LIBERUM: Harworth* - Resilient performance in a rapidly changing property market

LIBERUM: Harworth* - Further strategic progress despite challenging market backdrop

LIBERUM: Harworth* - Operational performance and a robust land market driving strong H1 results

LIBERUM: Harworth* - Upgrading forecasts as operational performance remains strong

LIBERUM: Harworth* - CMD outlines strategy for growth

LIBERUM: Harworth* - Record total return as refreshed strategy delivers strong results

LIBERUM: Harworth* - Buoyant land market driving sector leading growth and NAV upgrade

LIBERUM: Harworth* - Major land sale at more than double book value driving strong NAV growth

LIBERUM: Harworth* - Major land sale drives strong growth

LIBERUM: Harworth* - A strong H1, with plans to double the size of the business in the medium term

LIBERUM: Harworth* - Buoyant land market driving growth

LIBERUM: Harworth* - Land sales driving growth

LIBERUM: CEO Video: Lynda Shillaw, Harworth Group*

LIBERUM: Harworth* - Well positioned after strong gains in H2

CMD - Broadening & deepening client relationships

A dose of morosity

No change in the narrative. Aviva’s ship sails on as usual. The PRT business is still going well, inflation remains an impediment to a strong P&C improvement, retail customers seem more interested in the rising cost of living than savings’ products and Aviva investors see no real signs of an improvement. This is the same story as in recent quarters and, in that context, our thesis remains the same.

'Airlines will be shocked when Covid leases run out and rates go up’

Morning Note – 24 May 2023

The Opportunity in Short-Termism

Fears vs Fundamentals (again) For 2 years, European banks have enjoyed potent earnings upgrades. For 2 years, valuations have been trapped between ''unease'' and ''outright panic'' multiples. This note looks at the latest fears and fundamentals behind this ongoing struggle. We extract lasting lessons from Q1, a record profit quarter, and extend our work on the fears of the moment: ''peak NIM'', CRE and credit contraction. Peak NIM - no, not yet We refresh our top-down margin work for the late

NAHL Group plc: AGM update: Continued progress in scaling the business for future growth

NAHL’s AGM statement released today, is encouraging as management continues to scale the businesses for further growth. As a result, the Board’s expectations for the full year remain unchanged and we make no alterations to our forecasts. As a reminder, these still call for a c.13% increase in adjusted PBT in 2023, c.170% in FY24 and a further c.70% in FY25. Our current fair value remains at 65p but this is likely to rise as the Group delivers on its significant potential.

WH Ireland: Avation - Market tailwinds highlighted in Bloomberg Intelligence event

Avation is a lessor of 35 commercial aircraft to a diversified client base of 17 airlines. Yesterday's Bloomberg Intelligence webinar event entitled ‘Aircraft Lessor Recovery and Innovation' reaffirmed a number of positive market trends for aircraft lessors at the present time. Key points included: i) structural deficits in the supply of turboprop aircraft in the coming years, with aircraft retirements expected to outpace limited production of new aircraft; ii) the strong recovery in air travel

This Week's AIM Highlights 19th May

Early Mover in UK Lab-grown Meat

BSF Enterprise Plc (BSF) is a biotechnology company focused on acquiring, combining, and building businesses in the lab-grown tissue space. It aims to achieve this through an acquisition-led growth strategy and has already acquired the tissue engineering and cellular agriculture company, 3D Bio Tissues.

An Asian exploration

We spent last week with HSBC and STAN in Hong Kong and Singapore, delving into the detail of structural drivers for Asia. Both banks have a good story to tell, with business models that are well positioned and being enhanced further. In isolation we did not learn enough to warrant a change in recommendation but tailwinds from the region are not to be overlooked. A deep dive into a core part of the investment case Asia sits at the core of the investment case for both HSBC and STAN given its share

c.60% discount to NAV... Can deep value prevail?

Petershill (PHP) reported a Q1-23 double digit % headline miss on FRE/DE mostly driven by cyclical factors. However, fundraising was resilient including more closings after quarter end and PHP reiterated FY2023 guidance ($220-250m FRE). We remain outperform, 250p target price. Weakness on headline earnings amid a muted industry backdrop Private markets are being tested in 2023 with private equity deal activity down c.50-80% y/y. In this context, the headline Q1 miss was mostly driven by cyclica

Trading update indicates strong FY23 performance

LSL Property Services (LSL LN) - Simplified financial model

LSL has recently announced the conversion of 183 estate agency branches to franchises: 143 agreed; 40 at advanced stage. Including the 120 franchise branches it currently operates, LSL will be one of the largest estate agency franchisors in the UK, with a network of over 300 branches. This simplifies LSL’s structure and financial model to a capital-lite, high margin service platform.

Very strong CY22 - CY23 upgraded 10%

XPS CMD articulates growth potential