Hybridan Small Cap Feast 20/12/2022

Joiners: No joiners today. Leavers: PCF Group has left AIM. What’s cooking in the IPO kitchen?** Quetzal Capital, to be renamed Tap Global Group, intends to join the AQSE Growth Market. Tap Global is an innovative and fully integrated provider of crypto settlement and fiat banking. It provides its customers with access to several major crypto exchanges through Tap Global’s app, allowing them to purchase up to 15 crypto assets and store them directly in the customer’s wallet. Tap Global also offe

Tavistock Investments FY 2022 Results

Tavistock’s full year results confirm the year to March 2022 was its most impressive to date with a balance sheet changing disposal and continued growth of the advisory business. The highlight of the year was the transformational disposal of Tavistock Wealth, the Group’s wealth management business, for up to £40m. The initial £20m receipt enabled debt repayment, share buy backs and dividend payments but the Company still ended the year with a net cash position of over £15m. The retained advisory

Hybridan Small Cap Feast 10/01/2022

Joiners: East Star Resources (EST.L) the Kazakhstan-focused gold and copper explorer, has raised gross proceeds of £3.1m by way of an oversubscribed placing and subscription of 62,000,000 new shares at a price of 5p, and has today been readmitted to the Official List of the Financial Conduct Authority by way of a Standard Listing following its acquisition of 100% of the share capital of Discovery Ventures Kazakhstan Limited, which holds an initial package of four licences in two producing but un

Solid Interims to September 2022 and cash rich

Tavistock has reported solid interims for the 6m period ended September 2021. Of more significance in the period was the completion of the transformational disposal of Tavistock Wealth, the Group’s wealth management business. The initial £20m receipt has enabled debt repayment, share buy backs and dividend payments but still left the Company with over £16.5m of net cash. With up to another £20m of disposal proceeds to be received over the next three years the Company is in rude financial health.

FY 2021 Results – Cash rich and primed for growth

As guided in June, Tavistock has reported a strong set of results for the year ended 31 March 2021. Furthermore, the disposal of Tavistock Wealth has completed and the Company is significantly net cash rich (currently c.£17m). Exciting times lie ahead which we expect to include an accelerated programme of acquisitions within the Advisory business, resumption of dividend payments and share buy backs given the shares are trading at 4.5p against an NAV of around 14p.

Disposal of Tavistock Wealth and positive trading update

Tavistock Investments Plc (“Tavistock”) consists of Tavistock Wealth (an investment management business) and Tavistock Advisory (several financial advisory businesses). The Company has announced the sale of Tavistock Wealth for up to £40m which compares extremely favourably to the £16m Group market capitalisation prior to the announcement. Tavistock also provided a trading update confirming that H2 2021 (year end March) followed the strong H1 performance. Full year underlying EBITDA of £2.77m (+

Small Cap Feast: 15/06/2021

Joiners: No Joiners Today. Leavers: Motif Bio has left AIM. What’s cooking in the IPO kitchen? Orcadian Energy, the North Sea focused, oil and gas development company, announces its intention to seek admission to AIM. The Company's key asset is the 100% interest in the Pilot oilfield, with audited proven and probable reserves of 78.8m barrels (audited by Sproule BV). Orcadian plans to raise gross proceeds of c. £5m to progress its assets. Expected June/ early July. Itim Group Limited (to be

Interims to Sept. 2020, growth in EBITDA

Covering a six-month period fully impacted by COVID-19, Tavistock’s interims to the end of September 2020 showed remarkable resilience. Adjusted EBITDA grew 25% to £1.26m and in a positive announcement the Board has noted the likely return of the dividend. The Company has adapted well to the impact of COVID-19 with a relatively seamless move to working remotely, so much so that a cost cutting initiative will see the number of offices permanently reduced from eleven to six. The Group wide reorgan

FY to March 2020, adj. EBITDA growth in a tough year

Tavistock released results for the year ended 31 March 2020 in line with market expectations, namely underlying EBITDA growth of 24% to £1.83m. In our opinion the result was a notable achievement given the political and economic headwinds facing the industry over the prior 12 months. The Company has adapted well to the impact of COVID19 with a relatively seamless move to working remotely. Combined with salary waivers and cost cutting (the Group wide reorganisation is expected to result in saving

Trading in line, Covid-19 creating uncertainty

Tavistock has confirmed that its trading result for the year ended 31 March 2020 is in line with market expectations, our forecasts are for underlying EBITDA of £1.8m. A particular highlight has been the outperformance of the protected portfolios which the Company provides to clients. Despite the strong performance Tavistock is not immune to the impact of Covid-19 which it states has made commercial conditions extremely challenging. A number of actions have been implemented to protect profitabil

Solid interims, cautious outlook

Tavistock’s interims for the 6m period ended September 2019 showed continued earnings growth with EBITDA increasing 95% yoy to £1.01m. The key driver behind this growth was the expansion in Funds Under Management (“FUM”) to £1.1bn, an increase of 18.3% on the prior year period. Management expressed caution for the rest of the year with particular reference to the uncertain political outlook. Furthermore, the termination of the alliance with Lighthouse Group plc (“Lighthouse”) in May of this year

Small Cap Feast

The Pebble Group, a provider of products, services and technology to the global promotional products industry, announces its intention to seek admission of its shares to trading on the AIM market of the London Stock Exchange, which is expected to take place in early December 2019.The Group delivered revenue of £99.8m in the year ended 31 December 2018.No mention of bottom line and a suggestion that funds raised would provide an exit to private equity shareholders and the repayment of debt. Offer

Small Cap Feast

Kaspi.kz, the largest Paym ents, Marketplace and Fintech Ecosystem in Kazakhstan w ith a leading m arket share in each of its key products and services. GDR offering expected Oct 2019. In the first half of 2019, the Company generated total revenue of KZT226,862m (U.S. $598m), up 34% and net income of KZT77,001m (U.S. $203m), up 54%. Registration document approved for Helios Towers. The Group provides essential network services, flexible infrastructure solutions and reliable power supply to mobil

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.

Ambitious winds of change

M&G’s FY 22 results were strong. It was also the opportunity for new CEO Andrea Rossi to depict clearly his strategy for the upcoming months. While the impetus is clear and the objectives are ambitious, we rather believe in a structural improvement of the business (driven by the higher rates environment) than a commercial one.

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: Alpha Group International* - Highly attractive global growth opportunity

Critical Metals Plc - Initiating Coverage - 20th March 2023

Critical Metals is a British company that has acquired a 70% interest in a producing Molulu copper mine in the Katanga region of the DRC. The focus of the company is in the natural resources sector in Africa focused on the strategic or critical metals as defined by the United States Government Survey list in Open-File Report 2018-1021 and the Critical Raw Minerals as defined by the European Commission. The main catalysts for 2023 will be the announcement of the first sales of copper ore. This i

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

Positive update - EPS upgraded by 5% p.a.

H&T (initiation of coverage): Pawnbroking royalty, with strong, profitable growth

Founded in 1897, H&T is the UK’s leading pawnbroker, with 269 stores, and it has gained a strong pawnbroking market share in recent years. While it is growing ancillary gold buying and forex products, its core is pawnbroking and related retail services. As other small-sum, short-term lenders have withdrawn, H&T’s well-capitalised, low-risk proposition has unique growth opportunities, with the pledge book up over 50% in 2022. The lessening of legitimate competition at a time of heightened demand

LIBERUM: Pollen Street * - Clear fundraising momentum

Oakley Capital Investments Ltd (OCI): 2022: NAV returns driven by EBITDA growth

The January trading statement announced NAV (662p per share), total NAV return (24%), NAV growth driven by EBITDA growth (65%), modest multiple expansion (35%), investments (£271m), realisations (£244m), available finance, including cash (£210m), and commitments (£929m). The detailed results announcement highlighted i) 2022 exits, on average, 70% above carrying value, ii) 22% investee company average earnings growth, iii) weighted average EV/EBITDA of 15.9x, below listed market levels, iii) a PE

Interims in line, undervalued high quality income stream

Income quality stands out here: lfl rental growth continues, occupancy is full and rental collection is strong. The asset class is demonstrating the ability to perform in challenging conditions, reflecting the structural undersupply of high quality PRS homes in the UK. Pre-announced, EPRA NAV was largely unchanged at 117p in H1 with no yield compression and all rental earnings distributed. We make no changes to forecasts at this stage. We see an attractive total return with the shares trading at

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

HgCapital Trust - Improving its commitment coverage ratio

HgCapital Trust (HGT) posted a 5.4% NAV total return (TR) in FY22, mostly assisted by continued good earnings momentum (revenue and EBITDA across the top 20 holdings increased in 2022 by 30% and 25%, respectively) and the average 28% uplift to end-2021 carrying value achieved on exits. This was only partly offset by lower multiples and higher net debt across HGT’s portfolio (with net debt to last 12-month EBITDA for the top 20 holdings at 8.0x at end-2022). HGT’s recent balance sheet measures st

Net interest margin warning

The quarterly underlying operating performance proved better than expected. However, the group’s updated guidance is, at best, in line with consensus forecasts as management expects net interest margin pressure as soon as this year.

India Capital Growth – Don’t Stop Believin’

India Capital Growth’s (IGC’s) adviser, Gaurav Narain, says that at a time when many economies and equity markets are struggling, there are many reasons to be optimistic about the outlook for the Indian economy. Although down in sterling absolute terms during the last 12 months, the Indian market made progress in local currency terms and has performed well relative to its emerging market peers, benefitting from a good run in the second half of 2022 from which IGC also benefitted. Despite the rec