Hybridan Small Cap Feast - 20 Sep 23

20th 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

Hybridan Small Cap Feast 20/12/2022

Joiners: No joiners today. Leavers: PCF Group has left AIM. What’s cooking in the IPO kitchen?** Quetzal Capital, to be renamed Tap Global Group, intends to join the AQSE Growth Market. Tap Global is an innovative and fully integrated provider of crypto settlement and fiat banking. It provides its customers with access to several major crypto exchanges through Tap Global’s app, allowing them to purchase up to 15 crypto assets and store them directly in the customer’s wallet. Tap Global also offe

Tavistock Investments FY 2022 Results

Tavistock’s full year results confirm the year to March 2022 was its most impressive to date with a balance sheet changing disposal and continued growth of the advisory business. The highlight of the year was the transformational disposal of Tavistock Wealth, the Group’s wealth management business, for up to £40m. The initial £20m receipt enabled debt repayment, share buy backs and dividend payments but the Company still ended the year with a net cash position of over £15m. The retained advisory

Hybridan Small Cap Feast 10/01/2022

Joiners: East Star Resources (EST.L) the Kazakhstan-focused gold and copper explorer, has raised gross proceeds of £3.1m by way of an oversubscribed placing and subscription of 62,000,000 new shares at a price of 5p, and has today been readmitted to the Official List of the Financial Conduct Authority by way of a Standard Listing following its acquisition of 100% of the share capital of Discovery Ventures Kazakhstan Limited, which holds an initial package of four licences in two producing but un

Solid Interims to September 2022 and cash rich

Tavistock has reported solid interims for the 6m period ended September 2021. Of more significance in the period was the completion of the transformational disposal of Tavistock Wealth, the Group’s wealth management business. The initial £20m receipt has enabled debt repayment, share buy backs and dividend payments but still left the Company with over £16.5m of net cash. With up to another £20m of disposal proceeds to be received over the next three years the Company is in rude financial health.

FY 2021 Results – Cash rich and primed for growth

As guided in June, Tavistock has reported a strong set of results for the year ended 31 March 2021. Furthermore, the disposal of Tavistock Wealth has completed and the Company is significantly net cash rich (currently c.£17m). Exciting times lie ahead which we expect to include an accelerated programme of acquisitions within the Advisory business, resumption of dividend payments and share buy backs given the shares are trading at 4.5p against an NAV of around 14p.

Disposal of Tavistock Wealth and positive trading update

Tavistock Investments Plc (“Tavistock”) consists of Tavistock Wealth (an investment management business) and Tavistock Advisory (several financial advisory businesses). The Company has announced the sale of Tavistock Wealth for up to £40m which compares extremely favourably to the £16m Group market capitalisation prior to the announcement. Tavistock also provided a trading update confirming that H2 2021 (year end March) followed the strong H1 performance. Full year underlying EBITDA of £2.77m (+

Small Cap Feast: 15/06/2021

Joiners: No Joiners Today. Leavers: Motif Bio has left AIM. What’s cooking in the IPO kitchen? Orcadian Energy, the North Sea focused, oil and gas development company, announces its intention to seek admission to AIM. The Company's key asset is the 100% interest in the Pilot oilfield, with audited proven and probable reserves of 78.8m barrels (audited by Sproule BV). Orcadian plans to raise gross proceeds of c. £5m to progress its assets. Expected June/ early July. Itim Group Limited (to be

Interims to Sept. 2020, growth in EBITDA

Covering a six-month period fully impacted by COVID-19, Tavistock’s interims to the end of September 2020 showed remarkable resilience. Adjusted EBITDA grew 25% to £1.26m and in a positive announcement the Board has noted the likely return of the dividend. The Company has adapted well to the impact of COVID-19 with a relatively seamless move to working remotely, so much so that a cost cutting initiative will see the number of offices permanently reduced from eleven to six. The Group wide reorgan

FY to March 2020, adj. EBITDA growth in a tough year

Tavistock released results for the year ended 31 March 2020 in line with market expectations, namely underlying EBITDA growth of 24% to £1.83m. In our opinion the result was a notable achievement given the political and economic headwinds facing the industry over the prior 12 months. The Company has adapted well to the impact of COVID19 with a relatively seamless move to working remotely. Combined with salary waivers and cost cutting (the Group wide reorganisation is expected to result in saving

Trading in line, Covid-19 creating uncertainty

Tavistock has confirmed that its trading result for the year ended 31 March 2020 is in line with market expectations, our forecasts are for underlying EBITDA of £1.8m. A particular highlight has been the outperformance of the protected portfolios which the Company provides to clients. Despite the strong performance Tavistock is not immune to the impact of Covid-19 which it states has made commercial conditions extremely challenging. A number of actions have been implemented to protect profitabil

Solid interims, cautious outlook

Tavistock’s interims for the 6m period ended September 2019 showed continued earnings growth with EBITDA increasing 95% yoy to £1.01m. The key driver behind this growth was the expansion in Funds Under Management (“FUM”) to £1.1bn, an increase of 18.3% on the prior year period. Management expressed caution for the rest of the year with particular reference to the uncertain political outlook. Furthermore, the termination of the alliance with Lighthouse Group plc (“Lighthouse”) in May of this year

Small Cap Feast

The Pebble Group, a provider of products, services and technology to the global promotional products industry, announces its intention to seek admission of its shares to trading on the AIM market of the London Stock Exchange, which is expected to take place in early December 2019.The Group delivered revenue of £99.8m in the year ended 31 December 2018.No mention of bottom line and a suggestion that funds raised would provide an exit to private equity shareholders and the repayment of debt. Offer

LIBERUM: Plus500: Strategic progress pays dividends

Tatton Asset Management (TAM LN) - Record net inflows

Tatton, the leading on-platform discretionary fund manager (DFM) and IFA support services Group has released a trading update ahead of its results to 31 March 2024, due on 18 June 2024.

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

Ondo InsurTech FY24 Trading Update

Ondo InsurTech has released a brief post-YE update revealing its good progress continued through 2H24 and consequently FY24 will be in line with market expectations.

BlackRock World Mining

BRWM’s managers: we see all the classic signs of high commodity prices...

NextEnergy Solar Fund - Attractive Refinancing

The refinancing of a £135m revolving credit facility and the extension of a similar £70m facility gives NESF firepower as development opportunities for new solar are especially attractive thanks to lower module prices in Europe. They give the fund key financial flexibility at a critical time as it pursues its capital recycling programme.

Morning Note – 18 April 2024

The Hardman & Co Monthly: April 2024

Feature article: Steady as she goes, but could be better: A review of investment company liquidity since 2016 Liquidity is the lifeblood of equity markets. The measurement of liquid asset availability to a market or company is a way of gauging a market’s health. This article builds on our previous work, which analysed the liquidity data for non-financial trading companies, by applying the same analytical techniques to the investment companies (IC) space. We analyse liquidity for ICs as a whol

Foxtons Group (FOXT LN) - 1Q24 IMS shows real momentum

Foxtons Group plc first quarter revenue rose 9% to £35.7m (1Q23: £32.9m) with growth delivered across all business segments. Trading is in line with management's expectations.

Initial Equity Trading Comments - 19 February 2024

M Winkworth+ (WINK, House Stock at 163p) - Solid FY23A results, well placed to grow

Foxtons Group - FY24 underpinned by market share gains

Foxtons Group’s Q1 revenue grew by 9%, supported by growth in all three divisions as the strategic initiatives continue to gain significant momentum, driven by investment in staff, best-in-class bespoke IT and data platforms. This implies that Foxtons’ medium-term targets are now coming into focus. Market share is being gained in all divisions, which puts Foxtons in a good position as the sales market stabilises. We maintain our valuation of 132p/share and believe that if interest rates stabilis

Resilient FY24, confident long-term outlook

Vp’s full year update highlights sector-leading results, once again benefiting from the diversity of its end markets and the quality of its specialist businesses. With results expected to be broadly in line with expectations, we trim our FY24 PBT forecast by c.5% to £39.0m, a shade below the FY23 outturn (£40.2m). We consider this an impressively resilient performance set against a mixed market backdrop. Under new leadership, a strategic refresh is underway and management is confident in long

Hybridan Small Cap Feast - 16/04/2024

16th 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: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radical Limited for

AUM up 30% in FY24, record flows, forecasts raised

AUM jumped £3.8bn or +30% in FY24, reaching £16.6bn on 31 Mar 24, 12% above our previous forecast of £14.7bn. Including 50%-owned 8AM Global, Assets Under Influence hit £17.6bn. Investment performance provided a tailwind, adding £1.5bn to AUM. But our key takeaway from Tatton’s hugely impressive last few years, is that it has designed and implemented a superior offering in platform-MPS with net flows consistently far higher than peers. That leadership looks even more pronounced in H2-24 with net