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

Quarterly Research Outlook Autumn 2019

Following continued delays of a Brexit agreement, few sectors within the UK market have remained attractive to investors despite low valuations. One sector which has continued to outperform despite the political drama has been the UK video gaming sector (henceforth UK gaming), which we are fans of. We believe a combination of sector-leading growth, strong cash conversion and timely cyclical positioning support our positive view on the UK video gaming sector.

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

Quarterly Research Outlook - Summer 2019

In January, we provided a list of 11 stocks for 2019 that we believed would perform strongly with attractive catalysts that could lead to material outperformance. In this Quarterly Research Outlook, we revisit these views, analysing what has happened and how the remaining six months of the year could play out.

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

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.

Cenkos: Healthcare Sector - Ward Round

Weekly round-up of AIM-listed healthcare news. Venture Life Group, GENinCode, Kromek, Alliance Pharma, Polarean Imaging, Benchmark Holdings, Ondine Biomedical, Verici Dx, Faron Pharmaceuticals, Avacta Group, Abingdon Health, Open Orphan, Belluscura, Hutchmed (China), Oxford Biodynamics

Earnings in line, NAV ahead, caution being exercised

Urban Logistics REIT (“ULR”) has delivered a solid FY22 performance – deploying capital apace and driving strong returns through active asset management. Earnings and dividend are both in line vs SCMe. EPRA NAV is 190p (+7% vs SCMe); as yield compression came as a bonus. Caution is being exercised in deploying remaining capital, which impacts FY23e earnings only. We upgrade EPRA NAV by 14-20% incorporating some (but not all) recent yield compression. We increase our Target Price to 210p (FY23e E

Auctus on Friday - 01/07/2022

AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN)C; Target price of £0.45 per share: Another well delivers flow rate above expectations – The RCS-1 well was flow tested at oil rates of up 1,872 bbl/d (936 bbl/d net to Arrow) of 30 API crude from the C7B sands. The zone was tested for 33 hours at an average oil rate of 1,076 bbl/d (538 bbl/d net to Arrow) with no formation water. Production will start next week at ~1,000 bbl/d (500 bbl/d net) in order to mini

Hybridan Small Cap Feast 01/07/22

1 July 2022 @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 objectives

Cenkos: Marlowe Plc -- Record organic growth

Marlowe delivered an impressive set of FY22A results, with underlying organic revenue growth of 9%, Adj EBITDA margins up 240bps to 18.6%, and Adj EBITDA of £54.4m (ahead of our £50.7m forecast). We make minor updates to our FY23E forecasts (Adj Diluted EPS increases 1% to 49.6p) and release new FY24E forecasts. Given the strength of Marlowe's business model, its defensive nature (non-discretionary products and services; 85%+ recurring revenue), the group's continued positive momentum (including

LIBERUM: Alternatives Daily

LIBERUM: Alternatives Daily

Hybridan Small Cap Feast 30/06/2022

Dish of the day Joiners: Visum Technologies has joined the AQSE Growth Market. The Company's business is to own and operate an "on-ride" video and photographic camera system that it sells and/or licenses to customers (being theme parks, ride manufacturers, souvenir imaging providers, and other leisure operators). Leavers: No Leavers Today. What’s cooking in the IPO kitchen? Immediate acquisitions (IME.L) is to re-join AIM via a Reverse Takeover of Fiinu Holdings Limited. Once complete the Compan

Morning Note – 29 June 2022

Cenkos: Professional Services -- The week that was

Stocks in focus this week are Personal Group, Johnson Service Group, Capita and Mears

Morning Note – 28 June 2022

NextEnergy Solar Fund - NAV Grows 15% in FY 22

NextEnergy Solar Fund’s (NESF) full-year results show a 15% growth in NAV resulting from better pricing and new asset growth. The fund has been working hard to diversify its asset growth opportunity with battery storage in the UK and more international exposure through its commitment and co-investment opportunity with the NPIII private fund. From a strong start the fund is showing continued progress into the current year.

NextEnergy Solar Fund - NPIII Now Has Over 1GW of Assets

Continued expansion at NPIII provides NESF with further geographical diversification as the private fund reaches more than 1GW of international PV assets. This adds to NESF’s moves in battery storage to build a more diversified portfolio, minimising exposure to any single asset type.

Premier Miton Global Renewables (PMGR): Diversified income and growth from renewable energy listed equities

Prospects for an independent R&Q

On 1 April 2022 R&Q announced a recommended (175p/share) acquisition by its major shareholder, Brickell PC Insurance Holdings LLC (Brickell). The price represented 1.8x tangible net asset value and a 20% premium to the unaffected market price. That was accompanied by news of Brickell’s commitment to provide US$100m of new equity. This transaction was prompted by the results of in-depth review of the group’s legacy insurance portfolio initiated by new management in Q4 2021. This reflects the ne