Good Q1 figures

• Revenues were up by 9% to €689m for Q1 22 compared to Q1 21 • Net profit was up by 10% to €186m for Q1 22 compared to Q1 21 • The net new money development was an outflow of €1.0bn in Q1 22 compared to an inflow of €1.0bn in Q1 21 • However, clients switched assets from cash to higher margin assets

Strong 2021 figures

• Net profit was up by 59% to €782m for FY2021 compared to FY2020 • Net money inflow was €47.7bn for FY2021 compared to €30.3bn for FY2020 • Cost-income ratio was 60.1% for FY2021 compared to 65.9% for FY2020 • The dividend proposal is €2.00 per share for FY2021 compared to €1.81 per share for FY2020

Good Q3 figures

• Revenues were up by 19% to €664m for Q3 21 compared to Q3 20. • Net profit attributable to shares increased by 21% to €182m, which was 3% above consensus expectations. • Net new money inflow was €12.0bn (consensus €8.8bn) in Q3 21 compared to €10.5bn in Q3.

Good Q2 figures, strong net new money inflow

• Revenues were up by 14%, whereas expenses increased only by 2% for Q2 21 compared to Q2 20. • Net profit attributable to shares increased by 41% to €172m, which was 10% above consensus expectations. • Net new money inflow was €19.7bn (consensus €7.1bn) in Q2 21 compared to €8.7bn in Q2 20.

Good Q1 figures

• Net profit attributable to shares increased by 39% to €169m. • Revenues were up by 21% to €634m for Q1 21. • The net new money was an inflow of €1.0bn in Q1 21 compared to outflows of €2.5bn in Q1 20. • However, clients switched assets from cash to higher margin assets.

Good 2020 results, higher dividend and new targets for FY2024

• Net profit was up by 9% to €558m for FY2020 compared to FY2019 • Net money inflow was €30.3bn in 2020 compared to €26.1bn in 2019 • New adjusted Cost-Income Ratio target of 60% for FY2024 • Management released a dividend proposal of €1.81 per share for FY2020 (plus of 12%) compared to €1.62 per share for FY2019

Good Q3 figures partly above consensus

• Net profit attributable to shares increased by 30% to €151m which is above consensus expectations. • Adjusted cost/income ratio reached the mid-term target of below 65%. • Net new money inflow was €10.5bn in Q3 20 driven by low margin passive and cash products

Cenkos: Healthcare Sector - Ward Round

Weekly round-up of AIM-listed healthcare news. Venture Life Group, GENinCode, Kromek, Alliance Pharma, Polarean Imaging, Benchmark Holdings, Ondine Biomedical, Verici Dx, Faron Pharmaceuticals, Avacta Group, Abingdon Health, Open Orphan, Belluscura, Hutchmed (China), Oxford Biodynamics

Earnings in line, NAV ahead, caution being exercised

Urban Logistics REIT (“ULR”) has delivered a solid FY22 performance – deploying capital apace and driving strong returns through active asset management. Earnings and dividend are both in line vs SCMe. EPRA NAV is 190p (+7% vs SCMe); as yield compression came as a bonus. Caution is being exercised in deploying remaining capital, which impacts FY23e earnings only. We upgrade EPRA NAV by 14-20% incorporating some (but not all) recent yield compression. We increase our Target Price to 210p (FY23e E

In line final results, market headwinds impact AuM

Finals are in line on management fee earnings, but an unexpected performance fee drives a 6% earnings beat and a higher dividend. Recent market conditions have been challenging and have impacted AuM, down 12% in Q1 so far (vs pf incl. Majedie). We update our model, driving a 8-11% reduction in our earnings estimates. We think that the current 8x Mar-23e PER is already more than pricing in further forecast risk. We note a 6%+ prospective dividend yield generously covered by earnings with signific

Hybridan Small Cap Feast 22/06/2022

Dish of the day Joiners: No Joiners Today. Leavers: No Leavers Today. What’s cooking in the IPO kitchen? Visum Technologies seeking admission to The AQSE Growth Market. The Company's business is to own and operate an "on-ride" video and photographic camera system that it sells and/or licenses to customers (being theme parks, ride manufacturers, souvenir imaging providers, and other leisure operators). Due 30 June. LifeSafe Holdings, a fire safety technology business with innovative fire safety p

Cenkos: Marlowe Plc -- Record organic growth

Marlowe delivered an impressive set of FY22A results, with underlying organic revenue growth of 9%, Adj EBITDA margins up 240bps to 18.6%, and Adj EBITDA of £54.4m (ahead of our £50.7m forecast). We make minor updates to our FY23E forecasts (Adj Diluted EPS increases 1% to 49.6p) and release new FY24E forecasts. Given the strength of Marlowe's business model, its defensive nature (non-discretionary products and services; 85%+ recurring revenue), the group's continued positive momentum (including

Auctus on Friday - 01/07/2022

AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN)C; Target price of £0.45 per share: Another well delivers flow rate above expectations – The RCS-1 well was flow tested at oil rates of up 1,872 bbl/d (936 bbl/d net to Arrow) of 30 API crude from the C7B sands. The zone was tested for 33 hours at an average oil rate of 1,076 bbl/d (538 bbl/d net to Arrow) with no formation water. Production will start next week at ~1,000 bbl/d (500 bbl/d net) in order to mini

LIBERUM: Alternatives Daily

LIBERUM: Alternatives Daily

Morning Note – 29 June 2022

Hybridan Small Cap Feast 23/06/22

Dish of the day Joiners: No Joiners Today. Leavers: No Leavers Today. What’s cooking in the IPO kitchen? Immediate acquisitions (IME.L) is to re-join AIM via a Reverse Takeover of Fiinu Holdings Limited. Once complete the Company is proposing to change its name to Fiinu Group plc. Fiinu intends to be a provider of a consumer banking product, the Plugin Overdraft ®, which is designed to provide customers with an overdraft facility without having to change their current account or request an overd

Cenkos: Professional Services -- The week that was

Stocks in focus this week are Personal Group, Johnson Service Group, Capita and Mears

Morning Note – 28 June 2022

Hybridan Small Cap Feast 30/06/2022

Dish of the day Joiners: Visum Technologies has joined the AQSE Growth Market. The Company's business is to own and operate an "on-ride" video and photographic camera system that it sells and/or licenses to customers (being theme parks, ride manufacturers, souvenir imaging providers, and other leisure operators). Leavers: No Leavers Today. What’s cooking in the IPO kitchen? Immediate acquisitions (IME.L) is to re-join AIM via a Reverse Takeover of Fiinu Holdings Limited. Once complete the Compan

NextEnergy Solar Fund - NAV Grows 15% in FY 22

NextEnergy Solar Fund’s (NESF) full-year results show a 15% growth in NAV resulting from better pricing and new asset growth. The fund has been working hard to diversify its asset growth opportunity with battery storage in the UK and more international exposure through its commitment and co-investment opportunity with the NPIII private fund. From a strong start the fund is showing continued progress into the current year.

NextEnergy Solar Fund - NPIII Now Has Over 1GW of Assets

Continued expansion at NPIII provides NESF with further geographical diversification as the private fund reaches more than 1GW of international PV assets. This adds to NESF’s moves in battery storage to build a more diversified portfolio, minimising exposure to any single asset type.