Allenby Capital - First Property Group Interims

At a 62% discount to interim NAV, the shares take a pessimistic view of the outlook, that we believe overstates the valuation risks and operational challenges First Property Group (FPO.L faces. The outlook for Poland, its key market, is good and improving and it reports solid demand for vacant space it owns directly in two strategically located office buildings in Warsaw and Gdynia. When let, this should add c. €2m to the rent roll and generate a commensurate uplift in asset values. There is al

Hybridan Small Cap Feast - 23 Nov 23

23rd November 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 obj

First Property Group Prelims

FY23 results confirm steady performance in challenging markets and suggest FPO has secured a solid base of underlying revenues from both its fund management activities and direct investments. The results reflect recent portfolio restructuring, but not yet the full benefits of a strategic decision to progressively increase weighting to Poland. Some 88% of group NAV now pivots on Poland, a well-placed, resilient market. The FY23 revenue distribution confirms the progress made; 75% of income from c

First Property Group Interims

Strategic progress during the first six months was achieved despite challenging markets. The period saw disposals, at prices above carried values, release cash for investment; other assets are under offer. FPO increased its weighting to Poland for both its 3rd party managed AUM (34.2%) and directly owned portfolio (92.5%); has stabilised finances; and reduced sensitivity to interest rate rises. The investment rationale is supported by the outlook for Poland’s economy and local letting markets, w

First Property Group Initiation

We initiate at an inflection point for First Property Group (FPO). A range of external factors undermined the group’s key investment markets over the last few years, and we assume that the operating environment will remain challenging. Experience, however, shows that such cyclical low points provide rare opportunities to acquire commercial property on advantageous terms. This fits a strategy which seeks to rebuild the revenue base in both Poland and the UK and enhance returns by capitalising on

Hybridan Small Cap Feast 13/05/22

Dish of the day Joiners: GS Chain (GSC) has joined the Main Market (Standard). GS Chain intends to identify opportunities within the technology sector, to conduct the necessary due diligence and subsequently complete an Acquisition. The Company is direct listing 399,985,888 Ordinary Shares on the Official List. Market capitalisation at 1p is £3,999,858.88. Leavers: No Leavers Today. What’s cooking in the IPO kitchen? According to CITY A.M online marketplace Beauty Bay has recruited bankers to lo

Small Cap Feast 26/01/2022

Joiners: No Joiners Today. Leavers: No Leavers Today. What’s cooking in the IPO kitchen? Strip Tinning Holdings, an established supplier of specialist connectors to the automotive sector, intends to join AIM. Strip Tinning manufactures specialist flexible electrical connectors related primarily to heating and antennae systems embedded within automotive glazing and to the connection of the cells within electric vehicle (EV) battery packs, increasingly using flexible and lightweight printed circui

First Property (Buy, current price 33p) - Rental and Capital Value Recovery Potential

First Property announced interim results that underline the opportunity to grow rental income and capital values over the next 12 months. With cash to invest on behalf of both the Group and its fund management clients, there is scope for earnings growth. With capital values generally rising after the lockdown induced lows, we expect NAV expansion

Small Cap Feast 17/11/2021

Banquet Buffet Alumasc Group 242.5p £87.6m (ALU.L) The Alumasc Group plc, the manufacturer and supplier of sustainable building products, systems and solutions, has received London Stock Exchange's Green Economy Mark.  The Alumasc Group plc provides high-quality, low carbon, sustainable building products, systems and solutions which help manage the scarce resources of energy and water in the built environment and improve quality of life for the owner/occupier. Paul Hooper, CEO of The Alumasc G

First Property* - Final Results: A challenging period

Final Results: A challenging period

First Property* - H1 Results: Ready to reinvest

H1 Results: Ready to reinvest

First Property*

FY20 results – increased firepower to acquire

First Property*

CH8 Sale Completion Drives Market Opportunity

H1 20 interims – on track to meet FY20 earnings; small NAV increase

H1 20 interims reported group revenues of £8.1m (+9.8% y/y LFL) and adj. PBT (excl. FX, and non-recurring items) of £3.1m (vs. our FY20e estimate of £6.2m), positioning the group in good stead to meet our unchanged FY expectations. Adj. NAV rose ~4% to 59.7p from 57.5p at March 2019. The group has declared an interim dividend of 0.45p (ex-div 28 Nov, and in line with our forecasts). Operationally, AUM has decreased ~1% since Mar 19. Elsewhere, occupancy at CH8 in Warsaw now stands at 80% and neg

AGM statement - trading in line with expectations. Reiterate Buy

First Prop’s AGM statement has reported trading to be in line with management expectations, reiterating the strong AUM growth seen over the past year. We make no forecast changes at this stage and reiterate our Buy recommendation. Strong AUM growth over past year. Third party AUM as at the end of July stood at £617m (vs. £611m as at Mar 19). Total funds under management have been reported at £716m (vs. £706m as at Mar 19). Today’s statement reiterates the ~33% growth seen in 3rd party AUM over t

Clip Money is a rapidly growing NCR-backed start-up based in Ottawa, Canada, and operating in Canada and the US.

Clip Money is a rapidly growing NCR-backed start-up based in Ottawa, Canada, and operating in Canada and the US. It is helping physical stores and businesses quickly, safely, and less expensively deposit cash into their bank accounts, as well as replenishing notes and coins for store operations. The company uses its proprietary software platform to facilitate cash management, and its network is made up of a network of DropBoxes and NCR ATMs located in retail outlets. Clip also partners with Bri

Hardman & Co Monthly: October 2024

Feature article: Labour’s first Budget - Investors in their sights? Summary ► Budgets are always important for investors. ► The imminent Budget, at the end of October, will be doubly so, because it is the first from the new Labour government, and it has already signalled the need to fill an alleged £22bn black hole, while ruling out changes to more than half the tax base. That implies a lot of the pain will be felt by investors. ► This paper considers the impact of increases in rates for th

Morning Note – 30 September 2024

Impressive progress in H1'24, forecasts maintained

Global Smaller Companies

GSCT offers comprehensive exposure to small-caps worldwide…

Gresham House Energy Storage Fund - Rising revenues and big plans for the future

Gresham House Energy Storage Fund (GRID) invests in utility-scale battery energy storage systems (BESS) in Great Britain. The sector had a tough start to the year, due to a deterioration in revenue conditions, but GRID’s efforts to stabilise revenues and increase capacity are paying off. The manager, Ben Guest, is looking forward to a significant improvement in revenue in 2025, underpinned by a large, contracted earnings base, and plans for new pipeline projects, further augmentations to GRID’s

Balancing act

Over the past three years, trusts with blended approaches rather than a strong tilt to growth or value have been at or near the top of the pack across the developed equities sectors, benefitting from their flexibility in a period of extreme style gyrations.

HICL Infrastructure

HICL’s increased dividend target comes amidst other positive signs…

Henderson Far East Income - Asian income fund with 5.9% dividend yield

Henderson Far East Income (HFEL) is a pan-Asian investment company with a focus on achieving a high and growing income as well as capital growth. While the emphasis on income will naturally lead the management team to focus on some older-economy sectors where there is a long history of rewarding investors with dividends, lead manager Mike Kerley reports that an increasing number of high-growth technology stocks in Asia are now generating healthy cash payouts. However, the manager retains a tilt

Templeton Emerging Markets Investment Trust - Under-owned, undervalued & under-appreciated

Templeton Emerging Markets Investment Trust’s (TEMIT’s) co-managers Chetan Sehgal (lead manager) and Andrew Ness consider that the case for emerging markets is not well understood. Hence, they believe that the regions remain under-owned, undervalued and under-appreciated, which provides an interesting opportunity for global investors. There are several powerful trends supporting the superior economic growth prospects of emerging markets versus those in developed regions, including demographics,

Zeus Industrials Round-Up - 13 September 2024

The UK industrial sector continues to show promising signs of recovery, with manufacturing PMI reaching a 26-month high of 52.5 in August as all survey indicators but one expanded. Economic data has also been encouraging, with UK pay growth cooling to a two-year low and inflation rising only slightly in July – supporting the case for further interest rate cuts this year by the BoE.

Allenby Capital TMT Update - 09.09.24 - ENSI.L, CPX.L, TERN.L, CHSS.L, ELEG.L, CNC.L

Please find below our weekly update covering themes that we feel that are of interest to investors and participants in the small and mid-cap TMT sector as well as commentary on recent newsflow.

Allenby Capital TMT Update - 16.09.24 - ENSI.L, BIRD.L, NWT.L, ENET.L, ELEG.L, FIN.L, LST.L

Please find below our weekly update covering themes that we feel that are of interest to investors and participants in the small and mid-cap TMT sector as well as commentary on recent newsflow.

PCI Pal - FY24 revenue growth of +20%, strong partner momentum

PCI Pal’s FY24 trading update shows FY24E revenue growth of +20% to £18.0m, strong traction with major partners, and FY24E net cash in line with our previous £4.3m. FY24E revenue of £18.0m includes a £0.7m impact from a specific project where the customer has paid in full and the company has delivered the services, but following discussions with the auditors the Board has decided to defer the revenue from FY24 into FY25. The remaining £0.4m revenue change vs our previous FY24E forecast reflects

Morning Note – 29 August 2024