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I don't want to get too carried away, but is anyone else getting FTC-type multi-bagger potential vibes here given the current m/cap is still only £32m?

With 3.4p EPS already forecast to this September, let's say the forecast to Sept '27 is a relatively staid (given the recent performance) 4.5p EPS. A P/E of 20 to reflect the transformation to date would give a 90p share price.

But then there are various additional factors which come into play:

- no manufacturing, so low inventory or necessity for working capital

- cash-generative operations tracking earnings

- strong repeatable demand

- low cap ex and no investment in additional reactors until FY28 given the existing capacity

- working on opportunities in industrial and semiconductor markets and new applications in traditional markets

- £3m net cash forecast by September

- above all, HDD's proven success with major blue chip customers should encourage others to come HDD's way, which would be truly transformational

The only negative is the need for tungsten, but supplies for this financial year have already been secured, and since HDD's is a premium-priced coating any tungsten price increases will likely be passed on anyway.

Please discuss/tear apart!

Good to see the post-results bounce continuing, and buying now at the full 250p offer price.

Cavendish's post-update note says Buy and retains their 50p target price and prior forecast to Sept'26 of £0.5m EBITDA and essentially break-even PBT.

The cash pile is forecast to increase to £3.5m.

They make a point of noting that their forecasts are "conservative", and given that H2 revenues would have to drop from H1 from £2.8m to £2.4m this seems pretty spot on!

Always better to under promise and over deliver.

They conclude:

"Investment thesis:

The financial progress RUA has made in recent periods alongside the financing and spinout of RUA Structural Heart is expected to deliver management’s goal of creating a profitable medical device CDMO in the near term.

We believe RUA has significantly de-risked its operations while developing multiple revenue growth opportunities and lowering its cost base. The company’s stake in RSH means it also retains exposure to the heart valve programme, offering an option on significant future value creation."

Both the H1 figures and the outlook are very encouraging:

- a much improved breakeven H1 EBITDA

- £2.4m cash expected to climb in H2

- admin costs reduced by not far off 10%

- core divisions increasing revenues nicely

- Abiss decline re inventory rebalancing is temporary, already factored in and expected to bounce back soon

More importantly for the future:

- £500k of new CDMO contract work has been won for this year

- there's been "a fourfold growth in the level of Development work over the past year and importantly the Development work has the potential to convert into over £5 million per annum of manufacturing contracts"

- RSH costs will fall by a whopping £500k, plus there'll be a further £250k of PIK interest receivable annually

There's multi-bagger potential here from an unusually rock-solid financial base in a microcap, improving core revenues and blue sky tech/collaborations which could bear fruit in the relatively short term.

FNX is now the fourth largest holding in Downing's Small & Mid-Cap Income Fund, which recently sent out its April factsheet.

FYI, in it they said:

"Fonix, a provider of mobile payments and messaging solutions, made no announcements in the month. However, in March, the company announced positive interim results and reported the continued delivery of innovation and European expansion. Later in the month, Fonix announced a share buyback of up to 230,000 shares, providing further support for the stock."

tpx have just been tipped here:

"tpximpact – “expects to comfortably exceed the recently upgraded consensus” value?

by hotstockrockets

20 may 2026 16:45

"what price for a company whose house broker, following a recent “expects to comfortably exceed the recently upgraded consensus” trading update from the company, now forecasts earnings per share to increase to 5p for its year just-ended and to above 6p in its now current year with also in the now current year a return to net cash from an above £4 million net debt position? the current price for that profile in a macroeconomic environment meaning elsewhere widespread trading struggles suggests there is value here.

etc"

https://*************.com/views/86388/tpximpact-expects-to-comfortably-exceed-the-recently-upgraded-consensus-value

Canaccord have raised their forecast for last year to 11.1p EPS.

They've raised their forecast for this year to 11.5p EPS, compared to Shore Capital's 11.9p EPS (which is obviously before any further acquisitions).

Canaccord have also raised their target price to 165p.

They summarise:

"Another year of double-digit revenue growth BTG Consulting has issued a trading update for the year ended 30 April 2026, reporting another year of strong performance, above the top end of market expectations."

"Outlook upbeat

The statement talks of starting the new financial year with an "increased pipeline of restructuring engagements and continued activity across our advisory businesses". BTG's diversified mix of advisory services, combined with ongoing investment, positions it well to deliver further growth, supporting continued progress against its medium-term objectives.

Valuation and recommendation

Following the strong trading update, we have raised our FY27E adj. diluted EPS by 2%. Our valuation approach is unchanged and our TP also increases slightly to 165p (prev: 160p), reflecting higher forecast earnings.

This translates into 42% upside from the current share price, and we maintain our BUY recommendation, with BTG trading on a 10.1x FY27E P/ E and yielding 4.0%."

Cavendish have reiterated their Buy rating and 140p target price.

They continue to forecast 7.8p EPS this year, with net debt falling heavily to £16.6m and plenty of headroom for acquisitions.

In summary:

"FY26 update – Strong 2H trading in-line with expectations

SDI has announced a satisfactory year-end trading update signalling trading is in-line with expectations having experienced strong trading in 2H, despite macro challenges. Operating margins were better than expected, helped by mix. Order intake remains strong giving the group a robust position for FY27, with recent acquisitions performing well. We adjust our forecast for a slightly lower revenue, offset by a stronger margin with adj PBT and adj EPS unchanged. We factor in slightly higher net debt of £24.0m.

We maintained our 140p target price, offering significant upside, with the current share price at a 46% P/E discount to its peers and a compelling value trading on a FY27E P/E of 10.2x, underwriting our Buy rating."

"Valuation:

The shares continue to look good value against its peer group, trading on a FY27E P/E of 10.2x and EV/EBITDA of 6.4x, which indicates a 46% discount to its nearest comparator Judges Scientific that we consider to be unwarranted and offering upside scope. In our view there is strong upside potential in the shares and maintain our target price of 140p based on a FY27E target P/E of 17.9x and EV/EBITDA of 10.3x.

We believe the shares should respond well to any reduction in current geopolitical issues, while it has scope to continue its internal efficiency actions and with balance sheet flexibility it has the opportunity to gain from any potential earnings-accretive acquisitions."

Another decent buy by AEO's standards just reported, this time £17k at 61.9p, following a £9k buy yesterday.

Allenby Capital have still not issued any research update post-results. Either it's incompetence or there's something happening in the background to make Allenby wait.

Given the large cash pile perhaps AEO are in the midst of acquiring something?

Worth noting recent analyst/broker price targets:

01/04/2026 Berenberg Bank buy 1,320.00p

01/04/2026 Shore Capital buy 1,350.00p

13/05/2026 Deutsche buy 1,220.00p

Https://investing.thisismoney.co.uk/broker-views/RNWH

Revenues are still within the expected range, just at the lower end. More importantly, operating margins are higher than expected, so the relatively new management team are working the wide range of businesses efficiently, which augurs well gojng forward.

Particularly with H2's organic growth having accelerated and with the current "strong order book".

Terrific H1 results today, with 1.6p EPS in H1 setting HDD up nicely to meet (or beat) expectations for 3.4p EPS to this September.

Given the "good visibility into the second half" and the gas supplies secured ahead of time for the rest of the period quoted today, it may not take too much for 3.4p EPS to be beaten.

This is a company transformed trading on a P/E of only 11.3.

A very good year end trading update - "above the top end of market expectations".

Shore Capital were forecasting 10.8p EPS, so I suspect that means around 11.3p EPS or so.

This year's forecast is 11.9p EPS, so BTG are trading on a P/E barely above single digits, despite:

"an increased pipeline of restructuring engagements and continued activity across our advisory businesses. A backdrop of increased macroeconomic uncertainty is expected to continue to drive demand for our restructuring and advisory services"

Plus the healthy balance sheet implies more earnings-enhancing acquisitions to come.

And there's a nice 4.5p dividend to pick up too.

A very reassuring year end trading statement, with trading nicely in line with expectations - in contrast with many other companies.

That means 7.1p EPS is in the bag, up 15% from last year.

Plus SDI "has a strong order book moving into FY27", following accelerating growth in H2 just gone.

This year's forecast is 7.8p EPS, so SDI are on a paltry single-figure P/E.

That's surely just much too cheap:

Https://uk.advfn.com/stock-market/london/sdi-SDI/share-news/SDI-Group-PLC-Trading-Update/98581090

In the year to March '21 TPX made 7.4p EPS on £50.3m revenues, with 9.9p EPS then achieved to March '22. That was with 88m shares in issue.

The share price in 2021 traded between 240p-310p.

In the current year to March '27 TPX are forecast to make 6.1p EPS on £84.4m revenues. There are still only 95m shares in issue, so dilution has been minimal.

So current revenues are way ahead of 2021, whilst forecast EPS is not too far away from that 2021 figure, and with any luck that forecast 6.1p EPS will be beaten.

If over the coming year or so TPX can make continued progress then there may be significant further upside share price-wise from the current P/E of only 8.6 at 52.5p.

New framework contract win for QRO - not particularly huge at £650k over 4 years, but good secure income going forward, a new police force client win in Cleveland, and that £650k is likely to be a minimum/floor level, so more to come:

Https://uk.advfn.com/stock-market/london/petards-PEG/share-news/Petards-Group-PLC-Contract-Win/98570393

"Each of Northumbria Police, Durham Police and Cleveland Police are able to procure QRO's fixed and mobile ANPR systems and related support and maintenance services using this contract. While Northumbria and Durham are existing customers, Cleveland is a new addition to QRO's customer base."

For the record, Regent Gas have gone above 7% (having bought another 2k shares!), with 154,229 shares:

Https://uk.advfn.com/stock-market/london/volvere-VLE/share-news/Volvere-PLC-Holdings-in-Company/98570351

A very useful transcript of RNWH's post-results earnings call to institutions is available here - it's free if you sign up to Seeking Alpha, but not sure if you can access it otherwise?

Https://seekingalpha.com/article/4905315-renew-holdings-plc-rnwhf-q2-2026-earnings-call-transcript

Exttracts from opening and concluding statements from the CEO:

"we're very pleased to be reporting another record set of results for Renew. They are a testament to our strategic progress and the more diverse exposure we have to our target markets. We're delighted to have further expanded our range of pureplay engineering services in both our water and relatively new transmission and distribution power markets and more on these shortly.

From strong cash generation, our balance sheet is in good health, and we remain very active in terms of our M&A. Our order book remains well balanced and at record levels, yet conservatively and consistently reported and reflecting the confidence in our prospects. We've increased the interim dividend. It's up 4.9% to 7p."

"We want to be a different business next year in terms of having more offering to all our clients. Our clients are telling us quite clearly what shape they would like us to be in, listening to that, growing it organically, finding targets that can help us on that growth ambition.

Maintaining a discipline around the balance sheet has served us really well. No longer is it just a factor for the investment community. But now our clients are increasingly looking at the health of the balance sheet of their strategic partners for a 10-year program support. So it's important from that perspective. So that discipline has served us really well.

The order book, as you guys know in the room, is very conservatively reported but very consistently reported. It's a record level, and it represents a runway of a very clear transparent 12-month out kind of period. It does not reflect the full potential in the order book of Renew, which would be multibillions of pounds if I took the advertise value. But this is hopefully a good confidence market in how we are feeling, what is committed today that gives us that good momentum, which is why we have the confidence in making further strategic and financial progress in the second half of the year and in the years ahead of us. Thank you for listening."

With 6.1p EPS forecast this year TPX still looks very good value indeed.

There must be quite a large buyer or two in the background mopping up stock given that there's still selling coming through on every rise.

Another RNS just out. Swedbank Robur Fonder AB are buying more - they now own over 6%, with 4.765m shares:

Https://uk.advfn.com/stock-market/london/renew-RNWH/share-news/Renew-Holdings-PLC-Holdings-in-Company/98561868