Initial Equity Trading Comments - 15 May 2023

Mispriced despite tech headwinds

Begbies Traynor Group (BEG) - House Stock at 132p - FY23F pre-close update, small beat

Hybridan Small Cap Feast - 23 Feb 23

23rd May 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

LIBERUM: Inspired Plc* - Deed of variation with Ignite

A much improved outlook, TP increased

Pressure Technologies returns from suspension today with the announcement of FY22 results that are in-line with its March trading update. Notably, there is greater confidence expressed in the outlook as market conditions and order intake have continued to improve during this calendar year. In February 2023 Chesterfield Special Cylinders (‘CSC’) won its largest ever £18.2m naval order and in March 2023 Precision Machined Components (‘PMC’) was also awarded a record £3m contract. The FY22 results

Pre-close update indicates a strong end to the year

In the Flow

Industry flows - bond funds remain preferred over equities Risk appetite for equity funds remained subdued with last week seeing $4bn net outflows (negative in 8 of the last 9 weeks). Flows worsened sequentially for Asia/EM categories, but improved for US and European equities. Bond funds saw inflows for a 10th straight week (c.$8bn) with broad based inflows across US government, IG and HY funds. Listed asset managers flows - inflows into ETFs, outflows from mutual funds ETFs net inflows contin

DWF Group (DWF LN) - Growth accelerating, costs controlled

FY23E performance confirmed as broadly in line with forecasts. Revenue of £380m is +c.8.5% YOY, with H2 growth accelerating to +13.5% (FY23: +3.4%).

Cenkos: IXICO Plc -- Successful execution

IXICO has reported its interim results for the six-months to March 2023, which are in-line with the recent trading update. Revenues for the period were £3.2m and the EBITDA loss was £0.6m. Cash at period end was £5.0m, the order book stood at £13.3m and the company generated operating cash inflows of £0.2m. Importantly, this period sees the final negative impact of the large trial cessations (2021/22), such that revenues are expected to grow from this point, in both H2/23E versus H1/23A and into

In-line 2022 but improving outlook

Hybridan Research: 23 05 2023: Physiomics Plc (PYC): Strategic importance of business diversification

Physiomics today announced a trading update for the financial year ending 30 June 2023 (FY23). The Board now expects that total income for this period will be approximately £660k, 12% lower than £750k previously guided on 4 April 2023, due to unforeseen delays in data delivery to Physiomics for contracted projects. The delayed contracted projects are still expected to be completed and contribute to income for the next financial year ending 30 June 2024 (FY24). Meanwhile, the Board expects to sig

Inspired+ (INSE, House Stock, 12.25p) - Variation to Ignite contingent consideration

Hybridan Small Cap Feast - 22 Feb 23

22 February 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 objec

Auctus on Friday - 21/04/2023

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C: Target price of A$0.100 per share: Competent person report confirms the materiality of the Welchau pospect – The Welchau prospect has been estimated to hold between 365 bcfe and 1,128 bcfe of prospective resources by Gaffney, Cline & Associates (GCA) with a mid-case at 645 bcfe including 10.1 mmbbl of condensate. While this is below the 807 bcfe mid-case estimated by ADX, the fact that the lower end of the GCA ran