Analyst Comment

Hybridan Small Cap Feast: 04/08/2025

23 hours ago

Our daily digest of news from UK Small Caps

The Week Ahead: UK banks surge as we wait for Bank of England

1 day ago

As we start a new week, the focus is the UK banking sector. Lloyds is higher by more than 6%, and Close is up more than 30%, as UK banks dominate during the European session, Barclays is also one of the top performers in the FTSE 100 today. This comes after the FCA said that the banks that made car loans would only need to pay a maximum of £18bn in compensation, and it was more likely that it would be £9bn. While this is higher than the amount the banks involved have set aside for the compensation, it is lower than some estimates of the scale of compensation.

Scancell: Trinity Delta

1 day ago

Please find attached our Update report on Scancell outlining recent SCOPE clinical data and the selection of iSCIB1+ to take forward in future trials, with plans being accelerated. Scancell is a clinical-stage immuno-oncology specialist that is developing therapeutic vaccines and antibodies using its four innovative and flexible technology platforms, including ImmunoBody, Moditope, GlyMab and AvidiMab.

Strix Group: Equity Development

6 days ago

New product launches, coupled with distribution and service agreements across a wider geographical footprint have resulted in growth in Billi and Consumer Goods. The latter was achieved despite rationalisation of costs and product lines during the last two years.

Hybridan Small Cap Feast: 30/07/2025

6 days ago

Our daily digest of news from UK Small Caps

Hybridan Small Cap Feast: 29/07/2025

7 days ago

Our daily digest of news from UK Small Caps

Hybridan Small Cap Feast: 23/07/2025

13 days ago

Our daily digest of news from UK Small Caps

The Week Ahead: ECB, tariffs and tech earnings in focus

15 days ago

As we start a new week, the focus is once again on tariffs and earnings reports. The clock is ticking on the deadline for the US to reach trade agreements with the EU, Canada and Mexico. These are the US’s largest trading partners, and if their tariff rates surge to 35% for Canada and 30% for the EU and Mexico, then the limited impact of tariffs on economic growth so far may not last.

Cautious tone to US trading on Wednesday, as tech comes under pressure, and UK bonds recover

20 days ago

As we progress through Wednesday, the focus is on two developments: firstly, weaker producer price data in the US, which is adding to evidence that tariff-based inflation is yet to impact the US economy. US producer prices were flat on the month, and final demand prices were lower than expected last month, adding to a downtrend since the start of this year.

Hybridan Small Cap Feast: 16/07/2025

20 days ago

Our daily digest of news from UK Small Caps

UK inflation jumps in June, but it won’t derail an August rate cut

20 days ago

UK inflation rates rose by more than expected last month. The headline rate rose to 3.6% from 3.4%, expectations were for inflation to remain at 3.4%. The core rate jumped to 3.7% from 3.5% and service price inflation defied hopes for moderation and stayed at 4.7%. This is the highest rate for headline inflation since January 2024.

Scancell: Trinity Delta

27 days ago

Scancell’s investment case centres on the lead cancer vaccines from its highly promising ImmunoBody and Moditope “off the shelf” platforms. Key data from two programmes will determine future development plans and define the commercial opportunities. The first, and most important, are the imminent SCOPE trial results: a successful outcome will allow selection of the optimal candidate (SCIB1 or iSCIB1+) to take into a potentially pivotal Phase II/III trial. Later in 2025, early data from the renal cell carcinoma (RCC) cohort of the ModiFY study should provide decisive insights into Modi-1’s potential benefit when coupled with double checkpoint inhibitor (CPI) therapy. A new company, GlyMab Therapeutics, has been formed to separate Scancell’s vaccine and antibody platforms, reflecting their differing scientific needs and strategic direction. We expect the two businesses will attract different partners, investors and funding. Our rNPV valuation for Scancell remains £330m, or 32p/share.

More fiscal woe for the UK, as OBR highlights risks to public finances

28 days ago

After last week’s spike in UK borrowing costs on the back of the fallout of the welfare reform rebellion and rumors that the Chancellor was about to be replaced, the UK government was hoping for a quiet period in UK bond markets. However, the OBR report on Fiscal Risks and Sustainability, has spooked markets once again.

Begbies Traynor Group: Equity Development

28 days ago

Begbies Traynor’s FY25 results convincingly illustrate the strength of its multi-disciplinary professional advisory team. FY25 revenue rose 12% to £153.7m, including 10% organic growth, and Adj.

Chesnara: Hardman & Co

28 days ago

After a longer wait than planned, Chesnara has announced a large acquisition, HSBC Life (UK). At a cost of £260m, it is over 70% of Chesnara’s pre-announcement market capitalisation and will be funded by a mixture of equity, existing cash resources (primarily from the earlier Tier 2 bond issue) and drawing down from a newly increased revolving credit facility.

Springfield Properties: Equity Development

28 days ago

Today’s full year trading update confirms that Springfield will report PBT for FY25 in line with market expectations and that net bank debt will be significantly lower than previously forecast. The highlight of the year was undoubtedly the significant and profitable land sale to Barratt Redrow, announced in February, which will eliminate net bank debt by FY27, whilst paving the way for a strategic refocusing on the North of Scotland. In our view, Springfield is uniquely positioned to support the material increase in housing demand expected in this region over the medium term. Valuation is undemanding at 0.7x Price/ Book (a meaningful discount to the peer group average of 0.9x). We reiterate our 150p Fair Value estimate.

The Week Ahead: Trade deals, oil and earnings

29 days ago

It’s a relatively light week for economic data releases, which means that the focus will be on Wednesday, which is the end of the 90-day reprieve for US reciprocal tariffs. The market remains sanguine about the prospect of tariffs. US stock indices reached record highs last week, and although European stocks faltered on Friday, the weekly losses were only minor for the Eurostoxx 50, and the FTSE 100 managed to eke out a gain. European indices are mostly higher as we start a new week.

Hybridan Small Cap Feast: 07/07/2025

29 days ago

Our daily digest of news from UK Small Caps

Mercia Asset Management: Equity Development

1 month ago

A year ago, the Mercia 27 strategy was announced, which prioritised scaling the highly profitable fund management business and targeted EBITDA of c£10m by FY27 (£5.5m in FY24). Mercia is flying along. FY25 (to 31 Mar 25) has seen FUM (funds managed for 3rd parties) increase 10% y-o-y to £1.80bn (+46% over 2 years) and EBITDA jump 37% from £5.5m to £7.6m. Its net inflow rate has been the highest among London-listed peers for two years (page 4).

Supreme: Equity Development

1 month ago

For the year to 31 March 2025 Supreme reported revenue of £231.1m, +4%YoY, (ED est £235.1m), gross profit (including forex) of £73.7m, +16%YoY (ED est £72.3m), and (adj.) EBITDA of £40.5m, +6%YoY (ED est £40.0m). Top line growth was propelled by the acquisition of Clearly Drinks and Typhoo Tea, further diversifying the portfolio as the Group adjusted to the ban on disposable vapes which was implemented on 1 June. EPS (adj.) for the year was 20.1p (ED est 20.1p).

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