SHORE CAPITAL - Sureserve Group+ (SUR, House Stock at 72p)

Tritax EuroBox - Opportunity knocks

The share prices of many logistics-focused REITs, including Tritax EuroBox (EBOX), have been hit as interest rates have risen and the investment market has cooled. Inevitably, valuations in the low-yielding logistics property sector will fall as investors factor this in. However, the occupier market is still a landlord’s market, with record low supply and robust demand putting owners in an advantageous position, meaning rental growth is very much in the picture. This will have an offsetting eff

Hybridan Small Cap Feast 16/11/22

Dish of the day Joiners: BWP REIT joins the Wholesale Segment of the International Property Securities Exchange (IPSX). BWP REIT is a newly formed single asset company and has raised £35m by issuing 35m new ordinary shares at 100 pence per share to acquire Bridgewater Place, an office-led mixed use property in central Leeds and valued at £63m. The property is one of the tallest buildings in Yorkshire, comprising 234,000 sq. ft of office space, and is close to 90% let to EY, as well as multinatio

SHORE CAPITAL - Macfarlane Group+ (MACF, House Stock at 103p)

Morning Note – 16 November 2022

Industrial property market - What the logistics is going on?

If one looks through the current interest rate cycle and trusts that inflation will be brought under control at some point within an investable timescale, then the hope is that as the cost of capital reduces real estate values will rise again. Our worst-case scenario of a 200bps move in yields and no rental growth would see valuations fall by a third. Many of the discounts that industrial and logistics property companies are trading on are currently wider than this. Couple this with the strong o

LIBERUM: MindGym* - Clear momentum into H2

Hybridan Small Cap Feast 09/11/22

Dish of the day Joiners: Ithaca Energy (ITH.L) has joined the Premium Segment of the Main Market. Based on the offer price of 250 pence per ordinary share, the market capitalisation will be approximately £2.5bn. Ithaca Energy is one of the largest independent oil and gas companies in the UKCS. The Company will target a free float of at least 10% of its issued share capital and expects to be eligible for inclusion in the FTSE UK indices. OTAQ plc, (OTAQ.L) has joined the Access Segment of the AQS

We remain Wise believers

Wise released its full HY 23 financial statements following last month’s report on the Q2 23 top-line figures. Despite a material beat on profitability, the market reaction did not follow. We however confirm our optimism on Wise which remains one of our FinTech top picks.

Hybridan Small Cap Feast 27/04/22

According to Proactive Investors, Bridgepoint is said to preparing to list Burger King UK on the London Stock Exchange as early as this spring. A valuation of £600m is expected. Lift Global Ventures plc to join AQSE Growth Market. The Company's investment strategy is to operate as an enterprise company seeking acquisition or investment opportunities within the financial media and technology industries. Within these broad industries, areas of focus may include: Financial news websites and other f

Hybridan Small Cap Feast 25/10/22

Dish of the day Joiners: Guanajuato Silver Company (AQSE: GSVR) has joined the AQSE Growth Market. Leavers: Eastinco Mining and Exploration left the AQSE Growth Market and joined the Standard List of the Main Market (yesterday we incorrectly said it had joined AIM.) Lamprell has left the Main Market. What’s cooking in the IPO kitchen?** Ithaca Energy, a UK independent exploration and production company focused on the UK North Sea, intends to join the Premium Segment of the Main Market. Ithaca En

Hybridan Small Cap Feast 10-11-2022

*A corporate client of Hybridan LLP ** Arranged by most recent first *** Alphabetically arranged Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** One Health Group plc, intends to join the AQSE Growth Market. The group provides medical services, in the form of elective surgical care, to support the NHS in the management of patients, through a growing network of community-based outreach clinics and independent hospitals. One H

Cenkos: IXICO Plc - CTAD meeting

The Clinical Trials on Alzheimer's Disease (CTAD) meeting will be held in San Francisco, between the 29th November and 2nd December. Following the FDA approval of Aduhelm (aducanumab) and the recent clinical data released for lecanemab, the Alzheimer's disease (AD) therapy area is becoming increasingly exciting. IXICO are firmly entrenched in supporting the development of new AD therapeutics and we believe the company's strong presence in this area will drive value in the company over a long-ter

Pensacola UK gas exploration well drilling operations start

Increasing focus on US opportunity