Hardman & Co: Exuberance, reality; enlightenment now to follow

Haydale is competitively well-positioned within the nanomaterial industry, with a unique patented functionalisation process - currently focused on, but not limited to, graphene. Commercial developments for graphene and silicon carbide are progressing well and, while timings of commensurate news releases may be lagging, the long-term risk/reward balance remains favourable. The shares are attractively valued compared with their peer group, on P/NAV and EV/sales, and also on a DCF basis.

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