Our daily digest of news from UK Small Caps @HybridanLLP 24th March 2025 * A corporate client of Hybridan LLP ** Potential means Intention to Float (ITF) has been announced, or it is a rumour ***Arranged by type of listing and date of announcement ****Alphabetically arranged Share prices and market capitalisations taken from the current price on the day of publication Dish of the day Admissions: On Friday, Wellnex Life Limited (WNX.L) a...
24th October 2024 * A corporate client of Hybridan LLP ** Potential means Intention to Float (ITF) has been announced, or it is a rumour ***Arranged by type of listing and date of announcement ****Alphabetically arranged Share prices and market capitalisations taken from the current price on the day of publication Dish of the day Admissions: Applied Nutrition (APN.L), the sports nutrition, health and wellness brand has confirmed its first day of dealings on the main market. The Offer Price has b...
11th September 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: Bivictrix Therapeutics (BVX.L) has delisted from AIM What’s baking in the oven? Our daily digest of news from UK Small Caps If you would like to unsubscribe, please email with “unsubscribe me”. Hybridan Chefs Banquet Buffet***...
9th 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: E-Therapeutics (ETX.L) has left AIM. Advanced Oncotherapy (AVO.L) has left AIM. 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 a...
9th April 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: Helix Exploration (HEX.L) a helium exploration company with operations in Montana, USA announces admission of its Ordinary Shares to trading on the AIM market of the London Stock Exchange. An Oversubscribed placing with book of demand over £22m to raise gross proceeds of...
18th 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...
26th February 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 obj...
30th 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...
14 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...
This week Cibus issued a SEK700m bond on which it had to pay high margins. We downgraded Hufvudstaden to SELL after its Q2 results. The Norway Consumer Confidence index fell to an all-time low. Swedish house prices continued to drop. The weighted-average implied EBITDA yields on the stocks we cover are 4.12% for 2022e and 4.60% for 2023e.
While rental income was 1% shy of our estimate, EBIT was 5% above, reflecting the company’s cost control focus. However, FFO was in line as a result of higher payable tax and rising financing costs; the latter as well as rising interest rates have prompted us to cut our 2022–2024e EPS by 9–13%. Nonetheless, we still like the valuation and growth prospects, and reiterate our NOK110 target price and BUY.
In the past month, our covered Nordic real estate names have rebounded 12.3% as market interest-rate curves have inverted. Reporting season restarted this week, with Citycon and Olav Thon publishing Q2 results. Leading indicators for residential markets continue to be weak. Weighted-average implied EBITDA yields on the stocks we cover are 4.14% for 2022e and 4.53% for 2023e.
This week, Pandox and Scandic Hotels announced they had agreed to renew leases on 16 properties (Scandic Hotels also issued a positive Q2 profit warning yesterday). Elsewhere, S&P lowered its rating outlook for SBB Norden from positive to stable, and the sector sell-off continued in the face of rising interest rates and higher credit margins. The weighted-average implied EBITDA yields on the stocks we cover are 4.22% for 2022e and 4.50% for 2023e.
On 21 March, the EPRA Association published new guidelines intended to standardise disclosure of loan-to-values (LTVs) in the real estate sector (companies are currently using their own metrics). There are two major changes under the new guidelines. First, hybrid debt instruments (including D-class shares) will be defined as debt. Second, the net debt and net assets of JVs and material associates will be included on a proportionate consolidated basis in LTVs. For some of the names we cover, this...
The offset to CPI growth in shopping centres is operational and contractual due to the annual CPI-based adjustment of rents. The low OCR in the Norwegian market leads us to also expect Nordic shopping centres to continue to hold their ground in rents, while remaining local social gathering spots due to the harsh Nordic climate. The CPI adjustment and high yield in quality assets lead us to forecast good investment returns for Aurora Eiendom, but we also expect its modest financial gearing to lea...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
A director at Aura Energy Limited maiden bought 3,846,153 shares at 0.026AUD and the significance rating of the trade was 56/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last tw...
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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