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Companies: Property Franchise Group PLC
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
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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
Companies: JSE ACSO SOLI LOGP ZPHR IXI TPFG DXRX GFIN CORA
Research Tree provides access to ongoing research coverage, media content and regulatory news on Property Franchise Group PLC.
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Companies: Equals Group Plc
Companies: Duke Royalty Limited
Companies: Avation PLC
On the 15th May, Critical Metals plc released an operational update relating to their
Molulu copper project in the DRC.
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
As soon as the road rehabilitation
Companies: Critical Metals Plc
Companies: IOM FEN TSTL ITX BBB KMK
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.
Companies: NewRiver REIT plc
Companies: Ramsdens Holdings PLC
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
Companies: Trident Royalties Plc
7th June 2023
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
Companies: TXG TXG RUA BWNG GUS RFX MIRI VAL EVG LOOP ZAM
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
Companies: HICL Infrastructure PLC
BNP Paribas Exane - Sponsored Research
Companies: PayPoint plc