Did HeidelbergCement overpay for Italcementi after all?

Key information • Sales down by 2.1% and up by 0.4% lfl. • Recurring EBITDA down by 7.6% but, adjusting for the CO2 rights proceeds in 2015, it was up 2%. • Recurring EBITDA margin decreased from 15.0% to 14.1%. • EBIT €-209.6m in H1 16 vs €113m, reflecting the impact of non-recurring items for the group’s reorganisation and the impairment of operations in Belgium for a total of c.€320m. • Loss of €-345.7m vs profit of €3.8m in H1 15. • Cement volumes up by 2.9% and -0.1% lfl, Aggregates v

Disappointing set of results, no recovery in sight in Italy

h2. Key information : • Revenue up by 3.5% to €4.3bn. • Recurring EBITDA down by 3% to €636m and down by 9% when excluding CO2 sales. • EBITDA down by 10.3% to €584m. • EBIT down by 37% at €148m. • Net debt roughly stable at €2,170m vs €2,157m in 2014. • Proposal of no dividend for 2015 (vs €0.09 for 2014).

Q3 revenue down 7.2% on a lfl basis

Key information: • Revenue up 3% to €3,217m for the 9m period, but down 3.9% on a lfl basis. • Recurring EBITDA up by 1.7% to €482.9m for the 9m period. • EBIT roughly stable at €165.6m for the 9m period. • Loss of €8.1m for the 9m period compared to €63.8m for the first 9 months 2014. • Cement volumes down by 1.4%.

A tightly managed cash flow leaving no room for error

Key information: • Revenues increased by 5.8% compared to H1 14 but decreased by 2.1% lfl. • Recurring EBITDA increased by 5.3%. • EBIT increased by 9.6%. • H1 profit at €3.8m vs loss of €79.6m. • Net debt stands at c.€2.2bn. Guidance: • Management expects a moderate increase in operating results for the full year.

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

LIBERUM: Luceco* - Margin momentum coming into view

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.