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All research provided by Zeus is sponsored by the issuer and is therefore specifically exempt from the inducement rules. The research is therefore freely available to all Institutional Investors.

Zeus is an independent investment banking boutique, providing the highest quality advice to clients across a range of sectors and transactions. £3.6bn+ has been raised by Zeus as Sole or Joint broker and/or book-runner over the last four years. Our expertise enables us to guide companies through the often complex process of making acquisitions, selling a business, management buy-outs/ins and IPOs. Zeus acts as Nominated Adviser and Broker on public market admissions, along with offering continued support to AIM listed businesses.

Regulatory Information

  • Regulatory Status: Zeus Capital Ltd is authorised and regulated by the Financial Conduct Authority; approved as a Nominated Adviser and Broker by the AIM Market of the London Stock Exchange
  • ID Number: 224621

Daniel Slater
  • Daniel Slater
HBR HARBOUR ENERGY ...

Harbour Energy (HBR LN) - Trading update - BUY

Harbour has released its Q1 2025 trading update, reporting strong production and cost performance in the period, continuing to underpin the company’s cash flows during the current period of oil price volatility. We remain of the view that current share price levels are attractive given Harbour’s production diversity, balance sheet strength, hedging position (40% of 2025 production is now hedged), and focus on maintaining its dividend, with a current forward yield of over 12% available.

HBR HARBOUR ENERGY PLC
29m 29m 1 EN
David Seers
  • David Seers
SML Strategic Miner...

Strategic Minerals (SML LN) - Re-analysis of samples improves quality ...

Cornwall Resources, a subsidiary of Strategic Minerals and 100% owner of the Redmoor tungsten-tin-copper project, is in the process of relogging historical core and reviewing laboratory assays prior to remodelling the deposit and updating the Mineral Resource Estimate (MRE). A fully funded drill programme will commence shortly and an updated MRE, incorporating new and old data is expected within 12months.

SML STRATEGIC MINERALS
05/07/25 May 7, 2025 1 EN
John Cummins
  • John Cummins
VARE Various Eaterie...

Various Eateries (VARE LN) - H1 trading: Operational efficiencies driv...

Various Eateries has provided an H1 update this morning for period to 30 March 2025, reporting trading in line with expectations, with revenues up 8.8% YoY and site-level EBITDA up 81%. Revenues for the period are expected to be £24.7m (H1 24: £22.7m), primarily reflecting the impact of previous site openings and flat likefor-like sales. Improvements in EBITDA further benefited from ongoing operational efficiency initiatives, which saw group profitability ahead of the prior year despite a signif...

VARE VARIOUS EATERIES
05/07/25 May 7, 2025 1 EN
Bob Liao ... (+2)
  • Bob Liao
  • Carl Smith
B90 B90 HOLDINGS

B90 Holdings (B90 LN) - 2024 results and outlook - Corporate

2024 was a transformative year for B90. Adjusted EBITDA turned to positive €0.7m from a €3.3m loss in 2023. The turnaround was largely driven by the acquisition of Emwys, the shift to a B2B operating model, and the appointment of a largely exSportingbet leadership team. B90 now has a solid foundation to continue delivering strong and profitable growth. We forecast that revenue grows 66% in 2025 but Adjusted EBITDA grows 53%, as management increases investment in growth following the verification...

05/07/25 May 7, 2025 1 EN
Daniel Slater
  • Daniel Slater
GENL GENEL ENERGY

Genel Energy (GENL LN) - Forecast and valuation update - HOLD

Genel recently released its 2024 results, completed a bond refinancing, and announced the result of its KRG arbitration. The results were in line with the January trading statement, delivering positive free cash flow from domestic market sales. Genel lost the KRG arbitration process, however Genel completed a successful bond refinancing and has a substantial cash pile meaning the company continues through 2025 with flexibility and financial firepower.

05/07/25 May 7, 2025 1 EN

ZEUS PODCAST: A Different Perspective podcast: Simon Young, Experience...

A Different Perspective podcast Nick Searle speaks to Simon Young, UK Fund Manager. An extremely experienced portfolio manager, Simon has focused on income mandates for many years. Following Cambridge University, Simon joined Mercury Asset Management which became Blackrock, and has also worked at Aviva and AXA Asset Management. Simon and Nick discuss Simon’s background and career progression, the appeal income mandates and cash generative companies and views on how macro headwinds will affect ...

10/11/22 October 11, 2022 1 EN

ZEUS PODCAST: A Different Perspective podcast: Hugh Hendry, The Acid C...

This week the legendary Acid Capitalist Hugh Hendry joins Nick for a truly different perspective. Previously at Baillie Gifford and Odey Asset Management Hugh’s Eclectica macro hedge fund was famously up 50% in 2003 and up 50% in the month of October in 2008. Monikered as a contrarian investor, Hugh certainly has some very different views as Nick runs through a tally of macro thoughts and themes.

09/14/22 September 14, 2022 1 EN

ZEUS PODCAST: A Different Perspective podcast: Richard Howarth

In this episode, Zeus' Nick Searle, Equity Sales Director, speaks to ex-hedge fund manager, Richard Howarth. Richard had a very successful career at Brewin Dolphin, Clerical Medical and Insight yet decided to retire six years ago as ‘money can’t buy you time’. Richard now lives in Switzerland skiing in the winter and climbing in the summer whilst continuing to invest in the markets. In A Different Perspective podcast, Nick Searle, Equity Sales at Zeus, speaks to interesting characters within f...

07/26/22 July 26, 2022 1 EN

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