SHORE CAPITAL - Mattioli Woods+ (MTW) - Buy at 630p

Resilient H1 performance as growth continues

Mattioli Woods has reported an in line H1 performance with continued organic growth (+2% yoy) and new business development. Attention to costs remains paramount. The commitment to maintaining margins has been reiterated. Pursuit of strategic objectives continues around performance of acquisitions and platform investment. We leave forecasts unchanged with H1 revenues covering 47% of our FY23e with the tax year end falling in H2. Given long term growth opportunity and earnings resilience, we reite

Robust H1'23 pre-close

Shore Capital Income Monitor - Q3 dividends £31.4bn (+1%). Buy backs make headlines.

Client growth & pipeline solid, markets peg back forecasts

Mattioli Woods has reported continued new client growth in the first four months of FY23 (to 30 Sep 22) with 289 new clients added, a solid pipeline, and demand for advice remaining robust. Its recently launched range of passive portfolios has seen good initial traction, and its Private Equity business (Maven Capital Partners) is performing well with a solid outlook. Market falls have, however, pegged back assets under management by 7.3% over the four-month period to £4.7bn (31 May 22: £5.1bn).

SHORE CAPITAL - Mattioli Woods^ (ABDP) - Buy at 590p

Elevated demand for advice, performance headwinds

Demand for advice in the face of uncertainty remains strong and business development initiatives continue to build a client base which will drive medium term returns. Although MW is partially insulated from market volatility, there is still some impact. We review our assumptions, softening our expectations for FY growth in AuA/M and driving a modest 5% reduction in EPS. We reiterate our BUY with an 850p 12m Target Price (from 890p) – using a 17x FY23e PER to reflect comparatively resilient earni

Reflecting market movements post AGM statement

Impressive start to next leg of growth journey

MTW has a team of 185 client-facing consultants which gives it control over distribution; it operates its own administrative platform which allows it to capture operational economies of scale; and it has a differentiated suite of investment products giving consultants an advantage over competitors. The group has a record of achieving ambitious goals. In 2014, with client assets of £4.5bn and revenue of £29m, it set medium-term goals of £15bn of client assets and £100m of revenue. It hit those i

In line, impressive organic growth complements M&A

FY22 final results are in line with our forecasts (£32.5m adj. EBITDA, -1% vs SCMe) following the post period end trading update in July. We are encouraged to note strong +10% organic revenue growth, alongside a material step up in financials from recent acquisitions. Client assets now total c.£15bn (+23% yoy) including £5bn AuM from DFM and fund management. We leave our forecasts unchanged given recent revision in July. We see areas for potential upside but leave this in reserve for the moment

Growth potential and defensive attributes

SHORE CAPITAL - Mattioli Woods (MTW) - Buy at 670p

In line, activity sustained although cost pressures grow

FY22e is in line with +10% organic growth and strong performances in Amati and Maven. Fee income from client activity has offset asset price pressure – a unique quality in MW’s fee model – despite the recent uncertainty. Inflationary pressures, particularly in staff costs, offset this as we look further out. We opt to introduce higher cost assumptions pre-emptively; updating overall adj. EBITDA by +3%/-10%/-7% across our forecasts. At only 14x PER, we think that the valuation is ignoring revenue

Strong FY22; adjusting forecasts for inflation

Interims in line, encouraging organic activity

Interims are in line with expectations. The organic growth momentum described in recent updates has contributed +11% yoy to H1 revenues and has continued into H2. Maven and Ludlow – acquired in H1 – are performing ahead of expectations with a positive near term outlook. We note MW’s strong earnings quality: 90% recurring revenue and 50% revenue from time-costed/fixed fees. We make no material changes to forecasts. We reiterate our BUY and 1054p 12m Target Price (17x FY23e PER – first full year c

LIBERUM: hVIVO plc* - Update exceeds expectations

Top Picks for 2023 - 2022 review and outlook for 2023

On 10 January last year, we set out our ten top stock picks for 2022, in what turned out to be a very poor twelve months for global equities, due to war, accelerating inflation, political instability and recession fears. Between 7 January 2022 and 31 December 2022, the AIM All-Share Index declined 30.0%, whilst the average performance of our ten top picks was -24.7%, a modest relative outperformance. In this note we discuss the performance of our 2022 top picks, equities trends in 2022, and our

QuotedData’s Real Estate Monthly Roundup – January 2023

Performance - 2022 ended with another difficult month for property companies as the sector continues to get to grips with the impact of higher interest rates. There were several funds that performed well during December, however, with secondary shopping centre landlord Capital & Regional top of the pile. For a second month on the trot Home REIT saw its share price tank after it came under attack from a short seller in November. Valuation moves - It was a mixed bag for valuations, with six-month

SHORE CAPITAL - Sureserve Group+ (SUR, House Stock at 91p)

This Week's AIM Highlights 20th January 2023

Cenkos: Bidstack Group Plc -- Termination of Coverage

Cenkos Securities plc has terminated coverage on Bidstack Group Plc. Our previous recommendation (BUY) and forecasts can no longer be relied upon. Please contact Cenkos for further information.

SHORE CAPITAL - Sureserve Group ^ (SUR) - House Stock at 85p

City of London Investments (CLIG LN) - Six-month trading update

CLIG’s half-year pre close trading update reveals $9.15bn of Funds Under Management (FUM): up in 2Q, but down 1% since 30 June. CLIG’s run-rate profit remains at levels reported in the 1Q IMS; the interim DPS remains at 11p.

Hybridan Small Cap Feast - 17 Jan 23

17 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

Hybridan Small Cap Feast - 25 Jan 23

25 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

Morning Note – 20 January 2023

Hybridan Small Cap Feast - 23 Jan 23

23 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

Feedback on CMD

Franchise Brands held a well-attended CMD yesterday which highlighted the group's strategy, the robust performance of its two key operating divisions (B2B and Filta International), and how the application of technology and effective marketing are driving growth.

Morning Note – 23 January 2023

WHI Support Services Sector Comment: Challenges and opportunities

Bleak expectations for the UK economy in 2023 anticipate underperformance against other G7 countries based on factors such as (a) the UK's higher than average mortgage rate sensitivity and (b) relative exposure to high gas and energy prices. Some measure of political / economic stability has returned, though this arguably remains a brittle quality, given the scope for dissent within the Conservative party and the unpredictable impacts of industrial action, among a range of factors. All of this s