Well positioned with confidence returning

In-line results, encouraging outlook and guidance

The Promised Land

Red Dwarf, the very British sci-fi comedy franchise, ran for 11 seasons – most recently in 2017; and The Promised Land is a feature-length TV movie – out this year. Yes, the programme is an acquired taste. Strangely, too, many episodes are impacted by a virus or three (physiological, not main-frame).

UK Housebuilding Sector: 2020 vision: Sharpness and clarity for industry prospects

For fighter pilots, it is a minimum requirement. But having 20/20 ‘visual acuity’ (correct term) does not necessarily mean you have perfect vision (as convention assumes); instead, it indicates sharpness and clarity of vision at a distance. It is measured by a Snellen Chart, which displays letters of progressively smaller size and whereby 20/20 means that the test subject sees the same line of letters at 20 feet that a person with normal vision sees at 20 feet (or 6 metres; but 6/6 simply didn’t

UK Housebuilding Sector in 3Q 2019: ‘And then there were 17’

Dame Agatha Christie (née Miller) published more than 80 books and plays; and the Guinness Book of World Records lists her as the best-selling novelist of all time with roughly two billion copies sold. ‘And then there were none’ was originally published in 1939, with an un-politically correct title; and it is still the world’s best-selling mystery (with more than 100 million sold). It is also number six on the list of best-selling books of all-time.

UK Housebuilding Sector in 2Q 2019

Dwight Barkley PhD is a Professor of Mathematics at the University of Warwick. He studies waves in excitable media such as the Belousov-Zhabotinsky reaction, heart tissue and neurons. In 1997, Dr Barkley and Dr Laurette Tuckerman, a Paris-based mathematical physicist, developed ‘bifurcation analysis for time steppers’, which is a technique for modifying computer codes to perform bifurcation analysis. More lyrical, perhaps, Dwight is also known for formulating an equation to estimate how long it

UK Housebuilding Sector in 1Q 2019

Y2K is a numeronym and was the common abbreviation for the year 2000 software problem; and, for the benefit of millennial readers, the abbreviation combines the letter ‘Y’ for year and ‘K’ for the SI unit prefix kilo, meaning 1000. Hence, 2K signifies 2000.

UK Housebuilding Sector in 2018

‘From the deserts of East Ham to the gardens of Cottenham’, the UK Housebuilding Sector was whacked to the tune of 27% in 2018; and not one share price (out of 18) rose on the London Stock Exchange.

UK Housebuilding Sector in 3Q 2018…

“It’s like the cow that every single day during 10 years sees the train crossing in front of it at the same time. And if you ask the cow what time is the train going to come, it’s not going to have the right answer. In football it’s the same”.

UK Housebuilding Sector in 2Q 2018

This VAR was conceived in 2010 by the Royal Netherlands Football Association (KNVB) but it was seven years later, in April 2017, that it had its professional club competition debut in the A-League in Australia in a match between Melbourne and Adelaide.

UK Housebuilding Sector

This ominous-sounding term originated from the work of famed Swedish meteorologist, Tor Bergeron (1897-1977), but it only entered popular vernacular this year – and there have been ample opportunities in 2018 to use it.

UK Housebuilding Sector in 2017

e il futuro

Stable 4Q22

Top Picks for 2023 - 2022 review and outlook for 2023

On 10 January last year, we set out our ten top stock picks for 2022, in what turned out to be a very poor twelve months for global equities, due to war, accelerating inflation, political instability and recession fears. Between 7 January 2022 and 31 December 2022, the AIM All-Share Index declined 30.0%, whilst the average performance of our ten top picks was -24.7%, a modest relative outperformance. In this note we discuss the performance of our 2022 top picks, equities trends in 2022, and our

QuotedData’s Real Estate Monthly Roundup – January 2023

Performance - 2022 ended with another difficult month for property companies as the sector continues to get to grips with the impact of higher interest rates. There were several funds that performed well during December, however, with secondary shopping centre landlord Capital & Regional top of the pile. For a second month on the trot Home REIT saw its share price tank after it came under attack from a short seller in November. Valuation moves - It was a mixed bag for valuations, with six-month

Sustained execution drives value opportunity

Urban Logistics REIT (ULR) has deployed a further £48m selectively into attractively priced assets (~6% NIY) with strong covenants and rent reversion opportunities. Further asset management efforts enhanced passing rents and WAULTs. Development activity has also bolstered the rental base. MSCI has made a material upward rerating (A from CCC) on enhanced disclosure. We make no changes to forecasts. We continue to see attractive value here with the shares trading on a 30% discount to EPRA NAV with

FY22 TU – Strong Upgrades on Better Performance

Argentex has issued a trading update for the 9M22 period this morning, with revenue and earnings performance ahead of expectations. FY22 revenues are up 54% yoy to £50.4m (+7.5% vs. SCM estimates) and operating margins are ahead of management expectations. This was driven by growth in the number of corporate clients as well as good progress across its growth strategy, with robust trading across all products and geographies. Another strong update from Argentex, as the Group continues to deliver o

LIBERUM: Ramsdens Holdings* - Another upgrade

Equals Group (EQLS LN) - Pre-close prompts upgrade

Equals Group confirms its 2022 results are “ahead of market expectations”:

AuM grows in Q3 on performance, reduced outflows

Liontrust posted +3% AuM growth in Q3. Although net outflows persisted, redemption trends improved (£0.6bn vs £1.6bn Q2). There was a considerable boost from performance. Cashflow Solution funds posted good inflows and Economic Advantage funds saw neutral flows. Although the £32.6bn AuM was a little below our £33.7bn estimate, this number was achieved only thirteen days later on positive performance in the first weeks of 2023. We take a cautious view leaving FY23e all but unchanged (reducing out

Cenkos; Marlowe Plc -- Building the software offering

Marlowe hosted a well-attended CMD last week in which it provided a deep dive into its burgeoning software business, which from a standing start in 2018, has grown to represent c25% of group Adj EBITDA today, driven by a combination of targeted acquisitions and strong organic growth (mid-high teens in FY22A). Multiple macro drivers underpin growth in the global GRC market, which is expanding at a c8% CAGR. With the share price having nearly halved over the past 12-months, Marlowe now trades mate

FLASH: Strong realisation proving the model

Hybridan Small Cap Feast - 17 Jan 23

17 January 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 object

Exit of Intechnica signals quality & further progress

MERC has announced the sale of Intechnica Holdings for a total enterprise value of £14.5m (25.5% holding from MERC), driving cash proceeds of £3.7m and equating to a 27% IRR and 1.7x multiple on its current holding value. Additionally, MERCs third-party funds collectively held a further 27.9%, for which the exit generated a 32% blended IRR (2.6x MOIC). The Groups exit of Intechnica marks another successful exit from its balance sheet portfolio and underpins once again the high quality inherent t

Hybridan Small Cap Feast - 23 Jan 23

23 January 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 object

LIBERUM: NewRiver* - Trading update shows continued resilience of business model

Hybridan Small Cap Feast - 19 Jan 23

19 January 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 object