reports
- Caroline Gulliver
Knights Group initiation - An attractive and undervalued regional cons...
Knights’ FY25 results illustrate the power of its business model to attract high-quality legal professionals across the UK, both organically and through selective acquisitions. FY25 revenues rose 8% to £162m, with operating leverage driving Adj. PBT up 11% and margin up 40bps to 17.3%. Investment in offices and acquisitions, along with encouraging current trading, underpins our forecasts for profitable growth. Yet the stock is trading on only c.5x cal 2026 PER and hence the shares are well below...
Hybridan Small Cap Feast - 26 July 2024
26th July 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, or it is a rumour Dish of the day Admissions: Rome Resources (RMR.L) formerly Pathfinder Minerals Plc has relisted on the AIM market following its reverse takeover. Delistings: None What’s baking in the oven? ** Our daily digest of news from UK Small Caps If you would like to unsubscribe, please e...
- Emily Liu
Hybridan Small Cap Feast 8 July 2024
8th July 2024 @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 objectiv...
Hybridan Small Cap Feast - 20 May 24
20th 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: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: 7th May: Time To ACT plc, an engineering business focused on technology for the energy transition sector, has announced its intention to seek Admission to trading on the Aquis Stock Exchange...
Hybridan Small Cap Feast - 11 Jan 24
11th January 2024 @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 obje...
Hybridan Small Cap Feast - 21 Nov 23
21st 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...
- Liberum Research Team
- Liberum Research Team
- James Allen
- Nick Anderson
LIBERUM: Knights - Underwhelming full year update
Knights’ FY 23 trading update guided to slightly soft revenues, but underlying PBT in line with expectations. Knights announced two acquisitions for combined consideration of £5.1m at the start of May which should add c.£3.5m of revenues in FY 24. We reduce FY 23 revenues by 5% and EPS by 2% to reflect the trading update but nudge up FY 24 EPS by 2% to reflect the two acquisitions and making no underlying changes. Net debt is expected to be c.£29m, a little better than our estimate of £31.5m. We...
- Liberum Research Team
- Liberum Research Team
Hybridan Small Cap Feast - 03 May 23
3rd May 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...
- James Allen
- Nick Anderson
LIBERUM: Professional Services - Balance sheet strength critical
As the macroeconomic backdrop worsens, we favour quality names with strong balance sheets that can easily withstand a deterioration in trading. Our simple scorecard system highlights Keystone and Gateley as the high-quality stocks to own. Both generate cash and have strong balance sheets and few exceptionals, but they trade 38% and 9% below their historic multiples, respectively. Our scorecard also indicates that DWF and Knights are the stocks to avoid, and this is supported by our balance sheet...
- Liberum Research Team
- Liberum Research Team
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