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

Invinity Energy Systems - Get with the V-flow

Invinity is commercialising its leading vanadium flow battery (VFB) technology into a market growing at over 40% pa. Invinity's VS3 battery is already competitive with an enhanced product under development. Revenue is set to quintuple this year and, on our forecasts, continues to grow rapidly with gross margins of 30-40% generating a net profit from 2026. Assuming the sales pipeline crystallises, Invinity could be fully funded through to net free cash generation. The stock has been harshly treat

ITM Power - Forecast and target price update

Forecast and target price update

UK Energy Package - Energy Package Impacts on Clean Energy

UK Prime Minster Liz Truss has outlined a package to offset the impact of high gas prices on the UK electorate. While a lot of the initiatives focus on household bills, a number have a direct impact on clean energy companies. We see the amendment of the Renewables Obligation with a CfD mechanism as potentially de-risking for clean energy companies. Commitment to energy export is positive for hydrogen and e-fuel producers and the confirmation of no windfall tax is a relief for larger clean energy

ITM Power - Repositioning

ITM’s full year results statement showed a company repositioning itself in the face of supply chain and other macro issues, and also moving towards a more managed roll out of capacity focused on delivery. While this results in a reduction in our forecasts it is also feels like a more sustainable position and in the longer run result in a company more able to take on the considerable opportunities that are developing in the market.

LIBERUM: SigmaRoc* - On track & strategic JV

Somero Enterprises - Interim results – trading in line with FY22 expectations

Interim results show a resilient performance, with price increases offsetting cost inflation. Three of the group’s five regions saw growth. North American operations remained robust, with strong momentum continuing in Australia, while new products contributed $3.2m to growth. The Board confirms existing guidance and as such is on track to be in line with our forecasts for FY22. We retain our 808p price target, with the sterling valuation assisted by recent dollar strength.

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

LIBERUM: Luceco* - On track for 2022 expectations

LIBERUM: SThree* - Strong Q3 leads to another upgrade

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

LIBERUM: Judges Scientific* - Geotek drives FY upgrades

SIMEC Atlantis Energy* - MeyGen tidal turbine redeployment

MeyGen tidal turbine redeployment

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

SHORE CAPITAL - Mpac Group+ (MPAC, House Stock at 305p)

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.