Prospective value-market winner

FLASH: Good-value Jet2 likely to be the UK leisure market share gainer (not IAG M&A)

The reliable one - for <8x PER

Making holidays happen

Jet2's right product for tougher times

1974 all over again? BUY quality

Booking momentum accelerating

Holidays working

FLASH: Summer 2022 remains encouraging

Solid AGM statement

A tough year but reasons for optimism

Small Cap Feast

AMTE Power, a developer and manufacturer of lithium-ion battery cells for specialist markets, announced its intention to seek admission to trading on AIM. Admission is expected to take place during March 2021. The Company intends to raise approximately £7 million by way of a placing of new ordinary shares in the capital of the Company. Timing TBC. Samarkand Group Limited, the cross-border eCommerce technology and retail group opening up the world's largest market for brands and retailers, intend

Small Cap Feast

Umuthi Healthcare Solutions Plc, the technology led healthcare business focused on the distribution of pharmaceuticals and the provision of medical facilities in remote areas, seeking admission to the Standard Listing segment of the Official List The Hut Group. Expected intention to float on the Main Market. THG is a vertically integrated digital-first consumer brands group, retailing its own brands in beauty and nutrition plus third party brands, via its proprietary technology platform to

Dart Group* - Encouraging AGM Statement

Dart Group has released an AGM statement this morning indicating satisfaction with load factors and financial performance achieved year-to-date in the context of the challenging operating environment. In addition, the Group has applied to change its name to Jet2 Plc in recognition of the recent sale of the Fowler Welch distribution business and the sole focus on leisure travel. We keep our forecasts withdrawn at this time.

Dart Group*

FY20 results – All Focus on Resuming Operations

LIBERUM: hVIVO plc* - Another contract win underpins forecasts

SHORE CAPITAL - Sureserve Group+ (SUR, House Stock at 72p)

Tritax EuroBox - Opportunity knocks

The share prices of many logistics-focused REITs, including Tritax EuroBox (EBOX), have been hit as interest rates have risen and the investment market has cooled. Inevitably, valuations in the low-yielding logistics property sector will fall as investors factor this in. However, the occupier market is still a landlord’s market, with record low supply and robust demand putting owners in an advantageous position, meaning rental growth is very much in the picture. This will have an offsetting eff

Interims: Strong N. America organic ARR growth

The stand out number in Eckoh’s interims is North America Security Solutions ARR of $13.8m which has risen 16% from $11.9m over the past 6 months, implying even stronger double digit annualised growth. H1 also saw record N. Am. new business of $7.1m (PY $3.3m). UK ARR over the same period was broadly flat at £16.4m. Going forward N. America is likely to continue to be the growth driver, both due to native demand for Secure Payments solutions but also as the likely key beneficiary of Eckoh’s Cust

Hybridan Small Cap Feast 16/11/22

Dish of the day Joiners: BWP REIT joins the Wholesale Segment of the International Property Securities Exchange (IPSX). BWP REIT is a newly formed single asset company and has raised £35m by issuing 35m new ordinary shares at 100 pence per share to acquire Bridgewater Place, an office-led mixed use property in central Leeds and valued at £63m. The property is one of the tallest buildings in Yorkshire, comprising 234,000 sq. ft of office space, and is close to 90% let to EY, as well as multinatio

SHORE CAPITAL - Macfarlane Group+ (MACF, House Stock at 103p)

Morning Note – 16 November 2022

Industrial property market - What the logistics is going on?

If one looks through the current interest rate cycle and trusts that inflation will be brought under control at some point within an investable timescale, then the hope is that as the cost of capital reduces real estate values will rise again. Our worst-case scenario of a 200bps move in yields and no rental growth would see valuations fall by a third. Many of the discounts that industrial and logistics property companies are trading on are currently wider than this. Couple this with the strong o

Hybridan Small Cap Feast 09/11/22

Dish of the day Joiners: Ithaca Energy (ITH.L) has joined the Premium Segment of the Main Market. Based on the offer price of 250 pence per ordinary share, the market capitalisation will be approximately £2.5bn. Ithaca Energy is one of the largest independent oil and gas companies in the UKCS. The Company will target a free float of at least 10% of its issued share capital and expects to be eligible for inclusion in the FTSE UK indices. OTAQ plc, (OTAQ.L) has joined the Access Segment of the AQS

We remain Wise believers

Wise released its full HY 23 financial statements following last month’s report on the Q2 23 top-line figures. Despite a material beat on profitability, the market reaction did not follow. We however confirm our optimism on Wise which remains one of our FinTech top picks.

Hybridan Small Cap Feast 27/04/22

According to Proactive Investors, Bridgepoint is said to preparing to list Burger King UK on the London Stock Exchange as early as this spring. A valuation of £600m is expected. Lift Global Ventures plc to join AQSE Growth Market. The Company's investment strategy is to operate as an enterprise company seeking acquisition or investment opportunities within the financial media and technology industries. Within these broad industries, areas of focus may include: Financial news websites and other f

Hybridan Small Cap Feast 13/09/2022

Dish of the day Joiners: No joiners today. Leavers: Avast Plc has left the Premium Segment of the Main Market. What’s cooking in the IPO kitchen?** Fintech Asia, an investment company established to acquire businesses in the Fintech sector, primarily targeting the Asia-Pacific region, intends to join the Standard Segment of the Main Market. The Company has raised £1.455m through the placing of 3,010,000 ordinary shares of no par value, with net proceeds of £841,845. Expected 15 September. Ikigai

Hybridan Small Cap Feast 25/10/22

Dish of the day Joiners: Guanajuato Silver Company (AQSE: GSVR) has joined the AQSE Growth Market. Leavers: Eastinco Mining and Exploration left the AQSE Growth Market and joined the Standard List of the Main Market (yesterday we incorrectly said it had joined AIM.) Lamprell has left the Main Market. What’s cooking in the IPO kitchen?** Ithaca Energy, a UK independent exploration and production company focused on the UK North Sea, intends to join the Premium Segment of the Main Market. Ithaca En

Hybridan Small Cap Feast 10-11-2022

*A corporate client of Hybridan LLP ** Arranged by most recent first *** Alphabetically arranged Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** One Health Group plc, intends to join the AQSE Growth Market. The group provides medical services, in the form of elective surgical care, to support the NHS in the management of patients, through a growing network of community-based outreach clinics and independent hospitals. One H

Pensacola UK gas exploration well drilling operations start