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8th March 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: Belvoir Group Plc (BLV.L) has left AIM What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: Change of Market: Banquet Buffet*** Coinsilium Group 2.9p £3m (AQSE:COIN) An investor, advisor and venture builder at the forefront
Companies: MIN SRT NAH TOU ENET CINGF MEX TGR
Hybridan
24th January 2024 @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 obje
Companies: TXG TXG FEN POS MEN HUM TERN NAH VRCI PREM
FY23 marked further substantial progress in the development of NAHL’s business strategy. At the same time the Group reported revenue growth, market share gains, cash generation and significant debt reduction ahead of expectations. Our forecasts for FY24 and FY25 call for a considerable step change in profitability, in part driven by the maturing of the NAL claims book, with statutory PBT growing to £3.3m in the current year and £7.2m in FY25. At the same time, we anticipate net debt reducing to
Companies: NAHL Group Plc
Allenby Capital
In H1, NAHL’s core strategy of processing an increasing number of personal injury claims through its own law firm, NAL while generating positive cash flow and reducing net debt met, with further success. OP in Critical Care increased by 39% yoy to £2.3m, while Consumer Legal Services (CLS) reported a 178% increase in settlements in NAL and an increase of 77% in cash received from those settlements. The increasing level of investment in NAL will translate into higher profits, enhanced margins an
In its first half trading update, NAHL continued to progress across all principal aspects of its strategic plan, with an encouraging 13% reduction in net debt. Although the personal injury (PI) market in the UK contracted by around 1%, NAHL’s enquiry levels were comparable with H1 22 suggesting a continuation of market share gains. Activity levels in Critical Care continued to grow with a 15% increase in expert witness reports issued and a 5% increase in initial needs assessments (INAs) complete
NAHL’s AGM statement released today, is encouraging as management continues to scale the businesses for further growth. As a result, the Board’s expectations for the full year remain unchanged and we make no alterations to our forecasts. As a reminder, these still call for a c.13% increase in adjusted PBT in 2023, c.170% in FY24 and a further c.70% in FY25. Our current fair value remains at 65p but this is likely to rise as the Group delivers on its significant potential.
NAHL has announced the sale of its wholly owned subsidiary, Homeward Legal Limited, for c.£150,000 cash. A sale had been anticipated for some time and while not a game changing realisation in monetary terms, it does help the Group to focus on its key areas of opportunity in the Consumer Legal Services and Critical Care markets where it continues to grow market share.
NAHL generated growth in both its Personal Injury (PI) and Critical Care divisions, the former despite a continuation of subdued market conditions – hence market share gains. Results were in line with our forecasts but with a significant reduction in net debt which is especially welcome in the current high interest rate environment. Group strategy remains intact and in PI that means building the embedded value of future cash flows in NAL while flexing enquiry placements to maximise cash generati
In its year end trading update, NAHL indicated that operating profit was expected to be in line with market expectations at c.£4.8m (2021: £4.2m), an uplift of more than 15% year-on-year (yoy). Strong cash generation in the period also allowed a better than anticipated reduction in net debt to £13.3m (2021: £15.5m), well ahead of our forecast. Both divisions showed growth and the Personal Injury (PI) activities returned to profit. Our forecasts remain on track, albeit higher interest rates will
Interim results from NAHL demonstrated substantial progress in building a successful cash generative and profitable platform for sustainable growth. Targeted investment in both divisions has resulted in market share gains in markets that otherwise remain subdued. The Board’s strategy continues to be focused on medium and long-term profitability, cash generation and debt reduction and remains on track to deliver against these aspirations. Results for the year are expected by the Board to be in li
Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Inteliqo Limited, intends to join the Aquis Growth Market. Inteliqo Limited provides sales, marketing and distribution services to technology product owners under long-term distribution agreements. The Company has agreed its first such agreement in respect of the Ipedia iQ product range. The iQ product is a smart translation earphone (earbuds) system which offers integrated real time speech
Companies: ARO ARBB SYM ETX THR RENE NAH
Dish of the day Joiners: Silverwood Brands (AQSE:SLWD), has been re-admitted onto the Access Segment of the AQSE Growth Market following the acquisition of Balmonds Skincare Limited by way of a signed share purchase agreement. Leavers: River and Mercantile Group has left the Main Market following a reverse takeover by AssetCo (AIM:ASTO). Marshall Motors has left AIM. Ocean Outdoor has left the Main Market. What’s cooking in the IPO kitchen? LifeSafe Holdings, a fire safety technology business wi
Companies: BSE TYM DSG SCLP KOD NAH REDX TRAC NSCI ORCA
In the first 5 months of 2022, the Group has continued to perform in line with market expectations. During this period, the Consumer Legal Services division generated 34% more personal injury (PI) enquiries than the comparative period and in line with the Group’s strategy, 26% of enquiries were placed into NAHL’s own law firm, National Accident Law (NAL). The Critical Care division also made encouraging progress in the period.
NAHL’s new management team has transitioned its Consumer Legal Services personal injury model to one favouring higher value/profits at the short-term expense of lower value returns. As the Group’s strategy begins to mature, the growing bank of continually refreshed, internally managed personal injury claims will crystalise into sustainable income and cash generation, leading to a mature and virtuous cycle of self-funded investment and profit. Earnings growth is forecast to accelerate significant
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Companies: FOG PHC FEN BBSN ELIX
Cavendish
Companies: Property Franchise Group PLC
Canaccord Genuity
FY 2023 was a challenging year for Frenkel with higher interest rates encouraging clients to place money into lower margin money market funds. Despite this, sales grew +32% (supported by recurring revenue +9% and +51% in non-recurring), EBIT margins remained strong at 22% and adj. EPS grew +17% (taking into account the higher number of shares). FY 2024 has seen a solid start to transactional business and there is a strong pipeline of new FUM opportunities both of which support further growth. Wi
Companies: Frenkel Topping Group plc
S&U reported FY24 PBT of £33.6m, down from £41.4m in FY23 on higher funding and regulatory costs and higher impairments in Advantage in H2. PBT was 2% ahead of our forecast as stronger revenues – up 12% to £115.4m – and better costs offset higher-than-expected impairments. Net receivables grew to a record at both Advantage and Aspen and management noted particular strength in Q4 and a good trading environment in the current year. Having absorbed a significant rise in funding cost as well as addi
Companies: S&U plc
Edison
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
Companies: AEIT ROOF DGI9 INPP GSF SEIT USFP HICL ORIT BSIF TRIG NESF SEQI HEIT GRP GCP FSFL 3IN AERI PINT RNEW BBGI GSEO DORE TENT GRID CORD HGEN AEET
Hardman & Co
Edison Investment Research is terminating coverage on ABC Arbitrage (ABCA), paragon (PGN), Foresight Solar Fund (FSFL), Kendrion (KENDR), Lithium Power International (LPI), Triple Point Energy Transition (TENT), 4iG (4IG), e-therapeutics (ETX), Pharnext (ALPHA) and Shield Therapeutics (STX). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our web
Companies: Foresight Solar Fund Limited GBP
International Public Partnerships’ (INPP’s) FY23 results show that it continues to deliver consistent and predictable returns for investors, while delivering environmental and social benefits for the individuals and communities that are served by its assets. Despite this strong performance and a substantial need for private infrastructure funding, the macroeconomic environment has weighed on INPP’s share price, in common with the wider sector. Regardless, attractive returns are available from th
Companies: International Public Partnerships Ltd
In a challenging market, Regional REIT’s (RGL’s) FY23 operational and financial performance was robust, in line with expectations and previous guidance. Investor focus remains on the company’s loan to value (LTV) reduction and bond refinancing plans, explored in detail in our previous note and RGL will provide an update on this in due course.
Companies: Regional REIT Ltd.
Companies: PayPoint plc
Liberum
Business as usual for WTAN’s executive team, while the board reviews investment management arrangements…
Companies: Witan Investment Trust PLC
Kepler | Trust Intelligence
Companies: Speedy Hire Plc
22nd 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: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi
Companies: ARV CTL AFRN FEN HUW TENG BBSN EAAS VAL
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.
Companies: Foxtons Group Plc
Zeus Capital
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
Companies: NBPE ICGT ARBB RECI CLIG HAT AVO VTA APAX
In our 15 March 2023 initiation, 'Pawnbroking royalty, with strong, profitable growth', and subsequent notes, we have highlighted the strong market for pawnbroking and why H&T, as the market leader, is uniquely placed to take advantage of these opportunities. These results reconfirmed both, with the pledge book up 28% and net pawnbroking revenue up 36%. Like many in the retail space, H&T faced the challenge of customers focusing on lower-value, lower-margin items in the key run-up to Christmas 2
Companies: H&T Group plc
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