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Hardly surprising to see the CEO buying another 25,000 shares at these bonkers prices (he now has 2.24m):

Https://uk.advfn.com/stock-market/london/shearwater-SWG/share-news/Shearwater-Group-PLC-Director-PDMR-Shareholding/89222051

for SUR to provide solar power installations for the UK MOD:

Https://uk.advfn.com/stock-market/london/sureserve-SUR/share-news/Sureserve-Group-PLC-GBP5-4m-Contract-Completion/89222078

Good to see the newly acquired CorEnergy coming to the fore too. Hopefully there's more to come with a continued roll out of Solar PV as indicated by the MOD here:

"Brigadier Richard Brown, Ministry of Defence, commented:

"The Army is committed to the roll out of Solar PV across the estate to reduce energy bills and support its sustainability strategy. This successful procurement of Solar PV is an important part of our investment in sustainable initiatives that will help to achieve our ambition to be carbon net zero by 2050."

There's also a new three year contract win for Everwarm:

Https://www.scottishhousingnews.com/articles/maryhill-housing-awards-reactive-repairs-contract-to-everwarm-limited

this morning in the form of a distribution agreement with Brenntag SE - a "global market leader in chemical and ingredients distribution".

This may be an RNSNON since the value of the agreement is of course unquantifiable at present, but Brenntag has "over 2,000 HI&I customers in the United States, Canada, and Mexico".

Brenntag SA had around 14.4 billion euros turnover in 2021. This is a huge company:

Https://www.brenntag.com/en-bd/media/news/brenntag-achieved-record-results-in-financial-year-2021-which-was-characterized-by-exceptional-market-conditions.html

"Jeff Carey, Vice President, HI&I, Americas for Brenntag, commented:

"Our customers are looking for safer and more sustainable ingredients for their cleaning products. We are excited to work with Itaconix to increase the solutions we have available for our customers to improve sustainability without compromising on product performance."

The Q3 trading update has been on 13th October for each of the last two years, so not long to go.

Q3 is generally seasonally slower, but given this from the interims less than two months ago the year on year comparison should be pretty decent. CAPD's valuation looks extremely cheap imho:

"the tender pipeline remains buoyant across drilling, mining and laboratories and as a result of this strong demand, we are raising our revenue guidance for 2022 to $280-290 million".

Finncap's new 13 page note raises their target price to 120p (from 100p).

They also see 306p as a target price based on a reasonable P/E of 15 once a £150m revenue footprint is established.

In summary (extracts):

"Fund raise for the profitable growth phase SCE is raising £16m through a placing (and up to a further £3m through open offer) to fund substantial expansion and additional working capital. This will enable the Group to grow to £75m revenue capacity in the near term, commence the build and equipping of a new factory and then (with internally generated free cash flow) scale to £150m revenue capacity and beyond.

With a contracted order book of £190m and a prospective pipeline of £400m, this is clearly the time to seize the opportunity. The expansion to £75m revenue capacity will enable SCE to generate EBIT of £24m and Net Profit of £19m. An untaxing multiple of 15x earnings values the business at 120p/share, hence our increase in target price."

"- Current trading and commercial pipeline: At the recent interim results, SCE revealed that not only did it have a contracted order book of £190m, but that it also had a Prospective Contract Pipeline (PCP) of £400m. This staggering opportunity is even more exciting when one considers that this PCP is largely with existing customers and would be ‘carry over’ projects, suggesting the product engineering sign-off has already been done. As a result, it is time for SCE to look to the future with confidence and substantially build out capacity to meet this highly probable future demand.

- Financial implications: The expansion to £75m revenue capacity will enable SCE to generate EBIT of £24m and Net Profit of £19m. The expansion to £150m revenue capacity will enable SCE to generate EBIT of £61m and Net Profit of £49m. We are not changing our operational forecasts, but now account for the fund raise, Capex phasing and the additional number of shares.

- Increasing target price to 120p/share: Upside from expanding the business is substantial. Assuming a ‘full factory’ revenue of £75m increases our DCF to 120p/share, and this drives our new share price target. This also equates to c.12x full factory EV/EBIT and 15x full factory earnings, which seems reasonable in our view. As the business becomes profitable, we can look at more mainstream valuation multiples to value the business. An untaxing multiple of 15x earnings would value the business at over 300p/share at £150m revenue capacity. The future opportunity is clear."

Good to see VLE confident enough to buy back another almst £25,000's worth of shares at 990p:

Https://uk.advfn.com/stock-market/london/volvere-VLE/share-news/Volvere-PLC-Transaction-in-Own-Shares/89207983

Bullish commentary today from Shore Capital, who have a 900p target price.

Plus the hint of another acquisition to come - hardly surprising given the large cash pile:

Https://citywire.com/funds-insider/news/expert-view-natwest-british-american-tobacco-and-accesso/a2398831#i=4

"Accesso: Still worth joining the queue, says Shore Capital

Accesso Technology Group (ACSO) has momentum behind it and margins are climbing, says Shore Capital.

Analyst Katie Cousins maintained her ‘buy’ recommendation and set a rough ‘fair value’ target price of £9 on the stock, which closed up 3% at 558p on Monday.

Friday’s interim results ‘highlighted strong double-digit growth along with improved profitability within the period’.

‘Operational momentum was clear with several contract renewals being announced and we were pleased to hear that, so far, the group has not observed a negative movement in its marketplace,’ said Cousins.

A specialist in virtual queuing systems, Cousins highlighted an opportunity for the business to target ski resorts and cross-selling the product set. She raised revenue estimates and said there was ‘scope’ for further increases, depending on how costly the integration of the latest acquisition is, but pre-tax profit margins should return to 20% by 2025."

Great new article about TST's fast-growing fuel distribution software business. A few rather interesting snippets:

Https://www.touchstar.co.uk/files/mydocs/FuelOilNewsSeptember2022_TS.pdf

"We’ve been ballistically busy with projects for the first half of the year. As companies have emerged from the covid crisis, they’ve decided they’re now ready to look at the things they put on the shelf. As a result, we’ve been signing up new customers such as BATA, Par Petroleum and Alan Stobart (part of WCF group), and Rix has also committed to a big upgrade project with us."

"What are the key areas of focus for TouchStar at present?
There are two big areas at the moment. The first is completing android migrations for our current customers, and this is moving at pace. The second is expanding our customer base to Europe, the States and South Africa."

"We also have another burgeoning partnership with Leighton O’Brien, a wet stock management company, which is based in Australia but also covers the whole of the
Asia Pacific region and the States. They’re very excited about what we do as all their retail customers in the States use paper-based systems with very little visibility, mostly via third party logistics companies."

"How was the UKIFDA EXPO for you?
Absolutely fantastic. The best exhibition we’ve been to in 25 years! Our feet didn’t touch the floor. We had four people on the stand and every time we turned around there was someone new to talk to, whether that was a customer or a prospect...and deals have moved along significantly as a result of it."

Today's year end update confirms RNWH have traded slightly ahead of expectations - and RNWH now have a £9m cash pile to spend, also ahead of expectations.

The order book and outlook are "strong" and core markets are trading well.

The £54m+ operating profit should therefore equate to around 55p historic EPS, so the current year P/E is barely in double figures, especially stripping out the cash pile - which could be used for quite a meaty acquisition.

Excellent:

Https://uk.advfn.com/stock-market/london/renew-RNWH/share-news/Renew-Holdings-PLC-Year-End-Trading-Update/89194693

In case anyone missed Friday's late RNS, VLE have a new major shareholder - Crucible Clarity Fund Plc now have just over 3% with almost 75,000 shares:

Https://uk.advfn.com/stock-market/london/volvere-VLE/share-news/Volvere-PLC-Holdings-in-Company/89191468

They've gone over 3% as a result of the recent buybacks.

Here they are:

Https://www.iomfsa.im/registers/collective-investment-schemes/crucible-clarity-fund-plc/

Great to see KAPE getting some attention - here's a direct link:

Https://www.thetimes.co.uk/article/share-tip-investors-may-fly-with-this-kape-h83w7hfrb

Great to see SCE on a firm financial footing for the huge expansion in capacity which is coming.

The placing price was somewhat disappointing, but in the long-term scheme of things a few pence on a £16m fundraise is neither here nor there.

The good news is I've now been able to transfer a decent number of SCE shares into my family's ISAs from our Investment accounts at under 40p as our annual contributions, i.e at slightly below the placing price (including 50k at 39.19p) and at what I consider to be terrific value going forwards.

Continued:

"All of these are in USD, and with the current GBP weakness, this mid-case valuation works out to be about £1.93/share for a 128% upside to fair value.

My downside valuation, implying that the various parts should trade at a discount to industry averages, gives a fair value of £1.24/share for a 46% upside.

If you believe that the business should trade at a premium to peers, (an argument that I have some sympathy for, given their pursuit of long-term contracts rather than high spot rates), then I get an upside valuation of £2.76/share for a 226% upside.

I've always thought that Capital was a good place to be invested because of the quality of management and where we are in the cycle, but that the returns would be good but not stellar. They would just be a lot more certain than other places to put your money, and this justified a reasonable holding. Of course, returns in a spreadsheet are not the same as an actual share price, and the areas of operation make the company higher on the risk spectrum than average. However, I am increasingly seeing that this could be a multi-bagger with a fair wind, not just a solid but unexceptional return."

Mark Simpson, a long-term investor in and (it's fair to say imo) expert on CAPD has just sent out his latest Small Caps Live weekly market round-up. Hope he doesn't mind me linking to his updated valuation of CAPD as follows:

Https://smallcapslife.substack.com/p/small-caps-live-weekly-summary-9ea?utm_source=post-email-title&publication_id=302785&post_id=75035111&isFreemail=true&utm_medium=email

"Capital Limited (CAPD.L)

We don’t normally comment on stocks without specific major news. However, with Capital there has been a number of small changes that have potentially added up to a big change in valuation. These are a new contract with B2Gold, a placing at Firefinch, but perhaps most importantly, a weakness in the pound. This still provides a tail wind even though the current spot rate has bounced strongly back to 1.12 on Friday.

On discord, Mark has tried to make sense of this with an updated valuation model. As usual, he calculates a mid-case valuation but also presents a low and high case for those who are particularly pessimistic or optimistic on how Capital should be valued versus its listed peers:

First up is the investment portfolio. Lots of moving parts, but I have updated holdings where we know about them and also marked Firefinch to the AUD6c placing price vs 20c suspension price. I reckon listed and unlisted are worth about $44m at the moment, and I take a 10% discount to reflect illiquidity, giving a $40m valuation.

MSALABS I value on a revenue multiple. The growth rate will be slowing from the 100% pa historical rate, plus market valuations have come in for growth stocks. So I reduce my revenue multiple to 4x. However, the TTM revenue is now around $21m making a $64m valuation for CAPD's c77% stake.

For Capital Mining & Capital Drilling, I used EBITDA multiples of 3.7 & 4.1, respectively, which is the competitor mean from the 22H1 results presentation. Splitting the admin costs pro-rata between the businesses and ignoring MSALABS (which is conservative since at least some of the admin costs will be due to this growing business), I get around $16m EBITDA for mining & $70m for drilling based on my estimates.

This gives a $59m valuation for mining and $288m for drilling.

Year-end debt will be higher due to purchasing the 10 rigs from Perenti. I am estimating this at $42m net debt since the guidance was for this to come down a bit from the $36m at H1, prior to this deal."

Wow - 80,000 shares bought back at 881p in one fell swoop. Nice, and just shows the confidence VLE's management have that there's a substantial gap to the true NAV as outlined previously:

Https://uk.advfn.com/stock-market/london/volvere-VLE/share-news/Volvere-PLC-Transaction-in-Own-Shares/89186879

H1 results show £20.4m cash, plus £2m of newly revalued Indulgence properties.

Shire performed pretty well in the circumstances, with a steady £0.6m PBT in the much seasonally weaker H1. I note too that its energy costs are fixed for the long-term.

Indulgence has been a disaster - VLE's first. With manufacturing now closed altogether for the moment to run down stocks, and retail supplies now terminated, it seems possible that the whole shebang may be closed or sold. The only consolation is the potential sale in that eventuality of those nicely revalued properties.

The £23m m/cap is backed up by cash and properties, and Shire is still doing fine (and has apparently pushed through price rises to soak up extra costs).

Indulgence is essentially written off in the share price anyway, but hopefully will be shuttered as too much of a distraction. Meanwhile more acquisitions are likely at some point, but VLE will be cautious as ever....

The share price fell initially yesterday, but it was good to see decent buying coming in and the price recovering to be unchanged on the day as value investors took advantage of the still large discount to true value here.

Good to see Singer appointed this week as joint brokers. Looks like someone had a desperate need to sell the other day to raise a bit of cash in these markets - and ETP has a particularly small free float so the impact was ridiculously overdone. Nice recovery later, but still easily on a single-digit P/E.

Particularly as just 3 days ago Cenergist won a place as one of 13 suppliers on a £100m framework for Carbon and Energy Infrastructure Upgrade Services, running through to 2028:

Https://bidstats.uk/tenders/2022/W39/783548581

Indeed Kirkyrip. Kestrel have bought another 75k shares, and are now up to 21.88%:

Https://uk.advfn.com/stock-market/london/centralnic-CNIC/share-news/CentralNic-Group-PLC-Directors-Dealings/89171626

CNIC were also featured on Master Investor:

Https://masterinvestor.co.uk/equities/small-cap-catch-up-featuring-centralnic-marlowe-gleeson-and-more/

"CentralNic Group (LON:CNIC) – a staggering 72% CAGR in revenue over five years

Over the last five years this group has registered a compound annual growth rate of 72% in its revenues – that puts it into the top list of Europe’s fastest-growing technology companies.

As it widens its service offering, the group this week announced the small $19m acquisition of M.A. Aporia, which is a social media and native advertising technology company.

Analysts Richard Williamson and Dan Ridsdale at Edison Investment have pencilled in estimated 2022 end December revenues of $642.3m ($410.5m), while pre-tax profits could almost double to $58.7m ($31.9m), with earnings lifting from 11.8c to 17.3c per share.

For the coming year they see $736.4m sales, $70.7m profits and 18.9c per share in earnings.

I look forward to seeing the group announce its Q3 Trading Update on 19 October.

In the meantime, I note the Zeus Capital discounted cash flow valuation on the company at 221p a share.

They closed last night at only 123.25p, which still shouts out to me as being incredible value for such a ‘money machine’ that delivers growth, earnings outperformance and accretive acquisitions as it continues to build up its corporate base."

Good to see a third director buying shares in the last couple of weeks or so - at £20,000's worth I assume she's filled her ISA up with RNWH shares.

And this on the day before the year end! Has to be a pretty useful indicator of current trading:

Https://www.investegate.co.uk/renew-holdings-plc--rnwh-/rns/director-pdmr-shareholding/202209291624412239B/

Good to see MWE buying another 100,000 shares back at 48.72p:

Https://uk.advfn.com/stock-market/london/mti-wireless-edge-MWE/share-news/MTI-Wireless-Edge-Limited-Transaction-in-own-share/89183031

In 2021 MWE noted that "profit growth was limited" due to the strength of the Israeli Shekel versus the US Dollar. In 2022 that has reversed and more, with the shekel dropping from 0.32 to 0.28. Which should therefore be good news for MWE.

And of course as MWE report and pay dividends in dollars, both are looking good for UK shareholders at current pound/dollar rates.