Morning Note – 5 March 2024

Somero Enterprises - FY23 results in line, FY24 may offer upside to cautious out

Somero reported FY23 results in-line with expectations, showing challenges in the North American market, offset by gains from the relaunched S-22EZ availability in H2 and strong growth momentum continuing in Australia. Management cautiously guides to a flat revenue year, which may offer some upside. We make no changes to forecasts, which are pitched conservatively and may offer some upside scope with the launch of new products. We retain our 585p target price which offers significant upside to c

Morning Note – 31 January 2024

Somero Enterprises - Year-end update – FY23 trading in-line with forecast

Somero’s FY23 trading update confirmed as in-line with expectations, with slightly better cash generation improving net cash to $33m. FY24 forecasts were introduced conservatively pitched with stable revenues, helped by new products and further opex investment in Australia and Europe, with a new facility opening in Belgium. We retain our TP at 585p, offering upside to current levels, even after the shares recent rally, and an attractive FY23 dividend yield of 6.8%.

Somero Enterprises - Interim results – Board confident of achieving FY23 forecas

Interims reflect a very strong comparative in H1 2022, with an overall decline driven by lower volumes in North America (-24%), partly offset by significant growth booked in Europe (+46%) and Australia (+33%). Some impediments including limited concrete availability, as previously flagged, tighter lending standards, effect of higher interest rates, and permitting delays held back conversion of some projects into sales. Management indicates no change to underlying market conditions, with a steady

Morning Note – 24 July 2023

Hybridan Small Cap Feast - 20 Jun 23

20th June 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 objecti

Morning Note – 20 June 2023

Somero Enterprises - Trading update: reduced FY23 expectations

The five-month trading update highlights continued strong underlying market demand conditions but has also encountered some new factors that appear mainly timing issues that have affected revenues. Factors such as heightened interest rates, tighter lending standards and construction permit delays have resulted in delayed starts to some non-residential construction projects and deferred customer equipment purchasing. The limited availability of the newly launched S-22EZ has affected H1 but a prod