Strong H1'23 results; forecasts upgraded

Equals Group (EQLS LN) - Interims justify rise in forecasts

What’s new: Equals Group has delivered outstanding interims, which have exceeded even the positive commentary at the Capital Markets Day in May and the trading update on 5 July. With trading “ahead of expectations”, we raise our 2023E revenue forecast by 7% to £95m and adj EBITDA forecast by 11% to £20m, as well as nudging up our forecasts for 2024E and 2025E.

Equals Group (EQLS LN) - Interim update & CMD summary

Equals’ interims trading update (5 July) and capital markets day "CMD" (17 May) remind investors that its revenues are growing faster than consensus expectations. Equals Solutions revenue is more than doubling yoy, driving gross profitability higher than consensus. This note summarises the CMD and trading update. When interims are released (12 September), we will raise our forecasts.

Hybridan Small Cap Feast - 05 Jul 23

5th July 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

Strong H1'23 trading update

LSE AIM - Market Screener (30 May 2023)

 The market capitalization of AIM stocks was £95.9bn as of 26 May 2023, down 3.7% since 14 April 2023. Among the top YTD winners, there were Celadon Pharmaceuticals (up 216.6%), Vast Resources (+325% YTD), B90 Holdings (+212.4%), Verditek (209.1%, MktCap £7.5mn), Star Phoenix Group (+175%), Inspecs Group (+166.3%). Among the bottom movers, were companies canceling admission to AIM: Applied Graphene Materials (-88%,), Circle Property (-93%, MktCap £1.2mn), Purplebricks Group (-93.1% on a possi

CMD - Broadening & deepening client relationships

LSE AIM - Market Screener (19 April 2023)

 The market capitalization of AIM stocks was £99.6bn as of 14 April 2023, up 5.0% since our update on 30 March 2023. Among the top YTD winners, there were Celadon Pharmaceuticals (up 236.6%), Vast Resources (+229% YTD, Mkt cap of £15.4m), Kodal Mineral (+194.4%), Clontarf Energy (+164%), Inspecs Group (+156%). Among the bottom movers, apart from companies canceling their admission to AIM, remain Applied Graphene Materials (-88%, MktCap £0.6mn), Midatech Pharma (-88.6%), Morses Club (-82%, MktC

LIBERUM: Housebuilders: Darkest before dawn

Strategic progress drives robust growth

H1 interims are in line. Argentex has delivered strong growth (+28% yoy revenue) by driving growth initiatives. New technology-enabled products have been launched, including Alternative Transaction Banking, which are already delivering compelling growth ahead of expectations. Pressing into Europe via the Netherlands is also delivering strong growth. At the core, client KPIs remain strong. We leave our forecasts unchanged, with revenue momentum continuing into Q3. We believe the current 12.4x Dec

LIBERUM: Alpha Group International: A winning business at a cheap valuation

LIBERUM: Housebuilders: Rate peak nears & Gove less BANANAs

LIBERUM: Alpha Group International: Underlying strength

H1 23: focusing on capital generation

Promising results for M&G in H1 23. The new CEO, Andrea Rossi, continues to execute the company’s new strategy, and we have confidence that he is positioning M&G to surpass its financial targets for the 2022-24 plan. The H1 23 operating capital generation results significantly outperformed expectations, exceeding the consensus by more than 50%. This substantial capital accumulation is poised to deliver strong returns to shareholders, rewarding them for their patience during this transitional per

Gore Street Energy Storage + (GSF, House Stock, 84p) - Steady NAV growth

Robust interims; small reductions to FY24 forecasts

LIBERUM: Harworth: Valuation gains reflect management actions and operational progress

LIBERUM: Pollen Street : Fundraising momentum continues

Taking the Upper Brand: Brands Sector Overview

The earliest dated brand has long been contested; the majority point to Kongō Gumi, a family run construction company that specialised in Buddhist temples in Japan; its documented record of ownership goes back to 578 AD. Like Kongō Gumi, several different brands have withstood the test of time, albeit without then same degree of longevity. The term brand originates from the 1500s and means "to burn" in Ancient Norse and was initially used to mark cattle for ownership. This practice can be consid

Interim Results

FSFL, a UK centric solar electricity generator, delivered a solid H1’23 total return (-2.4%) in a difficult environment. During the period, the fund continued with its forward sales (locking in cashflows for the next 2.5 years), increased its discount rate by c50bps to 7.5% (UK), maintained its medium term inflation (2024-2030) assumption of 3.0% and announced plans to recycle 200MW of assets into higher returning projects. During 2023 the sector has de-rated as investors, grappling with valuati

Morning Note – 6 September 2023

Debt reduction plan in face of higher interest rates

FY23 results were well flagged but the focus is likely to be on the outlook, where high interest rates continue to impact buyer confidence and therefore private sales rates, as well as increasing Springfield’s own cost of debt. This leads us to reduce our adj. EBIT forecast for FY24 by 24%, with a greater 48% reduction in our adj. EPS forecast. We expect net debt exc. leases of £55.1m in FY24. Management’s focus is on cash generation, with the dividend paused and a plan to sell c.£50m of land ov

Hybridan Small Cap Feast 18/09/2023

Dish of the day Joiners: No joiners today. Leavers: Egdon Resources has left AIM. What’s cooking in the IPO kitchen?** Announced ITF 12 July: Substrate Artificial Intelligence, an artificial intelligence company based in Spain that creates, buys and scales companies around AI in diverse sectors such as fintech, agritech, energy, human resources, and health, intends to join the Access Segment of the AQSE Growth Market. Admission delayed. Announced ITF 6 July: Blackpoint Biotech plc, a medical can