Member Info for rivaldo

Canaccord yesterday reiterated their Buy and 145p target:

Https://investing.thisismoney.co.uk/broker-views/SDI

Singer Capital's latest note summarises as follows - as a reminder, they forecast 6.3p EPS to this September, rising to 8.2p EPS.

"On course for 2026; 2027 could sparkle

The 1H 7% EBITDA/10% revenue advance was in line with our 1H view, and consistent in our opinion, with maintaining our FY September 2026 forecasts.

While those rates of 1H growth are a little stronger than the growth rates we are estimating for FY 2026E, we are happy with that degree of comfort, given the general overall economic backdrop. The value led sales approach focused on profitable work, has led to an improvement in the Gross margin to 32.4% (H1 2025: 32.0%), and as the statement notes, the Group are ‘benefiting from disciplined pricing, better job allocation, and a sales culture centred on gross profit rather than top line volume.’ Despite the ongoing effects of the competitive backdrop, for instance in areas of Contract Maintenance, which are broadly consistent with the conditions outlined at the FY25 results, demand for essential reactive and planned services continues to be resilient.

The Group have notably seen a strong contribution from 24hr Aquaflow Services and Project Sparkle is now fully live at LaddersFree, providing real time operational visibility and a scalable digital platform. At this stage, the impact of the Middle East situation on input/logistical costs look manageable but being monitored.

We retain our 69p TP/Buy, based off a FY 26E target 11x PER"

"Valuation is undemanding

React trades on a Sep. ’26 PER of 7.4x versus UK FM peers on c10-11x, with the current multiple also looking low relative to the Group’s own long term average PER (NTM) rating of c11x. We continue to target a PER of 11x to drive our 69p 12m TP.

We once again highlight that acquisitions such as 24hr Aquaflow have demonstrated that the Group can add value inorganically too, and there could be further scope to enhance through M&A. Recurring/repeat revenue remained above 85%. While the Group is not immune from adverse macro headwinds, we quietly believe that this Group could begin to see a strong reacceleration of growth in 2027E, as investment for growth begins to bear fruit."

Notably large volumes today - 5m shares have been traded in the last hour, with some buying at the full 13.25p offer price and 2m, 1m and 500k trades at 13p and above.

Shore Capital have reiterated their 100p fair value here after the excellent Q1 update.

They summarise:

"Strong Q1 results and good prospects

MTI Wireless Edge (MTI), the technology group focused on comprehensive communication and radio frequency solutions across multiple sectors, has announced strong results for Q1 FY26F. The group delivered a 21% increase in adj. EBIT to US$1.5m (vs US$1.2m in Q1 FY25A) on a 6% increase in revenues to $12.8m (Q1 FY25A: $12.0m). There was an 18% increase in EPS to 1.40c (1.18c).

Net cash at March 31, 2026, was $8.5m vs $9.4m at the end-December 2025. At this stage, we make no changes to any of our forecasts but are encouraged with the progress so far in 2026."

"Conservative forecasts:

MTI has a very strong financial platform and aims to grow sales organically and through acquisitions, with any new business incremental to margins/profits. MTI continues to benefit from increased defence spending, water scarcity and the roll-out of 5G. After the strong FY25A results, we upgraded our group adj. EBIT forecasts for FY26F and FY27F on maintained revenue forecasts and introduced numbers for FY28F.

Obviously, we have not assumed any further acquisitions in our forecasts, so given the company’s record of earnings-enhancing deals, we would view any M&A as likely to boost forecasts and shareholder value.

Outlook and valuation:

We highlighted in March that MTI entered FY26F with a very strong order backlog and sales pipeline for each of the divisions. In our view, Mottech is well placed to potentially see much stronger demand than we forecast for its water management and control software. The Antenna division is likely to continue to benefit from increased defence spending as demonstrated by the contact wins in April.

Similarly, we would also expect to see good demand for the defence-related products and services of Summit/PSK with the latter being a key driver of the substantial adj. EBIT beat in FY25A.

We have a maintained 100p fair value on the basis of a DCF analysis, which is more than corroborated were MTI to achieve a peer group average of the FY26F EV/sales multiple of 3.1x and EV/EBITDA multiple of 15.9x."

Cavendish have today raised their target price by 50% to 150p.

They've increased their forecasts significantly for this year to May '27 to 6.9p EPS.

They see 8.2p EPS to May '28.

Even those forecasts are repeatedly described as "conservative".

And VLG are still forecast to have over £20m cash at May '27 for more acquisitions, rising to over £28m at May '28.

Https://www.investorschronicle.co.uk/content/0c574a87-0e11-4f60-b3b6-d9df4d676609

"This niche manufacturer’s momentum shows no signs of slowing"

This looks like an excellent acquisition to me on pretty reasonable terms on first sight.

VLG are paying $23m core consideration against a $3.6m historic net contribution, with $5m additional payments due against future performance and an overall 2026 expected multiple of 6.1.

And cheaper still given the new launch in Target and several other new listings elsewhere.

Plus lots of synergies and advantages gained in US distribution, scale, product range and access etc. As Chelsea11 says, this could help give VLG's current product range access into Target and other major US retailers - which could be huge.

The market seems to like it. Hopefully this could be the start of a decent re-rating:

Https://uk.advfn.com/stock-market/london/venture-life-VLG/share-news/Venture-Life-Group-PLC-Acquisition-of-FemiClear-and-CUROXEN/98664970

BTG were appointed yesterday as Special Administrators to Halo Financial Ltd in what looks like a complex case of a non-bank provider of foreign exchange services with turnover averaging £344m per year and 2,987 active trading customers.

Should be pretty remunerative for BTG:

Https://www.btguk.com/news/btg-appointed-to-manage-payment-institution-special-administration

"This appointment follows BTG being named on the FCA’s Insolvency Practitioners Panel and Forensic Accountants Panel earlier this year and adds to its growing experience of handling complex cases involving FCA regulated firms."

And BTG have also been appointed as liquidators at Goldsborough Hall:

Https://www.yorkpress.co.uk/news/26154639.goldsborough-halls-events-firm-liquidating-owing-2m/

Interesting new article from FNX about the potential for competitions and other means of monetising podcasts - could be a big new revenue stream:

Https://www.fonix.com/what-radio-figured-out-that-podcasting-hasnt-yet/

Conclusion:

"The question is timing

The infrastructure exists. The revenue model has been tried and tested. The audiences are there.

What’s missing is someone willing to take the learnings from linear broadcasting and apply them properly to the podcast format at scale.

“It’s an exciting opportunity and we’re about to see a shift that will give podcasts a new opportunity to grow on their own terms and give their listeners even more to engage with directly.”

At Fonix, this is exactly the space we’re focused on. If you’re a podcast producer, platform, or brand partner thinking about what comes next in audience monetisation, we’d love to talk.

Fonix powers mobile interactivity and audience engagement for media businesses. www.fonix.com"

Agreed - a very encouraging trading update today.

Trading is nicely in line, and "management expects H1 FY2026 will be another record half. The Board remains confident in the Company's strategy, customer pipeline and long-term growth opportunities".

Most important of all, this paragraph could really accelerate ITX's growth. ITX isn't experiencing any Middle East disruptions to supply chains or costs - but its traditional fossil-based competitors certainly are....

"The Middle Eastern conflicts are creating disruptions in the production and supply of fossil-based specialty chemicals that compete against our ingredients. The Company continues to monitor logistics and transportation costs within our plant-based supply chain which have not experienced significant disruption or unfavourable cost implications, and our overall gross profit margins remain steady. Current and potential customers are recognising the stability in the supply and pricing of our ingredients, which we believe will translate into new revenue opportunities"

MWE have been nominated at this year's Master Investor Small Cap Awards on 11th June in the Dividend Hero category. Which is nice. And a fair reflection of MWE's consistently good dividends over the years.

The CEO is also presenting tomorrow at Mello, so hopefully someone can report back. He should have a very bullish story to tell.

A flow of small buys this morning have pushed the buying price up from what was around the 58.5p mid-price and seems to have cleared an overhang.

The new issue of SCSW is now out, so it should be OK to report what they said about BIG in the May issue:

Https://www.scsw.co.uk/issues/may-2026/big-technologies-the-americas-becoming-dominant/

"Big Technologies - The Americas becoming dominant May 2026

The Buddi litigation is now firmly in the rear-view mirror following the January settlement and BIG’s management team is once again focused on what matters most: capturing the enormous global opportunity in electronic monitoring of offenders. Headline sales in FY25 reached £49.7m, up 3%, but the underlying performance was far stronger. Adjusting for the one-off loss of the Colombia contract, revenues grew a robust 9%. EBITDA came in at £24.6m and operating profit at £18.5m. While these were slightly down year-on-year, this reflects a deliberate strategic pivot: investing upfront in higher-growth territories and building the platform for much larger scale ahead.

The real story - and where BIG starts to look exciting - is in the improved quality metrics. Annual Recurring Revenue (ARR) surged 12% to £52.4m, while net revenue retention climbed to an impressive 105%. In other words BIG is exiting the year with significantly more momentum than it entered with. The Americas are on fire. ARR accelerated to +25%, led by the US, which delivered a blistering +40% ARR growth. The number of US clients jumped 28% to 115, with 16 new contract wins secured across 10 states in H2 alone. Momentum was also turbo-charged by a major seven-year contract in Chile worth US$26m and a key win in Canada.

Cash generation was strong at £23.7m, leaving BIG with £61.9m net cash post-settlement. This firepower is now being deployed aggressively to expand across all 50 US states via its coveted NASPO supplier status, roll out next-generation product innovations and pursuit of high-impact partnerships. Plans for US-based manufacturing from 2027 are also advancing rapidly to bring BIG closer to its largest customers, de-risk the supply chain, and unlock meaningful margin expansion in the years ahead. APAC and EMEA also delivered solid double-digit ARR growth of 10% and 11%, respectively, underlining that the opportunity is truly global and just getting started.

Watch for progress on US manufacturing, product launches, and further contract wins - especially in the Americas. Perhaps we may even get a US acquisition and a >£50m settlement with the former CEO to send the share price into orbit. Buy.

* The writer has a holding"

I've bought some more.

Excellent news from both Dekiln and Molendotech, to add to the good recent news flow from Alusid, Fieldwork Robotics, TVG, 2D Photonics etc and the positive vibes from Pulsiv in Hastings' latest article.

I believe on the back of all this that FIPP will be able to achieve non-dilutive funding or will enable minimal dilution at a reasonable price.

Either way there appears to be significant - multibagger - upside from here.

Good news in this post from portfolio company Molendotech:

“ Sometimes it’s only when you stop and take stock that you realise quite how much can happen in a short space of time – the last few weeks at Molendotech have certainly reminded us of that.

Only last month we were selected for the 2026 Imagine H2O Accelerator out hundreds of international applicants. We went to San Francisco to join this incredible community of innovators who are shaping the future of water and helping us take Bactiquick real-time environmental water testing to another level.

Just days later, we were named a Finalist in the 2026 Water Industry Awards in the Groundbreaker category – such well-deserved recognition for the team and the journey we’re on.

Commercially, we're moving faster than ever. Our team has grown as has our network of partners who are bringing Bactiquick to more customers on both sides of the Atlantic. Watch this space for more exciting distributor news....

Another huge milestone to report – we’ve now closed our investment round 🎉

Our investors' support has been phenomenal and we’re hugely grateful to everyone who has backed us. The round was oversubscribed thanks to those who share our vision and belief in the scale of the opportunity ahead.

To our team, partners, distributors, mentors and investors – thank you for being part of the journey so far. If the last few weeks have anything to go by – we’re in the midst of something very special 💧”

Many thanks for the link NIckthesaint11. He's had similar success to me with an 8-bagger at HDD in just the last six months, and perhaps much more to come.

Let's hope that TGP is indeed now at the same point as HDD and with similar upside.......

Https://wizardswinners.substack.com/p/a-magical-subsea-cable-microcap-trading

Brief extracts:

"A Magical SubSea Cable microcap trading with 5x upside

Tekmar is a sound bet on the energy infrastructure boom

May 20, 2026

Upside: 5x at base case

Risk / Reward asymmetry: 4:1"

Conclusion:

"Today feels similar to me for Tekmar as Hardide did then. Management turnaround, moat, booming sector CAGR, and an inflection point being crossed as the company went from cash burn into FCF positive territory.

Investors however haven’t got the memo yet, it seems, when it comes to Tekmar:

The company is still range bound and in a similar place to where Hardide was in October 25, waiting for the market to realise that the tide has well and truly turned.

The Wizard’s take

This is by far the most attractive opportunity I see on just about any market at the moment, not only because of the upside, but also because the downside looks well defended here. I think it would be very difficult to lose money investing in Tekmar as things stand.

At anything below 22p per share, this is a truly magical buy."

Excellent Q1 results whilst I was away on hols, with profits and EPS both up 18% - and that's despite Antennas slowing.

1.4c EPS in the usually seasonally weaker Q1 puts MWE well on course to meet or beat forecasts.

Plus there's over $8m cash for further acquisitions. And 5G antenna demand is likely to return swiftly.

The normally shy and retiring CEO's confidence is evident in his commentary:

""Overall, this was a strong Q1 performance, particularly from Mottech which benefitted from an uplift in demand from international customers seeking water management services. Moving into Q2, we received a record level of defence related orders worth just over $9 million, the majority of which is expected to be fulfilled in the current year, adding to a backlog of orders for 2026 that was already high.

While defence orders are likely to continue to be a key driver of revenues in the short to medium term, the diversification of MTI's operations across multiple markets is a core strength of the business and all three divisions continue to contribute positively to the Group's trading performance. Overall, MTI is in a good position with net cash of $8.5m, a strong balance sheet and a growing customer base."

RNWH's Seymour Civil Engineering are one of only 8 companies to have won places on both the high value and smaller value lots in a £50m framework contract for North Yorkshire County Council.

This is for its new four-year Civil Engineering Contractors Framework covering bridge repairs, resurfacing and highway works across North Yorkshire and York:

Https://www.constructionenquirer.com/2026/05/26/north-yorkshire-lines-up-16-firms-on-50m-civils-framework/

A slow, steady rise here is fine by me. BTG is looking better and better value.

With the results on 6th July now coming in "above the top end of market expectations" I'd expect there to be a decent run-up and fresh recent highs beforehand.

Cavendish have reiterated their 80p target price.

They forecast historic 5p EPS (up from 3p EPS) to March '26, with the results coming soon on 16th June.

They see 6.1p EPS this year. That's a current year P/E of only 9.1.

The forecast to March '28 will no doubt be released on 16th June and could see perhaps anything from 7p+ EPS or substantially more.

Plus TPX are forecast to have almost £1m net cash by March '27.

Notable confidence in general also displayed in today's RNS:

"New business progressing well

This £16 million award brings total new business for the first two months of FY27 to £31 million. This follows a series of new win announcements and contract uplifts in the last quarter of FY26 - DEFRA (£39 million), NHS England (£22 million) and HMLR (£11 million).

Björn Conway, Chief Executive Officer of TPXimpact, commented:

"This award from the Ministry of Justice will enable us to help on a number of service transformations in the Legal Aid Agency and across their other agencies. We are thrilled to be working with the Ministry of Justice and appreciate the trust they have placed in us to support their ongoing transformation efforts. Our teams are certainly up for the challenge! After a strong Q4, our £31m of new contract wins in the first 2 months of this year underpins TPXimpact's strong growth trajectory."

Singer Capital's post H1 results update says Buy with a 69p target price.

They forecast 6.3p EPS to this September, rising to 8.2p EPS.

That's a P/E at 46p of only 7.3 falling to only 5.6.

That's despite recurring/repeat revenues above 85%. And they also note that "rates of 1H growth are a little stronger than the growth rates we are estimating for FY 2026E", which bodes well.

REAT are very good value at the current share price imho.