Discontinuing Research Coverage

As of April 26, 2016, FirstEnergy will no longer be providing research coverage on Canadian Pacific due to the steady decline of the energy industry’s portion of the railway business.

1Q16 Results; Adjusted EPS $2.50 (FCC/Consensus: $2.41); Launches New Share Repurchase Program; Dividend +43%

Impact: Positive as most of CP’s performance metrics came in above FCC’s estimates. CP reported 1Q16 revenue of $1.59 billion (FCC: $1.57 billion) and posted a record low operating ratio of 58.9% (FCC: 59.6%). In terms of efficiency, CP reported terminal dwell times are down by 22% y/y and network speed up 21% y/y. The Board at CP has approved the repurchase of up to 6.91 million of its common shares and authorized a dividend increase of $0.15/share to $0.50/share each quarter or $2.00/y. With C

1Q16 RESULTS; ADJUSTED EPS $2.50 (FCC: $2.48; CONSENSUS: $2.41); LAUNCHES NEW SHARE REPURCHASE PROGRAM; DIVIDEND +43%

Impact: Positive as most of CP's performance metrics came in above FCC's estimates.

TERMINATES EFFORTS TO MERGE WITH NORFOLK SOUTHERN

Though we were in favour of consolidation in the railroad industry and we believed the proposed CP-NS merger offered a viable solution to congestion in Chicago, IL, the time and effort spent on the controversial merger was becoming worrisome. CP realized that it needed to cut its losses and not extend itself on something that may never materialize.

FILES PROXY STATEMENT REGARDING SHAREHOLDER RESOLUTION FOR NORFOLK SOUTHERN ANNUAL MEETING

On March 29, 2016, after market close, CP announced that it has filed a definitive proxy statement for its Norfolk Southern (NS) shareholder resolution requesting its Board of Directors to participate in discussions with CP regarding the combination of the two companies. CP has also announced that it is still open to discussions with the NS Board regarding an increase to the offer and the structure of a potential combination, not limited to a voting trust.

1Q16 Carloads down 3.9% y/y; 1Q16e Diluted Adjusted EPS now $2.45/sh; 12 MTP $200/sh

Year-to-date carloads are down 3.9% compared to 2015 due to significant declines experienced in crude, metals, minerals, consumer products and coal; we assume a similar decrease in revenue for the quarter. Our 1Q16e fully diluted adjusted EPS of $2.45/share was lowered from $2.57/share after adjusting for a higher compensation and benefits expense, though partially offset due to the $55 mm land sale of the Arbutus Corridor. EPS guidance remains at double digit growth for FY2016. Due to commodity

CANADIAN PACIFIC (CP) TO SEEK DECLARATORY ORDER FROM STB ON PROPOSED MERGER WITH NORFOLK SOUTHERN

Canadian Pacific announced on February 16, 2016, that it would seek a declaratory order from the U.S. Surface Transportation Board (STB) on CP's proposed voting trust model for its merger with Norfolk Southern (NSC-N, no research coverage), in response to shareholder wishes, despite continuing to believe that "this action is unnecessary".

CANADIAN PACIFIC RAILWAY LIMITED (CP) PROPOSES SHAREHOLDER RESOLUTION FOR NORFOLK SOUTHERN ANNUAL MEETING

On February 9, 2016, CP announced its intent to submit a resolution to Norfolk Southern's (NS) shareholders to request that the NS board engage in good faith discussion with CP regarding the proposed combination of CP and NS. CP's decision to abandon the proxy battle for NS' board and submit a resolution to initiate further merger discussions can be viewed as positive as it allows CP to gauge support of the combination among NS shareholders. This option is a cheap way to gain a better understand

CANADIAN PACIFIC RAILWAY LIMITED (CP) MAKES CASE FOR STB APPROVAL OF CP-NS MERGER AND DEFENDS VOTING TRUST

On February 3, 2016, CP released a white paper outlining the merits of the voting trust structure it has proposed to allow it to combine with the Norfolk Southern Railway prior to a final merger approval, and provided background around the U.S. Surface Transportation Board (STB) and its intentions. CP believes that the proposed combination with Norfolk Southern Corp (NS) has ample precedence for approval. CP also believes that the combination will enhance competition and provide public benefit,

CANADIAN PACIFIC RAILWAY LIMITED (CP) APPOINTS MATTHEW H. PAULL TO BOARD FOLLOWING PAUL HILAL RESIGNATION

CP has replaced Paul Hilal with Matthew H. Paull on its Board of Directors effective immediately. Mr. Paull has experience in senior financial roles, most recently holding the position of Senior Executive Vice President and Chief Financial Officer of McDonald's Corp., which will enable him to chair the Board of Directors' Audit Committee at CP. Mr. Paull serves on multiple other Boards in various capacities and we expect he will provide CP shareholders with a fresh perspective and access to his

Canadian Pacific Railway Limited (CP) 4Q15 Results; 2016 Guidance Calls For 10%+ EPS Growth

The impact is negative as CP’s adjusted EPS of $2.72 were below FCC and consensus estimates of $2.76. The 4Q15 earnings presentation notes that terminal dwell times are down by 19% y/y and network speed is up 18% y/y, showing that operations continue to improve. Due to a historic lack of carload growth in most segments, we have dramatically redefined our revenue growth expectations for CP over the next five years. Management guided towards FY2016 realizing an operating ratio sub 59%, double-dig

CANADIAN PACIFIC RAILWAY LIMITED (CP) 4Q15 RESULTS; ADJUSTED EPS $2.72 (FCC/CONSENSUS $2.76)

Impact: Negative as CP's adjusted EPS of $2.72 were below FCC and consensus estimates of $2.76.

CANADIAN PACIFIC RAILWAY LIMITED (CP) ARGUES FOR CP-NS MERGER ON GROUNDS OF EASING CHICAGO CONGESTION

On January 20, 2016, CP released a white paper that provides further analysis on the proposed merger of CP and Norfolk Southern Corp. (NS), including its views on the benefit from the combination that could be provided to customers and competition through an improved Chicago rail hub. If the merger takes place, CP would use the expanded CP-NS network to shift traffic to alternate routes around Chicago, perform interchanges at locations outside the city, and implement operational improvements in

CANADIAN PACIFIC RAILWAY LIMITED (CP) RESPONDS TO UNION PACIFIC CEO'S OPPOSITION TO CP-NS COMBINATION

On January 14, 2016, CP responded to comments made by Union Pacific (UP) CEO Lance Fritz regarding his disapproval of the combination between CP and Norfolk Southern, and his comment that UP is rallying other Class 1 railroad companies to oppose the merger. CP continues to believe that the merger will create more competition and relieve congestion around Chicago, benefitting all railroads.

CANADIAN PACIFIC (CP) ARGUES FOR CP-NS MERGER, CALLS FOR RAILROAD CONSOLIDATION TO SOLVE CONGESTION ISSUES

On January 12, 2016, CP released a white paper to explain its thesis that the railroad industry needs change to meet future transportation demands. The release states that the status quo will limit North American prosperity, and that the industry essentially has two options: adding infrastructure and building more track or increasing efficiency of the overall network without adding more infrastructure. CP believes the latter is the solution to accommodate future economic growth and may only be a

FY22 Financials

Capital Limited (LSE: CAPD) released its full year results (YE Dec 2022) this morning. The company had already released the operational figures for the year including revenue so focus is on EBITDA and below as well guidance. Having said that it is impressive that this is the third consecutive year Capital has delivered material growth in revenue, with full year sales increasing 28%, following 68% YoY growth in 2021 and 18% YoY growth in 2020. Moreover the company is guiding to $320-340m for FY23

Hybridan Small Cap Feast - 21 Feb 23

21 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

LIBERUM: Luceco* - Margin momentum coming into view

LIBERUM: Costain Group* - Free cash more than 50% market cap

Revised forecasts

LIBERUM: Yü Group* - Strong momentum and cash flow

LIBERUM: Wincanton - Contract loss and closed book headwinds

Probability of strategic change increases - revising PT to 12p (from 20p) on a break-up basis

Judges Scientific FY Results – Outstanding results, Steady organic, M&A delivers in spades

Judges Scientific is a group involved in the buy and build of scientific instrumentation businesses. Testament to the strength of its highly engineered offer and global diversified customer base (offsetting Covid-induced earlier weaker order intake from China, although rebounding in December 2022), total revenue increased an impressive 24% to £113.2m (organic basis 8%), buoyed by Geotek, with adjusted PBT increasing a substantial 56.7% to £28.3m (FY2021: £18.1m), 4% ahead of our estimate of £27

LIBERUM: Judges Scientific* - FY22 ahead of expectations

Supreme plc: disposal of T-Juice intellectual property

Supreme reports that it has entered into an agreement with an associated company of La Vape Professionelle Distribution (LVP), a leading French wholesaler of e-cigarettes and e-liquids, for the disposal of the intellectual property (IP) of T-Juice, inclusive of the Red Astaire brand. Supreme will receive an upfront payment of €4.5m (£3.97m) in respect of T-Juice brand IP, with the addition of income from consultancy services. The agreement ushers in a new strategic partnership in which Supreme

LIBERUM: SThree* - Resilient Q1

Hybridan Small Cap Feast 08/03/22

What’s cooking in the IPO kitchen?** Fadel Partners, a developer of cloud based brand compliance and rights and royalty management software, working with some of the world's leading licensors and licensees across media, entertainment, publishing, consumer brands and hi-tech/gaming companies intends to join the AIM market. FADEL has two solutions, being IPM Suite and Brand Vision. Expected Admission date is late March 2023. Onward Opportunities Limited intends to join the AIM market. The Company'

ITM Power (ITM LN) - Bessemer Park power supply upgrade

Immediate higher power supply to increase module testing capacity. ITM has announced an agreement to significantly increase the power supply into its Bessemer Park manufacturing facility in the UK. Existing power supplies are now 7.5MVA, reflecting a recent increase from 5.0MVA. This will now allow testing of two 2MW modules at the same time.

SP Angel Spec Sits: (YUG) Stellar 2022 Results + New Dividend Policy

YUG announced its full year 2022 financial results, which exceeded recently revised market expectations.