First Property Group Interims

Strategic progress during the first six months was achieved despite challenging markets. The period saw disposals, at prices above carried values, release cash for investment; other assets are under offer. FPO increased its weighting to Poland for both its 3rd party managed AUM (34.2%) and directly owned portfolio (92.5%); has stabilised finances; and reduced sensitivity to interest rate rises. The investment rationale is supported by the outlook for Poland’s economy and local letting markets, w

First Property Group Initiation

We initiate at an inflection point for First Property Group (FPO). A range of external factors undermined the group’s key investment markets over the last few years, and we assume that the operating environment will remain challenging. Experience, however, shows that such cyclical low points provide rare opportunities to acquire commercial property on advantageous terms. This fits a strategy which seeks to rebuild the revenue base in both Poland and the UK and enhance returns by capitalising on

Hybridan Small Cap Feast 13/05/22

Dish of the day Joiners: GS Chain (GSC) has joined the Main Market (Standard). GS Chain intends to identify opportunities within the technology sector, to conduct the necessary due diligence and subsequently complete an Acquisition. The Company is direct listing 399,985,888 Ordinary Shares on the Official List. Market capitalisation at 1p is £3,999,858.88. Leavers: No Leavers Today. What’s cooking in the IPO kitchen? According to CITY A.M online marketplace Beauty Bay has recruited bankers to lo

Small Cap Feast 26/01/2022

Joiners: No Joiners Today. Leavers: No Leavers Today. What’s cooking in the IPO kitchen? Strip Tinning Holdings, an established supplier of specialist connectors to the automotive sector, intends to join AIM. Strip Tinning manufactures specialist flexible electrical connectors related primarily to heating and antennae systems embedded within automotive glazing and to the connection of the cells within electric vehicle (EV) battery packs, increasingly using flexible and lightweight printed circui

First Property (Buy, current price 33p) - Rental and Capital Value Recovery Potential

First Property announced interim results that underline the opportunity to grow rental income and capital values over the next 12 months. With cash to invest on behalf of both the Group and its fund management clients, there is scope for earnings growth. With capital values generally rising after the lockdown induced lows, we expect NAV expansion

Small Cap Feast 17/11/2021

Banquet Buffet Alumasc Group 242.5p £87.6m (ALU.L) The Alumasc Group plc, the manufacturer and supplier of sustainable building products, systems and solutions, has received London Stock Exchange's Green Economy Mark.  The Alumasc Group plc provides high-quality, low carbon, sustainable building products, systems and solutions which help manage the scarce resources of energy and water in the built environment and improve quality of life for the owner/occupier. Paul Hooper, CEO of The Alumasc G

First Property* - Final Results: A challenging period

Final Results: A challenging period

First Property* - H1 Results: Ready to reinvest

H1 Results: Ready to reinvest

First Property*

FY20 results – increased firepower to acquire

First Property*

CH8 Sale Completion Drives Market Opportunity

H1 20 interims – on track to meet FY20 earnings; small NAV increase

H1 20 interims reported group revenues of £8.1m (+9.8% y/y LFL) and adj. PBT (excl. FX, and non-recurring items) of £3.1m (vs. our FY20e estimate of £6.2m), positioning the group in good stead to meet our unchanged FY expectations. Adj. NAV rose ~4% to 59.7p from 57.5p at March 2019. The group has declared an interim dividend of 0.45p (ex-div 28 Nov, and in line with our forecasts). Operationally, AUM has decreased ~1% since Mar 19. Elsewhere, occupancy at CH8 in Warsaw now stands at 80% and neg

AGM statement - trading in line with expectations. Reiterate Buy

First Prop’s AGM statement has reported trading to be in line with management expectations, reiterating the strong AUM growth seen over the past year. We make no forecast changes at this stage and reiterate our Buy recommendation. Strong AUM growth over past year. Third party AUM as at the end of July stood at £617m (vs. £611m as at Mar 19). Total funds under management have been reported at £716m (vs. £706m as at Mar 19). Today’s statement reiterates the ~33% growth seen in 3rd party AUM over t

FY19 results; adj. PBT 4.5% ahead

First Prop’s FY19 earnings have come in marginally ahead of expectations at the PBT level (despite the 9% upgrade in May), reporting revenues of £20.4m (Arden: £20.5m) and adj. PBT of £7.8m (Arden: £7.5m, excl. non-recurring items and FX movements). Adj. NAV of 57.5p (+8.3% y/y) was below our 64.2p forecast due to FX headwinds, some revaluation reductions on investment properties and a decision to accelerate depreciation at its office block in Gydnia, Poland. The group has also declared a final

Small Cap Feast

SDX Energy plc—a North Africa focused oil and gas company, announces its intention to complete a Canadian plan of arrangement under section 192 of the Canada Business Corporations Act and will have shares de-listed from the TSX-V and admitted to trading on AIM. Expected 28 May 2019, anticipated market cap of £76m 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 se

YE trading statement; FY19 earnings upgrades

First Property has released a YE trading update stating that PBT for FY19 “is likely to significantly exceed market expectations of £6.8m.” We upgrade our forecasts by 9-10% for FY19E though we leave our estimates for FY20 onwards unchanged for conservatism. At c.10x and yielding 3.6%, we see upside to the shares as the group continues to grow its earnings through a healthy combination of re-lettings, further property acquisitions and fund mandate wins.

CMD - Broadening & deepening client relationships

FLASH: In-line trading update

'Airlines will be shocked when Covid leases run out and rates go up’

Critical Metals Plc - Molulu Operational Update - Target Price £1.14 ps

Event On the 15th May, Critical Metals plc released an operational update relating to their Molulu copper project in the DRC. Key Points 1. 6,500t of copper ore grading 3% copper has been mined 2. The mining focus is moving towards the high grade sulphide copper ore grading above 8.3% copper 3. No cobalt has been identified in the mining so far using hand-held XRF 4. Dewatering of the pits has begun with a trench decanting water from the small pit. Implications As soon as the road rehabilitation

Morning Note – 5 June 2023

Reassuring AGM statement

Cenkos: Duke Royalty Ltd -- Record revenues and more to come

Duke has released a Q1/24E trading update which points to a continuation of steady growth in recurring cash revenues and resilient underlying portfolio companies. Guidance for the quarter is for £6m of recurring cash revenues, and total cash revenues are expected to be c£7.5m once the buyout premium from Instor is accounted for. Duke's valuation looks very compelling at current levels with the FY24E dividend yield over 10% whilst being backed by FCF generation.

LIBERUM: NewRiver* - Higher occupancy driving earnings growth despite macro challenges

LIBERUM: Ramsdens Holdings* - Worth its weight in gold

Acquisition of Silver Royalty

Trident Royalties Plc (AIM: TRR) has, this morning, announced the acquisition of two royalties and a production-linked milestone payment over the La Preciosa Silver Project, owned by Avino Silver & Gold Mines Ltd (TSX: ASM, mkt cap US$87m) in the State of Durango, Mexico. The consideration consists of US$7m cash to Coeur Mining (NYSE: CDE, mkcap US$1.1bn) on closing with a further US$1m in either cash or shares at Trident's election upon receipt of the milestone payment. The acquisition is Tride

NewRiver REIT+ (NRR, House Stock at 86p) - Final results

NewRiver REIT+ (NRR, House Stock at 83p) - Final results preview

Hybridan Small Cap Feast - 07 Jun 23

7th June 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

Trading at trough valuation?

We review the investment case in an altered macro context. The stock currently trades at trough valuation of 13% discount to NAV. While some de-rating is justified, in our view the current price ignores positive aspects of the case and already prices in substantial mark-downs. Higher rates and increasing leverage justify a higher discount Some of the de-rating from the past 5Y average premium of 6% is justified given the magnitude of the increase in bond yields. HICL has only raised its discoun

Very strong CY22 - CY23 upgraded 10%