Hybridan Small Cap Feast - 20 Feb 24

20th February 2024 @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

Morning Note – 20 February 2024

Lok'nStore - Growth continues, alongside sector M&A

In a positive trading update, Lok’nStore has detailed that H1 revenue (to end January) was up +4.9%, supported by pricing +4.0%, and trading is in line with expectations. Early trading at the three new owned stores continues to be as expected, and a new managed store has also been opened recently. Two further stores (one owned and one managed) will open in 2024. Financing terms and certainty have been improved, with £10m out of the total £44m debt now fixed at 5.2% for five years, significantly

Morning Note – 30 October 2023

Lok'nStore - 52% upside to historic NAV, 108% upside to potential NAV

Lok’nStore’s discount to its historic NAV and its potential NAV (once the secured pipeline is developed) suggest the market is assuming a fall in the value of the portfolio given the rise in interest rates and/or poor trading. Neither are evident in the FY 2023 results announced today or the outlook statement. Adj. NAV at July 2023 was 986p up +1.4% on 2022 and trading has remained good into FY 2024E reinforced by a good start at the new stores. Lok’nStore has the ability to control the pace at

Morning Note – 10 October 2023

Lok'nStore - Discount to NAV, peers and long-term structural growth trend

Lok’nStore’s shares have fallen -15% since its positive year-end trading statement in August. The shares are now valued at a -31% discount to January 2023 NAV vs. peers at a -19% discount despite sector-leading growth potential and the lowest level of gearing. Property investor interest in self storage assets remains high, as evidenced by the £280m cash bid for Self Storage Group ASA at a +87% premium to June NAV, and this will have supported the (shortly to be revealed) July 2023 valuation. Ahe

Morning Note – 14 August 2023

Lok'nStore - Strong growth continues alongside new store openings

In a positive July year-end trading update, Lok’nStore has detailed same-store self-storage revenue up +12.1% on last year and total self-storage revenue up +5.3% (impacted by the timely sale and manage-back of four stores for £37m in January 2022). This progress was supported by pricing up +6.8% in FY 2023. We make no changes to our forecasts and reiterate our view that Lok’nStore is very well placed to take advantage of the growth opportunities in the undersupplied UK self storage market. Post

Morning Note – 17 July 2023

Morning Note – 7 July 2023

Lok'nStore - Accelerating long-term growth potential

Lok’nStore has raised £20.5m at 765p to support the development of its new store pipeline. The existing pipeline contains 10 stores which will add +38% to trading space and provide significant support to future earnings and NAV growth. The raise will potentially fund an additional two stores. Indeed, three stores are currently progressing with lawyers. Loan-to-value was a modest 9% at January 2023 and (pre raise) we had forecast it to peak at 22% in FY 2025E as the current pipeline is developed.

Morning Note – 28 June 2023

Hybridan Small Cap Feast - 24 May 23

24th 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

Morning Note – 24 May 2023

Morning Note – 22 April 2024

SP Angel Morning View: Copper prices hit $9,700/t as China smelts concentrates for zero charge Tc/Rc

Hardman & Co Insight: 2023 was an annus horribilis for Quoted UK Infrastructure and Renewable Energy

The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no

Hybridan Small Cap Feast - 22 April 2024

22nd April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi

LIBERUM: CEO Video: Matt Wragg, Gattaca plc:

VSA Morning Flow Test 19/04/24 (Quadrise)

Quadrise (QED LN) has provided an update on its Utah project with Valkor. Valkor’s partner (Heavy Sweet Oil LLC) has received funding and approval to commence drilling enabling production of 20-40bopd of heavy sweet oil providing QED with samples for production of test scale quantities of MSAR and bioMSAR; the company’s key fuel decarbonising emulsion fuel products. This should derisk the commercial scale ramp up. QED management has highlighted that Valkor has not yet raised the minimum of US$

Q1 Operating Results

Another Good Year of Diversified Growth with More to Come in 2024 CCapital have released their Q1 operating results. Overall, revenue has come in slightly lower than expected at $80.2m vs TamE of $85.9m but is largely tracking in line with our FY24 annual estimate and we note the company has maintained guidance. Drilling revenue for this quarter was impacted by a fall in utilisaztion rates as well as general remobilisation geographically but we expect a strong recovery throughout the year as k

AUCTUS ON FRIDAY - 19/04/2024

AUCTUS PUBLICATIONS ________________________________________ Tethys Oil (TETY SS)C; target price of SEK100 per share: Increasing further the size of the prize/Considering Algeria – The South Lahan area on Block 58 is estimated to hold 55-523 mmbl prospective resources (P90-P10 case) with a mean case of 251.8 mmbbl prospective resources across six prospects in the Ara Carbonate. Combined with the previously disclosed prospective resources of the Fahd area in the north-eastern part of Block 58, Te

Jersey Electricity - Decarbonisation fuelling growth

Jersey Electricity (JEL) is intensifying its focus on energy security and electrification across Jersey by creating opportunities to accelerate growth. It successfully navigated the volatile wholesale power price environment in 2020–23, shielding its customer base from the worst inflationary pressures. However, from 2025, as older, more favourable hedges expire, this protection will diminish. Therefore, we have marginally reduced our earnings forecasts to account for the increased exposure to wh

SP Angel . Morning View . Copper prices hold higher as China processing fees fall below $0/t amid low feedstock availability

Hybridan Small Cap Feast - 14 Mar 2024

Banquet Buffet*** Abingdon Health 9.25p £11.3m (ABDX.L) The lateral flow contract development and manufacturing organisation announces its unaudited interim results for the six months ended 31 December 2023. Revenue increased 117% to £2.4m (H1 2023: £1.1m). The Adjusted EBITDA loss decreased 47% to £1.2m (H1 2023: £2.2m). Furthermore, reduction in operating loss of 50% to £1.2m (H1 2023: £2.4m). The Board therefore expects that H2 2024 revenue will be significantly improved compared with H1 2024

Quadrise+ (QED, House Stock at 1.4p) - Drilling to commence in Utah project

Morning Note – 26 March 2024

Billington Holdings - Record result boosts dividend; forecasts upgraded

FY23 results show very strong growth over FY22, driven by strong Structural Steel activity, with results slightly ahead of upgraded profit expectations, while stronger than expected cash flow resulted in an unexpectedly generous dividend of 33p (offering a FY23 yield of 7.0%). The group now has net cash of £22.1m and is debt free and is therefore in a strong position for potential M&A activity. Following the recent £90m of new orders to increase the order book to record levels we conservatively

Plant Health Care - China distribution with AMVAC

Plant Health Care announced it has signed a distribution agreement with AMVAC, an American Vanguard Company, to support commercialisation of novel fertiliser products incorporating Plant Health Care's Harpinαβ in China starting in 2024. The novel product combines Harpinαβ technology with an AMVAC fertiliser and is expected to help growers improve crop quality and yield as part of an integrated and environmentally responsible crop production programme. AMVAC continues to evaluate Plant Health Car