LIBERUM: Inspired Plc: Differentiated model can take advantage of structural tailwinds

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

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

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

Hybridan Small Cap Feast 09/08/2023

9th August 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

Inspired+ (INSE, House Stock at 90p) - H1 trading, momentum and confidence

LIBERUM: Inspired Plc: Order book growth underpins outlook

Inspired+ (INSE, House Stock at 91p) - Optimisation site visit highlights potential

LIBERUM: Inspired Plc: Site visit highlights the value of Ignite

Inspired+ (INSE, House Stock at 105p) - Optimising the investment case

Inspired+ (INSE, House Stock, 12.25p) - Variation to Ignite contingent consideration

LIBERUM: Inspired Plc* - Deed of variation with Ignite

LIBERUM: Research Reels: Inspired Plc Initiation - A technology-enabled services provider

IXICO - Sharpened focus

IXICO has reported its final results for the 12-months to September 2023, which, overall, were in-line to slightly ahead of our forecasts. As expected, revenues were down YoY, reflecting the impact of large client phase 3 trial cancellations in 2021 and 2022 as well as the challenging market environment which developed through the year. FY23A revenues were £6.7m, down 23% YoY and the company delivered an operating loss. The company closed the year with cash of £4.0m. We have left our forecasts u

Morning Note – 5 December 2023

SDCL Energy Efficiency Income Trust - H1 results confirm attractive potential total return

SDCL Energy Efficiency Income Trust (SEEIT) has taken a prudent approach to discount rate adjustments in the period, leading to a 10.9p reduction in net asset value (NAV) per share from 101.5p to 90.6p. This was largely driven by a 100bp increase in the weighted average unlevered discount rate to 8.7%. The portfolio valuation at the end of H124 stood at £1,066m and investment cash inflow from the portfolio was £47m (a c 9% increase from H123). SEEIT has declared a total aggregate dividend of 3.1

Preparing for two UK wells in 2024

Marlowe - Interim Results

Despite the challenging economic environment, demand for Marlowe’s compliance software and services remained resilient, with the group achieving 6% organic revenue growth in H1. Adj EPS fell 15% YoY to 18.9p, however, due to slight margin compression in TIC (largely on account of dilutive M&A), higher interest rates on a greater debt balance, and a rise in the UK’s corporation tax rate. Given weak economic conditions persist, we take a more cautious approach to our forecasts, reducing adj dilute

Seraphim Space Investment Trust - Spacetech enjoying sustained secular tailwinds

Seraphim Space Investment Trust (SSIT) saw a 12-month share price decline of c 30%, while its NAV fell by only 7.1% in FY23 (to end-June 2023), shielded in part by the downside protection embedded in its investments via preference shares and only one down round out of 11 funding rounds completed by SSIT’s portfolio companies in FY23. Moreover, NAV/share rebounded by 3.9% in Q124, driven by FX gains and fair value uplifts on the back of new funding rounds (D-Orbit’s in particular). This resulted

Braemar - H1/24 interim results update

Braemar’s interim results indicate the strong trading of FY23 has continued during H1/24 and in-line with expectations, benefiting from the focus on shipbroking activities and the increased breadth, depth, and scale of shipbroking operations. Braemar’s investments (acquisition of Southport Marine) and new teams have delivered a 7.9% increase in revenue to £74.9m for H1/24. Whilst robust Tanker freight rates have continued despite geopolitical challenges and OPEC cuts, Dry Cargo freight rates fel

Morning Note – 28 November 2023

Hybridan Small Cap Feast - 05 Dec 23

5th December 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 obje

Mining Monthly: November Edition

What you need to know: • Precious metal prices were up modestly in November, following strong performance in October. The mining equities outperformed the metals and broader markets as capital seems to have finally started to flow back into the sector. Other commodities also had a solid month. • Gold closed the month above $2,000/oz for the first time in its history. • The lithium price continues to struggle in the wake of a slowing in the adoption rate of electric vehicles amid high interest

City of London Investment Group (CLIG): Weak markets weigh on FUM

City of London has announced its trading statement for 1Q’24. The main feature of the quarter was soft markets, with the MSCI Emerging Markets total return index declining 2.9% and the MSCI All-Country World ex US Index down 3.8%. Widening discounts also led to underperformance across the CLIM strategies and group FUM declined 6% to $8.88bn from $9.42bn. There were net outflows as well. The Emerging Markets strategy’s net outflow of $53m was in line with our forecast rate, while the Internationa

Braemar - FY23 results – focussed strategy steering the right course

Braemar performed strongly in FY23, with revenue up over 50% and underlying operating profit up 100%, with all business segments performing well and helped by the strong dollar. The focus on shipbroking, disposing of non-core activities and adding to shipbroking operations, is proving successful and Braemar is becoming a stronger and more resilient business with increasingly diversified revenue across shipping segments. The target of achieving double the £8.9m underlying EBIT from FY21 by FY25E

SDCL Energy Efficiency Income Trust - Energy and efficiency as a service

SDCL Energy Efficiency Income Trust (SEEIT) is an investment trust focused on delivering energy and energy efficiency as a decentralised service directly to end users rather than supplying into the broader power grid. Its income comes from a range of services and is driven by cutting losses in energy generation, transmission and use. It has delivered a total NAV return of 7.2% pa (3.5p in NAV terms) since IPO in December 2018 and its 6p/share dividend is 1.2x covered, representing an attractive

SHORE CAPITAL - Begbies Traynor Group (BEG) - House Stock at 147p

Cenkos: Coral Products Plc -- Strong FY23 results, good outlook

Coral Products has reported strong results for the year-end April 2023, with revenues in-line with our forecast and adjusted EBITDA ahead of our forecast. The company has made good progress on the integration of the four businesses acquired during the year and reports a “strong start” to the current financial year. We maintain a BUY rating.