Our daily digest of news from UK Small Caps @HybridanLLP 7th April 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 4th April, Quantum Base, the qu...
Benchmark Holdings’ sale of its Genetics business to Novo Holdings announced in November 2024 is guided to close in calendar Q1 2025. The initial consideration of GBP230m (plus GBP30m in potential earnout) is set to be used to pay down debt and excess capital returned to shareholders. We have adjusted our estimates after the Q1 results, as Benchmark Holdings will retain more short-term corporate costs than previously expected. We reiterate our BUY but have cut our target price to NOK6.3 (7.2).
Q4 revenue of GBP36.8m and adj. EBITDA of GBP6.9m were both 13% below our estimates, while the adj. EBITDA margin of 18.8% was in line. The company said it would refocus on the remaining businesses following the pending sale of Genetics and aims to pay down debt and return excess cash to shareholders. We estimate an extraordinary dividend of GBP160m in Q2 2025. We calculate the stub is trading at a 2025–2026e EV/EBITDA of 4.7–5.9x. We reiterate our BUY and have raised our target price to NOK7.2 ...
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