Most recent Company Broker Research articles, videos and podcasts

Real Estate Credit Investments: Hardman & Co

RECI benefits from deep expertise, not only in selecting assets but in having the capability to protect assets where positions need attention. As part of the larger Cheyne debt investor specialist – with over $11bn assets under management – RECI has top-tier expertise.

Molten Ventures: Edison

20 hours ago

Molten Ventures has recently completed the exits from Perkbox, Endomag and Graphcore. This translates into more than £70m realisation proceeds, which means Molten is on track to reach the £100m that management expects for FY25.

discoverIE: Edison

20 hours ago

discoverIE’s Q125 trading update confirmed that underlying earnings expectations for FY25 are unchanged. While the Q125 revenue decline reflects the lower bookings environment in previous quarters, book-to-bill was above one and bookings increased organically year-on-year despite ongoing destocking by customers in the industrial market. Robust gross margins and a well-controlled cost base support the company’s 13.5% target operating margin for FY25 and we maintain our forecasts.

Hybridan Small Cap Feast: 24/07/24

20 hours ago

A round up of today's small cap news from broker Hybridan

A bad week for markets, can PCE save the day?

20 hours ago

After a sharp sell off in markets, led by the US tech sector, are there reasons to be cheerful? As we progress through the European session, there are signs that risk appetite is returning.

Van Elle: Progressive Research

1 day ago

We initiate coverage of Van Elle, the UK’s largest ground engineering and foundations specialist. Van Elle is at the ‘front end’ of the construction process and, in our view, will be among the first companies to benefit from national priorities of housebuilding and investment in creaking water and energy transmission sectors, all of which Van Elle has targeted for growth. These sectors should be supported by the Labour government, which has pledged 1.5 million new homes and aims to speed up planning.

eEnergy: Equity Development

1 day ago

eEnergy’s H1 update confirms that trading remains in line with expectations with momentum building at the start H2’24. As previously reported, H1 started slowly as a result of weak market conditions and balance sheet constraints, which were resolved by the sale of the Energy Management (EM) division in Q1

Prospex Energy: VSA Capital

2 days ago

Prospex Energy (PXEN) has announced a ten year extension of the licence concessions for its Spanish El Romeral project where the company produces natural gas and converts it to electricity.

Aptamer Group: Turner Pope

3 days ago

Aptamer has undertaken a firm and conditional equity placing and subscription (‘the Placing’), raising £2.83m (gross) funding through placement of 1,415m new ordinary shares priced at 0.2p each.

Centaur Media: Edison

3 days ago

Centaur’s new mantra is ‘Build, Improve, Grow’ and this underpins its four-year management plan, BIG27, first unveiled in April.

Earnings and growth warnings hit market sentiment

3 days ago

It is hard to see how the rally in markets can continue for now after several weaker than expected earnings reports including Tesla, LVMH and the US postal service, have led to concerns that stocks will fail to deliver the boost to earnings that would spur the next leg of the rally.

Baillie Gifford China Growth Trust: Edison

5 days ago

Baillie Gifford China Growth Trust (BGCG) focuses on innovative, growing Chinese companies with exposure to the massive opportunities generated by China’s vast market, its positive long-term economic outlook and its transition to a more diversified, innovation-led growth model.

Substrate AI: Edison

10 days ago

Substrate AI buys, builds and scales ventures with proprietary artificial intelligence (AI) to transform companies across a range of sectors into AI driven businesses.

Record: Edison

11 days ago

Record reported FY24 PBT of £12.9m, down 12% y-o-y and in line with our estimate of £12.8m. Underlying PBT was £14.8m, up 2% y-o-y on record assets under management (AUM), which grew 16.5% to $102.2bn.

Begbies Traynor Group: Equity Development

12 days ago

Investors should by now be used to BEG’s characteristically reliable results. FY24 was the tenth successive year of revenue growth, up 12% (6% organic) to £136.7m. That was just ahead of our forecasts, well on track to the £200m medium term revenue target. A confident outlook underpins FY25e forecasts i.e. organic growth and full contributions from recent acquisitions.

Animal Health Group: Equity Development

12 days ago

For the year ended 31st March 2024 ECO Animal Health Group reported revenue +5%YoY at £89.4m, which on a currency-adjusted basis was +11%YoY, and (adj.)

Springfield Properties: Equity Development

16 days ago

Springfield’s year-end trading update confirms a positive conclusion to FY24 with profit and cash generation both ahead of forecast despite the challenging market backdrop. The key focus for the year was debt reduction and Springfield has once again proven its ability to reduce debt rapidly in response to changing market conditions. Bank debt reduced by over £20m during the year to c.£40m, well below management’s original £55m target. Current trading is steady, and Springfield is well positioned to capitalise on any improvement in market conditions. We make no changes to our prudent FY25 forecasts and consider the shares attractively valued, noting a 33% valuation discount to peers.

Polar Capital Holdings: Equity Development

16 days ago

AUM was up £1.6bn (+7%) over Q1 of FY25, from £21.9bn on 31 Mar 24 to £23.5bn on 30 Jun. Investment returns were strong over the quarter, contributing +£978m (+4.5%).

Hunting PLC: Equity Development

17 days ago

International and Subsea markets continue to drive Hunting forward. A pre-close update indicated H124 EBITDA of c.US$60m (up US$10m+ year-on-year) plus a c.$700m period end group order book (up c.US$135m since December). There have been headwinds in certain other markets, but overall group momentum has again led to slightly firmer guidance for the current year together with an expectation of good progress to follow in FY25. The company was modestly geared at the period end.

Revolution Beauty: Edison

17 days ago

Revolution Beauty’s (REVB’s) FY24 results demonstrated the new management team’s progress on its updated strategy. Although revenue growth was relatively muted at c 2%, the streamlining of the brand and product portfolio and improvement in inventory turnover led to a swing back to profitability.

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