Equity Development enables companies to become better understood and supported by investors. Since our launch in 1996 we have consistently focused on helping our clients improve their communication and relationships with both existing and potential shareholders. Our clients have come from a wide variety of sectors and domiciles, are both private and quoted and range in size from micro-cap to $multi-billions. We offer free access to company research notes written by experienced analysts. These notes include detailed forecasts, financial models and a fair value. We host regular Private Investor Forums at which investors have the opportunity to hear company directors present, and to ask questions. These are free to attend. We broadcast live Webinars with company management that include active Q&A. We also make the recordings available online. We arrange face to face meetings between private investors and company management. We are active users of Twitter, commenting daily on company news, share price moves, Directors’ Dealings, Equity Development Research Notes & Events.
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David O'Brien
- David O'Brien
A marked reduction in debt
The preliminary results from Strix ticked several boxes, including a significant reduction in indebtedness, profitability ahead of upwardly revised estimates and a refocused Consumer Goods division. The strong momentum experienced during Q4 ’24 continued into Q1 ’25, albeit this slowed within Kettle Controls during Q2 and reflecting the macroeconomic uncertainty. That said, the Board’s guidance on profitability remains unchanged. In view of the uncertainty attached to global trade currently, we...
Toby Thorrington
- Toby Thorrington
Moving in the right direction
Hunting’s AGM update says that FY25 has started well and our expectation of growth in all 3 estimate years is unchanged. Its share price has been hit by wider market sentiment; its valuation looks attractive against a range of comparator benchmarks. After strong group progress in FY24 (with revenues and EBITDA norm ahead by 13% and 23% y-o-y respectively). Further revenue growth and margin expansion up c. 200bp to 14% in Q1 has driven a 34% EBITDA uplift (to U$38.7m). After the FY24 results ann...
Mike Jeremy
- Mike Jeremy
FY24 results conclude a transformational year
The year to 31 December 2024 was transformational for Mpac Group, with 5-year targets achieved ahead of schedule and a base established for the next phase of expansion and growth. FY24 revenue of £122.4m rose 7%YoY, with (adj.) EBIT +54%YoY (£12.0m). Having met 5-year targets only established in FY23, completed two major acquisitions and achieved an (adj.) PBT +50%YoY, threefold that of FY22, the scale of Mpac Group has been transformed. Mpac has confirmed that it is on track to meet FY25 marke...
Roger Leboff
- Roger Leboff
Specialist UK Smaller Companies investor
ATY has confirmed a revision to the Asset Manager’s fee structure which underlines its intention to build upon a dividend track record stretching back over two decades. The new fee structure will mean that rewards for their asset manager will pivot solely upon fund performance, with no ongoing annual management fee. The fund has moved onto an external management structure. The investment mandate will continue to be executed by EC Pohl and Company, a top-rated Australian investment firm with ov...
David O'Brien
- David O'Brien
Momentum in core markets, valuation compelling
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. The valuation remains...
Energy from Hydrogen: Making a cleaner world
The global supply / demand picture for hydrogen is rapidly evolving as the world shifts toward cleaner energy solutions. Hydrogen is viewed as a critical component of this transition. The International Renewable Energy Agency (IRENA) states that the global production of hydrogen now stands at 75 Mt/yr of pure hydrogen, with an additional 45 Mt/yr as a mix of gases. Looking forward, the International Energy Agency (IEA) estimates that already announced projects could increase production by 50%...