reports
- 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 - 19 Sep 23
19th 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 ob...
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
Early strategic progress not reflected in valuation
H1 ‘22 results (to 30 Nov ‘21) show steady progress on key metrics, with signs that Time’s refined strategy under the leadership of CEO Ed Rimmer (appointed 1 Jun ‘21) is resulting in a return to growth, following the Covid-induced pullbacks in lending markets in 2020 and 2021. £58.1m of new loans were originated in H1 ‘22, up 25% over H2 ‘21, and 3% y-o-y. The gross loan book increased 4% from £115.7m on 31 May ‘21 to £120.5m. Revenue was flat y-o-y (£11.8m v £11.9m in H1 ‘21), with PBT slightl...
- Roger Leboff
Bolt-on adds scale and profile to property services
BEG’s latest acquisition, chartered surveying firm Daniells Harrison, extends its geographical coverage across the South Coast. This addition is part of the group’s ongoing strategy to develop the service portfolio and geographical reach of its Property Advisory and Transactional Services division. Since its inception at the end of 2014, BEG has progressively grown this division beyond its original northern base into London, Eastern England and now the South Coast. It demonstrates an intention...
- Roger Leboff
Building further share in key markets
Building further share in key markets The first half result was impressive with 39% revenue growth and a pleasing 16% operating margin (H1 20/21:14.4%), achieved despite important market drivers having been artificially suppressed by government support measures. Growth in revenues and profits reflect successful implementation of earnings enhancing acquisitions, 13 of which have been completed over the last five years. Business Recovery division reported a 48% increase in first half revenue to...
- Paul Bryant
Solid update amidst pandemic uncertainty
In a half-year trading update to 30 Nov 21 (H1 22), Time Finance has reported positive loan origination momentum, leading to its gross lending book increasing from £116m on 31 May 21 to approximately £121m, and its Net Tangible Assets increasing from £28.4m to over £29m. Whilst we caution that uncertainty exists around the near-term recovery of Time’s markets, our previous forecasts look roughly in line with current trading momentum and we have not revised these. We will review our forecasts a...
- Paul Bryant
Profitable fintech disrupter in property finance
Many fintech challengers boast eye-watering growth as they disrupt financial services sectors. But they often fail to back that up with profits, or even a credible path to profitability. LendInvest is different. It is a rare combination of a significant fintech with rapid growth AND profitability, furthermore its July 2021 IPO looks to have coincided with an acceleration in both. A self-built technology platform underpins a superior offering to borrowers (mostly SME landlords and property deve...
- Paul Bryant
After solid results our Fair Value is at twice current levels
FY21 results (to 31 May) are in line with expectations. While business volumes and revenue were hit by the pandemic slowdown, TIME stayed profitable (unlike many other lenders) with cost cutting measures actually boosting margins, and the balance sheet remaining strong. New CEO Ed Rimmer has already started to lay the foundations for a return to growth, and is looking to double the size of the lending book over four years through organic growth. Despite lower trading volumes, profit before tax,...
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