Hybridan Small Cap Feast - 20 Feb 24

20th February 2024 @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

Morning Note – 20 February 2024

Lok'nStore - Growth continues, alongside sector M&A

In a positive trading update, Lok’nStore has detailed that H1 revenue (to end January) was up +4.9%, supported by pricing +4.0%, and trading is in line with expectations. Early trading at the three new owned stores continues to be as expected, and a new managed store has also been opened recently. Two further stores (one owned and one managed) will open in 2024. Financing terms and certainty have been improved, with £10m out of the total £44m debt now fixed at 5.2% for five years, significantly

Morning Note – 30 October 2023

Lok'nStore - 52% upside to historic NAV, 108% upside to potential NAV

Lok’nStore’s discount to its historic NAV and its potential NAV (once the secured pipeline is developed) suggest the market is assuming a fall in the value of the portfolio given the rise in interest rates and/or poor trading. Neither are evident in the FY 2023 results announced today or the outlook statement. Adj. NAV at July 2023 was 986p up +1.4% on 2022 and trading has remained good into FY 2024E reinforced by a good start at the new stores. Lok’nStore has the ability to control the pace at

Morning Note – 10 October 2023

Lok'nStore - Discount to NAV, peers and long-term structural growth trend

Lok’nStore’s shares have fallen -15% since its positive year-end trading statement in August. The shares are now valued at a -31% discount to January 2023 NAV vs. peers at a -19% discount despite sector-leading growth potential and the lowest level of gearing. Property investor interest in self storage assets remains high, as evidenced by the £280m cash bid for Self Storage Group ASA at a +87% premium to June NAV, and this will have supported the (shortly to be revealed) July 2023 valuation. Ahe

Morning Note – 14 August 2023

Lok'nStore - Strong growth continues alongside new store openings

In a positive July year-end trading update, Lok’nStore has detailed same-store self-storage revenue up +12.1% on last year and total self-storage revenue up +5.3% (impacted by the timely sale and manage-back of four stores for £37m in January 2022). This progress was supported by pricing up +6.8% in FY 2023. We make no changes to our forecasts and reiterate our view that Lok’nStore is very well placed to take advantage of the growth opportunities in the undersupplied UK self storage market. Post

Morning Note – 17 July 2023

Morning Note – 7 July 2023

Lok'nStore - Accelerating long-term growth potential

Lok’nStore has raised £20.5m at 765p to support the development of its new store pipeline. The existing pipeline contains 10 stores which will add +38% to trading space and provide significant support to future earnings and NAV growth. The raise will potentially fund an additional two stores. Indeed, three stores are currently progressing with lawyers. Loan-to-value was a modest 9% at January 2023 and (pre raise) we had forecast it to peak at 22% in FY 2025E as the current pipeline is developed.

Morning Note – 28 June 2023

Hybridan Small Cap Feast - 24 May 23

24th May 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

Morning Note – 24 May 2023

Supreme (SUP LN) - Record performance, EBITDA ~doubled

Supreme’s FY24 trading update confirms a record performance in the 12 months to 31 March 2024. Organic revenue and profit growth across all four divisions has driven Group revenue +45% YOY to £225m, with FY24 adj. EBITDA almost doubling to ‘at least £38m’, driving record levels of cash generation. Supreme is actively exploring complementary M&A, supported by a debt free balance sheet. Trading on an undemanding FY25 PE of just 6.7x, with a 3.4% yield, we believe downside risks are more than price

Morning Note – 22 April 2024

Supreme+ (SUP, House Stock at 125p) - Supreme, Supreme!

SP Angel Spec Sits: FY Trading Update (LTHM)

Headlam Group - Strategy for growth in tougher market

Headlam Group has laid out an ambitious long-term revenue target of between £900m and £1bn, as it seeks to grow its share of the UK floor coverings distributor market. Despite a challenging backdrop due to the low level of residential housing transactions, management is seeking to expand each of its sales channels: Trade Counters, Larger Customers, Regional Distribution and Europe & Other. The FY23 results reflected the more challenging environment and the group trades at a discount to its long-

Hardman & Co Insight: 2023 was an annus horribilis for Quoted UK Infrastructure and Renewable Energy

The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no

SP Angel Morning View: Copper prices hit $9,700/t as China smelts concentrates for zero charge Tc/Rc

LIBERUM: Ilika: CMD confirms operational progression

Hybridan Small Cap Feast - 24 April 24

24th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi

LIBERUM: Gattaca: Resilient contract performance, perm tough

LIBERUM: Severfield: Erratum: Better EPS and cashflow, and buyback

LIBERUM: CEO Video: Matt Wragg, Gattaca plc:

LIBERUM: Capex Cycle: Miners' spending continues to lift

Hybridan Small Cap Feast - 22 April 2024

22nd April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi

VSA Morning Flow Test 19/04/24 (Quadrise)

Quadrise (QED LN) has provided an update on its Utah project with Valkor. Valkor’s partner (Heavy Sweet Oil LLC) has received funding and approval to commence drilling enabling production of 20-40bopd of heavy sweet oil providing QED with samples for production of test scale quantities of MSAR and bioMSAR; the company’s key fuel decarbonising emulsion fuel products. This should derisk the commercial scale ramp up. QED management has highlighted that Valkor has not yet raised the minimum of US$