Analyst Comment

Hybridan Small Cap Feast: 22/05/2025

8 hours ago

Our daily digest of news from UK Small Caps

Hybridan Small Cap Feast: 19/05/2025

4 days ago

Our daily digest of news from UK Small Caps

Week Ahead: A US debt downgrade and UK CPI

4 days ago

This week we should be talking about how in May, US equities have outperformed their European counterparts. However, instead the focus will be on the US credit rating downgrade from Moody’s that was announced late on Friday night.

Hybridan Small Cap Feast: 15/05/2025

7 days ago

Our daily digest of news from UK Small Caps

Hybridan Small Cap Feast: 12/05/2025

10 days ago

Our daily digest of news from UK Small Caps

Markets erase memory of Liberation Day

10 days ago

At the start of this week, Liberation Day is a distant memory for financial markets. Stocks are surging, safe havens are rapidly declining, and expectations for Federal Reserve rate cuts have been dramatically scaled back. The driver is the suspension of tariffs between China and the US.

UK/ US trade pact: what we know so far

14 days ago

The big news today is not the BOE meeting or the fallout from last night’s FOMC meeting, but instead it is the UK/ US trade agreement. Details are starting to leak as we lead up to a press conference in the White House at 1500 BST.

The Week Ahead: tech earnings, elections, and payrolls

24 days ago

It could be a cautious start to the week for equities as the market focuses on US tech earnings and bank and auto results in the UK and Europe. US stock market futures are pointing to a lower open, however, Asian shares managed to eke out a gain, and European futures are also pointing to a higher open later this morning. The gold price is lower, suggesting that investors are starting to embrace the stock market rally that saw US stocks enjoy their longest winning streak since January.

Hybridan Small Cap Feast: 28/04/2025

24 days ago

Our daily digest of news from UK Small Caps

Weekly roundup: Stock market recovery persists, but is the dollar permanently damaged?

27 days ago

Stocks are on track for another weekly gain, and the recovery continues once more on Friday. Stock markets globally are a sea of green. The S&P 500 is currently higher by nearly 4% in the past 5 days, the Nasdaq is higher by more than 5%. European indices are also pulling higher, the Eurostoxx index is up by 3.6% and the Dax is higher by more than 4%.

Hybridan Small Cap Feast: 24/04/2025

28 days ago

Our daily digest of news from UK Small Caps

Supreme: Equity Development

28 days ago

In a Trading Update for the year to 31st March 2025, Supreme reports that the Group traded strongly, supported by acquisitions and underpinned by cost management. Supreme expects FY25 revenue of c.£235.0m and (adj.) EBITDA of “at least” £40.0m; they also expect FY26 (adj.) EBITDA in line with market expectations.

Diales Group: Equity Development

28 days ago

The H1 trading update from Diales makes for encouraging reading. Strong momentum within its core markets in Q2 has continued into Q3, leading to confirmation of no change in consensus estimates for adj. PBT/adj. EPS. The valuation is underpinned by the net cash (29% of the market cap), suggesting the operating business is valued at an underwhelming EBIT multiple of 5.6x. The dividend yield, projected at 7.9% currently, remains attractive and offers support for the shares.

Eco Animal Health: Equity Development

28 days ago

In a Trading Update for the year to 31st March 2025, Eco Animal Health reports that, due to strong trading in the final quarter, (adj.) EBITDA for the year is expected to be marginally ahead of expectations. FY25 revenue is expected to be c.7.0% below market expectations (-5% on a currency-adjusted basis), indicating revenue of c.£79.4m; the Group references market consensus FY25 (adj.) EBITDA of £7.2m (ED Est: £7.2m) and revenue of £85.3m (ED Est £84.2m). The improvement in EBITDA is driven by gross profitability above 45.0% (FY24: 42.1%) and control of overhead costs.

Hybridan Small Cap Feast: 23/04/2025

29 days ago

Our daily digest of news from UK Small Caps

Trump U-turn to the rescue, as Tesla surges, and the market ignores weak UK borrowing figures

29 days ago

The good news has continued to flow on Wednesday, and this is having a positive impact on risk sentiment. Stock markets across Europe are rallying, the bond markets in the US and the UK are rallying at the middle and longer end of the curve, the dollar is broadly higher and is one of the best performers in the G10 FX space on Wednesday, oil is higher and the gold price is falling sharply, as safe havens lose their luster.

Hybridan Small Cap Feast: 17/04/2025

1 month ago

Our daily digest of news from UK Small Caps. Happy Easter to our readers.

Speedy Hire: Equity Development

1 month ago

Having last updated the market on 3 February, Speedy’s FY25 outturn has been consistent with commentary at that time. As a result, EBITDA looks to be in line with the prior year with a slightly larger H2 weighting despite a quieter Q4. In our view, Speedy’s share price discounts long-term profitability below current levels and the c.40% NAV discount looks anomalous.

Mercia Asset Management: Equity Development

1 month ago

In today’s FY25 year-end trading summary for the period 1 Apr 24 – 31 Mar 25, Mercia has announced it expects EBITDA to be ‘materially ahead’ of expectations. This seems to be driven by a ‘continuing focus on efficiencies.’ It also reported a jump in net inflows in Q4 (£250m). This is hugely impressive given such an uncertain market and economic environment.

Hybridan Small Cap Feast: 16/04/2025

1 month ago

Our daily digest of news from UK Small Caps

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