Hybridan Small Cap Feast 09/08/2023

9th August 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

Hybridan Small Cap Feast - 22 Jun 23

22nd 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

Hybridan Small Cap Feast - 18 Apr 23

18 April 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

Robust FY23 performance contrasts with low valuation

Today’s trading update highlights a strong performance in FY23, with revenue and operating profit ahead of market expectations. Volex looks to have exited FY23 in a robust position supported by its diverse growth markets focus and strong customer relationships, built on recognised levels of service and reliability. In common with the broader sector, the Group is seeing signs of supply chain normalisation, but still healthy underlying order positions, and reduced inflationary cost pressures. Pre-

Reaffirms trading in-line with FY23 expectations

Volex has delivered a good H1 performance. Organic revenue growth (at CER) was 14.3% reflecting a robust demand picture and timely management of cost pressures and supply chain challenges. The Group has again demonstrated its resilience benefiting from building exposures to key market sectors exhibiting structural growth. Volex’s global footprint continues to resonate well with customers looking for a reliable, efficient and cost competitive supplier able to provide quality products and solution

Reassuring AGM statement

Volex has issued a positive AGM trading update highlighting that Q1 performance has been strong, and in line with expectations and management’s new 5-year growth plan. The statement notes that revenue is up 4.9% (organic), against, what will have been, an adverse €:$ FX effect. Utilisation has remained high, and acquisitions made in FY22 are integrating and progressing well. All end markets are showing encouraging demand, underpinning VLX’s resilience against a still challenging supply chain bac

Finals, ahead of expectations

Volex has delivered final results that are ahead of expectation. Organic revenue growth of 19% reflects growing customer demand, alongside a particularly strong performance in EV which saw sales almost double. The Group has demonstrated its ability to manage both supply chain challenges and inflationary cost increases, albeit with a short time lag. Recent acquisitions have integrated well, building exposure to attractive higher growth market segments. The Group’s global footprint has resonated w

Trading ahead of expectations

Volex has issued its year end trading update confirming revenues in excess of $605m and an operating profit in excess of $55m that are ahead of consensus FY22E expectations of $581m and $54.2m respectively. The Group continues to trade strongly whilst effectively managing global supply chain challenges and benefits from its proven ability to pass through inflationary cost increases, albeit with a time lag. Demand increased during the year, in particular in the EV sector where sales almost double

The Big Book 2022 - Extended Coverage & Best Ideas

The Big Book 2022 includes our highest conviction Best Ideas for 2022. In 2021 our Best ideas outperformed by 24%, extending our track record (>10% outperformance on average over the past decade). We have again divided our coverage into six distinct themes to create our Matrix. We have added two new categories this year: ESG and Pricing Power, both of which will be fundamental investment themes for 2022. We look forward to discussing our ideas with you.

Hybridan Small Cap Feast 04/01/2022

While we were away Joiners: Mac Alpha Limited (MACA.L) joined the Main Market. (24/12/21) Atome Energy PLC (ATOM.L) joined AIM. (30/12/21) Leavers: No leavers What’s cooking in the IPO kitchen? Graft Polymer a business focused on the development of polymer modification and drug delivery systems is to join the Main Market (Standard). Graft Polymer has developed a proprietary set of polymer modification technologies, which can improve existing products and processing methodologies by enhancing per

Completion of N. American acquisitions

Volex has announced the completion of the acquisitions of Prodamex and Terminal & Cable (‘TC’) following the receipt of regulatory approval. The businesses have been acquired debt free for US$17.8m, equivalent to a 7.7x EV/EBITDA multiple based on results for the year ended May 2021. The acquisitions, which will be accretive from completion, are an excellent fit with Volex’s existing operations and focus, and should add to management’s strong record for complementary acquisitions. We have update

PANMURE LIBERUM: Commodity redEYE: Peak conviction, instantly restored

SP Angel Morning View: Iron ore limit up as China stimulates further over the weekend, boosting sentiment

SP Angel Morning View: Gold edges higher as Russian Ministry of Finance plans to boost precious metals purchases in 2025

American West Metals (AW1 AU) – Suspension Anglo Asian Mining* (AAZ LN) – Agitation leaching plant production resumed Barrick Gold (GOLD US) – Agreement reached with Mali government Caledonia Mining* (CMCL LN) – Solar power plant at the Blanket mine, Zimbabwe Cobra Resources (COBR LN) – Bench scale test results from Boland project, South Australia Ionic Rare Earths (IXR AU) – UK funding for REE recycling business Orosur Mining* (OMI LN) –Annual results and share placing Power Nickel (PNPN

Global Unmanned Aerial Vehicles (UAV) Industry Report October 2024

This report looks at the unmanned aerial vehicles industry globally. Unmanned Aerial Vehicles (UAVs), Unmanned Aerial Systems (UAS) or Remotely Piloted Aircraft (RPA) — the official International Civil Aviation Organization (ICAO) term for such aircraft — are multi-rotor helicopters or planes with no human pilots that are controlled by onboard computers by the remote control of a pilot on the ground. They are also most commonly known as drones. The report talks about the overall market size, mar

Morning Note – 30 September 2024

Hybridan Small Cap Feast - 4 October 2024

Dish of the day Admissions: None Delistings: None What’s baking in the oven? ITF announced:*** Potential** Initial Public Offerings: 30th September 2024: Applied Nutrition, the sports nutrition, health and wellness brand announced that it is considering an £500m IPO onto the LSE Main Market. Across the four ranges, the Group sells approximately 100 different products, with flavour and format combinations across those products resulting in over 500 stock keeping units. July 2024 YE numbers report

Morning Note – 3 October 2024

Galliford Try | FY24 results – top end results, distributions hiked

Another set of results, another beat to expectations. After a particularly strong 2HFY24 performance, Galliford Try beat the top end of consensus expectations for revenue and nearly did the same for adjusted profit before tax, notwithstanding hefty upgrades following the positive FY24 trading update. The strength of the performance was underscored by a 48% hike in the dividend for the year to 15.5p, more than 20% above the top end of consensus, together with the announcement of a further £10m sh

Zeus Building Products Round-up - 4 October 2024

September was a busy month of companies reporting interim results and providing commentary on the remainder of the year and into 2025. Trying to decipher clear trends proved challenging, with results being mixed across the board. That said, our analysis on the quarterly change in consensus estimates across the four subsectors was encouraging, shown in Exhibit 1. It was promising to see c. 60% of companies reporting inline full year expectations, with c. 15% see upgrades to FY1 expectations. The

Getech Group - Interim results

Following a year of transition in which the Company has refocused the business on its core strength of data led sub-surface exploration, Getech’s interim results show that the business is moving in the right direction. During the period, Getech delivered an uplift in revenue, Annualised Recurring Revenue (ARR) and orderbook. Following a recent £1.7m fundraise, the business is well placed to increase its customer base and convert an expanded £9.6m sales pipeline. Getech looks compelling on an FY2

SP Angel Morning View: Base metals continue to rise following China stimulus

Mpac Group+ (MPAC, House Stock at 415p) - Sweet on the“pallet” – transformational!

Earnings inflection ahead, very encouraging order intake

We expect to see an inflection in group earnings from Q324. Recent commercial momentum has been encouraging with the gain of two significant orders including a EUR60m drone order in July. H1 EBITDA margin down on high tendering activity, solid operating cash on WC improvement Exail delivered mixed H124 results, with revenue up +5% but EBITDA down -9%. This resulted in an EBITDA margin of 19%, down -300bps and primarily reflecting the high level of tendering activity and related costs. Operat

Galliford Try - Initiation Note

After the significant (and timely) sale of its housebuilding businesses in January 2020, Galliford Try is an old name with a newly focused business model, no debt, no pension liabilities, and significant cash on its balance sheet. It is a pure-play construction business with a large order book and highly visible revenue (90% of FY21 revenue was already secured by 30th June 2020), which is set to be profitable and cashflow positive this year. As a result, it will re-instate its dividend at the

Morning Note – 20 June 2024