Purplebricks (PURP LN) - New team: new strategy

Purplebricks full year results provides the detail behind its May pre-close update (i.e. 40,141 instructions; £70m revenue; £8.8m EBITDA loss and £43.2m cash) and details Purplebricks’ plan to return to operational cash generation.

Hybridan Small Cap Feast 21-07-2022

Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen? Unigel Group, intends to join the Aquis Growth Market. Unigel Group is a pioneer in the field of thixotropic gels for the fibre optic cable industry. The Company is also a supplier of laminated steel tapes to the fibre optic cable industry in the US. Thixotropic gels and laminated steel tapes are essential components to the rapidly growing global fibre optic cable market. The Group export

Purplebricks (PURP LN) - Low level of instructions

Following its 30 April year end, Purplebricks preclose reveals instructions and revenue in 2H have resulted in an £8.8m EBITDA loss for the year.

Purplebricks (PURP LN) - Interims better than last update

What’s new: Following its November trading updates (n.b. fall in instructions, circa £58m net cash and need for a provision for claims relating to its lettings business), Purplebricks has released its interim results to 31 October, which reveal:  7% fall in revenues to £41.3m - 29% fall in total fee income to £34.7m - 38% fall in number of instructions to 21,131 - 15% rise in average revenue per instruction to £1,642

Purplebricks (PURP LN) - Market imbalance: instructions fall

What’s new: Purplebricks Preclose update observes: - 23% fall in new instructions coming to market 1H22 on 1H21 - Enhanced digital capabilities in new CRM system - 1H instructions of c. 22,000 (1H21: 35,387). - C. £58m net cash as at 31 October 2021: to stabilise in 2H to April 2022

Hybridan Small Cap Feast 14/10/2021

Joiners No Joiners Today. Leavers No Leavers Today. What’s cooking in the IPO kitchen? Gymshark has started to put together plans for a stock market listing according to City A.M. The company hit a £1bn valuation just over a year ago and boasts customers in more than 130 countries. Gymshark was founded by teenager Ben Francis in 2012 in his parents’ garage with products that appeal to Gen Z consumers. Timing TBA Rubix Group Holdings, the market leading pan-European distributor of industrial main

Small Cap Feast: 20/05/21

What’s cooking in the IPO kitchen? Oxford Cannabinoid Technologies Holdings Plc to IPO onto the Standard List. They are a pre-revenue pharmaceutical company with an objective to develop cannabinoid-based prescription medicines approved by regulatory agencies including the US Food and Drug Administration, the European Medicines Agency, and the Medicines and Products Healthcare Regulatory Authority. Their drug development strategy includes the development of proprietary cannabinoid derivatives, n

Purplebricks (PURP LN) - Move to fully employed status

What’s new: Purplebricks is moving its field sales agents to a fully employed status (Area Directors are responsible for specific postcodes, Local Property Partners responsible for carrying out valuations, and Local Property Agents responsible for administration).

Purplebricks (PURP LN) - Money back guarantee

What’s new: Purplebricks’ “Money back guarantee” will be the focus of market attention: its full year results are suitably ahead of its pre-close update in May:  22% rise in total fee income to £87.1m (c. 1% above Zeus est: £86.4m)  13% rise in IFRS15 revenue to £90.9m (c. 2% above Zeus est: £88.7m) ­ - 14% rise in instructions to 58,043 (FY20: 50,948); ­ - Purplebricks’ market share at 4.6% (FY20: 5.1%) based on TwentyCi estimate of sales by volume; ­ - 7% rise in average revenue per ins

Purplebricks (PURP LN) - Good progress

What’s new: Pre-close update reveals Purplebricks has traded ahead of Zeus expectations for the year to 30 April 2021: - 60,238 instructions (12% ahead of FY20; 7% ahead of Zeus forecast of 56,200; 9% ahead of consensus expectation of 55,100 as set out on www.purplebricksplc.com/investors/analyst-and-consensus/ ) - Full year adj EBITDA will be in line with current consensus of £11.8m (previous guidance was in excess of £11m; Zeus forecast £11m) despite deciding to repay £1m CJRS received in 1H

Purplebricks (PURP LN) - Well known, but misunderstood

UK Budget is stimulating the residential property market: Stamp Duty holiday extended to 30 June; Government support to high loan-to-value mortgages. Increase in activity benefits all agents and Purplebricks in particular. Purplebricks is arguably the largest UK Estate Agency brand and the best-known UK hybrid estate agent: with 98% brand awareness, circa 35% brand consideration and circa 5% market share of residential house sales.

Purplebricks (PURP LN) - Interims prompt upgrades

What’s new: Purplebricks’ interims to 31 October, confirm the 8% rise in instructions to 35,387 (1H last year: 32,850) and net cash of over £75m (as set out in the recent trading update). The full interim results for Purplebricks reveal: - 6% rise in UK fee income to £49.1m (1H20: £46.3m) with Average Revenue Per Instruction “ARPI”, rising 3% to £1,392 (1H20: £1,353); - “Deferral of fee income over the service period under IFRS15” reduced reported revenue 6% to £44.2m (1H20: £47.1m) - 1% fa

Purplebricks (PURP LN) - Pleasing profit performance

What’s new: Purplebricks’ trading update for the 6 months to 31 October, reveals: - 8% rise in number of instructions to 35,387 (1H last year: 32,850) with a 20% increase for the 5 months since June (see Exhibit 2 for our analysis); - 1H adjusted EBITDA “expected to be comfortably ahead of consensus for the full year of £3.5m”; - Net cash at end October 2020 above £75m (15 July: £66m; 30 April: £31m); - Interims will be published on Tuesday 15 December.

Purplebricks (PURP LN) - Rebound post lockdown

What’s new: Purplebricks Group results for the year to 30 April 2020, show the Australian and US units as discontinued; but include the Canadian unit sold for C$60.5m (i.e. £35m) in July. Investors will focus on the UK unit which revealed:  11% fall in UK revenue to £80.5m (FY19: £90.1m), as the number of instructions fell 23% (impacted by early Covid uncertainty and lockdown), but the average revenue per instruction “ARPI” rose 12% to £1,394;  UK gross profit margin improved to 64.1% (FY19

The dark side of interest rate hikes

While the management reiterated its full-year guidance, the third quarter results confirmed that interest rate increases also have a negative side in the form of negative equity adjustments and a looming asset quality deterioration.

Cenkos: Agronomics Ltd -- First FDA Pre-Market Consultation

The FDA has announced it has completed the first pre-market consultation for a food product made from cultured animal cells. The submission, made by Upside Foods, and FDA response means that the agency accepts Upside's data package and conclusion that its cultivated chicken product is safe to eat. This clearly represents a significant achievement for Upside Foods and a major milestone for the cultivated meat sector in general, marking the first significant regulatory milestone in a major jurisdi

Cenkos: Marlowe Plc - Solid H1/23E results

Marlowe has released a robust set of H1/23E results, with strong organic growth (+8% YoY), improved Adj EBITDA margins (+100bps YoY to 18.8%), and confirmation that it is trading “slightly ahead” of expectations for full year Adj EBITDA. We nudge up our FY23E Adj EBITDA by £1m to £82m, leave FY24E Adj EBITDA unchanged (at £93m), but lower Adj Diluted EPS in both years (by 9% and 11% respectively), primarily to account for higher interest rates on increased borrowings (used to fund recent M&A). D

Positive news in the portfolio

SHORE CAPITAL - H&T Group+ (HAT) House Stock, 485p

Solid interims, recent performance drives AuM

A solid H1 performance is evident with revenue and earnings growth. The dividend has been maintained underpinned by £100m+ net cash. Whilst H1 earnings performance comfortably covered ~55% of our prior earnings estimates, we are encouraged to note that AuM has grown by 7% to £33.5bn in the last month, benefiting from positive market performance. Flows have remained neutral. We do not assume that strong growth returns, retaining cautious assumptions, but given current AuM is already ahead of our

Hybridan Small Cap Feast 23/11/2022

Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Kistos Holdings plc, intends to join AIM. The Company was incorporated to act as a new holding company for the group companies 0f Kistos plc (KIST), a holding company with the objective of creating value for its investors through the acquisition and management of companies or businesses in the energy sector. Anticipated Market Cap £327m. Expected 22 Dec 2022. AT85 Global Mid-Market Infrastr

​Europe’s largest lithium hydroxide refinery is Go!

Alkemy’s 100%-owned subsidiary Tees Valley Lithium (TVL) has received full planning permission to build its planned world-class, low carbon, lithium hydroxide refining facility at the Wilton International Chemical Park in the Teesside Freeport, UK. Our indicative valuation increases to 1228p/sh (£12.28/sh) from 614p/sh previously. Details in the note...

Palace Capital* - 1HFY23 results – under pressure

Palace Capital has released interim results to the end of September reporting adjusted profit before tax of £3.5m (1HFY22 £4.0m) and adjusted EPS of 7.9p (1HFY22 8.7p), mainly reflecting rising financing costs. The dividend was maintained at the current quarterly run rate of 3.75p and net debt was held broadly flat. EPRA NTA per share fell 8.7% to 356p. The sale of the industrial portfolio remains paused but smaller commercial sales continue together with the sale of apartments at Hudson Quarter

1H23 – Stable NAV and Good U/Lying Performances

Augmentum Fintech has reported stable NAV per share at 155.0p during 1H23 (flat HoH, +5% YoY). The 19.3% IRR since IPO is marginally below the Group’s 20% Internal Target Return, unsurprising given a challenging market environment. Broadly stable portfolio valuations come as particularly encouraging with underlying investee performances (100% avg. revenue growth for Top 10 assets) largely offsetting multiple compression (EV/NTM Sales from 5.7x to 4.2x). Following the realisation of AUGM’s invest

Hybridan Small Cap Feast 14-11-2022

Dish of the day Joiners: Looking Glass Labs (NFTX) joins the Access Segment of the AQSE Growth Market. The company is engaged in digital agency specialising in immersive XR metaverse design, non fungible token architecture and virtual asset royalty streams. Looking Glass Labs is currently listed on the NEO Exchange (Canada). Market Cap £18.8m. EDX Medical Group joins the Access Segment of AQSE Growth Market. (Formerly TECC Capital plc) EDX operates a molecular biology and diagnostics laboratory

Tatton Asset Management (TAM LN) - Outstanding interims

Tatton is delivering strong organic growth, despite bear market conditions. In the 6 months to 30 September 2022 TAM attracted £907m of net inflows, and grew group revenue 15.1%, EPS by 12.9% and DPS by 12.5%.

LIBERUM: CLS Holdings* - Strong leasing activity despite the challenging economic environment

The Hardman & Co Monthly: November 2022

Feature article: A different kind of beat: Boyzone, 1996 Quoted company engagement with retail investors – a new world This month's feature article has been written in collaboration with The Quoted Companies Alliance. Introduction: Retail investors used to be the second-class citizens of the stock market. The bulk of their money was held in funds or pension schemes where a professional took all the decisions and where they owned only a tiny part of the equity market directly. They also tended

Industrial property market - What the logistics is going on?

If one looks through the current interest rate cycle and trusts that inflation will be brought under control at some point within an investable timescale, then the hope is that as the cost of capital reduces real estate values will rise again. Our worst-case scenario of a 200bps move in yields and no rental growth would see valuations fall by a third. Many of the discounts that industrial and logistics property companies are trading on are currently wider than this. Couple this with the strong o