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A very pleasing update from Zotefoams with FY23 group sales expected to be £127m, in line with consensus expectations and, reflecting a strong end to the year, adj. PBT is expected to reach £13.1m (+5% YoY), c.5% ahead of our and market expectations. This has been driven by a significant step-up (+21%) in profitability across the foam business units (polyolefin & HPP) reflecting continued progress on mix enrichment, disciplined pricing and operational efficiencies. Ahead of commercial trials in
Companies: Zotefoams plc
Singer Capital Markets
Q4 23 key highlights: 1) Revenues up 10% y/y (+6% q/q); 2) EBITDA at EUR84m (+2% q/q), o/w EUR21m from the revaluation of biological assets and EUR12m from the sale of CO2 certificates; 3) FCF reached EUR22m, mainly due to a EUR66m decline in NWC q/q; 4) FY24 EBITDA should be higher than in FY23, but the extent was neither quantified nor qualified on the call. Given only moderate absolute changes to EAT/FCF 24/25e, we maintain our val. range of EUR18-EUR49. Challenging environment in the fiber
Companies: Lenzing (LNZ:VIE)Lenzing AG (LNZ:WBO)
BNP Paribas Exane - Sponsored Research
Haydale has reported interim results for the six months ended December 2023. It is on track with H1 revenue having increased +38% to £2.47m and adj. LBITDA improving from £1.89m to £1.61m. It ended the period with net cash of £1.91m and is on track to meet our FY2024E year-end net cash forecast of £0.1m. Management continues to work to secure debt facilities against the US silicon carbide business to provide further liquidity. In H2, we expect continued commercial progress on both the functional
Companies: Haydale Graphene Industries Plc
Cavendish
12th 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: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: Change of Market: Our daily digest of news from UK Small Caps If you would like to unsubscribe, please email enquiries@hybridan.com with “unsubscribe me”. Hybridan Chefs
Companies: CPX OHG FNX EBQ PCIP HAYD CCS ARCM
Hybridan
Despite a flattish PBT outlook in FY23, a simple SOTP, adjusting for significant ReZorce development costs, indicates a c.35% upside to reach our TP of 480p. We see the rebuilding of ROCE as a key catalyst supporting this re-rating and more, and identify the steps towards a potential ROCE target of 20%. This would compare to the FY22 outturn of 10.2% and a high of 18.1% (excluding assets under construction) in FY17. We see good reason to identify Zotefoams as a core SmallCap industrials holding
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