Agronomics - A unique offering in a rapidly developing sector

Agronomics (ANIC) invests in cellular agriculture companies. Since mid-2022 it has placed increasing emphasis on companies using precision fermentation technology or providing contract precision fermentation services, as these appear to have greater near-term commercial potential than cultivated meat and seafood. Agronomics’ NAV has risen almost 100% since the inception of the current strategy in April 2019, and looks set to increase further as the company’s portfolio holdings receive regulatory

Cenkos: Agronomics Ltd -- Precision fermenters

Agronomics has announced its $0.5m investment in Wild Microbes' $3.3m pre-seed financing round, invested in the form of a Simple Agreement for Future Equity (“SAFE”). Wild Microbes is developing a catalogue of ‘next-generation' microbes for use in precision fermentation, with an initial focus on protein manufacturing. The company believes the current microbes used by the fermentation industry can be improved by identifying and genetically engineering new microbes, improving production efficiency

Cenkos: Agronomics Ltd -- Interim results

Agronomics has published its results for the six months to December 2022. During the period the company led two investment rounds into new businesses, both focused on fermentation technology. Additionally, the company co-led the seed investment of Liberation Labs, a precision fermentation contract manufacturer. During the period the company recognised £19.4m of unrealised gains on investments, driven strongly by the uplift in the valuation of Agronomics' founder stake in Liberation Labs. Agronom

Stable 4Q22

Cenkos: Agronomics Ltd -- 2022 in review

Following the publication of Agronomics' FY22 (to June 22) results, we provide an overview of both FY22 and the calendar, which we believe has showcased the progress and evolution of the company's investment strategy and some significant milestones for the cellular agriculture industry as a whole. Through FY22, Agronomics invested c£42m into its portfolio, and additionally formed two new companies, while in November 2022, the FDA announced it had completed its first pre-market consultation for a

Cenkos: Agronomics Ltd -- First FDA Pre-Market Consultation

The FDA has announced it has completed the first pre-market consultation for a food product made from cultured animal cells. The submission, made by Upside Foods, and FDA response means that the agency accepts Upside's data package and conclusion that its cultivated chicken product is safe to eat. This clearly represents a significant achievement for Upside Foods and a major milestone for the cultivated meat sector in general, marking the first significant regulatory milestone in a major jurisdi

Positive news in the portfolio

Agronomics - Recent events support move into precision fermentation

Agronomics (ANIC) invests in cellular agriculture companies. In our last note, we discussed a shift in its focus more towards precision fermentation companies, whose development is more advanced, offering greater near-term commercial potential. This week’s announcement that Onego Bio, one of ANIC’s portfolio companies, has entered a partnership with Perfect Day, a US precision fermentation company, is a further step in this direction. The alliance should hasten Onegro Bio’s route to market and f

Agronomics - Fermenting growth and commercial viability

Agronomics (ANIC) invests in cellular agriculture companies. This report provides an update on our January 2022 initiation note and March 2022 update, following the announcement of ANIC’s Q2 NAV and some exciting new portfolio investments. These investments mark a shift in focus, in favour of companies such as precision fermentation contract manufacturer Liberation Labs and All G Foods, which appear to offer greater near-term commercial potential. ANIC’s performance since inception in 2019 has b

Strong 2Q NAV

Healthy, sustainable, kind - and profitable

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

Cenkos: Healthcare Sector -- Ward Round

Weekly round-up of AIM-listed healthcare news. Agronomics, Eden Research, IXICO, HeiQ, Trellus Health, NetScientific, Circassia, 4basebio, Fusion Antibodies, Surgical Innovations Group, Yourgene Health, Abingdon Health, Verici Dx, Poolbeg Pharma, Omega Diagnostics

Cenkos: Healthcare Sector -- Ward Round

Weekly round-up of AIM-listed healthcare news. Intelligent Ultrasound, Inspiration Healthcare, Agronomics, CareTech Holdings, e-therapeutics, ABCAM, EKF Diagnostics, HUTCHMED (China), Benchmark Holdings, Totally, ImmuPharma, Open Orphan, Destiny Pharma, Polarean Imaging, Induction Healthcare.

Cenkos: Healthcare Sector -- Ward Round

IXICO, HeiQ, Creo Medical, GlaxoSmithKline, Totally, Advanced Oncotherapy, Arecor Therapeutics, Midatech Pharma, Futura Medical, Yourgene Health, Renalytix, Polarean Imaging, Diurnal, Novacyt, Faron Pharmaceuticals, Poolbeg Pharma, ANGLE

Uncertain outlook comes as no surprise

We take a positive view of Legal & General’s FY 22 results. Despite the tough environment, the Group managed to outperform expectations – something which was hardly a given for such a large asset manager. With L&G being widely exposed to the UK economy, it might be a call one does not want to make but the firm’s business remains one of spreads – as long as a default does not occur. We remain positive but concede that L&G embeds more risk than we had assumed.

Very strong CY22 - CY23 upgraded 10%

LIBERUM: Alpha Group International* - Highly attractive global growth opportunity

Hybridan Small Cap Feast - 06 Mar 23

6 March 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 objective

LIBERUM: Real Estate Investors* - Profitable sales drive valuation increase and NTA outperformance

Equals Group (EQLS LN) - Platform for growth

Revenue rose 59% to £69.7m (consensus: £66.2m; Zeus forecast £65.0m); revenue per day rose 60% to £279k Equals Group’s 2022 results and 1Q trading update reaffirm our view on Equals’ valuation. It has made two bolt-on acquisitions, subject to regulatory approval, which add clear value. Organic growth remains strong: “revenues per working day so far in 2023 were £342k” up 52% yoy and up 13% on 4Q 2022.

Belvoir Group - Debt free, entrepreneurial and diverse

2022 followed on from the strongest year for property in recent history, but Belvoir has, nevertheless, reported a robust set of full-year results further evidencing the power of its franchised model and strategy. FY 2022 revenue was up +14% (+2% like-for-like), gross profit up +6% and adj. PBT down -1% as the resilient Lettings income and expanding Financial Services business continued to grow (both +4% LFL), while housing Sales fell (-15% LFL) as market conditions weakened and administrative c

Morning Note – 27 March 2023

LIBERUM: Aquis Exchange* - Delivering on growth

Encouraging CY22 result

Hybridan Small Cap Feast - 14 Mar 23

14 March 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: Pollen Street * - Clear fundraising momentum

Cenkos: Personal Group Holdings Plc -- Momentum building

Personal Group's FY22 results show good underlying growth in both API and ARR, with significant HoH EBITDA expansion also delivered in H2. The growth in its insurance book and increased levels of ARR provides high levels of visibility into 2023. Retention rates are high, the group has added 101 new clients and its expansion into the SME market is growing rapidly. Today's results demonstrate the clear benefits of the diversification of the model since 2019 and the ongoing relevance of its offerin

Hybridan Small Cap Feast - 27 Mar 23

27 March 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

NAHL Group - Finals

NAHL generated growth in both its Personal Injury (PI) and Critical Care divisions, the former despite a continuation of subdued market conditions – hence market share gains. Results were in line with our forecasts but with a significant reduction in net debt which is especially welcome in the current high interest rate environment. Group strategy remains intact and in PI that means building the embedded value of future cash flows in NAL while flexing enquiry placements to maximise cash generati