Hybridan Small Cap Feast - 25 Mar 24

25th 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 object

Hybridan Small Cap Feast - 27 Mar 23

27 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

Small Cap Feast

Semper Fortis Esports* recently announced its intention to IPO onto the Access Segment of the Aquis Stock Exchange Growth Market. Semper is a multi-operational Esports organisation focusing on gaming technology solutions, brand enhancement and high growth team infrastructures. The company plans to raise £2.5m to develop their three core areas of establishing an esports team, forming partnerships with brands for sponsorship and B2B consultancy services. The Board are highly experienced in spor

2020 guidance withdrawn

It will be unsurprising to note that we have withdrawn our 2020 estimates and price target for RTC given the lack of visibility in earnings which is consistent with other recruitment companies. In its favour, RTC does offer defensive qualities with activities in the public and regulated sectors (infrastructure and railway transportation) all providing contract workers which are vital to the country. The indications are that these activities will continue. The international activities (supplying

Not your typical recruiter

The 2019 prelims are a clear endorsement of RTC’s strategy with gross profits and dividend meeting expectations, and net debt declining from £4.5m to £2.8m. PBT came in at £1.8m, the same as last year. Due to the diversified source of earnings (65% of revenues are from recurring sources and are non-cyclical), a clear distinction between RTC and its small-cap recruitment peer group is emerging. This, we believe is starting to be recognised and while the shares have started to perform (up 27% YTD)

Benefits from non-UK, non-cyclical, activity

RTC has reported EBIT of £0.8m (2018: £0.8m) for the six months to June 2019 and delivered increased cash from operations of £1.1m (1H2018 it was an outflow of £1.3m). RTC’s sole source of financing is its invoice discounting facility, utilisation of which has reduced from £6m at June 2018 to £4m. It has also grown the interim dividend by 7.7% to 1.4p. Looking forward, its non-UK and non-cyclical activities, i.e. GSS and Ganymede continue to trade well, though to reflect the subdued trading envi

Small Cap Feast

Freyherr International Group PLC the Medicinal Cannabis holding company established in 2016, is planning to list on the NEX exchange on the 13 August.

Small Cap Feast

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. Loungers plc—the operator of 146 café/bar/restaurants across England and Wales under the Lounge and Cosy Club brands, announces its intention to seek admission on AIM, offer to raise £61.6m at 200p with market cap of £185m, expected 29 April 2019. SDX Energy plc—a North Africa focuse

HCM UPDATE - 04.03.19 (RTC.L; RWA.L)

RTC Group plc (RTC.L, 62p/£9m) Full year results to 31.12.18 (25.02.19) | Robert Walters plc (RWA.L, 589p/£445m) Full year results to 31.12.18 (01.03.19)

‘Highly optimistic about its future’

The 2018 prelims not only addresses the two concerns raised at the interims of meeting full year expectations and reducing the net debt, they also highlight the success of the strategy of gaining exposure to engineering, manufacturing and infrastructure markets on long term contracts with bluechip clients in the UK and overseas. Following confirmation of organic PBT growth of 58%, the best in the sub-sector, we have increased our price target from 95p to 100p. With RTC trading on a 2019 PE ratin

HCM UPDATE -28.01.19 (CPS.L; EMR.L; HYDG.L; NAK.L; RTC.L)

CPL Resources plc (CPS.L, 525p/£144m) Half year results to 31.12.18 (24.01.19) | Empresaria Group plc (EMR.L, 66.5p/£32.6m) Full year trading update to 31.12.18 (23.01.19) | Hydrogen Group plc (HYDG, 63p/£21.3m) Full year trading update to 31.12.18 (25.01.19) | Nakama Group plc (NAK.L, 1.025p/£1.2m) Q3 trading update to 31.12.18 (21.01.19) | RTC Group plc (RTC.L, 56.5p/£8.3m) Full year trading update to 31.12.18 (25.01.19)

Estimates confirmed

RTC has released a favourable trading update for the 12 months to December 2018, confirming PBT of £1.8m, representing growth of 54% and a reduction in net debt from June 2018 levels. Trading on a 2019 PE rating of 5x and offering a dividend yield of 8% we maintain our buy recommendation and price target of 95p. At this level, the 2019E PE rating and dividend yield would still be only 8x and 4% respectively.

Small Cap Feast

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. Circassia Pharma (CIR.L) - specialty pharmaceutical company focused on respiratory disease transferring from the Main Market. No funds being raised. Due 4 Feb. Greenfields Petroleum (TSX-V:GNF) production focused company with operated assets in Azerbaijan seeking AIM dual li

HCM UPDATE - 06.08.18 (GATC.L; RTC.L)

Gattaca plc (GATC.L, 136p/£43.7m) Full year trading update | RTC Group plc (RTC.L, 55p/£8m) Half year results

Upbeat interims confirm full year forecast

Adjusted PBT at the interim was £0.83m representing growth of 27% with management remaining confident of ‘continuing the performance in the second half’. Trading on a 2018 PE of 6x and offering a dividend yield of 7%, having increased the interim dividend by 8%, we maintain a buy recommendation and price target of 95p (72% upside). At this level, the 2018 PE rating and dividend yield is still only 9.5x and 4% respectively.

Morning Note – 22 April 2024

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

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

Trading update highlights scale of growth

In a Trading Update for the twelve months to 31 March 2024 Supreme expects to report revenue of c.£225m, and (adj.) EBITDA of at least £38.0m, in line with market expectations, which had been revised upwards during the course of the year and represents almost double the FY23 level. The Group closed the year debt free. Our outlook highlights the extent to which Supreme has expanded, through both acquisition and organic growth during the period. From 2020 to 2024E the Group will have grown sales

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-

SP Angel Spec Sits: FY Trading Update (LTHM)

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

LIBERUM: CEO Video: Matt Wragg, Gattaca plc:

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

LIBERUM: Gattaca: Resilient contract performance, perm tough

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$

AUCTUS ON FRIDAY - 19/04/2024

AUCTUS PUBLICATIONS ________________________________________ Tethys Oil (TETY SS)C; target price of SEK100 per share: Increasing further the size of the prize/Considering Algeria – The South Lahan area on Block 58 is estimated to hold 55-523 mmbl prospective resources (P90-P10 case) with a mean case of 251.8 mmbbl prospective resources across six prospects in the Ara Carbonate. Combined with the previously disclosed prospective resources of the Fahd area in the north-eastern part of Block 58, Te