Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Announced ITF 12 July: Substrate Artificial Intelligence, an artificial intelligence company based in Spain that creates, buys and scales companies around AI in diverse sectors such as fintech, agritech, energy, human resources, and health, intends to join the Access Segment of the AQSE Growth Market. Announced ITF 6 July: Blackpoint Biotech plc, a medical cannabinoids company established to fulfil gaps in the medical cannabis market by creating products that provide fast onset of action ...

Inland Homes plc - Initiation Note - April 2022

Inland Homes is, at its core, a specialist in gaining planning permission and developing large, brownfield sites in the South-East of England. This focus on a specific geography and class of land has resulted in a deep skillset and strong contact base, ensuring access to a good supply of new sites and the means to capitalise on them. It's underpinned by a strong land bank, a structural shortage of housing in the UK, and a fast growing, highly profitable & asset light asset management arm, that sources land, gains planning, and advises on disposal on behalf of third parties. Inland's multi-...

Monthly LMI Update Independent Investment Research

Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked. This compares to the total dividends of 5 cents per share in FY20. The Board has confirmed that, in...

NB Private Equity Partners: 2024 - short-term noise over long-term growth

Like many in the PE space, NBPE’s 2024 total $ NAV return (1.5%) was below the five-year average (11.0%), driven by falling valuations of listed holdings and forex. The private company growth (6.9% constant currency) was also below average, with lower-than-usual exit activity seeing less exit uplift benefit. In our view, 2024 was noise within a long-term value-creation model that should outperform listed equities. Despite challenges, the past 12-month EBITDA growth from investee companies was a strong 12%. NBPE has cash and credit facilities totalling $283m, and minimal fund commitments, meani...

Hardman & Co Monthly: May 2025

Feature article: Attractive asset managers - Radical derating presumes things only get worse The UK asset management sector has been significantly derated over the past couple of years. It has faced the dual problem of a shift towards passives and to private assets and away from traditional listed equities and bonds. However, the sector’s assets haven’t collapsed; its margins have proved relatively robust and its profits fairly stable, even against all the rising costs. The clear implication, to us at least, is that the lowly rating the sector now sits on assumes that the twin asset shift th...

Hardman & Co Insight: REITs - a much more positive outlook

Hardman & Co has carried out several assessments of the REITs sector in the past; in 2024, we looked at whether they represented fair value in terms of their share prices compared with the average discount to NAV at which share prices traded over several historical cycles. We concluded, at that point, that REITs were trading at very close to the historical, long-run average but that the macroeconomic momentum was not strong enough to encourage us to view prospects for REIT share price performance positively. Since then, the share prices of many REITs have fallen in absolute and relative terms....