Member Info for Pharmhall

FYI: I picked up from CNBC today that there is a pending IPO of a driverless EV company in US. Didn't catch name as only saw very end of interview. Have tried to find company without success so far, but will keep trying. Does this help or hinder Guidant IPO?

Despite discount, unlikely to do share buy-backs. Does not have sufficient cash and needs what it does have to make/support its investments.

I expect greater attention regarding the merits of MFAI to become apparent with upcoming results. SURE usually issues its 1Q NAV and portfolio update on 19th June, and this is followed a week later (26th) by MFAI full year results (must publish by 30th otherwise shares suspended). With AI being very much in peoples minds, I am expecting the updates to be quite bullish. IMHO it is seriously undervalued on a significant discount to latest published NAV.

For transparency, I have been in MFAI just under a year (average 0.81p) and am currently underwater, but I do like what it is doing so am being patient with this one.

Ox...all true, but I bet it will take many months to get any money out of Ashman or the insurance companies.

Hi Ox...yes, I did notice that and nearly reworded my sentence. However, until now SBTX has always been careful to use the correct terminology. I am also vociferous in comments that companies should clearly split "revenues" into product sales, royalties and licensing income, with the latter two actually being stated under "Other operating income" and not "revenues". This is because they carry 100% margin and affect the gross margin and SG&A calculations if not separately identified. If the "small licensing income" is, in fact, a royalty stream from Croda, this should be clearly stated in the half-year report.

Whackery...can we get one thing absolutely clear. There were NO royalties from Croda either paid or accrued in fiscal 2025. As stated in the RNS: "... accrued royalty revenue was identified by FRP as fabricated by the former CEO...". Consequently, the drop in sales coupled with an identical drop in "Trade receivables" was simply the removal of this fabricated royalty. This does not have any impact on cash balances...it simply means that the expected "accrued royalty" in the original accounts will never come in.

Reading between the lines and the numbers for 1H'26, it seems that no royalties were received or accrued from Croda so far this year, but this will need to be clarified or questioned at the next shareholder meeting. Additionally, it is unclear whether the gross cash balance of £1.5m on 31 May (net cash £0.6m if loans/leases remain same as at 31st Dec balance sheet) is after or before any payment of the £0.7m costs of this exercise to FRP. Whichever way, IMHO, a Placing will follow shortly to cover near-term working capital needs.

Well it did not take long for Cavendish's 52p price target to be smashed! It has upgraded2026 EPS to 4.0p, so no trading on 15x this year's updated forecast. Other than a small beat, I don't expect too much change for this year. But the RNS does suggest some benefits will flow into 2027, when even more orders are also anticipated....but no forecasts from broker. As suggested below, I also expect 2027 and 20280 forecasts to be released soon and they are likely to reiterate strong growth prospect, thereby reducing the prospective rating. For me this HDD now a 7.7x bagger and, while it is tempting to lock in some profits, I think that I will get even more as we approach the September year end, especially with all the negative comments seen on this site about gas supply largely addressed in the RNS.

Its a good morning (on balance)! Excellent trading update from one of my perennial favourites, Cohort (CHRT), yet more orders for Hardide (HDD), offsetting a satisfactory 1H'26 update from RC Fornax (RCFX). Keeps me interested and my brain alert. Hope you are all coping with the heat. KR

Excellent trading update. I really do not understand why the share price of CHRT has such large dips when the company is relatively "quiet". But this is providing great opportunities. Will it do the same as last year....get massively overbought (ca.1800p) on publication of final results (directors sold) and then drop back to massively oversold (900-950p in December). Timing is everything. Quality company with good growth prospects.

Caught out by this morning's disappointing trading update for NXQ. Challenging markets have delayed orders, also affected by Trump tariffs. Input costs have gone up. Not a complete disaster, but a major dent in the growth trajectory hoped for by the new management team. As an early investor, today's fall in share price has removed all my gains and moved me into a small loss. I still believe the long-term story, but will need to be patient.

Excellent 1H statement and, with improved visibility clearly comfortable with recently upgraded broker forecasts for year to Sept '26 (sales £12.4m; EPS 3.4p). Just on these numbers, shares are cheap. When we get FY'27 forecasts they will look even cheaper. For what its worth, I am looking for £14.5-15.0m sales, and EPS around 4.0p based on some of the recently announced orders that with cross-over into fiscal 2027. On this basis, HDD is trading on less than 10x prospective P/E for a growth stock.

Sotolo, we all have different investment criteria. I am not particularly interested in dividends, I view them as a "nice to have" and an indicator of a company's cashflows. My strategy is all about capital appreciation and I target at least 50% . This strong set of interims, with EPS of 15.8c/11.8p leaves the stock trading on 10.8x half-year numbers. Anything close to this in the traditionally stronger 2H, will leave the stock on 5.0-5.5x PE and, for dividend lovers, a 3.0% yield. For those seeking capital appreciation, this stock is incredibly cheap and, IMHO, the market will eventually catch up.

RNS stating that Rathbone IM has sold down from 9.86% to 0.36%. While 2027 is expected to be a year of recovery and return to growth, CLBS still has to get over a sales and profit decline for 2026, to be reported on 14th July.

Hi JL and Ox...I, too really like Avingtrans, what it does and what it stands for. Good growth opportunities. I am invested, but always wanted to top up. But what has held me back is the rating, currently around 20x 2026 (May year-end) EPS forecasts and, with 205 growth, 16x 2027, and a somewhat lacklustre 1H'26 performance. I may reassess after trading update (ca.27th May) or preliminary results (ca.23rd Sept). Much comes down to ramp-up of sales of Adaptix and the pending FDA approval of Magnetica in 2H calendar 2026.

I've put money where my mouth is and taken advantage (hopefully) of the commodity price fall this morning to top-up with 15k @ 126p. I think the market will wake up when interims are published next week.

Mike...the cash position was stated in the 2Q production RNS on 14th April.

Transparency: I am invested. I agree with the previous three posts, excellent trading update today.

Following a slightly confusing production update in April (PGM down a little, offset by big increase in chrome), company has release guidance for EPS ahead of interim results on 21st May. Given commodity prices over the past six months, reported and underlying EPS both rising >450%; middle of headline EPS is $0.163 (12.1p), meaning shares are trading on just 10.7x HALF-Year EPS. Anything close to this in 2H would mean its on P/E of 5-6x . Also, reported strong cash position of $184m, up from $122m. Don't understand why shares not up more today. Can't wait for full details next Thursday.

Transparency: I am invested.

JL, RM, Ox...have any of you looked at South African miner Tharisa? 1H trading statement today was very strong. Following a slightly confusing production update in April (PGM down a little, offset by big increase in chrome), company has release guidance for EPS ahead of interim results on 21st May. Given commodity prices over the past six months, reported and underlying EPS both rising >450%; middle of headline EPS is $0.163 (12.1p), meaning shares are trading on just 10.7x HALF-Year EPS. Anything close to this in 2H would mean its on P/E of 5-6x . Also, reported strong cash position of $184m, up from $122m. Don't understand why shares not up more today. Can't wait for full details next Thursday.

Given events regarding 1H numbers, I would be very surprised if company has not got itself fully prepared for FY to be announced on the normal schedule. However, the timing of finals will be entirely down to auditors getting its work done in a timely manner.

I do not know first two on your AIM list, but have the other three. Also, I would have thought that ENSI and HDD would have been there. Good luck to all.

be there