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

SP Angel Morning Energiser: 14/03/23

Crude tumbles on weaker outlook

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.

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.

FY23 expectations dashed; 12-month strategic plan unveiled; opportunity to accumulate?

As set out in its preliminary release ITM’s H1 results and FY23 outlook were below expectations. Revenues were lower, as sales related to the Leuna project were deferred to FY24. On the cost side, gross loss expanded due to inventory losses, and increased contract and warranty provisions. ITM also announced the signing of two 100MW projects to Linde Engineering, a strategic review of Motive Fuels, and a new 12-month strategic plan to reorient the company towards manufacturing and delivery.

This Week's AIM Highlights 3rd February 2023

ITM Power - A More Sustainable Outlook

ITM’s strategic update yesterday gave clear guidance for FY 23 and some pointers for FY24 as well as more fully outlining the major turnaround strategy under the new CEO Dennis Schulz. We have issued revised forecasts to bring our numbers in line with FY 23 guidance and to reflect a slower but more sustainable outlook as the company rebuilds.

ITM Power (ITM LN) - H1 FY 2023 results

ITM has released its H1 results to the end of October 2022, alongside providing an update on the company’s strategy under its new CEO. The statement is something of a curate’s egg, showing an expectation of poor FY 2023 financial performance (as previously flagged), but also a new strategy focused on manufacturing scale-up, and signature of two new 100MW contracts.

SP Angel Morning Energiser: 31/01/23

Crude price stalls ahead of Fed decision

ITM Power - A Major Reset

ITM’s new CEO has outlined a major reset for the company focused on transforming it into a volume manufacturer of market leading electrolyser technology. Getting there will involve a lot of work and cost and today’s revised guidance shows a near doubling of EBITDA loss against the original consensus for FY23. FY 24 should start to see the benefit of cost cutting and the company has also announced two new 100MW contracts announced today with Linde. Importantly, ITM has the cash reserves to suppor

This Week's AIM Highlights 20th January 2023

SP Angel Morning Energiser: 16/01/23

Global natural gas prices continue fall

Where Clean Energy Develops In 2023

We see three key sectors of the clean energy universe as making progress in 2023. Carbon capture and storage (CCS) will benefit from US tax incentives, long duration energy storage will benefit from volatile pricing and higher lithium prices and hydrogen has the potential to recover from demand uncertainty driven by a rather polarised debate on its uses. The markets will be challenging but the strengths of the opportunity remain strong.

ITM Power (ITM LN) - Trading update

• ITM has released a trading update, reporting on progress of the detailed review being carried out under its new CEO. This includes a profit warning, with FY 2023 results now expected to exhibit lower revenue and a higher EBITDA loss than previous guidance (existing guidance was to be at the lower end of the range on output of 48-65MW and £23-28m revenue, and was also for EBITDA loss of £45-50m), with the difference described as “material”. This has been driven by several factors: losses on cus

ITM Power - Reviewing To Rebuild

ITM’s trading update shows a bigger impact from the delay driven issues signalled by the company in October but comes as a result of the new CEO properly addressing the issues. A strategic and operational review is underway and is likely to result in a tighter focus of the business going forward, allowing it to reset and take advantage of continued opportunities in the market on a stronger foundation.

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

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'

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.

Cenkos: Oil & Gas Sector -- Getech Group, 88 Energy, Chariot, Neptune Energy, Tullow Oil, Harbour Energy, Shell, IOG, Pantheon Resources, Touchstone Exploration, PetroTal Corp, John Wood Group, San Leon Energy, Angus Energy, Energean

Oil posted a weekly loss with macroeconomic headwinds dominating the market as traders await clearer signals on Chinese demand trends. Crude declined $3 this week despite Friday's gains amid fears that the Federal Reserve will pivot to more aggressive interest-rate hikes, compounding pressure from tempered economic projections from China and a slower-than-expected recovery in international travel. Bulls looking for a supply-driven bump have been disappointed by the resilience of Russian crude