Diales Group #DIAL FY25 trading update - confirms the company achieving increasingly ambitious consensus estimates. - pipeline for new business remains positive, indicating a promising start for FY26 - cash reserves have risen to £3m - our fair value 35p
Check out our full conversation with the CFO of #CABP CAB Payments Holdings, James Hopkinson - we got under the bonnet of the company's product offering and explored their exciting growth opportunities. An insightful discussion - worth a watch!
#NXR Norcros plc has completed its strategic acquisition of Fibo: we see materially enhanced earnings (13-14% in a full year) as well as new marketing opportunities.
Polar Capital Holdings #POLR Q2 AUM update - AUM jumped £3.5bn to £26.7bn - This far exceeds previous forecasts - Performance fees are also substantially higher - We raise FY26 forecasts and fair value to 650p from 550p.
Impax AM #IPX AUM closed FY25 on £26.1bn, above our previous forecast of £25.0bn. We think a re-rating of the shares is merited and our fair value/share of 400p is over 2x current levels.
We initiate on #McBride#MCB with a fair value of 235p - Adj. EBITDA margins have risen above 9% - excellent 30%+ ROCE and cash generation - Our 235p equates to 10x PER, 6x EV/EBITDA and a c.6% FCF yield (calendar 2026)
A reminder that following Interim Results yesterday, we are hosting the management of Strix Group #KETL tomorrow morning at 11.30am for an Investor Presentation with live Q&A.
#KETL Strix Group H1 results - new product launches & broader distribution has seen growth at Billi and Consumer Goods. - but Controls has struggled with tariff impacts and debt has crept up to 2.2x - focus is now on reducing debt quickly - new research report & audio here! youtu.be/irI_hmS0n-A
Eco Animal Health #EAH reported H1 trading “has been significantly stronger compared to the same period last year” Revenue ⬆️ 15% YoY, strong in China/Japan and N America, improved gross margins means material increase in adjusted EBITDA vs. H1 25 (£0.45m). www.equitydevelopment.co.uk/research/fir...
