LSE AIM - Market Screener

 The market capitalization of AIM stocks declines 1.3% to £99.0bn from the 6th to the 15th of December. Among the top winners for the previous five trading days, there were Bonhill Group (+39.1% on an acquisition offer for the part of the business), Oriole Resources (34.8% on first-ever JORC report), Rua Life Sciences (33.3% on smaller reported loss), Blackbird (29.8% on partnership news), Billington Holdings (28.9% on trading update). Among the bottom movers were Parsley Box (-68.7% on propose

LSE AIM - Market Screener

We launch our Market Screener, which will be focusing on LSE AIM companies. We plan to reflect on the drivers behind the performance of relatively scarcely covered stocks. AIM has 835 officially listed stocks with an aggregate market capitalization of £100.2bn as of 6 Dec 2022. Around 58% of AIM stocks have a market capitalization below £50mn, including 32% of all stocks below £15mn MktCap. The largest industries represented on AIM are Industrials (19% in cumulative market cap), Healthcare (15%)

Hybridan Small Cap Feast 12/12/2022

Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Savannah Energy, the AIM-quoted energy company, is undergoing a reverse transaction in connection with the acquisition of Exxon Mobil Corporation's entire upstream and midstream asset portfolio in Chad and Cameroon. No capital to be raised on Admission. Anticipated market cap £323m. Expected 13 December. Celsius Resources intends to join AIM. Currently ASX listed, Celsius is a natural resou

Cenkos: Coral Products Plc -- Interim results – solid progress

Coral Products has released its interim results for the period ended 31 October 2022. The results show strong progress from the existing and the recently acquired businesses. The shares have performed well (+28% in the past 3 months), at these levels Coral continues to offer an attractive valuation and 7.0% dividend yield. We reiterate our financial FY23E and FY24E forecasts and maintain our BUY rating.

Cenkos: Coral Products Plc -- Upgrading earnings forecasts

Coral Products recently announced the acquisition of Ecodeck Grids Ltd. We have reviewed our financial model and raised our EPS forecasts for FY23E and FY24E by 10.2% and 19.3% respectively. we examine the balance sheet metrics following the four acquisitions announced this year. We maintain a BUY rating.

Hybridan Small Cap Feast 10/10/22

Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** OTAQ plc, (OTAQ.L) the technology company with three divisions: Aquaculture, Geotracking Devices and Offshore intends to delist from the Main Market and join the AQSE Growth Market.. OTAQ is developing adjacent technologies to take advantage of a number of growth initiatives that will broaden the Group’s current product portfolio in the global marine aquaculture sector and facilitate entry

Cenkos: Coral Products Plc - Finding more space

Coral Products recently announced the acquisition of Manplas holdings Ltd. Although the size of the deal is relatively small, we believe this to be another positive strategic step, and we maintain our BUY rating with fair value of 20.8p.

Hybridan Small Cap Feast 07/09/22

Dish of the day Joiners: No joiners today. Leavers: Stanley Gibbons Group has left AIM. What’s cooking in the IPO kitchen?** Critical Metals plc, a company established to acquire mining opportunities in the critical and strategic metals sector, is to be re-admitted onto the Main Market under the ticker “CRTM”, following the proposed acquisition of a 57% interest in Madini Occidental Limited, which holds an indirect 70% interest in the Molulu copper/cobalt project located in the Democratic Republ

Cenkos: Coral Products Plc - Initiation of coverage

Coral Products PLC has reported strong results for FY22, with 34% growth in revenue and 38% growth in EBITDA (adj.). Moreover during the current year the company has embarked on a dynamic buy and build strategy, completing acquisitions which contribute to 123% revenue growth and 23.4% earnings growth for FY23 (our forecast), and potential for further earnings upside going forward. In this report we make a detailed examination of the drivers for the business, and we initiate coverage with a BUY r

Hybridan Small Cap Feast 27/10/2021

Joiners Softline, the global solutions and services provider in digital transformation and cybersecurity, with its headquarters in London, has issued GDRs to the Standard Listing Segment of the Official List, and on the Moscow Exchange. The Group had a turnover of US$1.8bn for the year ended 31 March 2021, employs c.6,000 people globally, and operates in more than 50 countries across emerging markets. Primary proceeds from the Offer are expected to be around US$400m. At the $7.5 offer price. Mkt

Small Cap Feast: 05/05/21

Boanerges Limited, announces an application of admission onto the Aquis Stock Exchange. The Directors believe that an opportunity exists to acquire and consolidate holdings in SMEs operating in the technology sector, with the intention of creating value for Shareholders. Initially, the Company's focus will be searching for companies which are based in the UK or Europe where there may be a number of opportunities to acquire interests in undervalued or pre-commercialisation technologies, or curren

Small Cap Feast

Parsley Box, the direct to consumer provider of ready meals to the 60+ demographic, recently announced its AIM IPO plans. Parsley Box provides ready meals, which are not required to be stored in a fridge or freezer, have a shelf life of up to six months and are cooked in minutes. The company reported revenue of £24.4m for the financial year ended 31 December 2020 (unaudited). Deal details TBC and admission is expected to occur late March/ early April 2021. Caerus Mineral Resources, a London

Small Cap Feast

Proposed move to AIM from the main market (standard) by Emmerson (EML.L) to provide Emmerson with access to a market and environment which is more suited, in the Board's view, to the Company's current size and strategy ahead of pivotal period for the Company with the commencement of mine construction at the Khemisset Potash Project expected by end of 2021. Follows recent award of Mining Licence granting Emmerson exclusive right to develop and mine the potash deposit and £5.5m raise to fund ongoi

Small Cap Feast

MJ Hudson Group PLC, the financial services support provider to Alternatives fund managers and asset owners, is planning an AIM IPO. Deal details TBC but expected admission date mid-December. Octopus Renewables - Raising £350m. Will seek to provide investors with an attractive and sustainable level of income returns, with an element of capital growth by investing in a geographically and technologically diversified spread of renewable energy assets—Due 10 Dec. SulNOx Group - The Group has develop

Small Cap Feast

Techniplas –global producer and support services company providing highly engineered and technically complex components, making the supply chain to original equipment manufacturers more efficient. FYDec17 rev $515m. Diaceutics, a data analytics and implementation services company which services the global pharmaceutical industry, is looking to join AIM late March, offer TBC.

Hybridan Small Cap Feast - 23 Mar 23

23 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

Audioboom Group - Robust FY22 results, maiden 8p dividend planned for FY23

In today’s FY22 results, Audioboom has reported adjusted EBITDA and net cash in line with the January trading update, highlighted an encouraging start to FY23, and announced plans to pay a maiden FY23 dividend. FY22 revenue growth of +24% yoy to $74.9m has been driven by +16% growth from core premium sales, +70% growth from Showcase, and +37% yoy growth from Sonic, and enabled Audioboom to outperform the wider podcast industry for the sixth consecutive year. A tight control on cost drove adjuste

A maturing portfolio

Frontier IP has reported interim results (H123) that reflect a period of strong technical progress but without the large revaluations of previous periods. Net assets per share decreased to 88.2p (FY22: 88.5p) while Net Cash increased to £5.8m providing the Group with a multi-year cash runway. H123 saw a number of important commercial and technical developments with FIPPs management highlighting Pulsiv and Alusid as moving beyond inflection points. A £0.5m pre-tax loss reflects no major net reval

Hybridan Small Cap Feast - 21 Mar 23

21 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

Cenkos: Braemar Plc -- Record revenue and profitability

In a trading update for the year to 28 February 2023, Braemar highlighted record revenue and profitability for the period. Braemar expects to report revenue not less than £150m, up at least 48.1% on FY22A, and underlying operating profit of not less than £20m, c100% ahead of FY22A, with all parts of the business performing well and further helped by a positive dollar FX tailwind. Braemar has increased its investment in the business during H2/23 and with trading in the current year staring well,

Hybridan Small Cap Feast - 16 Mar 23

16 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

Hybridan Small Cap Feast - 24 Mar 23

24 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

Fintel plc (FNTL LN) - Growth driven by FinTech

Fintel’s 2022 results provides details behind its January pre-close, which revealed: • 8% core revenue growth to £56.4m (FY21: £52.2m) • 7% core SaaS & Subscription revenue growth to £36.8m (FY21: £34.3m) • 4% total revenue growth to £66.5m (FY21: £63.9m), including surveying & panel management • Adjusted EBITDA growing.6% to £19.4m, in line with Board expectations (FY21: 6%), while adjusted core EBITDA grew 9% to £18.6m (Zeus forecast: £18.0m) • 118% (FY21: 116%) operating cash conversion,

FY22 update – Performance in-line & board changes

RBGP has published its FY22 pre-close trading update this morning. Unaudited FY22 revenue, adj. EBITDA and adj. operating profit are expected to be in-line with our estimates. Professional Services, saw good performances across both, the legal services and sell-side corporate finance offering. Whilst there is no resolution on decreasing exposure to LionFish, the Group is encouraged by accelerating developments. RBGP also announced a number of changes to the board, with Nicola Foulston, CEO, havi

SP Angel Morning View:Copper prices tick higher on improving fundamentals as Trafigura expects $12,000/t

Pricing power underpins expectations

Morning Note – 23 March 2023

Solid Q4 NAV, Hydro demonstrates its power

The Q4 NAV rose 1p (net of a 1.25p dividend) to 118.7p, taking the NAV TR for the year to 19.6%. DORE’s solid Q4 performance was the product of multiple countervailing forces (detailed below). DORE’s decision to store (in early Q4) hydro-generation capacity (water) in its dams facilitated higher value generation later in the period and above expected hydropower revenues. In light of recently published discount rates for UK Solar (7.0%-7.5%), DORE’s valuation of its UK Solar assets at 8% feels co

Ricardo (RCDO LN) - Up with events pending CMD

We have been positive on RCDO as trading and order intake has recovered, but we think the stock will now mark time pending the CMD and strategy update in May. We refresh our estimates and valuation after recent H1s, and another tuck-in acquisition. For FY23e our revenue is lifted by 2% to £429m and operating profit lifts by 4% to £34m. Our EPS is held back slightly (up 2% to 33.1p) with higher assumed taxes and cost of debt. Similar upgrades are applied in FY25e. With higher estimates, record or

No frills Q3 update; FY guidance confirmed

Experian reported a Q3 FY23 trading update in line with our expectations. Organic growth moderated to 6% yoy (vs 8% in both the Q1 and Q2) due to a tough comparison base. The consumer services segment continued to lead, while core bureau (i.e. ex-mortgage) growth also remained resilient. The management reiterated its FY23 guidance. Overall, no big surprises and hence the share price reaction remained muted (+0.2% at the close). We maintain our cautiously optimistic view on the stock.