Member Info for rivaldo

The spread has widened somewhat, but it's good to see the first buy today at 2,590p being almost the full new 2,600p offer price.

Lots of chatter around the New Year that consumers are spending more money on meals in and at home rather than going to restaurants, which should benefit Shire Foods.

Another 30k bought back yesterday @ 63p. Good to see - that's 58k bought back now. The maximum buyback is for almost 485,000 shares, so there's still some way to go:

Https://uk.advfn.com/stock-market/london/aeorema-communications-AEO/share-news/Aeorema-Communications-Plc-Transaction-in-Own-Shares/97664056

Cavendish have reiterated their 150p target price and 7.3p EPS forecast for this year (up from 6.4p EPS forecast for 2025 per the ahead of expectations trading update).

They summarise (extracts):

"The Bison keeps charging forward

Brave Bison has delivered stronger than expected trading in FY25E, driven by continued momentum in its Performance marketing division and a standout 4Q25E in Sport & Entertainment, where the US Open and Alofoke YouTube channels capitalised on long-term platform engagement trends.

FY25E net revenue of £33.5m and adj. EBITDA of £6.5m both came in 6% ahead of expectations, while year-end net cash of £4.3m versus prior expectations for net debt represents a material positive surprise. While some of this cash balance will unwind in 1H26E, the strong balance sheet will expedite repayment of bank debt before the end of FY26E and give the company more firepower for further acquisitions.

It is too early in the year to upgrade FY26E revenue despite the momentum going into the year, but we are confident of upside potential to current forecasts. The company highlights a robust pipeline for acquisitions and we note the reminder that revenues and profits will be structurally weighted towards the second half from now on, due to the MiniMBA course schedule. We believe Brave Bison continues to look highly compelling, trading on a basic adj. P/E of 9.5x versus peers on 14.9x."

"Outlook:

The strengthened balance sheet allows the Group to target full repayment of bank debt before the end of FY26E, ahead of previous expectations. Cash flow generated in excess of repayments will be deployed in line with the stated capital allocation policy, prioritising bolt-on acquisitions alongside returns to shareholders. Management highlights a robust acquisition pipeline with bolt-ons expected to be internally funded and providing further EPS accretion. Revenue and profit are now more structurally weighted towards the second half, closer to a c.35/65% 1H/2H split versus c.45/55% historically, reflecting the scheduling of MiniMBA courses running April to July and September to December.

— Valuation:

In our view, Brave Bison looks highly compelling trading on a basic adj. P/E of 9.5x versus peers on 14.9x. This is despite FY26E revenue growth of 34%, versus peers on 6%."

Here's Panmure Liberum's summary from their latest note FYI (brief extracts):

"Q4 revenue increased 9.2% yoy and FY 25 revenue was largely flat, with strength in Drilling and MSALABS offset by the expected impact of the transition of contracts in Mining, which are now ramping up. We maintain our FY 25 and FY 26 estimates, with progress expected in all of the divisions.

We remain positive about the outlook for capex in Copper and Gold. Looking at the four divisions: 1) Drilling is growing modestly, with limited investment in the year; 2) At Mining, Reko Diq continues to ramp-up; 3) MSALABS has delivered record quarterly revenue and is profitable; and 4) Investments recorded $26.1m of investment gains. Maintain BUY and increase TP from 212p to 220p to reflect the higher value of investments, but that can be increased further as there is evidence that Capital is achieving more than its cost of capital on its additional invesments."

"Maintain BUY and increase TP from 212p to 220p to reflect the higher value of investments, but that can be increased further as there is evidence that Capital is achieving more than its cost of capital on its additional investments."

"We argue for a premium rating due to 1) the significant recovery potential; 2) the concealed value in the investments business; and 3) the higher rating typically attributed to the laboratory testing business. If, as seems likely to us, Capital shows that it can deliver attractive returns on its new investments ahead of its cost of capital, then that would be a case for a higher target price. We update our SOTP to reflect the $25.6m of investment gains in Q4 25m increasing our TP from 212p to 220p."

SDI are one of Techinvest's New Year main tips for 2026 as follows in their most recent issue FYI:

Https://www.techinvest.co.uk/

"SDI Group (SDI; 79p) is a buy-and-build industrial technology group specialising in the design, manufacturing and development of specialist lab equipment, industrial and scientific sensors, and related products. With operations across 17 businesses in 19 global locations, the group’s growth strategy combines organic expansion with earnings-enhancing acquisitions that add scale, product breadth

and geographic diversification. This approach has delivered consistent revenue and profit growth over the medium term and aims to create compounded value over time.

Interim results for the six months ended October 31 showed a 10% increase in revenue, alongside improved gross margins and higher operating profit. With a diversified revenue base and access to committed financing to support future

acquisitions, the group looks well-placed to maintain its record of low double-digit revenue growth. A current year PEG ratio of 0.6 and price-to-sales of 1.2 also point to the value on offer."

The 50,000 share trade at 14p just reported late from 9.25 is undoubtedly another Buy.

Thanks D-Geeman - that still leaves all the other Buys!

Zeus Capital have updated following the RNS as follows (extracts):

"Big Technologies has announced it has reached a settlement agreement regarding the litigation brought from a group of former Buddi shareholders. A cash amount of £38.5m will be paid to the claimants, broadly in line with the £35.0m provided for at the H1 2025 results and within the £15m-£55m communicated range.

After deducting the phased payments, we forecast closing FY26 net cash (ex. leases) of £77.5m, which is a very strong balance sheet, in our view. There is also potential, albeit contingent, for cash to increase as the Group seeks to recover damages incurred through the litigation against Sara Murray, as detailed in a 12 September 2025 announcement.

With the uncertainty regarding the size of the liability of the Buddi claim resolved and downside risk reduced, we believe shares are materially undervalued at FY26 multiples of 7.0x EV/EBITDA and 9.4x ex-cash P/E."

"Recent progress:

On 8 December the Group announced several new business wins that are expected to commence revenue recognition in FY26, helping to underpin our forecasts of 5.8% revenue growth and 8.1% adjusted EPS growth. The Group also announced two developments that expand its reach in the US and further open up the significant market opportunity there. This success has been achieved despite the Group dealing with significant ongoing litigation."

Five small-ish buys within the last few minutes from nowhere, and a tick up. Intriguing - tipped perhaps?

Excellent stuff - the share price should continue to progress nicely from here.

Huzzah! AEO have at last started the buyback programme, a mere 9 months after it was put in place....

Given the illiquidity it's impressive they've even found the 28,000 shares bought back so far.

With this plus a little director buying after the last excellent trading update the smoke signals are certainly promising.

It was interesting that that trading update for the period to 31st December was issued early, on 18th November, and included figures which would be "no less than". Might we get a further update which improves on those figures?

The upside here could be very interesting - certainly back to 90p-100p at least - if trading continues as it has done and given the large cash pile.

For the record Canaccord reiterated their Buy and 325p price target, and summarised as follows FYI:

"2025 sales ahead of $10mn

Canaccord Genuity view

Strong customer momentum

Itaconix has this morning announced $10.3mn in sales (CGe $9.6mn) for FY25 as part of its scheduled trading update, the first time sales have exceeded $10mn. This means 2H is the third consecutive record half year in revenue, with revenue overall up 47% y/y in 2H and 58% y/y for 2025 as a whole. There are no other material updates to expectations in the release and we continue to expect the group to move to breakeven EBITDA in the second half of this year.

The source of the beat is good sales momentum across Itaconix's business, including new and existing customers in all segments and geographies. We are revising our sales forecast for 25E to match the new guidance but making no other material changes. We continue to highlight that Itaconix is delivering robust revenue growth and gross margin, and moving rapidly towards EBITDA and cash flow breakeven. We remain BUYers with an unchanged target of 325p.

Valuation: 325p target and BUY unchanged

We continue to base our target on two arguments: the multiples applicable to Itaconix's high-growth, differentiated business, and those applicable to mid-cap UK chemicals companies. At our 325p target the business would have an MV of $57mn/£44mn, which would be around 4.1/3.5x 2026/7E EV/sales."

GFRD's trading statement today notes that:

"The significantly enlarged AMP8 water framework programmes are progressing in line with expectations"

Which is good news for RNWH too.

In last week's research note Canaccord summarised as follows FYI, raising their forecasts to 2.8c EPS for last year and 3.7c EPS for this year :

"2H25 volumes top end of expectations

Canaccord Genuity view

2H volumes up 23% y/y, revenue & EBITDA beat

Iofina has this morning reported strong 4Q 2025 production volume at 222 tons (CGe 184 tons), up 14% y/y, bringing overall 2H volumes to 438 tons, up 23% y/y, and 2025 to 743 tons, up 17% y/y. This is the upper end of the last updated guidance of 400-440 tons. Thanks also to a strong 4Q sales cycle, the impact on financials is for 2025 revenue above $65mn (CGe $63mn), EBITDA above $11mn (CGe $10.5mn) and net cash $5.2mn (CGe $1.6mn, pre IFRS16.) We are updating forecasts accordingly. The underlying iodine market remains robust, with prices continuing above $70/kg, and guidance continues to be for similar conditions to continue through 2026. There is no change to existing expectations for the next, larger IOSorb plant, in the new basin in the Permian, to start up in 2H 2026. We are making a number of minor changes to forecasts following the release: overall we see better free cash flow and largely similar EBITDA over the next two years.

We continue to highlight Iofina's track record of three expansions over the past three years and eight consecutive years of positive free cash flow. We remain BUYers with an unchanged target of 45p.

Robust iodine fundamentals

We continue to see strong demand in the iodine market, with the result that prices are stable in the low $70s. Industry leader SQM (NYSE:SQM | Not Rated) continues to guide for strong pricing through this year, largely driven by demand for iodine in x-ray contrast media, as well as other applications; we also note the potential for breakthrough demand in automotive AC refrigerant. There is some incremental supply, but (to our knowledge) none is able to match Iofina's cost profile.

Compelling economics

Iofina's last three plant expansions have cost an average of $45/kg annual production capacity; each has taken less than a year to complete. We currently estimate Iofina's iodine extraction profitability, after royalties, in the low $20s/kg. This is a compelling payback, particularly as Iofina continues to work on reducing its capital cost. We see the potential for a further acceleration in Iofina's production capacity over the next few years.

Valuation: retain BUY and 45p target

We base our price target primarily on multiples, buttressed by a NAV-based sum-of-parts. We note that iodine markets remain under-supplied and we believe industry bellwether SQM has an operating and capital cost higher than Iofina. At our target price, which we upgraded in December, the stock would trade at 8.0x/7.5x 2026E/27E EV/EBITDA, which we regard as undemanding given both expected growth and the potential for that to accelerate further."

Panmure Liberum have raised their target price to 220p (from 214p) after today's update.

They also note that this "can be increased further as there is evidence that Capital is achieving more than its cost of capital on its additional invesmentss".

That's a big increase by Octopus Investments to 20.71% with 4.9m shares - they've bought another 424,000 shares.

To do so just before the results - which we already know will be good per the trading statement - is a further sign of confidence:

Https://uk.advfn.com/stock-market/london/react-REAT/share-news/React-Group-PLC-Holdings-in-Company/97642316

car are one of ****ney rebel's seven picks for 2026 as noted below - here's what he had to say fyi:

"carclo has been transforming from a ‘punch out plastics’ business to a specialist technical plastics solutions provider under a new board led by dutchman frank doorenbosch, the plastics answer to denis bergkamp. where they may have knocked out fairly simple plastic components in the past, now they design and make very technical and expensive plastic products like epipen auto injectors. after joining the co as a non exec under the previous ceo, he took the helm 3 years ago and has transformed the business from a highly indebted cheapo plastics manufacture to a new, lean, mean solutions provider today.

in doing so, the shares 10 bagged in 18 months but has since had a pull back after results. the exchange rate has temporarily affected the numbers with the fall in the $, but this has already started to reverse. forecasts were reduced to allow for the currency. a large pension deficit is now able to be funded comfortably with agreed payments of £3.5m a years but as earnings grow, that has become less of a bunion and more of a pimple. doorenbosh has constantly set a target of 10% return on sales and 25% roce and both were hit at the interims 10.1% and 28.8% respectively. the ceo and cfo have been buying shares recently.

having pulled back from the 84p high in october, the current fwd pe is 7.5 for a transformed business – too cheap in my view. having 10 bagged in 18 months there are a lot of investors banking profits and traders jumping ship at the moment but i suspect, once into the new year and the april trading update, the buyers will be back in in force, where traders panicked and over-sold and long term investor take advantage. carclo has exited non scalable operations in the us. they have a lot of self help they can still do to improve performance. tariffs from the us are not an issue, carclo now manufacture where they sell. automation, and a focus on higher margins is the name of the game today. after closing one factory in the us they now manufacture there from pennsylvania only, saving that entire factory cost. a big part of the business is now rapid medical diagnostic systems and they have developed proprietary technologies for a range of technical components for greater accuracy of diagnostic devices and sustainable solutions.

a business that is changing rapidly for the better but still to be recognised fully in my opinion."

The Q4 trading update is nicely solid overall, particularly at MSA Labs where revenues rose almost 40%.

Which has resulted in "full-year revenue at the upper end of our revised and raised guidance for both the Group and MSALABS".

The investment portfolio is confirmed as being worth a terrific $97.5m - 30% of the entire m/cap.

The main excitement is in looking forward to guidance for this year, with:

- "high level of tendering activity"

- " record commodity prices and increased capital markets activity"

- three new drilling contract wins in Nevada, Gabon and the IC

- Reko Diq "ramping up well"

- Nevada "is fully operational and processing samples with strong turnaround performance"

- three new MSA Labs contract wins

I picked up a few for the first time yesterday on the dip. With the cash pile, the prospects, the cheap fundamentals and the uncertainty now removed, I suspect the share price will now rise nicely from here. Trump allowing of course!

Interesting excerpts from coverage in today's Times - the shareholders' adviser believes BIG will recover from Murray "many times" what they've just paid out.....

Https://www.thetimes.com/business/economics/article/big-technologies-buddi-settles-founder-forgery-claim-zms8hpxsq

"In an analyst’s note, Panmure Liberum said the settlement “makes the shares investible again” and “demonstrates that Sangita Shah gets things done, removes the risk of an outsized outcome and reduces ongoing legal costs”."

"Paul Pascoe, an adviser to the shareholder claimants, said the deal was “better late than never”, adding: “I have no doubt that Big will recover many times [the settlement] amount from the people responsible for the wrongdoing.”

Ignore my last post, the 200,000 shares were a transfer rather than a straightforward purchase - serves me right for posting from memory!

Anyway, hopefully the results will show the same confident outlook as the year end trading statement.

Exactly Monty9. And the Chairman's wife bought 200,000 shares at 50p only 3 weeks ago.

This would seem a rather redundant large vote of confidence if trading was not at least in line. Particularly given the "strong" trading in Q4 to the end of September.

Not long to wait for the results as flagged in the "ahead" trading statement anyway.