Circio Holding (No_rec, TP: NOK) - Development continues, financing unclear

We continue to believe Circio’s technology has significant potential and that the company will successfully secure a partnering deal. However, while we estimate it has secured a runway through H1 2025, the funding situation remains unclear to us, and we thus continue to have no recommendation or target price on Circio.

Circio Holding (No_rec, TP: NOK) - Recommendation and target price withdrawn

We continue to like Circio’s focus on the circRNA programme and believe it will be able to secure a partnering deal in 2025. However, the funding situation is unclear. It recently announced an intention to raise cNOK50m–60m in Q2. As we have limited input on the terms of the upcoming capital raise and Atlas Capital Markets’ (the counterparty of the convertible bond facility announced in February 2023) degree of participation and conditions, we have withdrawn our target price and recommendation.

Northern Lights

Games Workshop Group - A notable acceleration in Q225

Games Workshop Group’s (GAW’s) H125 trading update suggests the company enjoyed a strong Q225 in both its core business (due to the launch of the fourth edition of Age of Sigmar midway through Q125) and licensing (due to the success of the Space Marine 2 video game). These are impressive in the context of the tough comparative from the prior year’s launch of the new edition of Warhammer 40K (40K) and the currency headwinds in the early part of H125. We upgrade our profit estimates for FY25 (by 7%) and FY26 (by 3%) to reflect the outperformance versus our prior expectations.

Altron - Further margin expansion in H125

Altron reported a 105% y-o-y increase in operating profit before capital items in H125, with margin expansion of 5.1pp to 9.8%. The Platforms businesses were particularly strong, with Netstar and FinTech achieving material revenue and profit growth. Altron Digital Business, still in the integration phase, saw some non-recurring costs and the shift of several project starts into H225, but has seen indications that performance should improve in FY26. Management raised its FY26 operating profit target, partly to reflect the inclusion of Altron Document Solutions (ADS) in continuing operations. We...

Sayona Mining - Catching up with majors

Sayona Mining is a lithium producer and explorer with projects in Canada, Western Australia and soon in the US and Ghana. A proposed merger of equals with Piedmont Lithium will create a c A$1bn mid-tier lithium player with streamlined asset ownership and significant growth optionality. Sayona and Piedmont’s Canadian and US projects comprise one of the largest advanced hard rock lithium resources in North America and are strategically positioned to supply the region’s growing lithium demand. Following the proposed equity raises, the company will be well capitalised to execute on its growth plan...