Braemar - Year-end strength drives upgrades

The strong full year trading update confirms that Braemar is in a good position to capitalise further on robust markets and management action taken over the last two years. The debt-free balance sheet leaves Braemar well-positioned to drive its future growth strategy, as previously outlined. The trading outlook is promising and Braemar should be able to leverage its strong balance sheet in pursuit of strategic growth. We have raised our FY24 and FY25 estimates but retain our DDM-based 520p per s

Cenkos: Braemar Plc -- Record revenue and profitability

In a trading update for the year to 28 February 2023, Braemar highlighted record revenue and profitability for the period. Braemar expects to report revenue not less than £150m, up at least 48.1% on FY22A, and underlying operating profit of not less than £20m, c100% ahead of FY22A, with all parts of the business performing well and further helped by a positive dollar FX tailwind. Braemar has increased its investment in the business during H2/23 and with trading in the current year staring well,

Braemar - Evidence of strategic success should drive value

The strong interim results and robust trading in H2 so far confirm that Braemar is in a good position to capitalise on management action taken over the last two years. The disposal of non-core assets and the debt-free balance sheet leave Braemar well-positioned to drive its future growth strategy, as previously outlined. The new Natural Gas desk is one such example. The trading outlook is promising and Braemar will be able to leverage its strong balance sheet in pursuit of strategic growth. We r

Cenkos: Braemar Plc -- Riding the US dollar wave

Braemar released interim results for the period to 31 August 2022 showing strong trading, with transaction volumes increased and revenue up 46% to £69.4m, aided by the strength of the US dollar. Underlying operating profit was up 95% to £10.9m, exhibiting a strong operational gearing effect. Braemar provides good exposure to global shipping markets and ongoing growth in maritime trade. We anticipate a strong performance for FY23E, continuing to benefit from US dollar strength and the growing sca

Braemar Shipping Services - Steaming purposefully into clear waters

Management action and strong markets over the last 18 months have led Braemar to a position where it is now free of non-core activities and is able to focus on its future growth strategy, as previously outlined. Furthermore, non-material accounting issues have been identified and resolved that explain the delayed preliminary results. The trading outlook is promising and Braemar will be able to leverage off its strong balance sheet in pursuit of growth. As a result, we have raised FY23 and FY24 P

Cenkos: Braemar Shipping Services Plc -- A mainstay in worldwide shipping

Braemar is one of the largest shipbroking companies in the world and has a long-established track record of delivering expert advice in shipping investment, chartering and risk management. For investors, Braemar provides good exposure to global shipping markets and ongoing growth in maritime trade. FY22 results showed strong trading with revenue and underlying operating profit significantly ahead of management expectations, up 21% and 30% respectively compared to FY21, with particularly strong p

Braemar Shipping Services - Ambition to double size in four years

Braemar recently completed a corporate transformation that will see it move away from being a widely spread shipping services company, to grow into a clearly focused shipbroking operation. Allied to the transformation is the company’s growth strategy, supported by growing global trade, and shipping’s status as the most energy-efficient and lowest carbon method of freight transport, that has management focused on doubling the business inside four years. We value the shares at 400p, a c 40% premiu

Support Group - finnCap Support Services quarterly sector note

Topics of the quarter: Two weeks ago, the Infrastructure & Projects Authority published an update to its National Infrastructure & Construction Pipeline that will involve up to £31bn of contracts being brought to market over the next year, with a projected £650bn of planned procurement over the next 10 years. Furthermore, this update is the first time the Government has earmarked where certain investment will be completed predominantly using modern methods of construction, forming part of its st

Morning Note – 28 September 2021

Morning Note – 22 September 2021

Braemar - Continuing to build momentum

Braemar has confirmed H1 trading (to August) has been strong. The new strategy, with its revitalised focus on Shipbroking, is driving growth supported by the recent investment to increase the strength and diversity of services. Shipbroking has benefited from investment in the Dry Cargo and Securities desks and the Sale and Purchase desk has also been very active. While the tankers market has remained subdued, there are indications that demand will strengthen as global demand for oil recovers. Th

Morning Note – 26 August 2021

Support Group - finnCap Support Services quarterly sector note

Topic of the quarter: Change, uncertainty and risk – good news. Professional Services is a high growth, high value-add sector. At the top end, Legal Services grew sales by an average 24% pa in the two years leading up to COVID, Consultants by 16% pa and Insolvency/Restructuring by 13% pa, while operating margins varied between 15% and 21%. Both organic growth and acquisitions played their part, supported by good cash flow characteristics. Change, uncertainty and risk are key drivers for the advi

Morning Note – 3 June 2021

Braemar - Rising demand but restricted supply

Braemar’s FY 2021 results are ahead of our forecasts (6% ahead at the adj. PBT level, +1% at the EPS level) due to a stronger performance in Shipbroking. As expected H2 was weaker than H1 reflecting conditions in the Tanker market. Strong operating cash flow, coupled with a sale of AqualisBraemar shares resulted in net bank debt reducing from £20m to £9m at the year-end. A further £7m has been raised with the post-year-end sale of the remaining AqualisBraemar shares. The success in reducing debt

LIBERUM: hVIVO plc: H1 weighting translates into upgrades

LIBERUM: Inspired Plc: In line H1, EPS increased 5% for FY 24 and 25

Hybridan Small Cap Feast - 04 Sep 23

4th September 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 obj

Hybridan Small Cap Feast - 11 Sep 23

11th September 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 ob

Hybridan Small Cap Feast - 14 September 23

14th September 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 ob

Begbies Traynor Group+ (BEG, House Stock at 114p) - Strong trading update, a good start to FY24F

Feedback from Digital Disruption Conference

On 12th September, Dowgate Capital and FTI Consulting held the third annual Digital Transformation Conference. Franchise Brands' Executive Chairman Stephen Hemsley and CIO Colin Rees detailed how the group is using tools to drive operational gearing and the way it is rolling out systems across the group following the recent acquisitions of Filta and Pirtek.

Artificial intelligence in UK biopharma and healthcare 11/09/2023

Artificial intelligence (AI) continues to accelerate at full speed, first by imitating the workings of a human brain and now it is drawing concepts of evolution, sometimes with synthetic data, artificially manufactured for training purposes or for privacy protection, and sometimes not even with human intervention. In this note, we examine how AI is being developed and applied by the NHS and UK mid/small cap companies for the benefit of human health and wellbeing. AI in drug discovery and devel

Inspired+ (INSE, House Stock at 91p) - Interim results, momentum building

Morning Note – 12 September 2023

LIBERUM: Ricardo: Good progress on targets

Hybridan Small Cap Feast - 12 Sep 23

12th September 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 ob

Morning Note – 26 September 2023

Hybridan Small Cap Feast - 19 Sep 23

19th September 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 ob

Interim Results – Continuing to add diversity

DORE delivered a positive H1’23 (NAV TR +1.6%, 6 months 30 June) return driven by limited asset repricing (the fund’s discount rates were already fairly conservative) and attractively priced incremental acquisitions in Sweden (Hydro plants) and in the UK. During the half, the fund progressed plans to exploit the optionality in its Hydro portfolio and has highlighted the potential to add an estimated 290bps (range 135-445bps) onto the core 8% Hydro return. In addition, the fund agreed two Grid Se