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Very encouraging chart/info for the sector in this new tweet from CAPD:

Https://twitter.com/_CapitalLimited/status/1624947208159387650

"Capital Limited
@_CapitalLimited

S&P Global’s Jan drilling report showed a strong start to 2023, with a number of record highs, including no. distinct drill holes reached 8,678, highest since records began in 2014, total projects a 4-month high & no. projects increasing m-o-m across all development stages. #CAPD"

This time as part of a £35 million contract for Everwarm with Leicestershire County Council - the second that Everwarm have had with the same council - for domestic retrofit of "energy efficiency and renewable energy installations to social rented, private rented and owner occupied properties across the county".

And more long-term revenue visibility through to 2026:

Https://bidstats.uk/tenders/2023/W06/792527130

The new major shareholder list is rather impressive for an £11.8m m/cap company - these six now own almost 50% of REAT:

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 47,000,000 4.44
Miton UK MicroCap Trust PLC 38,981,127 3.69

Great to see a stock market legend like Christopher Mills increasing his stake in little ol' REAT - Harwood Capital now own 47m shares in REAT, or 4.4%.

New French distribution agreement:

Https://www.electronicsweekly.com/news/business/pulsiv-signs-cats-2023-02/

ADF made £5.3m EBITDA in the last H2. Annualised and assuming this continues, with no organic growth at all, that's £10.6m EBITDA for this year. Then add in a full year of the Location One acquisition which made £2.08m prior to acquisition, again not allowing any organic growth at all, and you get to almost £12.7m for 2023.

That's well above Cenkos' forecast £12.3m for this year, with no organic growth at all in either ADF or Location One revenues despite the increased fleets, and allows some leeway for a return for a while to shorter productions at lower margins.

This also ignores the potential for growth from cross-selling and synergies with Location One.

Given the high order books, and visibility of continued longer-term contracts at higher margins, one would therefore hope that the forecast 6.3p EPS is entirely realistic and can perhaps be beaten.

Zeus have upgraded FY23 revenues by 4.8% to £17.3m and adj. EBITDA by 17.2% to £1.7m. And I would assume they're being conservative in order to upgrade again after the end of March year end trading update.

Zeus conclude in today's research note:

"Valuation: Based on Zeus forecasts, Altitude trades on an EV/Sales multiple of 1.3x FY23, compared to an average FY1 EV/Sales of 2.0x for our broad set of UK small-cap software and services peers. Applying this average EV/Sales multiple to FY23 gives Altitude a valuation of 49.8p per share. Our DCF analysis provides a 52.0p per share valuation estimate and our discounted medium-term valuation estimate increases from 52.6p to 53.6p due to the unwind of discount. Our average estimate is now 51.8p, 54.6% upside to last night’s closing price."

They summarise today's update:

"Upgrading again

Altitude has released another positive trading update where results for the year to
31 March 2023 are anticipated to be materially ahead of current market expectations (revenue: £16.5m, adj. EBITDA: £1.5m). The Group has continued to expand its Services and Merchanting programmes, showing good underlying momentum, and has benefitted from a strong US dollar leading to greater earnings in GBP terms. As a result, Zeus upgrade FY23 revenue by 4.8% to £17.3m and adj.EBITDA by 17.2% to £1.7m. The US promotional product space remains strong, which is helpful, but Altitude continues to materially outperform the market. With its investment in Merchanting to date, a strong pipeline of opportunities, and expanded banking facilities, we believe the Group is well placed to maintain revenue growth momentum. Operational gearing should provide substantial drop through to earnings, as evidenced by today’s c. 36% increase to FY23 adj. EPS."

Investors' Champion call the offer "derisory"......more developments to come here imo:

Https://www.investorschampion.com/channel/blog/unkind-offers-accounting-fudge

"Kape shareholders receive another derisory offer.

Shareholders in Kape Technologies (AIM:KAPE), the digital security software provider, are pondering over another derisory offer from the company’s main shareholder Unikmind Holdings.

Isle of Man incorporated Unikmind, which is wholly-owned by Teddy Sagi, controls approximately 54.8% of shares.

The current offer price of 285p per share is a modest 11% premium to the share price last week and only 7.5% up on the share price back in September 2022 when it raised $222m in support of acquisitions.

Perhaps Unikmind should change its name to Unkind!"

WH Ireland's update this morning retains their forecasts and 9.5p fair value target price.

There's some interesting commentary on cashews which augurs well:

"The high quality of DKL’s cashews raises the possibility of sales prices at a premium to our conservatively framed assumptions. Reports of lower raw cashew nut (“RCN”) prices, a key input cost, offer further potential upside."

They conclude:

"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

On modest single digit forward multiples, and with good momentum and the prospect of cash generation, we retain our broadly based (DCF and relatives) 9.5p fair value assessment (see our initiation note : DKL Note)"

Always love to see that phrase - "materially ahead of current market expectations"....

And the outlook is as positive as can be:

""Following a number of positive market updates earlier in the year, we are delighted with this continued progress and are expecting to achieve record year-end results. In addition to our improved trading so far this year, we have invested in growing market share and have a reassuringly strong pipeline of opportunities. We look forward to updating the market further in the forthcoming months and to the next financial year with great enthusiasm."

Congrats to the Board (and to shareholders!):

https://uk.advfn.com/stock-market/london/altitude-ALT/share-news/Altitude-Group-PLC-Trading-Update/90226022

Once again the monthly update is mixed.

CPO has seen record pricing and extraction rates - with FFB volumes and CPO sales well down. FFB volumes are expected to improve this month (despite a slow start).

Cashew sales have increased "materially" - with a backlog due to waiting for final "peeling", and with "smooth" production promised soon.

Eventually there surely has to be a month where everything coincides and both CPO and cashews are running smoothly!

IMO the current share price is far too low in respect of healthy conditions for both CPO and cashews, but we won't see material share price progress until DKL start delivering better/consistent monthly updates.

Excellent news.....ADF have delivered a very good H2, and 2022 results are therefore nicely in line with expectations of 4.6p EPS.

The £7.9m EBITDA is actually slightly ahead of expectations (£7.8m).

Most importantly, the outlook is very confident and supports the 6.3p EPS forecast for this year.

In which case the current 54.5p share price appears to offer extremely good value:

"The Group is currently taking orders for Q4 FY23, and looking ahead the order book remains strong with increasing revenue visibility.

With a healthy sales pipeline, growing network of contacts, and positive market backdrop, the Board is confident that the Group's progress over the last year is set to continue in the coming year."

And the CEO is equally bullish:

"The prospects for ADF are increasingly positive and we have entered FY23 in a very strong position with considerable momentum across the business. We have a growing addressable market, an expanding network of contacts, an enhanced offering and a high-quality business model driving growth in Group revenue. These factors, coupled with a strong order book, underpin the Board's confidence in the long-term success of ADF."

Good to see TST winning sizeable business in the CCTV sector, both hardware and software - over 1000 fixed and mobile CCTV cameras in total at 135 locations, installed over a 6 month period:

Https://www.touchstar.co.uk/blog/reed-assessment

I've been buying in to this £3.9m m/cap tiddler recently at around/just above the 3.5p bid price.

It seems to me that the revamped management team are doing the right things and finally getting this company back on track.

There's a long and thorough new Buy note out from Cenkos with a 5.3p price target.

A big plus point for me is that CMH fixed their energy costs for 5 years back in March'20. This gives them a huge advantage over the few sector competitors.

Additional points to note in brief:

- the UK onshoring trend has begun in earnest and will benefit CMH
- RDC heavy castings are achieving record revenues at £1m per month
- the new cookware and fitness brands could make a material difference
- CHC light castings has expanded capacity and will soon return to profit
- CHC has diversified into construction, power generation and radiator markets
- Petrel industrial lighting also looks in good health
- CMH are already benefiting from investments to supply the renewables market
- as global chip shortages ease then car manufacturing should steadily improve

There is of ocurse net debt, but this is now forecast to have stabilised.

With all the director buying at successively lower prices I'm betting these are the lows before the figures start to reflect the turnaround and further contracts are won.

There are still a few shares available at 3.5p and just above, but less than before as presumably flippers from the recent small 3.3p placing disappear.

So Unikmind are acquiring KAPE for 285p. Hmmm.

Can't blame them for taking advantage of the current price. The UK markets are fast asleep. If the City isn't ready to value companies like KAPE appropriately then why on earth shouldn't Unikmind reap the rewards themselves.

The initial offer was 265p! So the directors squeezed out another 20p for us....

KAPE is worth far more, but given the lack of traction on the market I'd do the same in Unikmind's place. Of course that's the danger of investing in companies with a dominant shareholder.

It's been a highly successful ride for me from 66p or so, but could and should have been so much more.

Here's a link to the full 20 page Alpha stock research report on ETP:

Https://pdfs.investorschronicle.co.uk/Simon_IC_Alpha_677388_Feb2023.pdf

SCE are one of this guy's three "hottest growth shares for the next decade". I hope his analysis is a little more sophisticated than the brief summary here! But it's good to see little 'ol SCE highlighted:

Https://www.fool.co.uk/2023/02/08/3-penny-stocks-id-buy-today-and-hold-for-10-years/

Looking good - potentially lots more to come given the low P/E.

LaddersFree's results are interesting before and after their acquisition in May'22.

For the year to Nov'21 they made £3m revenues.

For the year to Sept'22 they made £4.04m revenues and £1.08m net profit.

For the 4.5 months post-acquisition to Sept'22 they made £1.629m revenues and £0.585m net profit. If you annualise this that represents £4.35m revenues and £1.56m net profit.

Which is a rather impressive rate of growth.

A new interview with the rather buoyant CFO of SUR "at the forefront of the energy transition":

Https://www.proactiveinvestors.co.uk/companies/news/1004740/sureserve-group-to-be-at-the-forefront-of-the-energy-transition-1004740.html