Member Info for LSBM

These two franchises deserve different valuation treatments. The boards business looks more like a specialist hardware company — think modest EV/Revenue multiples, cyclical margin exposure, and supply chain risk (as DRAM is currently demonstrating). The semiconductor royalty and direct chip business looks more like a fabless semiconductor play — sticky, high-incremental-margin, and arguably deserving of a technology-sector multiple. Blending the two into a single P/E creates noise. At ~83x trailing P/E the stock looks expensive; at 2.7–3x forward EV/Revenue for a company with credible 40–50% revenue growth in FY26, it starts to look more rational.

FY26 — what the numbers imply

The RNS guided to FY26 profitability "in line with market estimates" with revenue "materially higher." Management acknowledged DRAM headwinds will compress gross margin per unit — Peel Hunt cut its gross margin assumption from 19.5% to 14.5% — but both Jefferies ($511m) and Peel Hunt ($490.9m) sharply upgraded their revenue lines, with Jefferies' upgrade representing a 42% increase to their prior estimate. EBITDA guidance is broadly flat to FY25 in absolute terms (~$40–46m), meaning the operating leverage that drove FY25's 63% PBT growth is being temporarily absorbed by memory costs.

I think this is rerating to the range 650–700p which is what it was priced for originally, but channel inventory made this a bumpy ride.

Revenue hits $511m (Jefferies top end). DRAM stabilises in H2. Semiconductor franchise accelerates. 3.0–3.2x EV/Revenue.

Could the BBB work update be incoming?

Looks like someone or some people have been stocking up on 25,000 share chunks. Definitely feels like something is going on. Avg 10-day volume is 270k shares. Today, we are at 390k.

A very upbeat RNS from Hemogenyx today — real signs of momentum building across its pipeline. The company continues to hit milestones and demonstrate solid execution, with today’s update showing that progress is not only steady but accelerating.

This is exactly the kind of news long-term holders have been waiting for. The science is advancing, the groundwork is set, and Hemogenyx is now positioning itself for major value catalysts ahead. The tone of the RNS suggests confidence and control — a clear signal that the company is moving closer to unlocking its full potential.

Latino, Feb business update.

Sanofi/PSI Contract Milestones

This 12-month deal (Oct 2025–Oct 2026) deploys Trellus TrialSet™ across two late-stage Sanofi immunology/inflammation trials. Full launch was targeted for mid-Q1 2026 (now likely achieved or imminent by April 2026); next steps involve site rollout starting mid-Q2 2026, milestone payments on performance KPIs, and contract renewal evaluation by Oct 2026.

Takeda/ICON Contract Milestones

The 12-month contract (Oct 2025–Oct 2026) with ICON plc supports recruitment/enrolment optimisation for Takeda’s mid-stage immunology/inflammation trial. Key upcoming milestones include site launches (already begun), achievement of performance indicators for milestone payments (e.g., enrolment targets), and potential Q2 2026 updates on deployment progress or renewals, per Trellus’s March 2026 RNS.

TRLS looking increasingly like a steady compounding story rather than a single contract fix. The Pfizer renewal is welcome, but the real point is that this isn’t about one deal bridging the gap — it’s about multiple contracts with monthly fees gradually building recurring revenue and momentum. That’s the model here: a series of smaller wins stacking up rather than one headline number. And the next one to watch has to be the Sanofi trials, which could be another important step in proving the platform and widening the commercial runway. Bit by bit, the base is getting stronger.

I was expecting this to take off following the analyst forecast update to 140p. I would have thought the level of discount would attract new investors.

A chunky 19135 shares bought at 5.10.

£5 achieved and seems to have further legs from what I can see. Let's hope the LTH outweigh the STH.

It looks more like a trust-specific rerating than just the market, with SpaceX acting as the catalyst and broader growth sentiment adding fuel. The fact SMT has outperformed the FTSE 100 over the same recent window suggests the move is not simply index beta.

The likely split is:

• Fundamental driver: higher SpaceX value expectations, which can lift SMT’s NAV.

• Market driver: investors paying a smaller discount or even a higher rating for long-duration growth assets.

• Index factor: some of the move can still be explained by a strong market day or two, but not all of it.

In practical terms, if the share price keeps rising faster than NAV, that is usually a sign of rerating rather than just market drift. The main thing to watch is whether the discount keeps narrowing after the SpaceX headline fades.

Looks like a re-rate in progress, to circa 1455

A bit of resistance at £5, but this is definitely heading for a rerate.

I also wish they communicated more with the market on their Named, Scaled OEM Customer Portfolio. Slides 16 and 21 demonstrate this is no longer a pipeline story — it is a deployment story:

Sixfab (US Design Partner): over 110,000 edge compute devices deployed worldwide; Best of Innovation award at CES 2026

ProGlove (German OEM, direct): industrial communication gateways deployed across hundreds of sites globally

Heathrow Airport: 1,000+ digital signage flight information screens installed

Yodeck: Raspberry Pi powering hundreds of thousands of screens worldwide

SECO: 18 months into strategic partnership, described as deepening

The customer testimonials from Sharp, Formlabs, NComputing, Unify and SECO on slide 21 is direct evidence of OEM customers publicly endorsing supply chain reliability, which is the hardest commercial objection to overcome in the industrial embedded market. When Sharp says RPI provides "a level of stability and long-term availability that is critical for shipping products at scale," that is a reference worth more than any analyst note.

Did anyone tune into the presentation yesterday? I found it impressive, and the narrative and positioning push for a re-rate back to full growth multiples.

The FY2025 results presentation makes a compelling case that the market is misclassifying this business. The numbers and strategic narrative presented suggest RPI deserves to be assessed, at least in part, on semiconductor and platform growth multiples, not pure hardware multiples. That reclassification alone suggests a central fair value of 520–700p on a full growth-stock re-rating.

QBT Patent Fight - Why Bother If No Chance?

Final Rejection? Standard US process - QBT’s pushing back hard with advisers, amending claims. If zero hope, why pursue? IP’s alive, game on!

Gold is still on the rise, and back in Jan at this PoG SRB was circa. 350. Way oversold in my opinion. Let's see whether investors stick to the strong underlying fundamentals and thesis or join the rollercoaster.

Tune into the investor meeting about to begin: https://www.investormeetcompany.com/meetings/final-results-182

The uncertainty surrounding DRAM supply and underdelivering on the numbers previously played into the shorters hands. However, RPI may have changed the narrative with today's RNS. We just need an analyst upgrade to price following today's investor meeting presentation to put the SP on more stable ground. Having said this, the price is elastic with decent liquidity and therefore is traded in the hands of shorters.

Followed by Eben's outlook statement " While the DRAM environment limits second-half visibility, we have the inventory position, supplier relationships and pricing flexibility to navigate it effectively. We remain confident in our ability to execute and view the current market environment primarily as an opportunity rather than a threat."

The inventory angle is stronger than I initially presented:

"Continue to benefit from inventory acquired at lower historical prices" — this means they're still running down pre-crunch stock bought cheaply. That's a real margin buffer that analysts may not have fully modelled, and it explains in part how they beat EBITDA consensus while volumes came in slightly light.

"Separate, substantial inventory buffer" for the LPDDR2 products — the word "substantial" in an RNS is deliberate. Directors are careful with superlatives in regulatory announcements. That's not throwaway language.

The one-third insulation is structurally important:

Combining the Pico/no-DRAM products with the LPDDR2 buffer means roughly a third of their portfolio is essentially ring-fenced from the current crisis entirely. That's a meaningful floor on volumes and margins even if H2 DRAM conditions deteriorate further than expected.