reports
- Hybridan Team
Hybridan Small Cap Feast
Adsure Services 20.50p £2.17m (AQSE:ADS) The specialist and diversified business assurance provider reports Interims to September. It operates across the Housing, Healthcare, Government, Education, Charities offering a wide range of services. There are two operational divisions, Risk & Assurance and the long-established Risk & Advisory. The Interims show a 19% increase in Revenue to £5.1m, its EBITDA jumped to £0.55m against £0.16m, with PBT of £0.33m from a £0.3m loss. This is evidence of th...
- Colin Smith
Duke Capital - 1H25 Results - On Track and Well Funded
Duke Capital has announced interim results for 1H25 which are on track to meet our FY25 forecasts with recurring cash revenue of £12.7m, up 4% YoY. The group deployed over £15m in new capital to its capital partners during the half. Post period end, Duke successfully completed an oversubscribed £23.5m equity raise, materially strengthening its balance sheet and intends future capital funding to be generated by way of a third-party capital model. Duke is trading at a c25% discount to book despite...
Hardman & Co Q&A on Duke Capital (DUKE): Equity raise and third-party ...
Hardman & Co Research Hardman & Co Q&A on Duke Capital (DUKE): Equity raise and third-party capital update 20-Nov-2024 / 10:30 GMT/BST The issuer is solely responsible for the content of this announcement. Analyst interview | Financials Q&A on Duke Capital (DUKE) | Equity raise and third-party capital update Duke Capital (DUKE) is the topic of conversation when Hardman & Co Analyst Mark Thomas joins DirectorsTalk. In this interview, Mark discusses recent developments at Duke Capital, touching on key topics such as their equity raise and progress towards incorporating third-pa...
- Mark Thomas
Duke Capital (DUKE): Taking Duke Capital to the next level
In our April 2024 initiation, we highlighted that DUKE, by optimising the best of equity and debt, aimed to achieve equity-type returns with debt levels of risk. We highlighted four pillars of returns, namely: i) term credit; ii) participating preference shares, which support DUKE’s high, covered and growing dividend yield (2025E 10.0%, 2026E 10.7%, 2027E 11.4%); iii) early exit fees; and iv) equity stakes. Here, we update investors on how management will take DUKE to the next level, noting i) a...
Hardman & Co Research on Duke Capital (DUKE): Taking Duke Capital to t...
Hardman & Co Research Hardman & Co Research on Duke Capital (DUKE): Taking Duke Capital to the next level 18-Nov-2024 / 13:20 GMT/BST The issuer is solely responsible for the content of this announcement. Hardman & Co Research on Duke Capital (DUKE): Taking Duke Capital to the next level In our April 2024 , we highlighted that DUKE, by optimising the best of equity and debt, aimed to achieve equity-type returns with debt levels of risk. We highlighted four pillars of returns, namely: i) term credit; ii) participating preference shares, which support DUKE’s high, covered and g...
- Colin Smith
Duke Capital - Initiation - Making high returns supporting SMEs
Duke Capital provides long-term hybrid capital finance to lower-middle market SMEs in a business model unique in the UK. Duke earns an attractive 12%-14% cash yield on initial investment generating reliable cash revenue of c£30m pa, with multiple upside kickers which have generated high returns on recycled investment. Despite increasing returns over WACC, Duke is trading at a discount to its historic rating, which we believe represents a significant opportunity for investors. The company has ju...
- Mark Thomas
- Martin Hall
The Hardman & Co Monthly: November 2024
Feature article: “ROOM” (Running Out of Money) risk, How managing liquidity risk can sustain corporate value and maintain shareholder confidence As we come close to the end of a very challenging year for many UK entrepreneurs, as well as a frustrating period for shareholders, it is time to address one elephant in the ROOM! ROOM stands for “Running Out of Money”. The risk of doing so, or the perception that it could occur, can destroy corporate values and prematurely paralyse a business. While ...
- Brian Moretta
- Keith Hiscock
- Mark Thomas
- Martin Hall
Hardman & Co Monthly: October 2024
Feature article: Labour’s first Budget - Investors in their sights? Summary ► Budgets are always important for investors. ► The imminent Budget, at the end of October, will be doubly so, because it is the first from the new Labour government, and it has already signalled the need to fill an alleged £22bn black hole, while ruling out changes to more than half the tax base. That implies a lot of the pain will be felt by investors. ► This paper considers the impact of increases in rates for th...
- Mark Thomas
- Martin Hall
- Nigel Hawkins
Hardman & Co Monthly: August 2024
Feature article: Solid IICs, cash-consolidating REIFs Since the beginning of 2024, the share prices of Infrastructure Investment Companies (IICs) and Renewable Energy Infrastructure Funds (REIFs) have generally remained lacklustre, failing to recover from the losses experienced in 2023. A significant factor contributing to this trend has been the sharp rise in interest rates since 2021, which has negatively impacted the sector due to the increased yields on “risk-free” 10-year gilts. The recent...
Q&A on Duke Capital (DUKE): Record cashflows in FY’24
Hardman & Co Research Q&A on Duke Capital (DUKE): Record cashflows in FY’24 24-Jul-2024 / 11:47 GMT/BST The issuer is solely responsible for the content of this announcement. Hardman & Co analyst interview | Financials Q&A on Duke Capital (DUKE) | Record cashflows in FY’24 Duke Capital plc (DUKE) is the topic of conversation when Hardman & Co analyst Mark Thomas joins DirectorsTalk Interviews. In this interview, Mark discusses the recent performance and outlook of Duke Capital, which has achieved record cash flows in FY’24. Mark provides insights into the company’s financial ...
- Mark Thomas
Hardman & Co Research: Duke Capital (DUKE) - FY’24 results: record cas...
In our April 2024 initiation, we highlighted that DUKE, by optimising the best of equity and debt, aimed to achieve equity-type returns with debt levels of risk. We highlighted four pillars of returns, namely: i) term credit; ii) participating preference share elements, which support DUKE shareholders’ high (2025E: 9.0%), growing (2027E: 14% above FY’24), and 1.7x covered dividend; iii) early exit fees; and iv) equity stakes. The 2024 results saw three of the four show positive returns; conseque...
Hardman & Co Research on Duke Capital (DUKE): FY’24 results: record ca...
Hardman & Co Research Hardman & Co Research on Duke Capital (DUKE): FY’24 results: record cashflows 12-Jul-2024 / 12:42 GMT/BST The issuer is solely responsible for the content of this announcement. Hardman & Co Research on Duke Capital (DUKE): FY’24 results: record cashflows In our April 2024 , we highlighted that DUKE, by optimising the best of equity and debt, aimed to achieve equity-type returns with debt levels of risk. We highlighted four pillars of returns, namely: i) term credit; ii) participating preference share elements, which support DUKE shareholders’ high (2025...
- Mark Thomas
- Martin Hall
The Hardman & Co Monthly: June 2024
Feature article: Two worlds divided by a common language Summary Few people would deny that raising capital in 2023 and 2024 has been very challenging. The key components of the market, the “two worlds” of corporates and investors, are nowadays often far apart in how they assess value – pre-COVID, this was much less of an issue. This has resulted in frustration and inertia, which, on a sustained basis, can have a significant negative impact on companies and the economy. This issue needs urgen...
Hardman & Co Q&A on Duke Capital (DUKE) | Generating investor returns ...
Hardman & Co Research Hardman & Co Q&A on Duke Capital (DUKE) | Generating investor returns by uniquely meeting customer needs 17-May-2024 / 11:45 GMT/BST The issuer is solely responsible for the content of this announcement. Hardman & Co analyst interview | Financials Q&A on Duke Capital (DUKE) | Generating investor returns by uniquely meeting customer needs Duke Capital Plc (LON:DUKE) is the topic of conversation when Hardman & Co analyst Mark Thomas joins DirectorsTalk Interviews. Mark unpacks the unique hybrid capital solutions Duke Capital offers to SMEs in the UK, Europe...
Hybridan Small Cap Feast - 03 May 24
3rd May 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: TheWorks (WRKS.L) has transferred to AIM from the Premium Segment of the Main Market. Electric Guitar (ELEG.L) has transferred to AIM from the Standard Segment of the Main Market. Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Tak...
- Brian Moretta
- Mark Thomas
- Martin Hall
- Paul Mylchreest
The Hardman & Co Monthly: May 2024
Feature article: Is silver the cheapest asset on the planet? Silver is a precious metal, a monetary metal and an industrial metal with a surprisingly wide range of uses. It’s not that well understood by investors and tends to get overshadowed by gold – but, perhaps, not for much longer. We think that the provocative title of this article is justified by silver’s attractive fundamentals. The “official figures” from the Silver Institute estimate that the silver market has been in deficit for the...
AVO ADVANCED ONCOTHERAPY
CLIG CITY OF LONDON INVESTMENT GROUP
RECI REAL ESTATE CREDIT INVESTMENTS
VTAS VOLTA FINANCE (GBP)
STX SHIELD THERAPEUTICS
CSN CHESNARA PLC
HAT H&T GROUP
APAX APAX GLOBAL ALPHA
ICGT ICG ENTERPRISE TRUST
A0MXLB NB PRIVATE EQUITY PARTNERS
DUKE DUKE ROYALTY
- Mark Thomas
Initiation of Coverage: Duke Capital (DUKE): Meeting customer needs, g...
DUKE’s unique product provides SMEs across diversified sectors with hybrid capital, allowing the existing team to retain control. By optimising the best of equity and debt, DUKE aims to achieve equity-type returns with debt levels of risk. The loan and participating preference share elements support DUKE shareholders’ high (2024E: 9.0%), growing (2026E: 7% above 2024), and covered dividend. Early exit fees and equity stakes should generate ongoing capital growth as the portfolio matures. PE-styl...
Hardman & Co Research Initiation of Coverage on Duke Capital (DUKE): M...
Hardman & Co Research Hardman & Co Research Initiation of Coverage on Duke Capital (DUKE): Meeting customer needs, giving investors returns 29-Apr-2024 / 14:45 GMT/BST The issuer is solely responsible for the content of this announcement. Hardman & Co Research – Initiation of Coverage on Duke Capital (DUKE): Meeting customer needs, giving investors returns DUKE’s unique product provides SMEs across diversified sectors with hybrid capital, allowing the existing team to retain control. By optimising the best of equity and debt, DUKE aims to achieve equity-type returns with deb...
Hybridan Small Cap Feast - 22 Nov 23
22nd November 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment obj...
Hybridan Small Cap Feast - 07 Mar 23
7 March 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objective...
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