resume growth in FY23

Cohort indicated in its closing FY22 trading update that it expects to deliver earnings in line with market expectations despite a c £10m shortfall in revenues. Part of the sales impact is due to a contract adjustment at Chess, but pandemic-related delays continued to affect other group companies. Order intake has remained strong and management expectations for FY23 are maintained, with order cover for FY23 sales of 69% (64% for FY21). With increasing global defence spending and a return to grow

Hybridan Small Cap Feast 01/04/22

Joiners: No Joiners Today. Leavers: No Leavers Today. What’s cooking in the IPO kitchen? First Tin plc, a tin development company with advanced, low capex projects in Germany and Australia, intends to list on the Main Market. First Tin is led by an experienced team of tin specialists, committed to the environmentally sensitive and low carbon development of advanced hard rock tin projects in conflict free, low political risk jurisdictions. The Company has raised £20m to execute its plan to bring

Hybridan Small Cap Feast 23/02/2022

Joiners: Supermarket Income REIT (SUPR.L) has transferred from the Specialist Fund Segment to the Main Market. Leavers: No Leavers Today. What’s cooking in the IPO kitchen? URA Holdings, a London based mining exploration and development company, intends to list on the Main Market (Standard). URA, a former AIM-listed company, is refinanced and ready for listing as an African focused mineral exploration company. The Company’s purpose is to seek unique, value-enhancing opportunities in minerals as

Cohort - Stronger H222 underpinned by record backlog

H122 results proved disappointing as Chess failed to deliver against expectations. The weakness at EID was anticipated, although there is a further deferral to its recovery. MCL, SEA, MASS and ELAC are all expected to make progress in FY22. However, this will not compensate for the shortfall at Chess and we have reduced our EPS estimates by 12% in FY22 and 8% in FY23 to reflect that. We expect that following a strong recovery in FY23, Cohort should return to sustainable growth in FY24.

Small Cap Feast 18/11/2021

Banquet Buffet Bivictrix 26.5p £17.5m (BVX.L) BiVictriX Therapeutics, an emerging biotechnology company applying a novel approach to develop next generation cancer therapies using insights derived from frontline clinical experience announced a collaboration to manufacture BiVictriX's antibody-drug conjugates with Abzena Limited, a partner research organisation for integrated discovery to cGMP manufacturing solutions for biologics. The collaboration will allow BiVictriX to cost-effectively manuf

Cohort - FY21 delivers growth despite pandemic

Cohort has progressed once again in FY21 despite significant constraints placed on parts of the business due to the pandemic. The five-month initial consolidation of ELAC enabled a small advance in adjusted PBT and a full FY22 contribution should help to offset an anticipated sharp decline at EID in Portugal. As all of the other ongoing divisions are expected to improve in FY22 supported by the record group order backlog, a small increase in adjusted PBT is still forecast. We expect a resumption

07/07/21

Saietta Group (SED.L), has joined AIM. Saietta, is a UK company that has developed an innovative AFT electric motor (a design of axial flux motor), designed to deliver class-leading performance for its target markets whilst being low cost and built for mass market production. Saietta's initial target market is the high volume, fast growing lightweight mobility market including motorcycles in Asia. The Company and the Selling Shareholders have successfully raised gross proceeds of £37.5m. Mkt Cap

SHORE CAPITAL - Mpac Group+ (MPAC, House Stock at 248p)

LIBERUM: Ilika* - Trading update leads to revenue revision at Stereax

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

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

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

LIBERUM: SThree* - Charts to back up the thesis

EQTEC - Italian Project On Track For Year End

EQTEC is making good progress on the Italia MDC and remains on target for commercial operations by the end of the year. The project is being enhanced to include biochar production for which there is a growing market, and which will also enhance the low carbon potential of the project. Increased feedstock flexibility will further enhance the project. The project has the potential to be a flagship exemplar of what EQTEC can do both in Italy and further afield.

LIBERUM: Kier Group - In line trading and expect no near term effect from Autumn Statement

Powerhouse Energy - Reporter Appointed On Rothesay Dock

Changes in planning policy in Scotland create risk and a potential delay to Powerhouse’s second UK project but could result in a more stable planning environment in the longer run if it creates a positive test case for the company’s low carbon waste-to-hydrogen technology.

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

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

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

ITM Power - New CEO Appointed

ITM’s new CEO shows a wealth of experience in the market for green hydrogen and decarbonisation building on 14 years with Linde Engineering. He is taking up his role on 1st December allowing him to make an early start on running the company.

Morning Note – 16 November 2022

EQTEC - Italia MDC update

Italia MDC update