Reassuring AGM statement

High quality earnings; compelling valuation

FLASH: FY22 pre-close indicates profit beat

H1'22 results evidence resilience in the model

Solid update for H1'22

Strong CY21 results

FLASH: Positive trading update

FLASH: Strong Q3'21 statement

Attractive financial model

The Property Franchise Group (TPFG) is the UK’s largest property franchise business and manages the second largest estate agency network and portfolio of lettings properties in the UK, following its acquisition of Hunters in March 2021. The Group benefits from a high quality of earnings given the visibility and recurring nature of lettings revenue. While H1'21 results were characterised by an extremely strong sales market given the Stamp Duty holiday, we would expect to see lettings revenue comp

Hybridan Small Cap Feast 08-09-2021

Joiners No joiners today. Leavers No leavers today. What’s cooking in the IPO kitchen? Petershill Partners, Expected Intention to Float on the London Stock Exchange. Petershill Partners, a leading investment group providing bespoke capital and strategic solutions to some of the world's best performing alternative asset management firms. Petershill Partners today comprises minority investments in 19 high-quality Partner-firms, previously held in private funds managed by Goldman Sachs Asset M

CMD - Broadening & deepening client relationships

FLASH: In-line trading update

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

Critical Metals Plc - Molulu Operational Update - Target Price £1.14 ps

Event On the 15th May, Critical Metals plc released an operational update relating to their Molulu copper project in the DRC. Key Points 1. 6,500t of copper ore grading 3% copper has been mined 2. The mining focus is moving towards the high grade sulphide copper ore grading above 8.3% copper 3. No cobalt has been identified in the mining so far using hand-held XRF 4. Dewatering of the pits has begun with a trench decanting water from the small pit. Implications As soon as the road rehabilitation

Morning Note – 5 June 2023

Cenkos: Duke Royalty Ltd -- Record revenues and more to come

Duke has released a Q1/24E trading update which points to a continuation of steady growth in recurring cash revenues and resilient underlying portfolio companies. Guidance for the quarter is for £6m of recurring cash revenues, and total cash revenues are expected to be c£7.5m once the buyout premium from Instor is accounted for. Duke's valuation looks very compelling at current levels with the FY24E dividend yield over 10% whilst being backed by FCF generation.

LIBERUM: NewRiver* - Higher occupancy driving earnings growth despite macro challenges

LIBERUM: Ramsdens Holdings* - Worth its weight in gold

Acquisition of Silver Royalty

Trident Royalties Plc (AIM: TRR) has, this morning, announced the acquisition of two royalties and a production-linked milestone payment over the La Preciosa Silver Project, owned by Avino Silver & Gold Mines Ltd (TSX: ASM, mkt cap US$87m) in the State of Durango, Mexico. The consideration consists of US$7m cash to Coeur Mining (NYSE: CDE, mkcap US$1.1bn) on closing with a further US$1m in either cash or shares at Trident's election upon receipt of the milestone payment. The acquisition is Tride

NewRiver REIT+ (NRR, House Stock at 86p) - Final results

NewRiver REIT+ (NRR, House Stock at 83p) - Final results preview

Hybridan Small Cap Feast - 07 Jun 23

7th June 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

Trading at trough valuation?

We review the investment case in an altered macro context. The stock currently trades at trough valuation of 13% discount to NAV. While some de-rating is justified, in our view the current price ignores positive aspects of the case and already prices in substantial mark-downs. Higher rates and increasing leverage justify a higher discount Some of the de-rating from the past 5Y average premium of 6% is justified given the magnitude of the increase in bond yields. HICL has only raised its discoun

Very strong CY22 - CY23 upgraded 10%

LIBERUM: PayPoint* - FY 23 PBT at top end of expectations; Appreciate integration on track