Morning Note – 10 January 2024

Hybridan Small Cap Feast - 24 Nov 23

24th November 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 obj

Morning Note – 29 September 2023

Mercantile Ports & Logistics - Strong results for H1/23

Mercantile Ports (MPL) has reported strong H1/23 results with revenue growth of 41% and a transition to positive EBITDA achieved. Results were driven by a strong demand at the Karanja Port facility which provides a route for bypassing maritime congestion into the city of Mumbai. Fundamentals remain positive and the company reports a strong pipeline of additional customer opportunities. We maintain our FY23 forecasts, and we apply a 12-month target price of 7.1p.

Cenkos:: Mercantile Ports & Logistics Ltd -- FY22 in-line, growth trajectory intact

Mercantile Ports & Logistics has released FY22 results in-line with our forecasts. The company completed a capital raise during June 2023 which has resulted in a significant improvement in the cash position after the year-end. We believe that the company is now well positioned to deliver revenue growth through its operation at Karanja Port and maintain a BUY rating.

Cenkos:: Mercantile Ports & Logistics Ltd -- Relieving Mumbai's maritime bottleneck

Mercantile Ports and Logistics (MPL) has announced a conditional equity raise as part of an overall exercise of balance sheet strengthening. The proposed raise is via an institutional placing for £8.85m together with a retail offer of up to £1.2m. The proceeds will provide the company with sufficient liquidity to sustain a rapid ramp-up in revenue generation at Karanja Port during 2023 and 2024. We believe this will enable MPL to unlock the full commercial potential of Karanja leading to substan

Hybridan Small Cap Feast - 25 May 23

25th 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

Hybridan Small Cap Feast - 03 Mar 23

3 March 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

Cenkos:: Mercantile Ports & Logistics Ltd -- H1 results – operational ramp up continues

Mercantile Ports and Logistics has released H1/22 in line with our expectations, which reflect a substantial move forward in ramping up operations with over 1mt handled through the Karanja port over the past 12-month period. The company also reports positive progress on its strategic move into container handling. Mercantile remains comfortable with market expectations for the full year, and we maintain our forecasts and our BUY rating.

Cenkos: Mercantile Ports & Logistics Ltd -FY results – commercial ramp-up on track

Mercantile Ports and Logistics (MPL) released FY21 results in line with the revised expectations published in January 2021. Results for the year were impacted by the severe COVID-19 lockdown in India during 2021. However, the company has achieved important commercial milestones, handling significant cargo volumes from revenue generating customers. The company expects to further advance its business plans during 2022, and we maintain our P&L forecasts for FY22E including revenues increasing to £5

Cenkos: Mercantile Ports & Logistics Ltd -- Trading Update

Mercantile Ports and Logistics (MPL) has provided a trading update. While MPL is generating revenues, COVID-related challenges have persisted including lower than expected cargo movements and delays in signing contracts. We have reduced our forecasts for FY21E and FY22E to reflect these headwinds. We believe MPL offers value to investors for its growth and operational profitability prospects. We estimate that MPL could generate £24-25m of revenue and £12-13m of EBITDA at full capacity over the m

Cenkos: Mercantile Ports & Logistics Ltd -- On track to generate accelerating revenues

Mercantile Ports and Logistics (MPL) has conditionally raised gross funds of £10.1m through an institutional placement and will be supported by the major shareholder, Hunch Ventures. Equity raised will be used to service new and existing contracts/business development and strengthen the balance sheet. In addition to the placing, Hunch Ventures has provided an unsecured loan facility of £4.4m. MPL's port is well positioned to benefit from the positive economic outlook in India due to its offering

Small Cap Feast: 23/06/21

Joiners: No Joiners Today Leavers: Urban Exposure has left AIM pursuant to a solvent members' voluntary liquidation. What’s cooking in the IPO kitchen? Seraphim Space Investment Trust PLC, a newly established closed-ended investment company which will invest in a diversified international portfolio of early and growth stage Space Tech businesses, announces the publication of its Prospectus in connection with the IPO to the Premium Segment of the Main Market. The Company is targeting gross pro

Cenkos: Mercantile Ports & Logistics Ltd -- Revenue Momentum

The Group continued to gain revenue momentum, commencing the £5.5m, 40-month Tata/Daewoo contract on 1 April 2020. Additionally, management implemented a strict cost reduction strategy, enabling robust cash management. As a result, the Group had access to cash of £17.9m at period end, comprising of £7.8m cash and £10.1m of undrawn facility.

Cenkos: Mercantile Ports & Logistics Ltd -- Maiden Revenue

The continued build out of the port enabled commercial operations to commence and maiden revenue to be generated. The Group's access to cash at year end was strong (£27.6m) and with management acting decisively in response to COVID-19, remained robust post period end (£16.8m). This combined with winning the Tata/Daewoo contract positions the Group well to expand its contracted customer base, convert pipeline customers and increase utilisation rates.

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Quadrise+ (QED, House Stock at 1.4p) - Drilling to commence in Utah project

Jersey Electricity - Decarbonisation fuelling growth

Jersey Electricity (JEL) is intensifying its focus on energy security and electrification across Jersey by creating opportunities to accelerate growth. It successfully navigated the volatile wholesale power price environment in 2020–23, shielding its customer base from the worst inflationary pressures. However, from 2025, as older, more favourable hedges expire, this protection will diminish. Therefore, we have marginally reduced our earnings forecasts to account for the increased exposure to wh

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

Judges Scientific+ (JDG, House Stock at 8,900p) - HY; strong order book, FY23F unchanged