Member Info for rivaldo

Nice:

"Trading in the early part of FY26 has been significantly ahead of the same period last year"

There's "stronger demand and an increased volume of activity across multiple markets compared with H1 last year".

Thus only a "small loss" expected for H1 - and the cash pile remains solid at £1.1m against the £2.1m m/cap.

The outlook is also promising:

"Market activity levels are considerably higher than at the same time last year, with the sales team engaged across a wider range of tenders, demonstrations, and partner-led opportunities".

It's intriguing that "We remain in discussions to reach an orderly conclusion to the termination process" regarding the cancelled defence programme. Might there be some form of compensation, or reimbursement of costs?

Https://uk.advfn.com/stock-market/london/image-scan-IGE/share-news/Image-Scan-Holdings-PLC-AGM-Statement/97908715

Shore Capital are also very positive today, with BTG on a P/E of just 9.4.

They forecast 10.8p EPS to 30th April '26 and 11.9p EPS for the coming year.

They also see 4.5p and 4.7p dividends.

They summarise:

"Stronger into Q4

BTG is on track to meet current consensus expectations, yet is trading on 9.4x calendar next year, with a 3.8% yield and an 8.2% FCF yield. The statement seems typically both prudent and confident, with the Restructuring team noting higher levels of new instructions, the Financial Advisory team seeing higher levels of completed transactions in the quarter, and the two recent acquisitions both said to be performing and integrating to plan."

"Valuation

The stock trades at 10.2x calendar ’26 and 9.4x calendar ’27 (the numbers in the table below are fiscal years), with 3% earnings growth forecast for FY26 and 10% forecast for FY27. Returns are strong, with a 15% adjusted PBT margin and a ROE in excess of 22%, achieved with little debt. Dividend yield is 3.8% and FCF yield a standout 8.2% this year."

Nice mention for FIPP in the Oak Bloke's lengthy post overnight about topics such as AI and stocks which may benefit from the race for space-related tech:

Https://theoakbloke.substack.com/p/the-power-of-ai-and-other-musings?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8576b33c-aa6c-40de-a202-0f13013ff0bd_1544x575.png&open=false

"FIPP - Frontier IP

FIPP with its holding Pulsiv where energy efficiency for satellites is critical and CamGraPhIC’s graphene photonics for satellite-to-satellite laser comms - far faster than radio waves. The NAV of these two exceed the market cap!

An overlooked beneficiary of space."

Nice steady rise here to new recent highs.

Bonkers fall here after the ahead of expectations RNS, with most of the gains having been lost. There were huge volumes after the trading update, and it would seem Herald took the opportunity to top-slice somewhat - perhaps forced into adding to their liquidity by their ongoing battle with Saba.

Meanwhile, with 8p per share of cash and rising MWE are now on a single-figure ex-cash P/E assuming 6.3c EPS for this year.

A late RNS last night - Russell Long has bought another 1% (127,000 shares) and is now up to 8.4%, with 1.15m shares:

Https://uk.advfn.com/stock-market/london/croma-security-solutions-CSSG/share-news/Croma-Security-Solutions-Group-PLC-Holdings-in-Com/97893077

A confident Q3 update reinforcing Canaccord's expectations of 10.6p EPS with a 4.5p dividend.

Plus a strong balance sheet with the potential for more earnings-enhancing acquisitions.

Canaccord have a 160p price target, and note that BTG have an "encouraging" pipeline for this Q4:

Https://uk.advfn.com/stock-market/london/btg-consulting-BTG/share-news/BTG-Consulting-PLC-Third-Quarter-Trading-Update/97897234

Looks like a 100,000 share buy at 12.11p and a 50,000 buy at 12.5p today have cleared any overhang - though there may be further buys to be reported later.

The investment portfolio's value is now at $115m (up from $107m on Friday), and actually $116m when you include Desert Gold and Cora Gold.

Great to see another tick up at the end of last week and new 3-year highs now. Plus a 50k buy at the full 12p offer price already this morning.

The m/cap is still just £6.7m. Given this outlook from the update two weeks ago this year may well be rather interesting. Especially if Rail delivers one of those large £m orders PEG used to get before the long hiatus in new deliveries:

"The Group enters 2026 in a stronger position than it has in the past few years. While trading continues to be challenging with extended tendering processes, given the strength of the opening order book and its cover for 2026 revenues, the Group is well placed to deliver a continued improvement in its trading performance in the coming year."

It would be nice to see active news or blog sections on the various subsidiary web sites, but I'd prefer to see spare funds and time invested in the growth which each of the four subsidiaries is currently experiencing. And the directors have to be given great credit for the highly successful acquisitions of QRO and Affini, which have seen PEG relatively unscathed through the long hiatus in Rail spending where we are perhaps now seeing some green shoots.

Today's buyback RNS makes it 150,000 shares bought back to date.

I like the look of this post from last month about Cheerful's list of organised events at the most recent CES in Las Vegas, exemplifying their growth in the USA:

Https://www.linkedin.com/feed/update/urn:li:activity:7415509314645196800/

"We had:

🪻5 private dinners & events

🪻4 individually built out spaces

🪻300+ meetings checked in

🪻2 separate elevator banks to run between

🪻1 incredible team pulling it all together"

Nice bounce showing good resilience at these levels.

With guidance having been raised following the ahead of expectations year end update, forecasts are now for historic 2.8c EPS, rising to 3.7c EPS this year, or around 2.8p EPS.

So still looking very good value at these levels imho.

The value of CAPD's investment portfolio is steady at around $107m, but within that the second largest holding is in Asara Resources.

This has rocketed 16% overnight to A$0.145 after excellent drilling results at Kada in Guinea, new highs by some margin and now worth over £15m to CAPD.

Of course CAPD are also the drilling contractor at Kada:

Https://www.asx.com.au/markets/company/AS1

Https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-03058710-3A687535&v=undefined

New highs after a surge last night towards the close, and buying this morning at the full 2700p offer price.

It's been evident for a while that there's been a seller since all buying has been absorbed with no price movement. Wednesday's RNS showed Richard von Tscharner has exactly halved his stake to 2.28% (from 4.56% - not sure where/when he acquired that holding in the first place since I'm fairly sure he was never on the list of major shareholders AFAICS?).

My guess is that his aim was to sell 50% of his holding and he's now stopped, so any buying interest would impact the price as it did last night.

Good to see the spread down to 100p again. As the price rises the spread becomes less and less of an issue.

Nice £20,000 buy at the full 2600p offer price just reported.

The year end trading statement should be issued the middle of next month or just after. Which in VLE investment duration terms is but the blink of an eye.

SWG has ticked up every day this week - looks like any overhang is clearing, with buyers starting to pay closer to the full offer price rather than below mid-price as earlier in the week.

Cavendish have retained their 112p price target, and also their 7p EPS forecast to this May, rising to 7.7p EPS next year.

They note that H1 has already achieved 51% of the FY26 forecast, so given (1) the positive outlook "at least in line with expectations" and (2) the lag between the ever-growing loan book and resultant profits flowing through, there should be a fair wind for a pretty positive H2.

They summarise (extracts):

"Positive set of interims

Time Finance’s interim results show its strategy continuing to compound nicely: record lending book, revenues and profits, alongside improving credit quality. Own-book origination increased 48% YoY to £62.6m, supporting a 12% YoY rise in the lending book to a record £235m (18 consecutive quarters of growth) and a 10% YoY increase in PBT to £4.3m.

Encouragingly, growth has been achieved with lower risk, as secured lending rose 10pp to 87% of the book, and net arrears fell 0.8pp to 4.5%. Time has already achieved 51% of its FY26E PBT forecast by the halfway point, and trading momentum through December supports confidence in the full year being at least in line with expectations.

Trading on a FY27E basic P/E of just 6.9x and 0.8x tangible NAV, the shares continue to offer material re-rating potential as Time targets lending book growth to over £300m, higher PBT margins and mid-teen returns on equity by the end of the current three-year plan in May 2028."

"Operational highlights: The mix of the book continued to improve, with secured lending rising a significant 10pp to 87% of total balances. This supported further strengthening of credit quality metrics, with net arrears falling 0.8pp to 4.5% and net bad debt write-offs reducing 0.2pp to 1.0% of the lending book. Risk has been further managed through lending book diversification, as the largest sector is less than 12.5% of the book and the top ten sectors account for less than a third of the book. The Group continues to have over £90m of headroom in its lending facilities across both Asset and Invoice Finance, more than enough to meet the three-year target of £300m+."

Shore Capital retain their 100p fair value.

They haven't yet updated their forecasts, but anticipate that the upgrades will now bring at least 5.8c EPS for last year, with "strong growth in FY26F expected".

Plus of course there's 8p per share, or $9.4m, of net cash.

Brief extracts:

"Very positive trading update

MTI Wireless Edge (MTI), the technology group focused on comprehensive communication and radio frequency solutions across multiple sectors, has issued a short but very positive, in our view, trading update for FY25F. It expects to report very strong growth in adj. EBIT in FY25F (c.30% up on FY24A) which would equate to a figure closer to our FY27F forecast of c.US$5.8m on revenues of c.$51.5m, which is in line with our forecast and at the high end of the range of current market expectations. The increased profit will lead to adj .EPS for FY25F being significantly ahead of expectations at c.5.8c vs our 5.1c.

Similarly, after strong cash generation MTI expects net cash at the end of FY25F to be c.$9.4m, being significantly ahead of current market expectations and our top of the range forecast of $8.5m.

As flagged last week on the purchase of the outstanding minority in Australia, we believed that all three divisions are poised to deliver strong growth in FY26F. We are therefore encouraged by the comment from Moni Borovitz, CEO of MTI, that “2025 was a good year with all three divisions contributing strongly. The Defence sector being the key area of outperformance and this is likely to continue as Governments globally continue to commit to greater Defence spending.”

"we reaffirm our belief that each of the divisions has growth drivers with, in our view, Mottech potentially seeing stronger demand than we forecast for the longer term, as its software improves the efficiency of irrigation systems, while reducing the cost of their operation. On today’s news we expect to see continued good demand for the defence-related products and services of Summit/PSK. Finally, as demonstrated by December’s news of the AS9100D certification, the Antenna division is also likely to benefit from increased defence spending as well as the global rollout of 5G.

We are encouraged by the confidence expressed in today’s trading update that all three divisions continue to be well-placed to build on the better-than-expected results for FY25F.

Ahead of the FY25F final results, which are scheduled for early next month we maintain a 100p fair value on the basis of a DCF analysis. This is more than corroborated were MTI to achieve a peer group average of the FY25F EV/sales multiple of 2.6x and EV/EBITDA multiple of 12.4x."

Had a listen to REAT's recent Investor Meet presentation. Very informative - some highlights:

- "we believe we're hugely undervalued"

- "Q1 has started well", REAT are "back into growth mode"

- aim to achieve £5m+ FCF by the end of 2028

- 93% of revenues are recurring

- Fidelis is nearly 4 times the size of when purchased

- 24Hr Aquaflow is "a tremendous business" with cross-sell and margin uplift opportunities, and has launched a new Pump division

- Leverage is currently 1 times debt, and there's headroom for another acquisition, especially given the cash-generative nature of the businesses

- "material" overseas investors have bought in (I assume including ShapeQ Gmbh) after messaging on LinkedIn and presentations

- Project Sparkle now fully embedded and live, with further development likely

- REAT already use AI in sales, in their CRM system, in customer experience and in sentiment analysis

Didn't realise it'd been so long since I'd posted here. The 2025 year end update was incredibly disappointing given prior outlook statements. Perhaps the clue was that the buybacks stopped in late October.....

Fortunately the downside here is protected by the cash pile of over £2m against the £5.1m m/cap - part of the reason for investing in the first place.

It's good to see the CEO buying £42k's worth of shares over the last few weeks.

News of a contarct win:

Https://touchstar.co.uk/blog/van-blanc-select-fuelstar/

"MANCHESTER, UK – Van Blanc Transport LTD (VBT), a leading specialist in fuel distribution logistics, has announced a strategic investment in Touchstar’s ‘FuelStar’ Electronic Proof of Delivery (ePOD) solution. This partnership marks a full fleet rollout designed to replace legacy paper-based processes with a high-performance digital environment, ensuring VBT remains at the forefront of the bulk fuel sector.

etc"

Further news - good to see TST innovating with "the next evolution in employee time clocking":

Https://touchstar.co.uk/blog/employee-time-clock-evo-cico/

"Touchstar Launches Evo Cico, A Next-Generation Employee Clocking Solution For Modern Enterprises

16th February 2026 – UK

Touchstar, a leading UK provider of workforce mobility and time-and-attendance solutions, today announces the launch of Evo CiCo (Clock In Clock Out) a next-generation employee time clock engineered for fast-paced, high-demand operational environments.

Designed for organisations across warehousing, logistics, retail, healthcare, public sector and commercial, Evo CiCo delivers accurate, real-time attendance data in a modern, easy-to-deploy solution that integrates seamlessly into existing HR and payroll infrastructures."

"Smarter Attendance Management

As part of Touchstar’s fully integrated time and attendance ecosystem — spanning hardware, data management and mobile applications — Evo CiCo simplifies workforce tracking while delivering actionable insights.

The device integrates seamlessly with Touchstar’s Fastlane platform and third-party HR and payroll systems, enabling attendance data to flow automatically into downstream processes. This reduces administrative workload, minimises errors and accelerates payroll processing.

Executive Commentary

Lynden Jones, CEO at Touchstar, commented:

“Evo CiCo represents the next evolution in employee time clocking. It combines robust hardware, an intuitive user experience and seamless system integration to deliver real operational value — while giving our reseller partners a solution they can confidently take to market.”