Morning Note – 22 June 2022

Xeros - Solving urgent water usage and pollution issues

We have taken a fresh look at the Xeros investment case, re-instated forecasts and set a new price target of 125p/share. The commercial and environmental benefits of the XOrb, XDrum and XFilter technology platforms remain as compelling as ever, while there is now real commercial momentum, especially in Domestic Laundry and XFilter. We now expect breakeven in FY2024E.

Morning Note – 14 June 2022

Hybridan Small Cap Feast 08/06/2022

While we were away Woodside Petroleum (WDS.L) joined the Main Market. Woodside is an ASX listed oil and gas company based in Perth and is Australia’s leading natural gas producer. Intosol Holdings (INTO.L) has left the Main Market. Dish of the day Joiners: No Joiners Today. Leavers: CIP Merchant Capital has left AIM. What’s cooking in the IPO kitchen? AssetCo plc, intends to join re-join AIM. The Company's strategy is to develop an agile asset and wealth management company that meets the needs o

Morning Note – 8 June 2022

Morning Note – 31 March 2022

Morning Note – 27 January 2022

Morning Note – 23 September 2021

Xeros - Pandemic drag continues but future remains bright

Xeros has reported H1 2021 results for the six-month period up to end June 2021. Revenues are broadly inline but cash is slightly behind expectations due to ramp up in XFiltra investment. These results are not reflective of the longer-term potential of the Group. Despite some inevitable further pandemic-induced delays, commercial progress is encouraging, with the potential of XFiltra looking particularly exciting. We reiterate our 400p/share price target.

Small Cap Feast: 12/05/21

What’s cooking in the IPO kitchen? Pioneer Media Holdings Inc to join the Access segment AQSE Growth market. The Company is an investment company focused on the eSports and mobile gaming industries, and all business sectors related thereto. No funds being raised. Due 25 May. Pharma C Investments to list as a SPAC on the Access segment of the AQSE Growth Market. It is specifically seeking to take advantage of the dynamic regulatory environment surrounding legal Medicinal Cannabis. Due 26 May. N

Xeros - Slight domestic launch delay in India

Xeros has issued an update relating to the timing of entry to the Indian commercial and domestic laundry markets through its customer in the region, IFB. As expected, IFB has now made its first commercial sale, to Radisson Hotels, with more likely to follow in FY2021. On the domestic side we had assumed IFB would launch during Q4 2021 but, due to significant COVID disruption, this is now looking unlikely. We now assume launch during Q1 2022. We shave off £0.2m from our FY2021 revenue expectation

Morning Note – 6 July 2021

Morning Note – 1 July 2021

Small Cap Feast: 01/07/21

What’s cooking in the IPO kitchen? CMO Group PLC, the UK's largest online-only retailer of building materials, announced its intention to seek admission to AIM. The Group currently operates seven specialist websites, Roofingsuperstore.co.uk, Drainagesuperstore.co.uk, Insulationsuperstore.co.uk, Doorsuperstore.co.uk, Tileandfloorsuperstore.co.uk, cmotrade.co.uk and Totaltiles.co.uk. Admission due early July. Seraphine Group, intends to IPO on the Premium Segment on the Main Market. Seraphine, a

Morning Note – 24 June 2021

ITM Power - Forecast and target price update

Forecast and target price update

LIBERUM: SigmaRoc* - On track & strategic JV

LIBERUM: Yü Group* - More upgrades and stand-out cheap – even in this market

Xpediator (XPD LN) - Under new management

XPD has a new management team, only recently appointed. They have a full plate, including fixing underperforming UK warehousing and freight forwarding units, cutting overheads, and improving management of working capital to reduce debt. But there are also some gems in the Group, the core Central & Eastern European (CEE) logistics operations continue to perform strongly despite the turbulence of the War in Ukraine. Hence H1 earnings show a mixed picture with Group revenue up nearly 50% to £189.3m

Invinity Energy Systems - 1H22 results – Investment case strengthens

Invinity announced results for 1H22 to June including a net loss of £11.6m with cash at £16.1m. Results will be weighted to 2H22 as vanadium flow batteries (VFBs) for the Elemental and Yadlamalka projects are shipped. The Base order book doubled and Invinity is focused on closing late-stage commercial deals by YE22. Good progress is being made on the next-generation VFB with Gamesa, now named Mistral. The business case for VFBs is improving as EV demand for lithium-ion batteries squeezes availab

LIBERUM: SThree* - Strong Q3 leads to another upgrade

EQTE - Heads of Terms toward Sale of Deeside Project

Heads of Terms toward Sale of Deeside Project

SHORE CAPITAL - Crestchic^ (LAOD) - House Stock at 274p

LIBERUM: Judges Scientific* - Geotek drives FY upgrades

In-line results, robust outlook

Despite ongoing supply chain disruption, the Group has reported results in-line with expectation. Adjusted EBITDA from continuing operations improved slightly to £12.7m with the Energy divisions growing by c.15%. Increased investment in the Medical division and the pivot away from 3rd party component manufacture resulted in an offsetting c.£1.5m EBITDA movement. The Group enters FY2023 with a robust order book that already provides 90% coverage for FY23E and 45% for FY24E. Our EBITDA forecasts r

Water Intelligence - 1H22 interims, amending TP, reiterate Buy

Water Intelligence reported a strong increase in revenues for 1H22 but that did not translate into profits which were held back by a sharp increase in other administrative costs. We understand that cost trajectory should flatten in 2H22 which, together with an increase in our revenue forecasts, means we maintain our EPS forecasts. The revenue performance underscores the strength of the growth story but given current market conditions and the need for Water Intelligence to demonstrate bottom line

SIMEC Atlantis Energy* - MeyGen tidal turbine redeployment

MeyGen tidal turbine redeployment

EQTEC - Deeside Sale Terms Agreed

EQTEC continues to deliver on its strategy of realising value from its development projects and focusing on the delivery of its proprietary gasification technology. The agreement to sell Deeside for £15m represents value in our view and adjusting our forecasts for the transaction raises our central case valuation to 3.4p from 3.2p.

Cenkos: Oil & Gas Sector -- Trinity Exploration and Production, Falcon Oil & Gas, Getech Group, Longboat Energy, Reabold Resources, Union Jack, Jadestone Energy, Jersey Oil & Gas, Petro Matad, Prospex Energy, Zephyr Energy, Predator Oil & Gas, Synergia Ene

Oil posted its longest stretch of weekly losses this year as central banks around the world stepped up the fight against inflation at the cost of economic growth. West Texas Intermediate settled below $79 a barrel on Friday for the first time since January and declined for a fourth straight week. The Federal Reserve this week gave its clearest signal yet that it is willing to tolerate a US recession as the trade-off for regaining control of inflation, while the UK, Norway and South Africa als

EQTEC - Rationalisation at Southport

Rationalisation of project ownership at the Southport Hybrid Energy Park allows EQTEC to avoid major capital commitment while still benefiting from development services income, and helps to accelerate development of the project which, in Phase 2, will include EQTEC gasification technology.