Hybridan Small Cap Feast - 27 Mar 23

27 March 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

Small Cap Feast

Semper Fortis Esports* recently announced its intention to IPO onto the Access Segment of the Aquis Stock Exchange Growth Market. Semper is a multi-operational Esports organisation focusing on gaming technology solutions, brand enhancement and high growth team infrastructures. The company plans to raise £2.5m to develop their three core areas of establishing an esports team, forming partnerships with brands for sponsorship and B2B consultancy services. The Board are highly experienced in spor

2020 guidance withdrawn

It will be unsurprising to note that we have withdrawn our 2020 estimates and price target for RTC given the lack of visibility in earnings which is consistent with other recruitment companies. In its favour, RTC does offer defensive qualities with activities in the public and regulated sectors (infrastructure and railway transportation) all providing contract workers which are vital to the country. The indications are that these activities will continue. The international activities (supplying

Not your typical recruiter

The 2019 prelims are a clear endorsement of RTC’s strategy with gross profits and dividend meeting expectations, and net debt declining from £4.5m to £2.8m. PBT came in at £1.8m, the same as last year. Due to the diversified source of earnings (65% of revenues are from recurring sources and are non-cyclical), a clear distinction between RTC and its small-cap recruitment peer group is emerging. This, we believe is starting to be recognised and while the shares have started to perform (up 27% YTD)

Benefits from non-UK, non-cyclical, activity

RTC has reported EBIT of £0.8m (2018: £0.8m) for the six months to June 2019 and delivered increased cash from operations of £1.1m (1H2018 it was an outflow of £1.3m). RTC’s sole source of financing is its invoice discounting facility, utilisation of which has reduced from £6m at June 2018 to £4m. It has also grown the interim dividend by 7.7% to 1.4p. Looking forward, its non-UK and non-cyclical activities, i.e. GSS and Ganymede continue to trade well, though to reflect the subdued trading envi

Small Cap Feast

Freyherr International Group PLC the Medicinal Cannabis holding company established in 2016, is planning to list on the NEX exchange on the 13 August.

Small Cap Feast

Techniplas –global producer and support services company providing highly engineered and technically complex components, making the supply chain to original equipment manufacturers more efficient. FYDec17 rev $515m. Loungers plc—the operator of 146 café/bar/restaurants across England and Wales under the Lounge and Cosy Club brands, announces its intention to seek admission on AIM, offer to raise £61.6m at 200p with market cap of £185m, expected 29 April 2019. SDX Energy plc—a North Africa focuse

HCM UPDATE - 04.03.19 (RTC.L; RWA.L)

RTC Group plc (RTC.L, 62p/£9m) Full year results to 31.12.18 (25.02.19) | Robert Walters plc (RWA.L, 589p/£445m) Full year results to 31.12.18 (01.03.19)

‘Highly optimistic about its future’

The 2018 prelims not only addresses the two concerns raised at the interims of meeting full year expectations and reducing the net debt, they also highlight the success of the strategy of gaining exposure to engineering, manufacturing and infrastructure markets on long term contracts with bluechip clients in the UK and overseas. Following confirmation of organic PBT growth of 58%, the best in the sub-sector, we have increased our price target from 95p to 100p. With RTC trading on a 2019 PE ratin

HCM UPDATE -28.01.19 (CPS.L; EMR.L; HYDG.L; NAK.L; RTC.L)

CPL Resources plc (CPS.L, 525p/£144m) Half year results to 31.12.18 (24.01.19) | Empresaria Group plc (EMR.L, 66.5p/£32.6m) Full year trading update to 31.12.18 (23.01.19) | Hydrogen Group plc (HYDG, 63p/£21.3m) Full year trading update to 31.12.18 (25.01.19) | Nakama Group plc (NAK.L, 1.025p/£1.2m) Q3 trading update to 31.12.18 (21.01.19) | RTC Group plc (RTC.L, 56.5p/£8.3m) Full year trading update to 31.12.18 (25.01.19)

Estimates confirmed

RTC has released a favourable trading update for the 12 months to December 2018, confirming PBT of £1.8m, representing growth of 54% and a reduction in net debt from June 2018 levels. Trading on a 2019 PE rating of 5x and offering a dividend yield of 8% we maintain our buy recommendation and price target of 95p. At this level, the 2019E PE rating and dividend yield would still be only 8x and 4% respectively.

Small Cap Feast

Techniplas –global producer and support services company providing highly engineered and technically complex components, making the supply chain to original equipment manufacturers more efficient. FYDec17 rev $515m. Circassia Pharma (CIR.L) - specialty pharmaceutical company focused on respiratory disease transferring from the Main Market. No funds being raised. Due 4 Feb. Greenfields Petroleum (TSX-V:GNF) production focused company with operated assets in Azerbaijan seeking AIM dual li

HCM UPDATE - 06.08.18 (GATC.L; RTC.L)

Gattaca plc (GATC.L, 136p/£43.7m) Full year trading update | RTC Group plc (RTC.L, 55p/£8m) Half year results

Upbeat interims confirm full year forecast

Adjusted PBT at the interim was £0.83m representing growth of 27% with management remaining confident of ‘continuing the performance in the second half’. Trading on a 2018 PE of 6x and offering a dividend yield of 7%, having increased the interim dividend by 8%, we maintain a buy recommendation and price target of 95p (72% upside). At this level, the 2018 PE rating and dividend yield is still only 9.5x and 4% respectively.

HCM Update 23.04.18 (GATC.L; RTC.L)

Gattaca plc (GATC.L, 161p/£49.7m) Interim results to 31 January 2018 (19.04.18) | RTC Group plc (RTC.L, 56p/£8.2m) AGM trading update (18.04.18)

Continued strong growth

Invinity Energy Systems - First Mistral Order Signed

Invinity has delivered on its promise of an initial sale of its next-generation Mistral flow battery with a conversion of an existing order to the new technology. The new technology offers better margins and the deal will target deployment in a grid balancing application highlighting a key use case for flow batteries. An additional MoU brings the opportunity for expanded manufacturing capacity to support further orders with the client already targeting a further 255MWh.

Record result but rising costs

Strix (KETL LN) - Interim results & CMD

Strix has announced interim results for the six months to June showing revenue up 28.6% to £65.2m. The strong top line growth, driven by its 2022 acquisition of Billi, has resulted in gross profits rising 22.6% to £23.9m. Excluding Billi, revenue was down c. 14% yoy. Following updated guidance in today’s announcement, along with its Capital Markets Day, we adjust our forecasts to reflect the slower than anticipated economic recovery along with the impact rising interest rates have had on profita

Mpac Group+ (MPAC, House Stock at 210p) - HY results; recovery continues

LIBERUM: Restocking Indicator to HOLD: Pair trade opportunities

LIBERUM: Judges Scientific: Strong H1, FY23E well underpinned

Hybridan Small Cap Feast - 11 Sep 23

11th September 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 ob

Judges Scientific - Interim results – Excellent H1 underpins FY2023 with upside potential to FY2024E

Judges Scientific is a group focused on acquiring and developing companies in the scientific instrument sector. Judges has delivered an excellent first half with order books reaching a new mid-year record of 22.4 weeks. H1 revenue increased by 32% (organic +16.5%) to £61.3m (H1-22: £46.4m) which helped yield an adjusted pre-tax profit of £12.8m (H1-22 £9.6m), a 33% YoY increase (organic: +12%), with EBITA margin climbing to 23.2% (H1-22: 21.8%). Adjusted fully diluted EPS increased 22% to 150.3p

Interims and earnings update

SDI Group - FY 2023 results – Atik OEM contract now in the past

SDI reported adjusted FY 2023 results in line with its trading update of 11 May, save for lower (£1.4m) revenues, which were due to its auditors’ view on revenue recognition. With its Atik camera OEM customer contract having come to an end, the focus is on driving organic revenue growth, which was 7.2% (6.4% CER) in the year. With a positive start to the year and expectations of meeting market forecasts, a strong M&A pipeline and the prospect of further acquisitions in FY 2024, we make minor cha

LIBERUM: SThree: Q3 demonstrates further resilience

LIBERUM: Safestyle: Looking to strengthen balance sheet

Powerhouse Energy - Key Patent Protection Granted

Powerhouse has achieved important protection of the IP around its Distributed Modular Generation technology. This adds to additional protection from the complexity of all ATT processes which already gives the company a high degree of know-how protection. The move helps to consolidate the IP in our view and brings useful validation to the technology.

Water Intelligence - Positive H1 results, adj. PBT up 18%, cash on the balance sheet

WATR has published a strong set of results this morning, featuring a c.9% lift in revenues, growing margins, double digit profit expansion and net cash on the balance sheet. WATR supplies in-demand water leak detection and related services across the whole of the US, and also in international markets including the UK, Australia and Canada. The company's operating model has generated double-digit CAGR consistently over the past decade, and this is another set of results which highlight WATR's ac