LIBERUM: Harworth* - Strategy to deliver growth with low leverage providing capacity for opportunistic acquisitions
Harworth delivered a robust performance in 2019, with a total return of 7.8% as further progress was made on land sales and replenishing the pipeline. NNNAV growth of +7.2% was in line with our expectations and was largely driven by value gains at major developments.
17 Mar 20
LIBERUM: Harworth* - Near term planning headwinds but latent potential remains strong
Harworth reported a period of solid operational performance in H2 2019, which together with the indicative independent valuation means the principal performance measure NNNAV is expected to be in line with expectations. Whilst good progress has been made during the period across each business area, planning headwinds remain a key challenge.
22 Jan 20
LIBERUM: Harworth* - Solid operational performance in H2
Harworth reports a period of a solid operational performance in H2 2019, which together with the indicative independent valuation means the principal performance measure NNNAV is expected to be in line with expectations. Progress has been made across each business area, but planning headwinds remain a key challenge.
21 Jan 20
LIBERUM: Harworth* - A positive H1, showcasing good demand for Harworth’s assets
Harworth has had a positive first half, with particularly good progress made on land sales and replenishing the pipeline. NNNAV growth of +12.6% y/y (or +1.4% since FY18) is ahead of the long-term target, largely due to value gains and the impact from additional income generated from acquisitions in 2018.
10 Sep 19
LIBERUM: UK Small & Mid Cap Dispatches
SMID Strategy Monthly, Real Estate Credit Investments, Auto Trader, Robert Walters, GoCompare, Premier Asset Management, Science in Sport, Elegant Hotels, Market Highlights
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09 Jul 19
LIBERUM: Morning Comment
Strategy Monthly, Real Estate Credit Investments, Auto Trader, Consumer Staples Weekly, Mining update, Scout24, Robert Walters, GoCompare, Premier Asset Management, Science in Sport, Elegant Hotels, Market Highlights
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09 Jul 19
LIBERUM: Harworth* - Leveraging regeneration expertise
Harworth’s capital markets day illustrated how the group’s expertise creates a competitive advantage; aiding the ability to buy land well and generate wider economic benefits. Further detail around the group’s new regional structure also highlighted the advantages from its local knowledge and relationships as well as potential for future scalability.
24 Jun 19
LIBERUM: Harworth* - Good start to FY19
Harworth has had a good start to 2019, with progress made on planning, land sales and replenishing the pipeline. Planning applications are on track and 60% of budgeted sales for the year have already been agreed or completed, aiding confidence in our unchanged forecasts for double-digit returns.
21 May 19
LIBERUM: Real Estate - Soft conditions ahead
Results season predictably confirmed a correction in retail asset values, sustained buoyancy for industrial real estate and stability for London offices. However, forward looking indicators suggest softer conditions lie ahead.
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12 Mar 19
Small Cap Brunch
Cradle Arc—holding company of a group of companies focused on the exploration and development of precious and base metals projects in Africa. Offer raising £2.4m with market cap of £20.13m. Expected late Jan 2018 Volex VLX.L—The global provider of cable assemblies is proposing to move from the main market to AIM on 19 January. £75m market cap. FYMar18E rev £241.5m and £7.19m PBT. OnTheMarket—Intention to float on AIM to raise c.£50m which will be used to fund the growth of the OnTheMarket.com portal, already the third biggest UK residential property portal provider. Expected valuation £200m to £250m.
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09 Jan 18
Small Cap Breakfast
Clean Invest Africa—Introduction due around 14 Nov. Vehicle established to identify investment opportunities and acquisitions in renewable and clean energy projects/companies or alternative technologies that are used in a socially and environmentally responsible way that will aid the development of the African continent. | City Pub Group - owner and operator of an estate of 34 premium pubs across Southern England. £30m raise. Consistent track record of strong revenue and EBITDA growth, with a three year CAGR from FY14 to FY16 of 34.9% and 44.8% respectively, and an EBITDA margin of 14.7% in FY16. Due Nov. | Boku - Independent direct carrier billing company. Revenues were up 21% to US$10.2 in HYJun17. Q32017, revenues grew to $6.5m, up by 44%. The Company also saw continued growth across all of its key metrics: user numbers, total payment and a positive adjusted EBITDA for the month of September 2017. Due 20 Nov. Offer TBA. | Ten Lifestyle Hldgs. Technology-enabled lifestyle and travel platform providing trusted concierge services to the world's wealthy. Net revenue increased from £20m in the year ended 31 August 2015 to £33m in the year ended 31 August 2017, a compound annual growth rate of 29%. Offer and date TBA. | AfriTin Mining—Demerger from Bushveld Minerals (BMN.L). Raising c. £3.5m at 3.9p. Mkt Cap c. £11.6m. The Uis Tin project (Namibia) is considered the flagship tin asset within the portfolio, as this was once the largest open cast tine mine of its kind in the world. Expected 9 November 2017 | OnTheMarket—Intention to float on AIM to raise c.£50m which will be used to fund the growth of the OnTheMarket.com portal, already the third biggest UK residential property portal provider. Expected valuation £200m to £250m. | OG Graphite, brownfield development-stage graphite company focused on the reactivation of its wholly-owned Kearney natural flake graphite mine and mill located 280 km north of Toronto, Canada. Offer TBA, expected mid November. | Shefa Yamin minerals company focused on the exploration for precious stones in Northern Israel. Net Proceeds will be used to advance the Company's mining project. Offer TBA. | Aviva Investors Secure Income REIT - Targeting £200m raise. Will invest in a diversified portfolio of high quality, long-lease commercial real estate assets located within the UK and leased to predominantly investment grade tenants. Due Dec. | Cabot Credit Management -one of the largest credit management services providers in Europe and the market leader in the UK and Ireland with total 120-Month ERC of £2.2bn. Raising c.£195m. Offer TBA. Due November. | ContourGlobal LP— contracted wholesale power generation businesses, with 69 thermal and renewable power generation assets in Europe, Latin America and Africa. In the year ended 31 December 2016 it generated $905.2m of combined revenue and $440.4m of Adjusted EBITDA. Raising c.$400m. Expected November. | M7 Multi-Let REIT—Intends to raise up to £300m at 100p. Aims to acquire and hold a portfolio of UK regional light industrial and regional office assets diversified by geography, asset type and tenants that is expected to generate stable income returns and, where appropriate, offer the potential to leverage and enhance returns through active asset management initiatives. Due 30 Nov. | En+, international vertically integrated aluminium and power producer with core assets located in Russia. Priced at $14 per GDR. $1.5bn offer of which $0.5bn primary to pay down debt. Dual listing in Moscow. Unconditional dealings 8 Nov. | TMF Group, which provides tax, admin and legal support services, reported to be seeking London IPO to raise c. £200m.
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08 Nov 17