reports
- Emily Liu
Hybridan Small Cap Feast 13 June 2024
13th June 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 objecti...
Hybridan Small Cap Feast - 24 May 24
24th 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, or it is a rumour Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: ITF announced: 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 t...
Hybridan Small Cap Feast - 10 May 24
10th 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: European Metals Holdings (EMH.L) has delisted from AIM, and then relisted as the re-domiciliation to Australia represents a re-admission to AIM. Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: 7th May: Time To ACT plc, an engineering busi...
Hybridan Small Cap Feast - 15 Mar 2024
15th March 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: Forward Partners Group (FWD.L) has left AIM following its acquisition by Molten Ventures (GROW.L) What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: Change of Market: Our daily digest of news from UK Small Caps If you wo...
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...
Hybridan Small Cap Feast - 04 Sep 23
4th September 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
- Ben Davis
- Tom Price
- Yuen Low
LIBERUM: Trident Royalties* - Adding silver to the mix
Trident are adding silver to their diversifed commodity mix with a binding sale and purchase agreement of La Preciosa Silver project royalties from Coeur Mining for $8m. Avino is the operator, and there are two royalties and a milestone payment of $8.75m within 12 months of first production (expected late 2023). Based on current resources, we estimate c.$25m of undiscounted future royalty revenues on spot prices and a post-tax IRR of 25% on our base case assumptions. This lifts our price target ...
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...
- Liberum Research Team
- Liberum Research Team
- Ben Davis
- Tom Price
- Yuen Low
LIBERUM: Trident Royalties* - Q1 revenues up 63% Y/Y
Company had a good start to the year with royalty revenues up 63% Y/Y & +4% Q/Q. In aggregate, run rate is as expected with a beat in iron ore offset by lighter volumes from the gold offtakes portfolio. Cash position boosted sharply to $37m by disposal of its pre-production gold royalties including Rebecca, Spring Hill and others, resulting in proceeds of $15.6m. Strong footing for year ahead, maintain BUY.
- Ben Davis
- Tom Price
- Yuen Low
LIBERUM: Trident Royalties* - Sonora case to go to trial
Yesterday the Alberta Court of Appeal overturned, on appeal, a summary trial judgement dismissing the action brought by Bacanora Minerals against the Estate of Ian Colin Orr-Ewing. The case is now expected to go to trial, pushing out the timing of the resolution. Ultimately, it should not impact forecast cashflows if the royalty is considered valid, and the company believes their case is strong. We hold our risk multiple at 0.5x for Sonora and maintain BUY.
- Liberum Research Team
LIBERUM: Analyst Best Ideas - Most & Least Preferred Ideas from Liberu...
Liberum's research coverage encompasses more than 300 stocks across 12 pillars. Each quarter we ask our sector teams to list their most and least preferred stocks on a six to 12-month time horizon. Stock selection is largely limited to those names listed in the FTSE 350 and STOXX 600, eliminating less liquid names, and is driven by analysts’ preferences, rather than total shareholder return.
J2B EXPERIAN PLC
AHT ASHTEAD GROUP PLC
KLR KELLER GROUP PLC
MGAM MORGAN ADVANCED MATERIALS
7CT CENTAMIN PLC
HVO HVIVO
ABDP AB DYNAMICS
CARD CARD FACTORY
DOM DOMINO'S PIZZA GROUP PLC
OCI OAKLEY CAPITAL INVESTMENTS
RMG ROYAL MAIL PLC
CTEC CONVATEC GROUP PLC
IAG IAG
SSPG SSP GROUP PLC
TRN TRAINLINE PLC
TRR TRIDENT ROYALTIES
- Liberum Research Team
- Ben Davis
- Liberum Research Team
- Liberum Research Team
SRP SERCO GROUP PLC
HAS HAYS PLC
MGNS MORGAN SINDALL GROUP
GNS GENUS PLC
HWDN HOWDEN JOINERY GROUP PLC
TRCS TRACSIS
SRC SIGMAROC
AAL ANGLO AMERICAN
A2DVHX SUPERMARKET INCOME REIT PLC
HONY HONEYCOMB INVESTMENT TRUST
TRR TRIDENT ROYALTIES
HE1 HELIUM ONE GLOBAL
WISE WISE PLC
BYIT BYTES TECHNOLOGY GROUP PLC
AA4 AMEDEO AIR FOUR PLUS LTD
- Liberum Research Team
Hybridan Small Cap Feast - 08 Feb 23
08 February 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 objec...
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