Renewi - Reducing the liabilities

Renewi is a clear leader in its chosen European waste recycling markets (the Netherlands and Belgium) and well positioned in the transition to a circular economy. Legacy issues have proved a detraction for investors and the valuation. The announcement from the European Commission (EC) provides positive closure on one of the larger potential liabilities.

Renewi - Q323 update supports full-year forecasts

Renewi is a leader in waste and recycling sectors and is well positioned in the emerging circular economy. Following the recently completed private equity acquisition and delisting of Biffa, Renewi is the only publicly listed play in the waste sector in the UK. This uniqueness combined with the growth plans and supported by the latest trading update should promote interest in the shares.

Renewi - Standing up to end-market pressures

Renewi’s rating reflects the historical volatility in margin performance and profits. If management can deliver on its full year guidance, performance from the restructured group should be far more resilient, which should start to improve the valuation.

Renewi - Strong 1HFY23 results

Renewi has reported a strong set of results for the interim period to end September with underlying EBIT and EPS up 16% and 17% YoY respectively to EUR75.2m and EURc56. Despite better than expected results, management's outlook was quite cautious and the dividend was not reinstated, in part because of rising net debt. We maintain our EBIT forecasts, but net earnings are reduced, mainly to allow for higher finance charges. Even so on a forward P/E of just 12.6x at our 1,000p Target Price, the sha

LIBERUM: Morning Comment

LIBERUM: UK Small & Mid Cap Dispatches

Renewi - Trading in line, no change to guidance

The agreed offer for Biffa will leave Renewi as the sole waste/recycling company listed on the UK market. The rating on Renewi shares is undemanding (FY23 P/E 7.2x) and a significant discount to the Biffa deal (FY23 P/E 18.1x). Add to this the reassuring trading update and the shares clearly offer two routes for capital appreciation.

Renewi - 1H23 trading update – positive if cautious

1H23 trading update – positive if cautious

Renewi - Incorporating Paro, raising TP to £10

We revise our estimates, primarily to incorporate the Paro acquisition, resulting in an average 3% increase in our forecasts for diluted EPS through FY25. Renewi's FY22 results demonstrated that its business and financial performance have moved to a new level, underscored by the positive 1QFY23/AGM update. While Renewi has started to re-rate, we continue to believe that the share price has yet to reflect the transformation in the company's earnings power fully, while the potential ECP bid for Bi

Renewi - Q1 trading in line, value upside remains

Renewi is a leader in its chosen waste and recycling sectors and well positioned in the emerging circular economy. The shares trade at a discount to peers and our DCF valuation. A combination of sustained profitability and margins and delivery of the key project portfolio should see this discount eliminated over time.

Renewi - Positive update

Positive update

Renewi - Strong FY22, raising guidance for FY23

Renewi’s FY22 results reflect a strong performance across the group. The results came in ahead of FY21 comparatives and our FY22 forecasts. Management guided that it expects FY23 to be ahead of previous guidance. Driving this performance were price increases that outpaced inflation in waste and recyclates, coupled with volume gains (which are still below pre-COVID levels) and cost savings. There was a shift in tone, with the group now transitioning its focus on margin recovery to growth. Growth

Renewi - FY22 results – expectations raised again

Renewi reported record results for the year to March 2022, stronger even than indicated in its March trading statement. Underlying EBIT increased 83% YoY to EUR133.6m with EPS up 118% to EUR0.98. The tone around expectations for forward recyclate prices was also firmed up, in our view, and Renewi has lifted its internal expectations for FY23. However, with investment expected to pick up sharply this year management chose not to reinstate the dividend. We increase our FY23 EPS forecast by 6% but

Renewi - FY22 ends with raised guidance

Sustained strength in recyclate prices helped Renewi to deliver a firmer than expected end to FY22, resulting in a c 11% uplift to our estimates for the year. Appropriate actions have been taken to cover input cost risks going into FY23. We have made no further changes to estimates ahead of the FY22 results announcement, when prevailing recyclate prices and progress with the company’s strategic development programme will be keenly watched.

LIBERUM: Yü Group* - Strong momentum and cash flow

LIBERUM: Luceco* - Margin momentum coming into view

LIBERUM: Costain Group* - Free cash more than 50% market cap

Invinity Energy Systems - First Sale In Hungary

Invinity has followed the Hungarian reseller agreement announced on 10 March with a first sale of VS3 flow batteries for an EU funded solar plus storage project in the country. This is in line with the company’s other recent reseller agreements providing strategic access to new energy storage markets. We think it is good to see Invinity securing battery sales at the outset of new reseller agreements as this provides further confirmation of the company’s growing commercial momentum in our view.

LIBERUM: SigmaRoc* - Critical mass demonstrated

Judges Scientific FY Results – Outstanding results, Steady organic, M&A delivers in spades

Judges Scientific is a group involved in the buy and build of scientific instrumentation businesses. Testament to the strength of its highly engineered offer and global diversified customer base (offsetting Covid-induced earlier weaker order intake from China, although rebounding in December 2022), total revenue increased an impressive 24% to £113.2m (organic basis 8%), buoyed by Geotek, with adjusted PBT increasing a substantial 56.7% to £28.3m (FY2021: £18.1m), 4% ahead of our estimate of £27

LIBERUM: Judges Scientific* - FY22 ahead of expectations

Supreme plc: disposal of T-Juice intellectual property

Supreme reports that it has entered into an agreement with an associated company of La Vape Professionelle Distribution (LVP), a leading French wholesaler of e-cigarettes and e-liquids, for the disposal of the intellectual property (IP) of T-Juice, inclusive of the Red Astaire brand. Supreme will receive an upfront payment of €4.5m (£3.97m) in respect of T-Juice brand IP, with the addition of income from consultancy services. The agreement ushers in a new strategic partnership in which Supreme

Hardide Update

The AGM statement reiterated the ‘cautious optimism’ that underpinned the group’s recent annual report (covered in our 9 February update). HDD is experiencing growth across all of its key markets; aerospace, energy and industrial products. First half revenues to end March 2023 are expected to come in around 7% ahead y-o-y. That will be sufficient to deliver forecast EBITDA breakeven in FY23 despite deferral of a c. £0.3m order into H1 FY24. That outcome underlines the success of initiatives to

LIBERUM: SThree* - Resilient Q1

SHORE CAPITAL - Judges Scientific+ (JDG, House Stock at 8,920p)

SP Angel Spec Sits: (YUG) Stellar 2022 Results + New Dividend Policy

YUG announced its full year 2022 financial results, which exceeded recently revised market expectations.

Hybridan Small Cap Feast - 21 Mar 23

21 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 objectiv

Hybridan Small Cap Feast - 24 Mar 23

24 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 objectiv

EQTEC (EQT LN) - Italia MDC project operational

Italia MDC project now operational. EQTEC has announced that its Italia MDC project is now operational. The gasification and biochar facilities were commissioned in January, with the Jenbacher engine commissioned in March and first electricity export recently achieved. EQTEC expects full handover of operations before the end of March.