reports
- Mark Thomas
- Martin Hall
Hardman & Co Monthly: April 2025
Feature article: 2024 pharma statistics An efficient reporting system has seen all the listed multinational pharmaceutical companies announce results for 2024, which has given us the opportunity to update our industry statistics and drug database. This report provides the first snapshot of global pharmaceutical market growth plus the global and US company rankings for 2024. The year was characterised by 9.2% underlying (ex-COVID-19) growth. Much of the growth was driven by recently launched ant...
- Mark Thomas
- Nigel Hawkins
Hardman & Co Monthly: March 2025
In this month's feature article, we review the energy situation in the UK. On the domestic front, Ofgem has recently announced the new price cap figure of £1,849 for a typical household’s annual use of gas and electricity; this figure represents an increase of 6.4% over the January-March 2025 price cap. UK energy policy has changed of late, following the election of a Labour government last summer. The quest for Net Zero by 2030 – a hardly realistic target – is now a priority. Rightly or wrong...
- Richard Jeans
accesso Technology Group (ACSO): We expect revenue growth to accelerat...
In this note, we review the prospects for accesso ahead of the final results in April. The January update was reassuring, with revenue of ca.$152m ahead of our $150m forecast and the ca.15% cash EBITDA margin well ahead of the 13.2% forecast. Conservatively, we maintained our FY25 and FY26 forecast. However, as accesso is a growth technology company with a leading market position, we expect revenues to gradually accelerate from 6% in FY25E into the high single digits, and margins to rise as the...
Hardman & Co publication on accesso Technology Group (ACSO): We expect...
Hardman & Co Research Hardman & Co publication on accesso Technology Group (ACSO): We expect revenue growth to accelerate 18-Feb-2025 / 16:05 GMT/BST The issuer is solely responsible for the content of this announcement. Hardman & Co Research on accesso Technology Group (ACSO): We expect revenue growth to accelerate In this note, we review the prospects for accesso ahead of the final results in April. The January update was reassuring, with revenue of ca.$152m ahead of our $150m forecast and the ca.15% cash EBITDA margin well ahead of the 13.2% forecast. Conservatively, we m...
- Keith Hiscock
- Mark Thomas
Hardman & Co Monthly: February 2025
Feature article: The October 2024 Budget - We got it wrong By Keith Hiscock, CEO at Hardman & Co In this month's feature article, we review the effects of the 2024 Budget and consider what might happen in the coming months. Our Hardman Monthly of October 2024 looked forward to the first Labour Budget for 14 years. The main theme was that, because the new Chancellor, Rachel Reeves, had ruled out increases in taxes on ‘working people’, investors would bear the brunt of any tax increases to fill ...
- Brian Moretta
- Mark Thomas
- Martin Hall
Hardman & Co Monthly: January 2025
Feature article: Hardman & Co Healthcare Index, 2024 – Tough year for Life Sciences By Dr Martin Hall The main function of the HHI is to monitor the performance, and to highlight the attractiveness, of life sciences investments over the long term, and to try to identify those stocks that have disruptive technologies that consistently allow them to outperform both the index and the markets. Many of the 53 constituents of the index are high-risk, with micro-capitalisations and a long way from pro...
AGL ANGLE PLC
DEMG DELTEX MEDICAL GROUP PLC
TSTL TRISTEL PLC
TRX TISSUE REGENIX GROUP
EKF EKF DIAGNOSTICS HOLDINGS
ODX OMEGA DIAGNOSTICS
AVCT AVACTA GROUP
PHP PRIMARY HEALTH PROPERTIES PLC
AGY ALLERGY THERAPEUTICS PLC
ARBB ARBUTHNOT BANKING GROUP
APH ALLIANCE PHARMA PLC
FUM FUTURA MEDICAL PLC
ALNOV NOVACYT SAS
VLG VENTURE LIFE GROUP
RECI REAL ESTATE CREDIT INVESTMENTS
IMM IMMUPHARMA
PRM PROTEOME SCIENCES PLC
ACSO ACCESSO TECHNOLOGY GROUP
GNS GENUS PLC
SUN SURGICAL INNOVATIONS GROUP PLC
AMS ADVANCED MEDICAL SOLUTIONS GROUP PLC
OMG OXFORD METRICS
EAH ECO ANIMAL HEALTH GROUP
JDG JUDGES SCIENTIFIC
VTAS VOLTA FINANCE (GBP)
SDI SDI GROUP
HVO HVIVO
INDV INDIVIOR PLC
VAL VALIRX
FARON FARON PHARMACEUTICALS OY
ONC ONCIMMUNE HOLDINGS
STX SHIELD THERAPEUTICS
CSN CHESNARA PLC
SNG SYNAIRGEN PLC
IPO IP GROUP
HAT H&T GROUP
SCLP SCANCELL HOLDINGS
SYNC SYNCONA
CIR CIRCASSIA GROUP
SPI SPIRE HEALTHCARE GROUP PLC
AGR ASSURA PLC
APAX APAX GLOBAL ALPHA
ICGT ICG ENTERPRISE TRUST
GDR GENEDRIVE
CTEC CONVATEC GROUP PLC
CREO CREO MEDICAL GROUP
SBTX SKINBIOTHERAPEUTICS
A0MXLB NB PRIVATE EQUITY PARTNERS
FAB FUSION ANTIBODIES
IXI IXICO
OXB OXFORD BIOMEDICA PLC
ABDX ABINGDON HEALTH
IMCR IMMUNOCORE HOLDINGS ADS
POLX POLAREAN IMAGING
AREC ARECOR THERAPEUTICS
ONT OXFORD NANOPORE TECHNOLOGIES PLC
SLN SILENCE THERAPEUTICS PLC
SAR SAREUM HOLDINGS PLC
BAI BENEVOLENTAI
4BB 4BASEBIO PLC
TISSUE REGENIX GROUP PLC
- 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...
- Brian Moretta
- Mark Thomas
- Martin Hall
Hardman & Co Monthly: September 2024
Feature article: The Tiktok generation are becoming “renegade” investors - How Gen Z’s investing habits differ from past generations As the landscape of investing evolves, a new generation is stepping onto the stage with fresh perspectives and unique approaches that are reshaping financial markets. At Hardman & Co, we’ve always been committed to understanding these shifts, and this month’s article delves into the rapidly changing ways in which Gen Z interacts with investment information and ma...
Hybridan Small Cap Feast - 15 August 2024
15th August 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: None Delistings: Tertre Rouge Assets Plc (TRA.L) has delisted from the Standard Segment of the Main Market. What’s baking in the oven? ** Reverse Takeovers: Earnz plc (EARN.L) is an AIM Rule 15 cash shell, which is required to make an acquisition or ...
- 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...
- Mark Thomas
- Martin Hall
- Mike Foster
Hardman & Co Monthly: July 2024
Feature article: UK life sciences needs more local institutional support to survive. For two years running, the Hardman & Co Healthcare index has declined, underperforming both the FTSE 100 and the FTSE All-Share indices. This is quite unusual for healthcare stocks. Apart from the general economic influences, which have made institutions more risk-averse, there was a common knowledge that several companies were in need of additional working capital; so, share prices were marked down in anticipa...
Q&A on accesso Technology Group (ACSO): Leading the way in leisure ind...
Hardman & Co Research Q&A on accesso Technology Group (ACSO): Leading the way in leisure industry solutions 01-Jul-2024 / 10:38 GMT/BST The issuer is solely responsible for the content of this announcement. Analyst interview | Technology Q&A on accesso Technology Group (ACSO) | Leading the way in leisure industry solutions Accesso Technology (ACSO) is the topic of conversation when Hardman & Co analyst Richard Jeans joins DirectorsTalk Interviews. Richard Jeans offers a comprehensive overview of accesso Technology Group, a leading provider of innovative solutions to the globa...
- Richard Jeans
Initiation of coverage: accesso Technology Group (ACSO) - Unique solut...
accesso provides technology solutions to the global leisure and attractions industry, servicing more than 1,200 venues across 34 countries. While the share price slumped from late 2018 and bottomed during the pandemic, the group is now on a new footing. Following a five-year break, the company has made four acquisitions to help drive fresh momentum. These acquisitions add functional breadth to the offering as well as increased geographical spread. The company has a unique business profile and a ...
Initiation of Coverage on accesso Technology Group (ACSO): Unique solu...
Hardman & Co Research Initiation of Coverage on accesso Technology Group (ACSO): Unique solutions provider to global leisure industry 03-Jun-2024 / 16:39 GMT/BST The issuer is solely responsible for the content of this announcement. Hardman & Co Research – Initiation of Coverage – accesso Technology Group (ACSO): Unique solutions provider to global leisure industry accesso provides technology solutions to the global leisure and attractions industry, servicing more than 1,200 venues across 34 countries. While the share price slumped from late 2018 and bottomed during the pand...
Hybridan Small Cap Feast - 27 Mar 24
27th March 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 object...
Hybridan Small Cap Feast - 18 Oct 23
18th October 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 obje...
Hybridan Small Cap Feast - 24 Apr 23
24th April 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 object...
- Dominic Rose
- Naresh Chouhan
Novo - $7bn Wegovy This Year – PT Now DKK1300 (BUY, TP 1300 [1100], 10...
We increase our 2023 Wegovy forecasts to $7bn (from $4bn) which drives 50% EPS growth this year putting us 20% above consensus & far ahead of company guidance. Our bottom-up scrip-based 2023 Wegovy model has been well validated & we now have high confidence that Wegovy can sell $7bn in the US alone & that Novo can supply this demand. Moreover, we show that if no new patients started then 2023 sales would be at $4.2bn in the US and that the net price should be 50% higher this year. Our analysis l...
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