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Liberum have today initiated coverage with a Buy and a 20p target price.

And they have a 35p fair value based on DCF....

They see the adjusted PBT rising from £14m last year to £16.2m this year.

It's an 84 page report, so will take some time to read through!

Excellent stuff - $2.5m received and banked compared to the $2.14m book value.

And there'll be an overall cost saving even after the lease costs of the new facility, so well worth doing.

SABER development is presumably fully funded going forward now:

https://www.investegate.co.uk/enteq-technologies--ntq-/rns/sale-of-property/202303290708296003U/

Results are as per the trading statement with 1.31p adjusted EPS.

The most important aspect is the extremely (and unusually) bullish outlook:

"Trading in Q1 2023 started with considerable momentum across the business which is consistent with management expectations of double-digit percentage EBITDA growth in year. Despite the ongoing macroeconomic and geopolitical uncertainties, the Board is confident of the Group's continued ability to deliver full year results in line with expectations"

Cash generation was excellent at almost £22m.

Some won't like all the adjustments to reach the headline numbers, but the core business is evidently doing rather well, and with (1) energy costs remaining a huge issue and (2) ESG's importance only growing, then INSE's prospects should remain bright for some time to come.

Nice 8% rise in the divi to 0.27p shows confidence too (and a decent yield at the current share price).

Good to see the price ticking up to 10.15p now before tomorrow's results and presentations.

Shore's forecasts are for 1.3p adjusted EPS, with £88m revenues, £21m EBITDA and £15.1m adjusted PBT.

INSE should look extremely cheap if the outlook from the year end trading update is reiterated:

"Mark Dickinson, CEO of Inspired, said: "In what has been the most challenging year ever seen in the energy markets, I am delighted with the Group's excellent operational and financial performance, exceeding expectations in revenue growth and delivering EBITDA and net debt in line with market expectations, with strong cash generation in H2 2022.

"With a sales pipeline that is at record levels, and a notable acceleration in Optimisation and strong growth in our ESG practice we are increasingly demonstrating that we are the market leading solution at a market leading price point, and therefore we are confident of future success."

Zeus have today increased their forecasts, and have a raised 57.4p valuation:

Extracts:

"New major contracts and FY23 ahead of expectations

Altitude has announced multiple new contracts in its Adjacent Markets Programmes (AMP) that are expected to have a significant impact on Group revenue. Zeus adjusted EBITDA forecasts are upgraded 11.9% in FY24 and 24.2% in FY25 to reflect this. The Group has also guided that FY23 adjusted EBITDA is expected to be above expectations (£1.70m), so we upgrade by 8.8% to £1.85m. Today’s contract wins and confident outlook statement provide further positive momentum. Altitude shares trade below our updated average valuation estimate of 57.4p per share, 40.0% upside to last night’s closing price.

? Contract wins: The new contracts announced today relate to the Adjacent Markets Programmes within the Merchanting reporting segment. Starting in the first half of FY24, these multi-year contracts are expected to generate combined revenue of c. $30m throughout the respective five-year terms, providing better revenue visibility to the Group. The $30m includes $8m of signed contracts that are subject to US state clearance. In addition, Altitude is in late-
stage negotiations on a number of other contracts of material value to the Group, providing further upside and highlighting potential for continued rapid expansion."

"Valuation:

We continue to believe that Altitude shares trade at a discount to intrinsic value. Based on updated Zeus forecasts, Altitude trades on an EV/Sales multiple of 1.1x FY24, compared to a 1.7x average FY2 EV/Sales multiple for a broad set of UK small-cap software and services peers. At this peer mean FY2 EV/Sales multiple, Altitude would be valued at 63.1p
per share. Our DCF analysis now provides a 54.9p per share valuation estimate and our discounted medium-term valuation estimate increases from 53.6p to 54.2p due to the unwind of discount. The new contract wins announced today support the revenue estimates in our medium-term valuation analysis (£39.6m by FY26). The average of the three valuation estimates is now 57.4p, which represents 40.0% upside to last night’s closing price."

Wow - if Carlsberg did trading updates :o))

- ahead of expectations yet again
- major 5 year contract wins
- the year ahead looking very good already
- and the promise of more news flow to come:

‘A number of other major contracts of material value to the Group are in late-stage legal negotiations.’

Lovely stuff:

https://uk.advfn.com/stock-market/london/altitude-ALT/share-news/Altitude-Group-PLC-Major-Contract-Wins-and-Trading/90608673

For the record, another £17,000 of shares just bought back at 1130p:

Https://uk.advfn.com/stock-market/london/volvere-VLE/share-news/Volvere-PLC-Transaction-in-Own-Shares/90602343

on Master Investor:

Https://masterinvestor.co.uk/equities/small-cap-catch-up-on-the-way-up/

"Braemar (LON:BMS) – Trading Update Underlines Low Value Rating

The Trading Update for the year to the end of February by this shipping and energy markets broker and adviser reported record revenues and profits.

The group is expecting that the year will have shown revenues almost 50% higher at not less than £150m (£101.3m) and underlying operating profits of not less than £20.0m (£10.1m).

Even cash generation will be shown positively with some £6.9m net cash at the year-end against a net debt of £9.3m).

The finals will be announced before the end of May.

Analyst Ian McInally at Cenkos Securities rates the £96m group’s shares as a Buy, using a dividend discount model to value the shares at 470p each.

His estimates for the end February year are for £150.5m sales, £19.5m profits, 51.4p earnings and paying a 12.0p (9.0p) dividend per share.

This group’s shares at the current 294p are substantially undervalued and look very capable of rising through the 350p level and then very much higher yet."

Buried in the formalities of today's RNS are the following encouraging extracts - note that the Q1 trading update will be on 24th April:

"The Directors are also pleased to confirm that the Group continues to be confident in its ability to meet market expectations"

"Michael Riedl, CEO of CentralNic, said:

"CentralNic's 2022 results reflect the Group's most outstanding year to date. The combination of record organic growth with accretive acquisitions executed in 2022 positions the Group to carry on executing on its strategy and delivering value to our audiences while continuing to achieve success."

The admirably named HotStockRockets are very keen (subscription-only):

Https://*************.com/views/67486/capital-2022-full-year-results-a-growth-and-value-buy

"Capital – 2022 full-year results, a growth and value Buy

By HotStockRockets | Wednesday 22 March 2023

Mining services company Capital (CAPD) has announced results for the 2022 calendar year and that “tendering activity across all business units remains robust, with a number of opportunities progressing”."

Good to see Harwood Capital buying again - around another 8m shares, and they're now above 5%:

Http://uk.advfn.com/stock-market/london/react-REAT/share-news/React-Group-PLC-Holdings-in-Company/90573106

REAT now have almost 50% of their shares in issue held by a selection of the great and the good. Pretty impressive for an £11m m/cap company:

Shareholder Number Ordinary shares %

Octopus Investments Limited 163,344,667 15.44
Canaccord Genuity Wealth Management 103,333,333 9.77
Helium Rising Stars 97,329,362 9.20
CRUX Asset Management 66,700,000 6.31
Harwood Capital LLP 55,000,000 5.20
Miton UK MicroCap Trust PLC 38,981,127 3.69

Gone ex-div today which explains the early markdown. Mind you, looks like a few small sellers were either in it only for the divi, or were far too easily misled by that early markdown. IMO the ex-div day is a good time to top up at these levels rather than sell, but WTFDIK :o))

Lucas01, from my records it seems 20% overseas tax is deducted from the remittance of MWE dividends.

which explains most of the early markdown.

Great finish yesterday, up around 6p on the day. Likely the closing of an overhang and a sudden lack of stock for the MMs.

There's plenty to look forward to in terms of news flow from acquisitions and disposals. Even better for this to be announced in the next few weeks if/when there's not much stock around.

Shore Capital have retained their 90p target here. After this week's rise MWE are still only on a cash-adjusted P/E of around 12.

They summarise:

"Outlook and valuation:

Each of the divisions has growth drivers with, in our view, Mottech particularly well placed to potentially see stronger demand than we forecast for its water
management and control software. Typically, this improves the efficiency of irrigation systems, while reducing the cost of operating them. Summit/PSK had a strong FY22 and we would also expect to see good demand for its defence-related products and services Finally, the Antenna division is likely to benefit from the rollout of 5G across the world as it already supplies seven of the top ten operators with its technologies. We maintain a 90p fair value on the basis of a DCF analysis, which is corroborated by MTI achieving an FY23F EV/EBITDA multiple of 11.2x (the average of our peer group). HOUSE STOCK"

Cenkos's say Buy and have a 470p target - even this would still leave BMS on a historic P/E of only 9.1 :o))

Here's Cenkos's conclusion this morning:

"Outlook and valuation.

At the interim stage in November 2022, Braemar’s order book was up 10% to $55.5m (FY22: $50.0m) and trading in the first few weeks of FY24 has started well. The shares trade on very attractive multiples with an underlying FY23E PE of just 5.6x and EV/EBITDA of 3.7x, considerably lower than the main listed comparator, Clarkson Plc, which itself reported very strong FY22 (Dec YE) results on 6 March 2023. With a forecast 12p dividend for FY23E, the shares provide a prospective yield of 4.2%. At our DDM valuation of 470p, the shares would trade on 9.2x and 11.0x FY23E and FY24E PEs respectively, still a substantial discount to Clarkson (14.5x PE FY22A)."

I know some here have been looking forward to WH Ireland's latest research, so since no-one else has posted it......

WH Ireland restated their 9.5p fair value target after the recent update. They also forecast 0.5c EPS this year rising to 0.9c next year.

Here's some extracts:

"Recovery in palm oil production volumes as company enters high season

Today’s monthly production update from DKL highlights a recovery in palm oil volumes following a weaker start to the year, with strong pricing and conversion rates continuing to drive healthy margins. Overall volumes for February remained low compared to FY22; however, early indications in March point towards a material increase in FFB yields, with volumes currently ahead of March last year and well ahead of the previous month. While it remains too early to draw any conclusions on full year production, with CPO pricing still well over €900/tonne, a material increase in volumes over last year should deliver a strong financial performance in the palm oil business for FY23. In the cashew business, the project continues to progress positively, with further uplifts in daily production figures and strong
feedback from buyers in the US and Europe regarding the quality of the cashew product. Looking forward, DKL remains well placed, with a growing and cash generative contribution from its cashew operation and favourable pricing in the CPO market combining with improving volumes."

"FY23E forecasts well underpinned

Our FY23 forecast for the cashew business is premised on conservative assumptions for cashew production and pricing, which we believe are now well underpinned. Once in full operation, we expect the cashew project to contribute over €12m of revenue in FY23, with strong positive cash flows and potential for over €24m p.a. in the
longer term at 25%-plus gross margins.

• Forecasts / Valuation

Notwithstanding strong prospects as an increasingly diversified and significantly larger business, DKL’s shares have underperformed since the start of the year, with the company now trading on P/E multiples of just 4.8x and 2.6x for FY23 and FY24 respectively. While, inevitably, uncertainty remains around palm oil volumes and pricing, the business is both more broadly based and, by today’s evidence, performing increasingly strongly. As such, it is well positioned to reduce its debt balance as it becomes increasingly cash-generative. We retain our 9.5p fair value assessment (see our initiation note : DKL Note)."

Positive further comment on the presentation elsewhere from Kaizenkid FYI:

"Yes impressive presentation. Emphasised the fact they have spent years insulating themselves as much as possible from down-cycles by operating at the mine site at Tier 1 assets low on the cost curve. Seemed confident they will get an extension at Sukari and 2 mining contracts close to fruition. At least $10m of the capex is genuine growth capex related to MSA labs. Reiterating higher ROCE at MSA than the group. Clearly a strong possibility Revenues are decently higher than guidance as mining contracts come through."

I only caught the end, so will have to listen back.

CAPD are targeting impressive growth to $500m revenues in the next couple of years. Certainly achievable imo considering the rate of growth of each of Chrysos/MSALabs, mining services plus of course the steady growth of the drilling business.

Interesting too that strategic M&A is also a key part of the growth plan.

Plus sounds like there are two new major mining service contracts which could be signed in the coming months, which together would equate to another Sukari.

Will write more when I've listened to the full presentation.

Good to see the consistent rises this week.

The spread is unusually inviting for VLE at a mere 20p with 1130p-1150p.