reports
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...
- Paul Bryant
Momentum clearly building
In our Jan 21 initiation note Time to be rerated we suggested that Time’s results for H1 to 30 Nov 20 showed that a recovery from a Covid-induced slump in good quality lending demand and spike in bad debt provisions was well underway. In a corporate update released today Time has confirmed ongoing momentum of that recovery. Forbearance levels have reduced from the June 20 pandemic peak of £25m to under £2.5m on 31 Mar 21, with total arrears now below the 28 Feb 20 pre-Covid level. This has c...
- Paul Bryant
Time for a rerating
Results for H1 to end Nov ‘20 show Time’s recovery is well underway from an industry-wide, Covid-induced slump in good quality lending demand and spike in bad debt provisions. This coincides with a Group rebrand, which consolidates 5 years of buy-&-build success and offers a range of new competitive advantages. The loan book is growing again, reaching £106m on 30 Nov 20 (Nov 19: £125m; June 20: £95m); loans in arrears reduced by £6.1m during H1 after jumping £9.1m in the prior 6m; and the valu...
- Pedro Fonseca
Duke Royalty - Executive interview
In this interview Rael Sarembock, vice president of , discusses the attractions of royalty finance versus other forms of financing and the investment criteria Duke looks for when making an investment. He then discusses the company’s investment case and future dividend policy.
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