Morning Note – 9 March 2023

Billington Holdings - Positive trading update – FY23 EPS upgraded by 14%

The group’s year-end update is very positive, indicating that FY22 profits, cash and dividends will be ahead of recently upgraded expectations. The higher level of profit comes from efficiencies that have improved gross and operating margins. The update also signals that based on a strong order book and encouraging pipeline of prospects it also anticipates FY23 profits will be ahead of expectations. As a result, we upgrade our FY22 EPS by 15.7% followed by 14% in FY23, with dividends upgraded by

Morning Note – 14 December 2022

Billington Holdings - Positive YE trading update – FY22 EPS upgraded by c.50%

The Group has announced a positive year-end trading update highlighting adjusted PBT is expected to be significantly ahead of expectations in both FY22 and FY23. With a recovery in activity levels through H2 and an increasing volume of work being taken on at improved margins, it also points to the benefits of efficiency gains from its capex programme across the Group, which will have a greater effect in FY23. The order book has continued to grow across a variety of sectors and at enhanced margin

Morning Note – 27 September 2022

Billington Holdings - Good H1 progress with stronger H2 and 32% EPS upgrade

The interim results provide evidence of a post pandemic recovery and normalisation of demand, resulting in improving profitability with management coping well with steel price fluctuations. With greater confidence in prospects backed by a robust order book gained at better margins the Board indicates it expects the full-year result to be ahead of expectations. As such, we upgrade our EPS forecast for FY22 by 31.5% and by 29.7% in FY23. We raise our price target from 270p to 320p, keeping our mod

Morning Note – 21 September 2022

Hybridan Small Cap Feast 31/05/22

Dish of the day Joiners: No Joiners Today. Leavers: No Leavers Today. What’s cooking in the IPO kitchen? AssetCo plc, intends to join re-join AIM. The Company's strategy is to develop an agile asset and wealth management company that meets the needs of investors in the 21st century by acquiring, managing and operating asset and wealth management activities and interests, together with other related services. The Company is in the process of acquiring the entire issued share capital of River and

Hybridan Small Cap Feast 11/03/22

What’s cooking in the IPO kitchen? Aquis Exchange (AQX.L) the exchange services group, announced its intention to apply for admission of the Group to trading on the Apex Segment of the Aquis Stock Exchange Growth Market. Aquis' shares will continue to trade on the AIM market of the London Stock Exchange plc to satisfy certain regulatory requirements. The Group is targeting admission to the AQSE Growth Market on 29 March 2022. Private equity firm Blue Owl Capital is planning to list assets from i

Small Cap Feast

Renold plc—a leading international supplier of industrial chains and related power transmission products, announced that it will cancel the listing of the Company from the premium segment and apply for admission on AIM. Expected 06 June 2019. Alumasc Group plc, the prem ium building products, system s and solutions group, has announced its intention to m ove from the Premium Segment of the main market to AIM. Expected market cap of £33.4m. Expected 25 June 2019

N+1 Singer - Small-cap quantitative research - Value screen periodic refresh and 9 focus stocks

We have completed another refresh of the value style screen, first established as of 12 May 2015. As usual the screen selected the 25 stocks exhibiting the most extreme value characteristics from our universe, and we have chosen 9 stocks to focus on. Since the last refresh as of 8 November 2016, the day before the US presidential election result was known, the screen has performed strongly (outperforming the small-cap index by 12.9pp on a weighted basis) with our focus stocks doing even better.

Small Cap Breakfast

Saffron Energy— Schedule One. Italian Oil and Gas play . Expected admission 24 Feb. Guinness Oil & Gas Exploration—Publication of prospectus. Seeking to raise £50m and invest in 15 exploration companies at launch, with plans to grow the portfolio to 30 positions during its lifetime. Issue closing 23 Feb. Arix Bioscience — Intention to float on the main market from the global healthcare and life science company supporting medical innovation. Raised £52m in Feb 16 with investors including Woodford

N+1 Singer - Small-cap quantitative research - Re-run of the value screen and 9 focus stocks

We have completed another periodic refresh of our value style screen, first established in our note of 26 May 2015. As usual the screen selected the 25 stocks exhibiting the most extreme value characteristics from our universe, and we have chosen 9 stocks to focus on. Since inception last year the screen has marginally outperformed the main small-cap index by 1pp and underperformed the micro-cap index by about 3pp. The EU referendum result arose in the latest period and resulted in significant s

Re-run of the value screen and 10 focus stocks

We have completed another periodic refresh of our value screen, first established in our inaugural quant/screening note of 26 May 2015. As usual the screen selected the 25 stocks exhibiting the most extreme value characteristics (based on 2016 consensus P/E and latest price to tangible book ratio) from our universe, and we have chosen 10 stocks to focus on. Since inception last year the screen has outperformed the main small-cap and micro-cap indices (by about 8pp and 3pp respectively) and has p

Somero Enterprises - FY22 results in line, a fairly flat year ahead

FY results were in line with the January trading update, with modest revenue growth and higher overheads resulting in a slight profit decline. Australia and Europe delivered record revenues, while US sales were marginally off last year’s record. The Houghton expansion was delivered on budget and is now operational, increasing capacity and capabilities for future growth. We reduce FY23 EPS by 4.8% with TP lowered from 760p to 705p. The shares remain at a significant discount to peers on a P/E of

Morning Note – 8 March 2023

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

Revised forecasts

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

LIBERUM: Wincanton - Contract loss and closed book headwinds

LIBERUM: Yü Group* - Strong momentum and cash flow

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

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

Cenkos: Smart Metering Systems Plc -- Strong results - FY23E & FY24E upgrades

Smart Metering Systems (SMS) has announced strong FY22 results in-line with January 2023 upgraded forecasts. The smart meter installation run-rate accelerated during FY22, with 480,000 meters installed, ahead of expectations. With the installation run-rate reaching 45,000 meters per month during H2/22, SMS is on track to install an expected 600,000 meters in FY23E. The battery storage portfolio increased to 760MW by FY22 and has grown further to 860MW as of 13 March 2023. The first 140MW of batt

ITM Power - Test Capacity To Remove Blocks

The increase in power capacity at Bessemer Park is a positive sign that action is being taken to address the causes of the historic production delays that ITM has faced. Improved testing from one to two 2MW stacks and the scope for this to increase further combined with increased power availability throughout Bessemer Park ought to help ITM in reducing their order backlog and scaling up production over the coming year.

LIBERUM: Kier Group - Strong H1 performance but some headwinds expected in H2

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.