AFC Energy (AFC LN) - H-Power Tower deployment accelerates

AFC has provided a useful update on the deployment of the H-Power Tower product range, following system validations in 2022. H-Power Towers have now been leased for more than 7,000 hours in the UK and European construction markets, providing valuable off-grid power solutions to customers. In addition, contracts have been signed for more than 8,000 hours of H-Power Tower lease hire in 2023 to date. AFC also reports that it has a growing order book supported by an increase in customer proposals. A

Cenkos: Seeing Machines Ltd -- Revenue upgrade on OEM momentum

Seeing Machines' released interim results showing the strong momentum it is experiencing in its OEM division with OEM revenues growing 268% YoY. This strong performance carried a weaker performance in Aftermarket (down 14% YoY) and enabled the company to report total revenues up 54% YoY and an EBITDA loss reduced by 58% to just $3.9m. Looking ahead we continue to view Seeing Machines as highly undervalued compared to its market position in DMS, with rapid adoption in both OEM and aftermarket dri

Finals

FY22 finals from Spectra Systems Corp (SPSY.L), a leader in machine-readable high-speed bank note authentication, brand protection technologies, and gaming software, comfortably exceeded forecasts that had been upgraded three times during the year. Revenue +18% to $19.6m (ACLe: $17.9m) and adj. EBITDA by 17% to $8.1m (ACLe: $7.6m). Net cash was a record $17.5m (ACLe: $16.9m) and a 11.5 cent DPS has been declared. Short and medium-term outlooks remain positive with Spectra’s key central bank cust

Hybridan Small Cap Feast - 23 Mar 23

23 March 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 objectiv

Hybridan Small Cap Feast - 06 Mar 23

6 March 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 objective

LIBERUM: Superdry* - A phenomenal deal realising great value for shareholders

Morning Note – 27 March 2023

Hybridan Small Cap Feast - 24 Mar 23

24 March 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 objectiv

SHORE CAPITAL - Portmeirion (PMP) - House Stock at 353p - Significantly undervalued

Cenkos: Tandem Group Plc -- Moving in the right direction

After what has been a very challenging year, Tandem's has reported FY22A results largely in line with expectations. Group revenue fell 35% YoY, as the demand surge seen during COVID-19 lockdowns reversed, which was further compounded by intensifying cost-of-living pressures. Nevertheless, Tandem remained profitable (FY22A Adj PAT of £1.2m), cash generative, and has made good operational progress on multiple fronts, including consolidating its warehouse footprint, relaunching websites, adding cus

Quixant - Record revenue and improved margins demand a rerating

Record FY22 results are in line with forecasts upgraded with the post-YE update, although a tax credit boosted Adj. EPS and the improved outlook and healthy cash position encouraged a higher-than-expected 3.0p dividend. Underlying markets remain robust and demand is high, while component shortages are easing to improve margins; diversification and new products (QMax-3, the turnkey cabinet solution and Broadcast products) drives growth and improves visibility. We therefore raise FY23 expectations

Hybridan Small Cap Feast - 16 Mar 23

16 March 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 objectiv

Hybridan Small Cap Feast - 20 Mar 23

20 March 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 objectiv

Moving into 2023 with cautious optimism & clear strategy

Set against a tough consumer / inflationary backdrop today’s finals are satisfactory and in line with previous guidance – revenue +5% and PBT +11%. Higher net debt is the main forecast variance, reflecting elevated inventory but we expect most of this to unwind in FY23. The outlook is cautiously optimistic and whilst prudence dictates holding fire on forecasts, the risk is on the upside. Our conservatively pitched numbers imply a 3 year EPS CAGR of 14%. The equity story is all about delivering a

Morning Note – 23 March 2023