Hybridan Small Cap Feast - 24 Mar 23

24 March 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

SHORE CAPITAL - Warpaint London+ (W7L, House Stock at 198p)

Hybridan Small Cap Feast - 11 Jan 23

11 January 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 object

SHORE CAPITAL - Warpaint London+ (W7L) - House Stock at 190p - A shimmering FY22 confirmed, upgrades

Hybridan Small Cap Feast 14/10/22

Dish of the day Joiners: VAALCO Energy, Inc. (EGY) has been readmitted to the Main Market following a RTO. VAALCO Energy, Inc. announced the closing of the strategic combination of VAALCO and TransGlobe Energy Corporation. The combined Company will now trade on the NYSE and LSE under the ticker symbol EGY. Leavers: TransGlobe Energy Corporation has left AIM following the above RTO. What’s cooking in the IPO kitchen?** World Chess plc, a leading chess organisation, intends to join the Main Market

Hybridan Small Cap Feast 21/09/2022

Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Independent Living REIT plc, intends to float on the Premium Segment of the Main Market. The Company's investment objective is to address the shortage of high-quality supported housing, delivering capital growth and inflation-linked income returns for its investors whilst providing a fair deal for society through savings for the UK taxpayer, and improved outcomes for residents. Raising £150

SHORE CAPITAL - Warpaint London+ (W7L) - House Stock at 129p

Hybridan Small Cap Feast 08/09/22

Dish of the day Joiners: No joiners today. Leavers: GYG plc has left AIM. What’s cooking in the IPO kitchen?** Critical Metals plc, a company established to acquire mining opportunities in the critical and strategic metals sector, is to be re-admitted onto the Main Market under the ticker “CRTM”, following the proposed acquisition of a 57% interest in Madini Occidental Limited, which holds an indirect 70% interest in the Molulu copper/cobalt project located in the Democratic Republic of Congo. C

Upgrade cycle continues as brand demand grows

Trading momentum has been sustained in early Q3, triggering a 3rd upgrade YTD. There is clear evidence the growth strategy is bearing fruit. Distribution gains are increasing brand reach both in the UK and overseas. This appears to be an ideal time for its on-trend value-for-money proposition to gain traction in its key channels, potentially with counter-cyclical characteristics as consumers start trading down. After a further pull-back (YTD now -29%), valuation is out of synch with its growth t

SHORE CAPITAL - Warpaint London+ (W7L) - House Stock at 111p - Trading adds further gloss to FY22 expectations

SHORE CAPITAL - Warpaint London+ (W7L) - House Stock at 113p

Record H1 as distribution widens and offer resonates

Trading continues to track ahead of expectations, which have been upgraded twice so far YTD. There is clear evidence the growth strategy is bearing fruit. Distribution gains are increasing brand reach both in the UK and overseas. This appears to be an ideal time for its on-trend value-for-money proposition to gain traction, potentially with counter-cyclical characteristics as consumers start trading down. After the recent pull-back, valuation is undemanding for a 3-yr EPS CAGR of 13% with risk p

SHORE CAPITAL - Warpaint London (W7L) - House stock at 127p

FY22 in line – focus on core increasing

FY22 results are in line with revised estimates. Management continues to intensify its focus on the growing, profitable and cash generative Point-of-Care and Life Sciences activities, where confidence in the latter opportunity is increasing. We make some modest changes to our forecasts to reflect further streamlining post-period end and point to the strong growth outlook from FY24 onwards. We believe this is being overly discounted by the market and view the shares as being in deep value territo

Clean exit from ADL Health

EKF has announced a clean solution has been found for the non-core Laboratory Testing business ADL Health, selling the business back to one of its management team. Having pared back our estimates for this division in February, we expect no further material impact on earnings from this move. Strategically, we view it as positive, removing a distraction and further re-focussing activities back towards the core established Point-of-Care & Central Labs business and the growing new Life Sciences acti

Hybridan Small Cap Feast - 23 Mar 23

23 March 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

SHORE CAPITAL - Destiny Pharma plc+ (DEST, House Stock at 30p)

Hybridan Small Cap Feast - 06 Mar 23

6 March 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 objective

Positive momentum persists

2022 was a pivotal year for NIOX as it moved firmly into sustainable profitability and cash generation. The foundations for a scalable platform are now well-established and the group enters 2023 with strong momentum (revenues in the first two months of the year were +19%). Having upgraded our forecasts following the trading update in January, we push through further EBITDA upgrades on improved margin assumptions. NIOX is a rare asset and fully deserves a premium rating. We stay at Buy, with an i

Tissue Regenix - FY 2022 – a pivotal year to a sustainably profitable business

Tissue Regenix reported full-year results to 31 December in line with its January trading update that indicated it had reached EBITDA profitability in Q4. What was undisclosed then was that it included a $0.45m provision, without which it would have generated an adjusted EBITDA of c.$0.4m in H2, illustrating the positive underlying progression to a profitable and sustainable growth company. The outlook remains positive – new products, new geographies and additional distributors/strategic partner

Morning Note – 27 March 2023

Hybridan Small Cap Feast - 21 Mar 23

21 March 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

Hybridan Small Cap Feast - 14 Mar 23

14 March 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

LIBERUM: Medica Group PLC* - Two deals and on track for FY’23

Hybridan Small Cap Feast - 16 Mar 23

16 March 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

Hybridan Small Cap Feast - 20 Mar 23

20 March 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

Hybridan Small Cap Feast - 27 Mar 23

27 March 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

Moving from recovery to sustained growth & margin improvement

SUN’s FY22 prelims are in line with upgraded expectations, with revenues increasing by a notable 24%, taking the group back above pre-pandemic levels. Elective recovery remains patchy, but SUN continues to take market share by launching new products, opening new hospital accounts and new geographies. The outlook is reported to be positive and we make no change of our FY23 estimates, which look well supported. The group is now moving firmly towards sustained growth and margin improvement, and rem