Chrysalis Investments (CHRY LN) - Quarterly NAV update

Chrysalis Investments’ latest quarterly NAV update showed a 2.9% increase in NAV per share to 147.46p, which reflected uplifts in the carrying values of Starling Bank, Smart Pension, and Klarna (amongst others) and write-downs in wefox and Tactus. The Group’s “likely disposal” is still ongoing, which could result in a sizeable injection of liquidity, taking gross cash to over £70m by our estimate. This would free up c. £20m for share buybacks according to the newly approved policy, which would h

Allenby Capital TMT Update - 07.05.24 - MWE.L, CPX.L, CLCO.L, TRAK.L, CPX.L, ELEG.L, TERN.L, CODE.L, CNC.L

Please find below our weekly update covering themes that we feel that are of interest to investors and participants in the small and mid-cap TMT sector as well as commentary on recent newsflow.

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

UK REITs: Building back better

UK commercial property has been a cornerstone asset for many income-seeking investors (both retail and institutional) in recent decades, particularly since the global financial crisis of 2007/8 and the resulting ultra-low interest rate environment. However, since rates began to rise in 2022 to tackle surging inflation, meaningful returns have once more become available on lower-risk assets such as cash and government bonds, which has led to a retrenchment from alternative income assets such as p

Molten Ventures - Forward Partners deal completed

Molten Ventures has recently completed the acquisition of Forward Partners, which allowed Molten to further broaden its portfolio, add a complementary strategy focused on earlier stage companies and potentially provide a pipeline of new core holdings. Furthermore, its recent equity raise gave Molten the funds to pursue new investments in what it currently considers a buyer’s market, with an emphasis on the venture capital (VC) secondary market. In FY24 (to end-March 2024), Molten’s gross portfol

Morning Note – 3 May 2024

Hardman & Co Healthcare Index: 2023 – Capital demands dent performance

The Hardman & Co Healthcare Index (HHI) has been running since 2009. Its main function is to highlight the attractions of life sciences investments over the long term. For the second year running, apart from global economic influences affecting world markets, performance in 2023 was dented by the capital-intensive nature of the sector. The HHI fell 3.7%, to 483.8, underperforming the main London markets – FTSE 100 (+3.8%) and FTSE All-Share (3.8%) but outperforming the FTSE AIM All-Share Index (

Canadian General Investments - Adding to positive long-term performance record

Canadian General Investments (CGI) has delivered a very commendable long-term performance versus the Canadian market. Longstanding manager Greg Eckel at Morgan Meighen & Associates (MMA) is unphased by stock market volatility, following a fundamental, long-term approach to stock selection. He has taken advantage of the maximum 25% permitted allocation to US stocks to increase CGI’s returns, including a position in NVIDIA, which has been in the portfolio since 2016. The manager is unconstrained b

Homage to growth

Morning Note – 2 May 2024

Ready to fly - with relatively lower CO2

LIBERUM: Plus500: Strategic progress pays dividends

Hargreaves Lansdown: Consensus estimates are too low, but HL is not significantly undervalued unless material cost savings can be realised.

Hargreaves Lansdown is the St James’s Place of retail investment platforms. It has scale and brand, which have enduring value, but, in our view, just the wrong price structure, which it cannot address without killing its own profitability. In current corporate form we see a low single-digit growth business, in the middle of a major technology upgrade, which looks cheap prima facie, given the 11x next year multiple and the 5.4% prospective yield, but which DCF valuation suggests is not. We are mi

Murray Income

MUT continues its impressive streak of consecutive dividend increases hitting half a century in 2023…

Avation - Exercise of ATR 72 purchase rights underpins long-term growth strategy

Avation is a lessor of 34 commercial aircraft to a diversified client base of 16 airlines. This morning, the group has provided an update on its aircraft purchasing strategy, reporting the exercise of purchase rights for 10 ATR 72 aircraft for delivery between Q4 2025 to Q1 2028, which will follow the delivery of two new ATR 72 aircraft in the coming months already on order. In addition, AVAP has been granted new purchase rights and extended its remaining rights for 24 further ATR 72 aircraft, w