LIBERUM: Ricardo* - Acceleration towards "One Ricardo"

LIBERUM: Ricardo* - Succesful McLaren re-bid underpins expected volume growth

Ricardo (RCDO LN) - Up with events pending CMD

We have been positive on RCDO as trading and order intake has recovered, but we think the stock will now mark time pending the CMD and strategy update in May. We refresh our estimates and valuation after recent H1s, and another tuck-in acquisition. For FY23e our revenue is lifted by 2% to £429m and operating profit lifts by 4% to £34m. Our EPS is held back slightly (up 2% to 33.1p) with higher assumed taxes and cost of debt. Similar upgrades are applied in FY25e. With higher estimates, record or

SHORE CAPITAL - Initial Trading Comments - 13 March 2023

LIBERUM: Ricardo* - Transformation underway and recovery potential at Established Mobility

LIBERUM: Ricardo* - Transformation underway and recovery potential at Established mobility

LIBERUM: Ricardo* - The transition is on track

LIBERUM: Ricardo* - Revenue synergistic acquisition

Ricardo (RCDO LN) - Better focused, better value

Ricardo reported solid FY22a earnings last week and progressed its strategy to focus on more renewables and new mobility projects. Profitability has recovered post Covid, and the balance sheet has been strengthened with disposal of the non-core Software unit. The orderbook is at its highest level ever (£344m) and well balanced between industry verticals. M&A is back on-track with the recent purchase of Inside Infrastructure. That said, adjusted operating margins, at 7.8%, are still a long way fr

LIBERUM: Ricardo* - On track to double profits in five years

LIBERUM: Ricardo* - On track to double profits in 5 years

LIBERUM: Ricardo* - Divestment of Software business in line with strategy

LIBERUM: Ricardo* - Strong order intake and cash generation

Initial Equity Trading Comments - 15 May 2023

Hybridan Small Cap Feast - 23 Feb 23

23rd May 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

Strength where it counts, quality where it matters

SP Angel Spec Sits: Not Just a BRICK Company (LVCG LN)

LVCG has evolved to include four primary operating divisions that own and licence a network of live event brands to third parties for concerts, festivals, and events around the world. Based on these diversified revenue streams, we have developed baseline forecasts for LVCG for 2022E and onwards. Our revenue forecasts include assumptions for agreed events, license fees and ticket sales.

LIBERUM: Gateley* - FY 23 in line, strong balance sheet remains a differentiator

DWF Group (DWF LN) - Growth accelerating, costs controlled

FY23E performance confirmed as broadly in line with forecasts. Revenue of £380m is +c.8.5% YOY, with H2 growth accelerating to +13.5% (FY23: +3.4%).

AXL LN/CN, LBE LN, PTAL LN/TAL CN, SOUC LN/SOU CN, VLE CN, ANGS LN, AST LN, BP LN, CEG LN, COP US, EME LN, EQNR NO, GTE LN/CN/US, ITH LN, KIST LN, TCF CN, TRIN LN, TTE FP, UOG LN

AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; target price of £0.50 per share: Zone at Carrizales Norte with no booked reserves has flowed >1 mbbl/d – The Ubaque horizon at the Carrizales Norte-1 (CN-1) exploration well was put on three tests, the last of which tested at 1,134 bbl/d of 13.5 API oil on pump. The flow rate was stabilized with a 28.3% water cut (completion fluid). The water cut has been decreasing throughout testing. This is a very go

Morning Note – 31 May 2023

Hybridan Small Cap Feast - 22 Feb 23

22 February 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 objec

Auctus on Friday - 21/04/2023

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C: Target price of A$0.100 per share: Competent person report confirms the materiality of the Welchau pospect – The Welchau prospect has been estimated to hold between 365 bcfe and 1,128 bcfe of prospective resources by Gaffney, Cline & Associates (GCA) with a mid-case at 645 bcfe including 10.1 mmbbl of condensate. While this is below the 807 bcfe mid-case estimated by ADX, the fact that the lower end of the GCA ran

Morning Note – 19 April 2023

FY23 Trading Update: Cash outperforms

Eckoh has provided a strong FY’Mar23 trading update which highlights the significant progress made in North America with N. American Security Solutions exit ARR up 34% organically to $15.9m (FY22: $11.9m). Group Revenues were broadly in-line with our forecasts (£39m vs £40m) but adjusted operating margin outperformed by c.50bps at 19.5%. Net Cash also surprised to the upside at £5.7m (vs SCMe: £5.4m). Looking forward, total contracted business grew >50% which alongside the launch of new products

Cenkos: Coral Products Plc -- FY trading update

Coral Products has released a positive trading update for the financial year ended 30 April 2023. We are raising our FY23E EBITDA forecast by 12.9%, in-line with the company guidance. We are lowering our FY24E EBITDA forecast by 4% to reflect our view of the macro environment. Including these changes, our forecasts continue to reflect an impressive growth trajectory for the company, and we maintain a BUY rating.

Malvern International (MLVN) – Corporate – Positive update, strong intakes in prospect, progress across the divisions

This morning's update from MLVN shows continuing good momentum, with significantly increased student numbers in prospect across all three divisions. Deposits and booking levels provide the company with enhanced visibility at this stage in the year for University Pathways and Juniors respectively, providing a strong platform for the company's confidence in its prospects in the coming year. The update comes on the back of last month's FY22A results, which showed sales rebounding strongly across

Nippon Active Value Fund+ (NAVF, House Stock at 145p) - Proposed rollover of AJIT into NAVF