LIBERUM: Ricardo: Operating model changes have been accelerated

LIBERUM: Ricardo: Operating model changes have been accelerated

LIBERUM: Ricardo: Progress on strategic ambition

LIBERUM: Ricardo: Progressing well towards the targets

Ricardo (RCDO LN) - Getting there

Ricardo has been busy, making useful tuck-in acquisitions and earlier this week announcing a c.$400m contract extension to the US Army’s Humvee fleet upgrade programme. Full year results yesterday were also positive, combined with good progress on the transformation of the divisional portfolio. Order intake was up 23% (£522m), constant currency revenue was up 14% (£445m) and operating profit up 16% (£34m). The operating margin ticked up slightly to 7.6% (vs. 7.4% in FY22a); but this was still we

LIBERUM: Ricardo: Good progress on targets

LIBERUM: Ricardo: Trading in line but mix changes and higher interest

LIBERUM: Ricardo* - Acceleration towards "One Ricardo"

LIBERUM: Ricardo* - Succesful McLaren re-bid underpins expected volume growth

Ricardo (RCDO LN) - Up with events pending CMD

We have been positive on RCDO as trading and order intake has recovered, but we think the stock will now mark time pending the CMD and strategy update in May. We refresh our estimates and valuation after recent H1s, and another tuck-in acquisition. For FY23e our revenue is lifted by 2% to £429m and operating profit lifts by 4% to £34m. Our EPS is held back slightly (up 2% to 33.1p) with higher assumed taxes and cost of debt. Similar upgrades are applied in FY25e. With higher estimates, record or

SHORE CAPITAL - Initial Trading Comments - 13 March 2023

LIBERUM: Ricardo* - Transformation underway and recovery potential at Established Mobility

LIBERUM: Ricardo* - Transformation underway and recovery potential at Established mobility

LIBERUM: Ricardo* - The transition is on track

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

Trinity Delta Lighthouse: Avacta

Trinity Delta view: The proprietary pre|CISION platform is key to Avacta’s investment case, hence updated data that continue to support key hypotheses for AVA6000 are reassuring. Future efficacy data from studies planned to start in H224 will be key, and could also help to more broadly validate pre|CISION. The recent £31.1m fundraise (March 2024 Lighthouse), which provides a cash runway of c 24 months ie into early 2026, will be used to advance the therapeutics pipeline, in particular AVA6000, a

LIBERUM: Agents of change: Evolving for modern demands

Braemar - Diversification paying dividends

Braemar’s FY24 trading update was in line with expectations, with revenues of c £150m and underlying operating profit of c £18m. Underlying operations continue to expand and diversify and the company remains well-positioned to drive its future growth strategy. The trading outlook is promising and Braemar should be able to leverage its strong balance sheet in pursuit of strategic growth. We have maintained our underlying estimates for FY24 and FY25, but edge down the valuation based on the lower

hVIVO - FY 2023 results, revenue in-line, margin better, future is bright

hVIVO has delivered FY 2023A results in-line with the 30 January 2024 TU, with total customer revenues of £56m, growth of 16% versus 2022A. Other income related to tax credits added another £2.6m. 2024 revenue guidance of £62m has been reiterated, representing 11% growth over 2023A, and ahead of the £60m that we had previously forecast. The company has good visibility with the 2024 figure, with 90% already being covered by the existing orderbook (stands at £80m at the end of 2023), as well as in

Hybridan Small Cap Feast - 10 April 2024

10th 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: Change of Market: TheWorks (WRKS.L) a multi-channel value retailers of books, arts and crafts, stationery, toys and games, offering customers a differentiated propositio

UK Equities: Overlooked, oversold, and over here

In this note we look at the gap between perception and reality in the UK equity market, the opportunities and threats in the economic and market outlook, and the emerging consensus that the valuation discount versus other major markets is at or close to an inflection point. We consider the benefits of UK equity strategies both for income investors and for those seeking exposure to the higher growth potential of smaller and mid-cap companies.

Avacta Group - AACR update

As pre-announced, Avacta has presented the results of the 3-weekly P1 Arm 1 study of its AVA6000 lead clinical asset, based on the pre|CISION™ drug development platform at the American Association for Cancer Research's annual general meeting. The update does not cover progress on the ongoing 2-weekly dosing study which is underway, and Avacta confirmed current guidance on timing including being on track to begin the dose expansion study in 2H24. There are compelling updates on the progress repor

Significant hidden value in core RM division

LIBERUM: The Liberum Leisure Digest: NLW increase - pricing power is key

SP Angel Morning View: Gold pushes on again despite rising Treasury yields as focus turns to Powell today

Anexo Group (ANX LN) - Key Supreme Court Judgement: No cap on non-whiplash compensation

Key ruling sets out the ability to claim compensation for non-whiplash injuries alongside whiplash claims, without the quantum of damages being restricted by the Whiplash Injury Regulations, supporting the Group’s legal services division Bond Turner in pursing the optimal outcome for the claimants it represents.

Morning Note – 12 February 2024

Morning Note – 22 March 2024

Morning Note – 25 March 2024