LIBERUM: HomeServe - Results in line – possibility of a further bid

LIBERUM: HomeServe - Brookfield offer recommended

LIBERUM: HomeServe - In line statement highlights defensive characteristics of the business

LIBERUM: HomeServe - The US is ahead of plan

LIBERUM: HomeServe - Interims in line - US ahead of plan

LIBERUM: HomeServe - High usage across the board re-enforces value

LIBERUM: HomeServe - An attractive entry point

LIBERUM: HomeServe - FY in line, with strength in US, weakness in the UK

LIBERUM: HomeServe - In line with slight improvement in organic growth

LIBERUM: HomeServe - Resilient despite COVID and FX

LIBERUM: HomeServe - Continued momentum in the US

LIBERUM: HomeServe - The US drives further upgrades

LIBERUM: HomeServe - Continued strength in the US

LIBERUM: HomeServe - FCA pricing review not as final as it sounds and focused on motor and home

LIBERUM: HomeServe - Abundant growth opportunities

Strong H1'23 results; forecasts upgraded

LIBERUM: Housebuilders: Darkest before dawn

Strategic progress drives robust growth

H1 interims are in line. Argentex has delivered strong growth (+28% yoy revenue) by driving growth initiatives. New technology-enabled products have been launched, including Alternative Transaction Banking, which are already delivering compelling growth ahead of expectations. Pressing into Europe via the Netherlands is also delivering strong growth. At the core, client KPIs remain strong. We leave our forecasts unchanged, with revenue momentum continuing into Q3. We believe the current 12.4x Dec

LIBERUM: Housebuilders: Rate peak nears & Gove less BANANAs

Equals Group (EQLS LN) - Interims justify rise in forecasts

What’s new: Equals Group has delivered outstanding interims, which have exceeded even the positive commentary at the Capital Markets Day in May and the trading update on 5 July. With trading “ahead of expectations”, we raise our 2023E revenue forecast by 7% to £95m and adj EBITDA forecast by 11% to £20m, as well as nudging up our forecasts for 2024E and 2025E.

H1 23: focusing on capital generation

Promising results for M&G in H1 23. The new CEO, Andrea Rossi, continues to execute the company’s new strategy, and we have confidence that he is positioning M&G to surpass its financial targets for the 2022-24 plan. The H1 23 operating capital generation results significantly outperformed expectations, exceeding the consensus by more than 50%. This substantial capital accumulation is poised to deliver strong returns to shareholders, rewarding them for their patience during this transitional per

LIBERUM: Alpha Group International: Underlying strength

Gore Street Energy Storage + (GSF, House Stock, 84p) - Steady NAV growth

Robust interims; small reductions to FY24 forecasts

LIBERUM: Real Estate Investors: Further profitable sales reduce leverage

LIBERUM: Harworth: Valuation gains reflect management actions and operational progress

LIBERUM: Pollen Street : Fundraising momentum continues

Taking the Upper Brand: Brands Sector Overview

The earliest dated brand has long been contested; the majority point to Kongō Gumi, a family run construction company that specialised in Buddhist temples in Japan; its documented record of ownership goes back to 578 AD. Like Kongō Gumi, several different brands have withstood the test of time, albeit without then same degree of longevity. The term brand originates from the 1500s and means "to burn" in Ancient Norse and was initially used to mark cattle for ownership. This practice can be consid

Interim Results

FSFL, a UK centric solar electricity generator, delivered a solid H1’23 total return (-2.4%) in a difficult environment. During the period, the fund continued with its forward sales (locking in cashflows for the next 2.5 years), increased its discount rate by c50bps to 7.5% (UK), maintained its medium term inflation (2024-2030) assumption of 3.0% and announced plans to recycle 200MW of assets into higher returning projects. During 2023 the sector has de-rated as investors, grappling with valuati

Morning Note – 6 September 2023