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Please find below our weekly update covering themes that we feel that are of interest to investors and participants in the small and mid-cap TMT sector as well as commentary on recent newsflow.
Companies: TXG CPX SSIT TXG BVC MWE CHSS
Allenby Capital
18th March 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 object
Companies: TXG SEE OHG Z29 TXG ENSI MTL POS PYC TUNE CMCL SENX AEE
Hybridan
AFC has announced the successful Factory Acceptance Test (FAT) of its first 30kW H-Power Generator. The generator has satisfied all contractual tests and requirements of the FAT under its agreement with partner, Speedy Hire Plc (SDY LN), the tools and equipment hire services company. Successfully completing the FAT confirms that the zero-emission generator is now ready for sale to Speedy Hydrogen Solutions, the dedicated hydrogen powered generator joint venture. This news follows the recent anno
Companies: AFC Energy plc
Zeus Capital
Shoe Zone’s AGM statement has said FY24E trading is expected to be marginally below previous expectations due to a higher cost environment, including elevated container prices resulting from the ongoing tensions in the Suez Canal, combined with the larger-than-envisaged 10% increase in the national living wage, effective from April. We take a prudent approach to our outlook for H2, with lower gross margin driving a 9.3% downgrade to FY24E adj. EPS. Despite today’s trim to forecasts, Shoe Zone’s
Companies: Shoe Zone PLC
CIEL Limited (SEMDEX: CIEL) is a Mauritius listed diversified industrial company with a 111-year track record and exposure to the globe’s last great growth opportunities, Asia and Africa. CIEL has a diversified international growth portfolio of 25 companies across 6 ‘clusters’ - Textile, Properties, Healthcare, Hotels & Resorts, Finance and Agro. CIEL’s geographical footprint spreads across 10 emerging markets in Asia and Africa. CIEL delivered 24.1% y/y revenue growth YE23A fiscal. CIEL EBITDA
Companies: CIEL Limited
ACF Equity Research
Interim results: H1 revenue (six months to 31 October 2023) normalised to £100.3m, -17.2% YOY (H1 FY23: £121.1m) as input cost savings were passed through to customers, partly offset by volume growth private label market share increased to 55% (H1 FY23: 54%, H1 FY22: 50%).
Companies: Accrol Group Holdings plc
We are reiterating our Buy rating, $32.50 price target and projections for Guess? with the company announcing 4QFY24 (January) results after the close on Wednesday. We believe management remained conservative in their 4Q projections, already incorporating a tough domestic environment, which should allow the company to achieve top and bottom line results in their projected range. Further, we expect Guess? to incorporate multiple positive drivers in their initial FY25 guidance, including the recen
Companies: PVH LULU URBN ROST AEO TPR AEO TJX GES ROST TPR LULU GES TJX PVH URBN
Small Cap Consumer Research LLC
On 9 January last year, we set out our ten top stock picks for 2023, for what turned out to be another relatively poor twelve months for UK equities due to two wars, stubbornly high inflation and further tightening of monetary policy. This was even as other major markets, such as the US, largely recovered in the year. In the 2023 calendar year, the AIM All-Share index fell 8.2% and is still 42% off its 2021 high. From the release of our 2023 top picks note, the average total return (assuming div
Companies: PTAL GHH IGP MSLH PINE NXQ EQLS NXR AXL
Shore Capital
Watkin Jones’s FY23 results, to 30 September, were closely aligned with guidance in its October trading update, with adjusted loss before tax slightly lower than our estimate and net cash higher. Booming demand continues to push up rents and the forward-funding market is ‘showing early signs of recovery’. The group is maintaining its guidance for FY24E and is seeking to diversify revenue and boost performance in its core markets.
Companies: Watkin Jones Plc
Progressive Equity Research
Companies: ENSI PPS MIRI SEEN ENET CHSS
Nexteq’s FY23 results show adjusted EBITDA +4% ahead of the +6% upgrade at the January trading update, record FY23 EFCF of $17.4m, and a confident outlook that leads us to reiterate our FY24E revenue and upgrade FY24E gross profit, adj EBITDA, and EFCF by +1-10%. The strategic focus on higher-margin products and customers reducing elevated inventory levels led FY23 group revenue -5% yoy to $114.3m, with Quixant 6% lower at $69.3m and Densitron 2% lower at $45.1m. Effective supply-chain managemen
Companies: Nexteq PLC
Cavendish
Reckitt reported largely in-line Q3 23 numbers with revenue growth of 3.4%. Segment wise, the Hygiene recovery was a pleasant surprise making up for the continued ASEAN market drag on Nutrition. With the continued recovery in Hygiene and the strong underlying trends for the Health segment, the re-iterated FY23 top-line growth guidance (3-5%) comes across as conservative. Hence, we continue to anticipate a high probability of a FY23 beat.
Companies: Reckitt Benckiser Group plc
AlphaValue
Please find below our weekly update covering themes that we feel that are of interest to investors and participants in the small and mid-cap TMT sector as well as commentary on recent newsflow. The cost of Allenby Capital's research on individual clients is paid for by our research clients.
Companies: THRU MWE CPX SKL
Companies: IG Design Group plc
Canaccord Genuity
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