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Excellent news - two water saving/efficiency contract wins with local authorities.

Once you win contracts with these organisations the word spreads around the governmental/local authority circuit, so hopefully many more to come.

Interesting hint too about the need for these products in Europe and globally, particularly given the recent contract win in India:

Https://uk.advfn.com/stock-market/london/eneraqua-technologies-ETP/share-news/Eneraqua-Technologies-PLC-Net-Water-Neutrality-Con/88333817

"Net Water Neutrality Contracts

Water efficiency projects mitigate water stress issues for developers

Eneraqua Technologies plc, a specialist provider of energy and water efficiency solutions, is pleased to announce the award of two English local authority contracts to deliver net water neutrality pilot programmes.

The contracts will see Eneraqua Technologies' subsidiary, Cenergist Ltd, supply and install Control Flow HL2024 systems in existing homes to improve their water efficiency. The water saved will then offset the water used by new homes built in the areas thereby addressing local water stress issues.

The Control Flow HL2024 products have proven water savings of up to 26% in existing homes. This is the first use of Control Flow HL2024 in a net water neutrality program. Water stress already affects many areas in the UK and globally and is expected to worsen with the effects of climate change in the coming years.

Commenting on the awards, Eneraqua Technologies CEO, Mitesh Dhanak, said: "Control Flow HL2024 is a proven product and we are delighted that it has been chosen for these water neutrality programmes. This approach provides a cost-effective solution for new build homes in water stress areas. As well as the UK, water stress affects many areas in Europe and internationally."

Good to see today's RNS notifying that SYS are doing an Investor Meet presentation on 21st June:

Https://www.investegate.co.uk/sysgroup-plc--sys-/rns/investor-presentation/202206081222171756O/

This is the day after the prelims to 31st March.

A reminder that the £13.11 m/cap at 26.5p reflects rather cheaply (imo!) against a forecast 3.3p EPS to March '22 and a £3m cash pile.

The new forecast for the current year will include the two post year-end acquisitions, which are both immediately earnings-enhancing.

Encouraging comment from VP PLC's results today - they note that both the major new 5-year water (AMP7) and Rail (CP6) frameworks were subdued for most of that year, but improved in Q4 to 31st March.

Which makes RNWH's excellent H1 figures and outlook look even better, especially with the major infrastructure spend programmes now picking up nicely.

Finncap retain their 12p price target and their prior forecasts, since results were in line with expectations (no idea why anyone would have been expecting anything different).

They see revenues rising from $2.6mm to $4.7m this year, then $7.6m next year and $10.7m in 2024. Net cash remains at around $0.5m for each of the next couple of years.

Canaccord have bought another 500,000 shares - they now own 12.45% of ACSO, or 5.14m shares:

Https://www.investegate.co.uk/accesso-technology--acso-/rns/holding-s--in-company/202206071712510541O/

Worth noting that these results beat Finncap's forecasts for adjusted EBITDA and PBT, and the £15.7m cash pile was also ahead of forecasts.

Finncap retain their 44p target rpice.

They summarise:

"The year-end order backlog increased 11% to a record £46.0m, which stood at £64.25m (+40%) on 31 May 2022, due to five contract wins in 2022, the most recent of which was a landmark £14.7m contract from an existing top five pharma company. This provides us with the confidence that the company should deliver on FY 2022 forecasts, but it shows that hVIVO is a trusted partner for global players seeking to leverage the increased adoption of challenge models. Management is focusing on driving utilisation rates at its facilities, helped by its expanded recruitment programme, which enables it now to provide volunteers for Phase 2 and 3 field trials.

We reiterate our 44p target price, based on a sum of the parts valuation. Of this, the core business is valued at 33p (4.4x 2022 EV/Sales), which reflects the strong revenue growth (+33%) and arguably the company’s unique expertise and strategic positioning."

"- Forecasts. We are leaving forecasts unchanged for the time being, which implies revenue growth of 33% and adjusted EBITDA growth of 149% with margins expected to rise 670bps to 14.3% and on track towards the 20% target. We forecast year-end cash of £17.1m and net debt of £16.8m.

- Valuation. Despite the pull-back in the broader market, we leave our target price of 44p unchanged. This is based on a sum of the parts valuation, with the core business valued at 33p (based on 4.4x 2022 EV/Sales), c.9p for its non-core assets and 2p of cash."

Worth reiterating Cenkos' summary in their latest note - this was when ADF were at 69p.

At 64.5p the forward P/E is only 10.9:

"Valuation.

ADF currently trades on an FY23E Adj PE of 11.7x, we believe ADF should trade at the top end of the equipment hire peer group and at least in-line with streaming peer group given its superior EPS growth rates of 27% (CAGR FY-2 to FY2) and higher FY23E PAT margins of c12%. This results in the company having a PEG ratio approximately half that of equipment peers and streaming peers."

Excellent new 35 minute podcast interview with the CEO here:

Https://masterinvestor.co.uk/podcast-master-investors/?mc_cid=6970e2b256&mc_eid=db9f9bbaf2

Interesting to hear Ben say that the current revenue run-rate is $600m - Edison's latest forecast for this year is $573.5m.

Worth remembering also that the bonds should be refinanced this summer at a significantly cheaper coupon rate.

Finally, Ben is confident enough to state that each part of the business could "easily" become "billion dollar revenue businesses".

Here's Simon Thompson's overnight tip FYI:

"Efficient Market Theory dictates that markets are efficient,leaving no room to make excess profits by investing since everything is already fairly and accurately priced. But it breaks down in the under researched small and micro-cap segments of the stock market.

A good example is Anexo (ANX:133p), a provider of a complete litigation claims process focused on the recovery of credit hire and repair costs for the impecunious non-fault motorist involved in a road traffic accident. That’s because investors have yet to fully cotton on to Volkswagen’s £193mn out-of-court settlement for the Therium class action brought against the German carmaker by 91,000 emission scandal claimants.

Indeed, an out-of-court settlement looks a racing certainty for Anexo’s own action against VW (on behalf of 13,000 claimants) well before January’s court date. Arden Partners believe the £155mn market capitalisation company could earn pre-tax profit of £20mn-£25mn (after litigation funding and marketing costs) based on £3,000 to £4,000 per claim. Moreover, the proceeds secured can then be recycled into a potentially larger class action against Mercedes Benz, as well as deleveraging Anexo’s balance sheet. The windfall gains are simply not factored into current earnings estimates which already underpin bargain basement forward price/earnings(PE) ratios of 6.7 (2022) and 5.9 (2023)."

ANX were the first company tipped by the IC's Simon Thompson last night in his Bargain Shares small cap update.

Nice reaction already on relatively small buying hopefully indicates a lack of available stock.

Good to see a 750 share buy today at 168p before the market opens!

Encouraging to see the large share price rise yesterday afternoon - this after the RNS noting that TC sold 1m shares.

This was only 5% of his holding, and it's his first post-IPO sale. CLX shares likely represent much of his entire wealth (apart from those he sold at IPO!) , so it's hardly surprising that every so often he'll get rid of a few. Perhaps the more interesting aspect is that buyers were found pretty readily - there certainly doesn't appear to be any overhang.

Haven't seen any news - though this month's Techinvest is issued this Wednesday.

Good to see relatively small buying causing a 5p jump. Perhaps not much stock around.

AmcoGiffen have won a £20m rail construction project in Ebbw Vale to be built over the next 18 months:

Https://www.constructionnews.co.uk/civils/design-partner-named-for-70m-welsh-railway-upgrade-10-05-2022/

Hi wetherboy. CLX are making a habit now of exceeding forecats. And given everything we know it's likely imo that they may continue to do so for some years to come. So there should be continued good news flow to keep things bubbling.

Any investor simply has to weigh up being invested in a high quality company, soundly financed and with quality management, and with years of growth ahead of it, against the premium rating which such companies attract.

And actually CLX's rating is pretty cheap against the multiples American companies achieve, even after their recent falls.

News today that Mercedes are "recalling nearly one million older vehicles worldwide due to a potential problem with the braking system" due to corrosion:

Https://www.theguardian.com/technology/2022/jun/04/mercedes-benz-issues-global-recalls-of-one-million-older-cars

Maybe not a good look for our competitor Brembo? This problem is for "cars built between 2004 and 2015 of the SUV series ML and GL, and the R-Class luxury minivan". It seems that Brembo did/do provide brakes for the ML and GL, for example:

Https://www.bremboparts.com/europe/en/catalogue/mercedes-benz-m-class-w163-ml-350-163-157/000017108-1

Today's RNS notes the maiden post-IPO AGM will be on 29th June - hopefully including a trading update:

Https://uk.advfn.com/stock-market/london/facilities-by-adf-ADF/share-news/Facilities-by-ADF-plc-Notice-of-AGM/88287996

Here's a link to a new Edison note not posted here before - they forecast 15.5c EPS this year, rising to 17.3c EPS next year.

That's 12.3p EPS rising to 13.73p EPS, i.e a P/E of 9.14, which looks ridiculously good value imho:

Https://www.edisongroup.com/publication/trading-comfortably-on-track-for-fy22/30937/

APD are the drilling contractor for Aton Resources, who commenced a new drilling programme at Hamama West on 25th May - just in time for CAPD's H1 results to 30th June:

Https://www.juniorminingnetwork.com/junior-miner-news/press-releases/1485-tsx-venture/aan/121956-aton-commences-new-rc-drilling-programme-at-hamama-west.html

"The drilling is being undertaken by Capital Limited using their new state of the art Epiroc Explorac 100 rig (Figure 2)."

And:

"The Company also intends to drill for the first time the West Garida prospect, which is located only 3km to the east of Hamama West, and which has returned assays of up to 99.6 g/t Au from surface sampling (see news release dated October 17, 2017)."

There's a nice two page feature on CLX in the new issue of Shares Magazine today. Some of the more interesting extracts:

"Calnex is a global leader in the telecoms network testing space with a distinguished list of customers. Today, it serves businesses across the entire telecoms value chain, including network carriers such as BT (BT.A); hardware providers, including Ericsson (ERICB:ST) and Nokia (NOKIA:HEL); and chip companies such as Intel (INTC:NASDAQ).The group is led by founder Tommy Cook, who has over 35 years’ experience in telecoms testing and measurement."

"We think the real secret sauce to Calnex’s spicy progress is two-fold:

• Good management of the component shortages that have hurt so many businesses;
• The business lies at the heart of technological mega-trends that promise to generate substantial growth in the years ahead"

"But the main reason to be optimistic about Calnex’s prospects stem from the major changes impacting the global telecoms and data centres industries. Not only are superfast fibre and new 5G mobile network technology being rolled out at pace, but new technologies such as cloud computing, autonomous vehicles, smart connected cities have emerged, all needing high performance testing.

Cloud computing is one great example, where operators such as Amazon (AMZN:NASDAQ),
Microsoft (MSFT:NASDAQ), Meta Platforms (META:NASDAQ) and Alphabet(GOOG:NASDAQ) dominate. These companies run large and growing data centre capacity and networks which requires managing vast quantities of data. This presents a substantial opportunity for Calnex as the testing and performance monitoring of these networks
use similar technology to that used in the telecoms industry, usually conforming to the same international standards.

Calnex is opening up this market thanks to in-house research and development (it spent £3.9 million last year), where new and evolved products come with ever sophisticated software. Selling bundles of equipment to customers with ever richer features helps keep gross margins high. These were 75% last year.

Product development can also be bolstered by acquisitions, as with April’s 2.5 million iTrinegy deal, building out its software defined test networks technology. Calnex expects the business to be an important contributor to profit in future."

Worth watching:

Https://www.investormeetcompany.com/investor/meeting/results-2021

Interesting to hear that PTRO expect to gain 5 or 6 new telco customers this year (against the 3 last year) and are already in the contracting stage with 3 of them. I assume this week's announcement is the first of those.

Gleach23 elsewhere summed up the presentation nicely (hope he doesn't mind me copying here):

"Very reassured after watching the IMC presentation with Subash Menon his usual bullish self but with apparent justification imo. Such a better platform than Proactive.

The SP appears to have suffered since last Nov from a dearth of news, primarily a lack of contract win announcements (Covid inhibited) and the extended wait for results which caused the SP to drift so much.

As he says this is such a better quality outfit since 2017 when it floated. The SP can move fast and I'm expecting positive momentum to build throughout the remainder of this year on the back of imminent contract wins in the existing telco space and an initial win or 2 in mobile advertising. This on the back of revenue projections heavily underpinned by the successful switch to the SAAS model and a switch of broker from Cenkos to finnCap."