Small Cap Feast

MJ Hudson Group PLC, the financial services support provider to Alternatives fund managers and asset owners, is planning an AIM IPO. Deal details TBC but expected admission date mid-December.

US industrial production misses in Oct, Diploma expects “moderately lower u/l growth,” IQE issues warning but “cautiously optimistic” on 2020

Diploma (DPLM LN, £1.9bn) FY19 results (30/09) – u/l rev growth 5% y/y vs. +7% y/y in FY18; adj. operating margin +30bps y/y from stronger GM and cost controls; adj. PBT +14% y/y; DPS +14% y/y; outlook expects “moderately lower underlying growth” from political & economic uncertainty to be offset by strong acquisition contributions | IQE (IQE LN, £609m) FY19 trading update revises down rev guidance by ~7% (mid-point), expecting “mid-single digit adj. operating loss”; expects seasonally weak Q1 2

Eddie Stobart Logistics - Suspension of estimates

For the purposes of the Takeover Code, Edison Investment Research is deemed to be connected with Eddie Stobart Logistics plc. Under Rule 20.1 Edison must not include any profit forecast, quantified financial benefits statement, asset valuation or estimate of other figures key to the offer, except to the extent that such forecasts, statements, valuations or estimates have been published prior to the offer period (as defined in the Takeover Code) by an offeror or the offeree company (as appropriat

Eddie Stobart Logistics - Suspension of estimates

For the purposes of the Takeover Code, Edison Investment Research is deemed to be connected with Eddie Stobart Logistics plc. Under Rule 20.1 Edison must not include any profit forecast, quantified financial benefits statement, asset valuation or estimate of other figures key to the offer, except to the extent that such forecasts, statements, valuations or estimates have been published prior to the offer period (as defined in the Takeover Code) by an offeror or the offeree company (as appropriat

Small Cap Feast

Brickability - The br icks supplier , w hich a lso ha s a hea ting a nd plumbing business a s w ell a s a roofing division, expects to join the junior market at the end of this month with a market cap of circa £150m

Eddie Stobart Logistics - Forecasts reduced, material value upside remains

We prudently cut our FY19 and FY20 EBIT forecasts for Eddie Stobart Logistics (ESL) by 5% and 6% respectively post the H1 trading update highlighting solid revenue growth, but EBIT at the low end of management expectations and a 4% downward revision to the last reported adjusted EBIT. Despite this, our forecast FY19 EBIT margin remains at the top end of logistics peers and, even on our revised numbers, the stock is trading at a significant discount to peers, offering an attractive c 9% dividend

Eddie Stobart Logistics - An attractive dividend yield with growth

Recent strategic acquisitions have transformed Eddie Stobart Logistics (ESL) into a full end-to-end logistics provider. This strategy has resulted in strong FY18 revenue (+35% y-o-y, of which +18% y-o-y organic growth) and earnings growth (EBIT +14% and EPS +15%), reflecting the strength of its pay-as-you-go model and its ability to achieve synergies. We expect ESL to focus on margin improvement and cash flow generation in FY19, and now forecast a 13% EPS CAGR in FY18–20. Following recent share

Small Cap Feast

United Oil & Gas (UOG.L) an oil and gas exploration and development company brought to the Official List (Standard Segment) in July 2017 by way of a reverse takeover of Senterra Energy plc. No capital to be raised, expected market cap of £17m and expected 28 Feb 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. Polemos, to be rename

Eddie Stobart Logistics - Growth accelerating in H218

We believe Eddie Stobart Logistics’ (ESL) trading statement shows that the consumer and retail sector trend for companies to outsource their logistics operations to achieve savings continues to support organic growth for the company. FY18 revenues were 3% above market expectations, while EBIT was broadly in line.

Small Cap Feast

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 listing including $60m private placement. Mkt cap $12.6m CAD. Expected late January 2019. Chaarat Gold Holdings—RTO, the Company intends to acquire Kapan Mining and Processing CJSC, which owns the Shahumyan medium-sized

Eddie Stobart Logistics - Outsourcing and e-commerce boosting growth

Eddie Stobart Logistics (ESL) saw a strong level of new contract wins in H118, which contributed to its 25% revenue growth, of which 10% was organic. We believe that new opportunities are arising as customers look to outsource their logistics to both save money and cope with the shift to e-commerce. ESL’s e-commerce revenues rose from 5% of the total in FP14 (8M14) to 21% in H118. As well as organic growth, the company is seeing a good revenue and profit contribution from acquisitions as it look

Eddie Stobart Logistics - Strong revenue growth boosted by contract wins

Eddie Stobart Logistics (ESL) published its H1 results on 30 August, reporting 25% revenue growth, including 10% organic. Organic growth was boosted by a higher than average level of contract wins and a good performance from the e-commerce division. A flip side of the contract wins was that they incurred network reoptimisation costs and this was the main reason that the EBIT margin declined from 5.9% to 5.0%. Management maintained full-year guidance.

2017 AIM IPO Review

2017 was an outstanding year for stock markets, perhaps somewhat unexpectedly given the levels of pessimism about the state of the world a year ago. But such views turned out to be well off the mark, as rising corporate earnings and economic growth pushed major global indices to all-time highs. While the UK small cap indices were unable to scale new peaks in 2017, the mood of general investor bullishness did not elude them, with annual gains of well over 20%. This was reflected in a solid year o

Interims show delivery on growth plans

Eddie Stobart Logistics’ (ESL) H1 numbers, well trailed at the trading update in July, showed high levels of growth (13% revenues and 14% EBIT) consistent with management guidance and market expectations. New contract wins, which totalled £25m in the first half, were bolstered by organic growth in key business units. The iForce acquisition is integrating well, with the post-period acquisitions of Speedy Freight (announced at the trading update) and the remaining 50% of the Logistics People (anno

Finals, ahead of expectations

Volex has delivered final results that are ahead of expectation. Organic revenue growth of 19% reflects growing customer demand, alongside a particularly strong performance in EV which saw sales almost double. The Group has demonstrated its ability to manage both supply chain challenges and inflationary cost increases, albeit with a short time lag. Recent acquisitions have integrated well, building exposure to attractive higher growth market segments. The Group’s global footprint has resonated w

Cenkos: Healthcare Sector - Ward Round

Weekly round-up of AIM-listed healthcare news. Venture Life Group, GENinCode, Kromek, Alliance Pharma, Polarean Imaging, Benchmark Holdings, Ondine Biomedical, Verici Dx, Faron Pharmaceuticals, Avacta Group, Abingdon Health, Open Orphan, Belluscura, Hutchmed (China), Oxford Biodynamics

ITM Power - Trading update

Trading update

LIBERUM: DX* - Trading significantly ahead

SIMEC Atlantis - A Clear Path Forward

SIMEC Atlantis’ full year statement and in particular its going concern statement show that financial risks remain following the decision not to proceed with the Uskmouth conversion. Yet the company has created a path through these risks with the creation of the 240MW Uskmouth battery project and further opportunities at the MeyGen tidal stream project. With MeyGen seeing the immediate benefit of an additional turbine in the water we see the current year as being a better one for the company.

Hybridan Small Cap Feast 28/06/2022

Joiners: No Joiners Today. Leavers: Raven Property Group has left the Main Market. What’s cooking in the IPO kitchen? Immediate acquisitions (IME.L) is to re-join AIM via a Reverse Takeover of Fiinu Holdings Limited. Once complete the Company is proposing to change its name to Fiinu Group plc. Fiinu intends to be a provider of a consumer banking product, the Plugin Overdraft ®, which is designed to provide customers with an overdraft facility without having to change their current account or req

Symphony Environmental (SYM LN) - Supply agreement with major customer

SYM has announced an exclusive supply agreement for its d2p (designed-to-protect) antimicrobial technology with a major customer. Grupo Bimbo (NASDAQ: BIMBOA) is one of the largest bread manufacturers globally. The company has conducted extensive trials of d2p for its plastic bread packaging, with the aim of extending the life of products, improving hygiene, and reducing waste. The company has asked SYM to supply d2p for its nominated bread packaging manufacturers across the American continent f

ATOME Energy - Capacity Expansion in Paraguay

ATOME’s trading update shows capacity expansion in Paraguay and good progress across the portfolio. The new capacity adds 50MW to take the Itaipu project to 300MW and increases our central case valuation to 183p from 173p.

Cenkos: Oil & Gas Sector -- Chariot, Wentworth Resources, Jadestone Energy, IOG, Reabold Resources, Union Jack Oil, Hartshead Resources, Southern Energy, Zephyr Energy, ADM Energy, Lamprell, Gulf Keystone Petroleum, TransGlobe Energy, Phoenix Global Resour

Oil posted its first back-to-back weekly loss since early April as fears of a demand-sapping global recession and tighter US monetary policy ripped through commodity markets to spur a broad sell-off. West Texas Intermediate fell 1.7% for the week to settle at $107.62. US Federal Reserve Chair Jerome Powell's hawkish testimony to Congress earlier in the week overshadowed a fundamentally tight market. Prices clawed back some of the week's losses Friday as the University of Michigan's final June

Hybridan Small Cap Feast 27/06/22

Joiners: No Joiners Today. Leavers: No Leavers Today. What’s cooking in the IPO kitchen? Immediate acquisitions (IME.L) is to re-join AIM via a Reverse Takeover of Fiinu Holdings Limited. Once complete the Company is proposing to change its name to Fiinu Group plc. Fiinu intends to be a provider of a consumer banking product, the Plugin Overdraft ®, which is designed to provide customers with an overdraft facility without having to change their current account or request an overdraft from their

FY22 results in line: FY23 emphasis on Vaping

For the year to 31 March 2022, Supreme PLC reported revenue of £130.8m, +7.0%YoY, gross profit of £38.5m, +16.6%YoY, and EBITDA (adj.) of £21.1m, +9.3%YoY. The contribution to total revenue from Vaping dominated at 33.3%, with Sports Nutrition and Wellness rising from 5.6% to 12.2%. Year-end net debt was £4.0m, with a proposed full year dividend of 6.0p/share. FY22 performance was within 1.0% variance of our estimates. During the year the Group noted: the addition of new vaping contracts with

Cenkos: Oil & Gas Sector -- 88 Energy, GETECH Group, Trinity Exploration & Production, Wentworth Resources, Longboat Energy, Block Energy, Enwell Energy, Coro Energy, Deltic Energy, Petro Matad, Caspian Sunrise, Eco (Atlantic) Oil & Gas, Echo Energy, Petro

Oil rose in thin trading ahead of the US holiday weekend as export disruptions in Libya exacerbated global supply concerns. West Texas Intermediate rose over $108 a barrel, posting a slight weekly gain after dropping the previous two weeks. Production from the Organisation of Petroleum Exporting Countries dropped by 120,000 barrels a day in June for a second straight monthly decline, according to a Bloomberg survey. Libyan exports have fallen to about one-third of last year's level after a worse

Morning Note – 28 June 2022

Morning Note – 29 June 2022

Hybridan Small Cap Feast 20/06/2022

Joiners: No Joiners Today. Leavers: Tungsten Corp and Sensyne Health have both left AIM. Hibernia REIT has left the Main Market. What’s cooking in the IPO kitchen? Visum Technologies seeking admission to The AQSE Growth Market. The Company's business is to own and operate an "on-ride" video and photographic camera system that it sells and/or licenses to customers (being theme parks, ride manufacturers, souvenir imaging providers, and other leisure operators). Due 30 June. LifeSafe Holdings, a fi