Hybridan Small Cap Feast 07/12/2022

Dish of the day Joiners: No joiners today. Leavers: Attraqt Group delists from AIM following their acquisition from Crownpeak Holdings LLC. What’s cooking in the IPO kitchen?** Savannah Energy, the AIM-quoted energy company is undergoing a reverse transaction in connection with the acquisition of Exxon Mobil Corporation's entire upstream and midstream asset portfolio in Chad and Cameroon. No capital to be raised on Admission. Anticipated market cap £300m. Expected admission date TBC. Celsius Res

SDI: Another strong set of results

SDI Group has announced strong H1 results to 31 October, with the full year expected to be in line with market expectations. Total revenue increased by 28.3% to £31.7m and adjusted operating profit by 19% to £6.9m. Despite increased global economic uncertainty, SDI’s niche businesses, operating in diverse end markets, have driven overall organic revenue growth of 3.8%. Safelab Systems and Scientific Vacuum Systems (SVS) acquired over FY 2022 and LTE Scientific Limited (LTE) in the first half of

Morning Note – 7 December 2022

SDI Group - Interims

SDI reported a strong set of interim results to 31 October, with 14% and 28% increases in adjusted pre-tax profit and EPS, driven by 28% revenue growth. Organic growth of 4% reflected some timing issues relating to component delays, with acquisitions contributing £6.1m (+25%) to revenue growth. We have made minor changes to pre-tax profit and EPS in FY 23 (-3% to £11.9m and 9.1p) and FY 24 (-1% to £12.4m) to reflect higher net debt (working capital) and therefore higher finance charges. Acquisit

Hybridan Small Cap Feast 24/10/22

Joiners: Eastinco Mining (ATN.L) has joined AIM. Leavers: Ted Baker has left the London Stock Exchange. What’s cooking in the IPO kitchen?** Ithaca Energy, a UK independent exploration and production company focused on the UK North Sea, intends to join the Premium Segment of the Main Market. Ithaca Energy is one of the largest independent oil and gas companies in the UKCS, ranking 2nd by resources and 3rd by production. During the six months ended 30 June 2022, Ithaca Energy's average daily prod

SDI: Acquisition to increase global presence

SDI Group has announced the acquisition of Fraser Anti-Static Techniques Limited (Fraser), a UK-based global leader in the manufacture of anti-static equipment. The estimated total consideration is £13m, net of approximately £3.9m excess cash acquired. The acquisition will be funded from SDI’s existing cash resources and revolving credit facility; as at 30 September the group had c.£3.3m of cash, £7.0m bank debt and £13.0m undrawn bank facility. Fraser represents a departure from SDI’s usual sub

Morning Note – 24 October 2022

SDI Group - Accretive acquisition – largest to date

SDI has announced the acquisition of Fraser Anti-Static Techniques (Fraser) for c.£16.9m (includes £1.76m of freehold properties and c.£3.9m cash). Fraser manufactures static control and generation solutions to OEMs that sell into the plastics, packaging and printing industries, amongst others. The acquisition is funded from cash and SDI’s existing debt facility, with net debt at 30 September having been c.£3.7m. We expect the acquisition to be immediately EPS enhancing to FY 2023 (+4%), althoug

SDI: Acquisition of LTE Scientific Limited

SDI Group has announced the acquisition of LTE Scientific Limited (LTE), a UK manufacturer of sterilizers and decontamination equipment, for an estimated total consideration of £4.2m, net of £1.3m excess cash acquired. The initial cash consideration is £4.2m, with a further £1.3m payment due shortly after completion. It will be funded by the group’s existing cash resources and £20m revolving credit facility, highlighting SDI’s balance sheet strength. The acquisition is expected to be immediately

Morning Note – 1 August 2022

SDI Group - Accretive acquisition – +5% in FY 2024

SDI has announced the acquisition of LTE Scientific for c.£5.5m (includes £1.65m of freehold property and £1.3m of cash). LTE Scientific manufactures and services sterilizers, decontamination and thermal processing equipment, used in the life science and medical market sectors. The acquisition is funded from cash and SDI’s existing debt facility, with net cash at 30 April having been c.£1.1m. We expect the acquisition to be immediately EPS enhancing and to be c.5% accretive to EPS in FY 2024. Co

Hybridan Small Cap Feast 21-07-2022

Dish of the day 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 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 export

Morning Note – 21 July 2022

SDI Group - FY 2022 – another record year drives 12% FY 2023 upgrade

The third year of consecutive >50% EBITDA growth and 45% CAGR EPS growth - SDI reported full-year results to 30 April that were 12% higher than indicated at the trading update (6 May), helped in part by higher recognised revenues from the SVS and Safelab acquisitions. Coupled with a stronger underlying cash position (net cash of £1.1m), in part reflecting a delay in the Safelab contingent payment into FY 2023 and higher than forecast OEM contract prepayments (albeit less than FY 2021), £20m borr

SDI Group: Another record year

SDI Group has delivered an exceptional performance for FY22, following a succession of upgrades prompted by the trading update in May and acquisitions of Safelab Systems in March and Scientific Vacuum Systems in January. Atik Cameras benefits from significant Covid-19 related demand, expected to continue into the first half of FY23E. Despite macro volatility and Covid disruption, SDI has achieved another record year by some margin. Capital employed has grown 35% compound over the past six years,

Terminating coverage

Strong finish to 2022, upgrade to 2023

Somero Enterprises - Year-end trading update – slightly lower than expectations

The update reflects some slight customer supply chain constraints, with the resultant FY revenue and EBITDA slightly down on previous guidance. Underlying market demand remains positive with expected backlogs. Strong growth was again recorded by Europe (+20%) and Australia (+40%). We reduce our revenue for FY22 by 3.5% with a 3.7% reduction in Adj EPS. Lower net cash of $34.0m is also reflected in dividends, which we reduce by 22% to 37.5ȼ. The growth story remains strong with international grow

QuotedData’s Real Estate Monthly Roundup – January 2023

Performance - 2022 ended with another difficult month for property companies as the sector continues to get to grips with the impact of higher interest rates. There were several funds that performed well during December, however, with secondary shopping centre landlord Capital & Regional top of the pile. For a second month on the trot Home REIT saw its share price tank after it came under attack from a short seller in November. Valuation moves - It was a mixed bag for valuations, with six-month

This Week's AIM Highlights 20th January 2023

LIBERUM: SigmaRoc* - Good start to 2023 with strong pipeline

LIBERUM: Yü Group* - Yet more upgrades

Strix (KETL LN) - Full year trading update

Strix have issued a full year trading update indicating profit after tax will be c. £23.0m, in line with updated guidance provided in the 30 November 2022 trading update following completion of the Billi acquisition. Year-end net debt came in at £87.0m, slightly ahead of Zeus forecasts, leaving the company well placed to bring net debt / EBITDA materially below 2.0x during FY23. Profitability being in line provides confidence that the Zeus FY22 revenue forecast of £110.0m will be achieved, imply

Q4 & FY22 Trading Update

Capital Limited (LSE: CAPD) this morning provided its Q4 & FY2022 trading update. The Company has continued to perform strongly in 2022 with Q4 revenue 8.2% higher QoQ and 18.9% higher YoY. The full year of revenue has once again exceeded the revised guidance (albeit marginally) and our estimates.

ITM Power - A Major Reset

ITM’s new CEO has outlined a major reset for the company focused on transforming it into a volume manufacturer of market leading electrolyser technology. Getting there will involve a lot of work and cost and today’s revised guidance shows a near doubling of EBITDA loss against the original consensus for FY23. FY 24 should start to see the benefit of cost cutting and the company has also announced two new 100MW contracts announced today with Linde. Importantly, ITM has the cash reserves to suppor

FY23 expectations dashed; 12-month strategic plan unveiled; opportunity to accumulate?

As set out in its preliminary release ITM’s H1 results and FY23 outlook were below expectations. Revenues were lower, as sales related to the Leuna project were deferred to FY24. On the cost side, gross loss expanded due to inventory losses, and increased contract and warranty provisions. ITM also announced the signing of two 100MW projects to Linde Engineering, a strategic review of Motive Fuels, and a new 12-month strategic plan to reorient the company towards manufacturing and delivery.

ITM Power (ITM LN) - H1 FY 2023 results

ITM has released its H1 results to the end of October 2022, alongside providing an update on the company’s strategy under its new CEO. The statement is something of a curate’s egg, showing an expectation of poor FY 2023 financial performance (as previously flagged), but also a new strategy focused on manufacturing scale-up, and signature of two new 100MW contracts.

Hybridan Small Cap Feast - 25 Jan 23

25 January 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 object

SHORE CAPITAL - Ultimate Products+ (UPGS) - House Stock, 170p - Returning to Ambiente - a commercial opportunity

Hybridan Small Cap Feast - 17 Jan 23

17 January 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 object