Real Estate, Building Products & Merchants - Quarterly Valuation Summary and Performance – March 2024

Housing data is increasingly positive, albeit off a very low base: Last quarter we commented on the stability in house prices that appeared to be coming through in the early part of Q4.

Hybridan Small Cap Feast - 06 Mar 24

6th March 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 objecti

Likewise - Positive start to year; continuing to grow market share

Likewise is a fast-growing distributor of residential and commercial floor coverings in the UK. This morning, the group has provided an update on trading for the first two months of its financial year, pointing to sales having increased by 11.5% to £22.8m, remaining on course to meet our FY 2024E expectations at this early stage in the year. Average daily sales increased by 6.5%, this reflecting two extra working days in the period, and with our full year expectations premised on revenue growth

Likewise (LIKE LN) - Sales ahead of prior year despite weak markets

Likewise has provided a trading update confirming a strong start to FY24 with revenue growth of 11.5% in the first two months, despite weak end markets. The fact that sales in January and February are well ahead of the prior year comparator give early signs of confidence for the full year, with the caveat that the early part of the year is not generally a strong seasonal sales period. Zeus forecasts are unchanged, which may prove to be conservative given the performance year to date and the curr

Likewise Group - Strong volumes in the run in to year-end illustrate platform resilience

Likewise is a fast-growing distributor of residential and commercial floor coverings in the UK. This morning, the group has provided a positive year-end update, illustrating good demand for its product ranges, and perhaps most importantly given the high volumes seen towards year-end, the robustness of the platform now in place to support the Board's revenue target of £200m+ in the next few years. FY 2023E gross sales of £140.2m, demonstrated growth of 13.6%, slightly better than expected, while

Likewise (LIKE LN) - Strong momentum into the year end results in very positive FY23

Likewise has confirmed that trading momentum remained very positive during December resulting in Group gross revenue of £140.2m for the 12 months to the end of December 2023. This equates to 13.6% yoy gross growth and around 12.8% on a net basis. The 12.8% growth is ahead of the 10.5%, £136.4m, Zeus estimated. As a result, net revenue expectations for FY23 are increased 2.1% to £139.5m. The fact trading has continued to improve through the important Q4 period is very encouraging. November record

Real Estate, Building Products & Merchants Quarterly – December 2023

Zeus presents the latest edition of the Real Estate, Building Products & Merchants quarterly summary of valuation, performance and earnings momentum. Key observations are as follows: • House prices stabilise but transaction volumes remain depressed: A downward shift in interest rate expectations has flowed through to lower average mortgage rates, which, when combined with low supply of for-sale homes, has led to stabilising house prices. Average house prices saw small monthly increases in Oct

Hybridan Small Cap Feast - 06/12/23

6th December 2023 Newly revamped “What’s baking in the oven?” and other features in Feast @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 s

Likewise Group - Gaining market share - on track to deliver in line with expectations

Likewise is a fast-growing distributor of residential and commercial floor coverings in the UK. This morning, the group has provided an update for the 11-months to 30 November 2023, reporting a YOY increase in revenue of 13.3%, including a record £14.0m in November, and the group remaining on track to deliver FY 2023E results in line with expectations. Given wider market conditions, notably within the residential housing market, this level of growth undoubtedly represents meaningful market share

Likewise (LIKE LN) - Strong revenue growth; on track to meet FY23 estimates

Likewise has confirmed that trading has remained in line with expectations underpinning Zeus estimates of 10.5% yoy growth (to £136.6m) for FY23. Q4 remains the single most important trading period of the year. November recorded record monthly revenue of £14.0m and Group revenue for the eleven months to the end of November is up 13.3% yoy. Within this, the Likewise Floor business has increased revenue by 29% underpinning the organic growth within the Group. It is very encouraging that the busine

Likewise - Platform in place to drive substantial growth and margin expansion

Likewise is a fast-growing distributor of residential and commercial floor coverings in the UK. Founded in 2018 by former Headlam CEO, Tony Brewer, the group has grown significantly over the past five years, investing in the platform and successfully executing eight acquisitions in a fragmented UK distribution market. With capacity to grow into the infrastructure now in place, we expect Likewise to deliver material margin expansion as the platform is leveraged towards its stated £200m+ annual re

Supreme (SUP LN) - Record performance, EBITDA ~doubled

Supreme’s FY24 trading update confirms a record performance in the 12 months to 31 March 2024. Organic revenue and profit growth across all four divisions has driven Group revenue +45% YOY to £225m, with FY24 adj. EBITDA almost doubling to ‘at least £38m’, driving record levels of cash generation. Supreme is actively exploring complementary M&A, supported by a debt free balance sheet. Trading on an undemanding FY25 PE of just 6.7x, with a 3.4% yield, we believe downside risks are more than price

Morning Note – 22 April 2024

Supreme+ (SUP, House Stock at 125p) - Supreme, Supreme!

SP Angel Spec Sits: FY Trading Update (LTHM)

Headlam Group - Strategy for growth in tougher market

Headlam Group has laid out an ambitious long-term revenue target of between £900m and £1bn, as it seeks to grow its share of the UK floor coverings distributor market. Despite a challenging backdrop due to the low level of residential housing transactions, management is seeking to expand each of its sales channels: Trade Counters, Larger Customers, Regional Distribution and Europe & Other. The FY23 results reflected the more challenging environment and the group trades at a discount to its long-

Hardman & Co Insight: 2023 was an annus horribilis for Quoted UK Infrastructure and Renewable Energy

The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no

SP Angel Morning View: Copper prices hit $9,700/t as China smelts concentrates for zero charge Tc/Rc

LIBERUM: Ilika: CMD confirms operational progression

Hybridan Small Cap Feast - 24 April 24

24th 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

LIBERUM: Gattaca: Resilient contract performance, perm tough

LIBERUM: Severfield: Erratum: Better EPS and cashflow, and buyback

LIBERUM: CEO Video: Matt Wragg, Gattaca plc:

LIBERUM: Capex Cycle: Miners' spending continues to lift

Hybridan Small Cap Feast - 22 April 2024

22nd 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

VSA Morning Flow Test 19/04/24 (Quadrise)

Quadrise (QED LN) has provided an update on its Utah project with Valkor. Valkor’s partner (Heavy Sweet Oil LLC) has received funding and approval to commence drilling enabling production of 20-40bopd of heavy sweet oil providing QED with samples for production of test scale quantities of MSAR and bioMSAR; the company’s key fuel decarbonising emulsion fuel products. This should derisk the commercial scale ramp up. QED management has highlighted that Valkor has not yet raised the minimum of US$