Morning Note – 15 April 2024

Renold - Strong end to FY24: EPS up 11%. Robust FY25: EPS up 27.6%

The FY24 year-end update is very upbeat signalling trading being materially ahead of expectations, with a better-than-expected profit out turn and stronger cash generation. It continues to strengthen margins through efficiencies and investment in modern equipment. The order book remains close to record levels providing a robust view of future forecasts. In FY24E we upgrade EPS by 11% and in FY25E a significant upgrade of 27.6%. It looks capable of declaring a dividend in FY25 as well as manageme

Morning Note – 15 November 2023

Renold - Strong interim results – FY24 EPS upgrade of 9.3%

The group has seen a very strong H1 performance, with decent momentum in Chain markets but driven by the strong increase in output in Cardiff in the TT division. Margins in particular saw a strong improvement with both divisions generating ROS of 16%. Order intake has continued to see some softer conditions, with ordering patterns normalising, although this results in a lower order book, particularly in Europe. On strong H1 results management expect FY24 to be ahead of expectations. We upgrade F

Morning Note – 5 September 2023

Renold - Trading ahead of expectations & acquisition – 6% EPS upgrade

Renold’s AGM signalled a strong start to the year, with adj EBIT expected to be ahead of FY24 forecasts. Market uncertainties and cost pressures continue, with some end markets softening and order schedules shortening. Nonetheless, the group appears to be managing well in the circumstances. Last week, the group announced a small bolt-on acquisition of an Australian conveyor chain business. The deal is immediately earnings enhancing and offers significant identified operational synergies with Ren

Hybridan Small Cap Feast - 12 Jul 23

12th July 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 – 12 July 2023

Renold - FY23 results ahead of forecasts: FY24E EPS raised by 10%

The group’s FY23 results were ahead of our upgraded expectations, benefitting from an exceptionally strong and record-high final quarter. Supply chains and lead times appear to be moving towards normality. The maiden contribution from YUK was ahead of initial expectations. The increase in EBIT margin to 9.8% shows pricing strength in an inflationary environment. With an upbeat outlook, guidance has increased, and we raise our FY24 EPS by 10% and FY25 by 11%. We maintain our TP at 58p, offering s

Morning Note – 9 May 2023

Hybridan Small Cap Feast - 17 Apr 23

17 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

Morning Note – 17 April 2023

Renold - Trading update – trading significantly ahead of expectations

The full-year trading update to 31 March 2023 is positive, pointing to underlying trading profit materially ahead of previously upgraded expectations. Revenue has increased by 18.8% on a CER basis and up 13.4% on a like-for-like basis, excluding the gain from the YUK acquisition. Strong sales momentum in Q4 coupled with gains from the YUK acquisition, cost and efficiency measures and inflation recovery actions achieved this positive result. Net debt at £29.8m was also better than expected. In FY

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

Morning Note – 22 April 2024

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

SP Angel Spec Sits: FY Trading Update (LTHM)

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-

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

Hybridan Small Cap Feast - 24 April 24

24th 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

LIBERUM: Gattaca: Resilient contract performance, perm tough

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

LIBERUM: CEO Video: Matt Wragg, Gattaca plc:

LIBERUM: Capex Cycle: Miners' spending continues to lift

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$