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Panmure's update post-interims when they raised their target price to 90p (from 75p) hasn't been posted here, so FYI....

They have a fully dilued EPS forecast of 5p EPS this year, rising to 7.3p EPS and then 9.7p EPS to March '27.

Extracts:

"Significant opportunities in all sectors

Following the publication of the FY26 interims we have increased our FY26 Adj. EBIT estimate from £11.3m to £12.1m (representing YoY growth of 23%), and a margin of 10.2% (FY25: 8.1%), and given the recognition of additional, non-cash, interest charges of £2.3m in relation to the amortisation of refinancing fees on its new banking facility and its pension deficit, our revised Adj. PBT estimate for FY26 is £5.0m (FY25: £4.9m), down from our initial estimate of £6.5m.

The two-year strategic reset has fixed operations and underpins strong foundations on which Carclo can strengthen its market position and growth potential. We have lifted our target price from 75p to 90p and maintain our BUY recommendation.

Transformation strategy coming good

As it has exited non scalable operations in the US and continued its self-help measures, the EBIT margin at the interim improved from 5.6% to 9.6% and with a renewed focus on cash generation, capacity utilisation and working capital management, we expect net debt and net debt/EBITDA to materially decline over the period FY25 to FY28.

Exposed to growth markets

The last two years have been all about securing a stable foundation from which Carclo can return to growth. All core markets: Life Sciences; Safety & Security; Aerospace (both civilian and defence); and Light & Motion, are set to expand by over 5% annually and with its global factory footprint, the impact of tariffs is mitigated as Carclo can meet demand from ‘in country’ production which improves responsiveness and reduces geopolitical risk.

New, multi-year contracts illustrate the importance of Carlo within its customer supply chains and it has yet to fully benefit from the roll out of its automation capex spend.

Revised target price of 90p, up from 75p

It trades within the limits of its new banking facility of £36m and with funding in place to finance the pension deficit, the uncertainty that has hung over Carclo has long gone. The return to meaningful profitability has allowed us to use a range of different valuation methodologies to determine a revised target price of 90p. In summary, the investment case has materially improved."

An earlier post included the first para of Canaccord's new Buy note, in which they raised their price target to 45p (from 40p).

The rest of their summary is also worth a read:

"Underlying economics At the mid-point of Iofina's forecast, the new plant is expected to cost c.$8.5mn and take 9 months to build; we estimate it will generate incremental annual EBITDA for Iofina of c.$4.2mn at current prices (as well as attractive royalties for WES). In $/ kg, this is an upfront capital cost of c.$45/ kg annual production capacity and EBITDA of c.$22/kg. Given the availability of iodinerich brines across the Permian, we believe there is substantial scope for further similar Iofina plants. We also note the global iodine market is growing at around 1,200 tons incremental demand per year.

Earnings becoming material Iofina completed its first production plant in 2012, growing to over 500 tons annual production capacity in mid 2017. After three newbuild plants in each of 2023, 24 and 25, each on time and on budget, current capacity is around 840 tons, and with this announcement we expect will be above 1,000 tons by end 2026E. At current pricing, we estimate Iofina's growth can accelerate rapidly. We note that we now expect EBITDA above $15mn in 27E, just about double 2024, with limited incremental debt.

Earnings estimates: upgrades

We are raising 2026/27E EPS by 2%/7%, largely on the additional volume and on higher pricing; we now expect a 15% volume increase in 2025E, 21% in 26E, and a further 21% in 27E. We assume prices remain at current levels above $70/kg to end 26E, before dropping to average $67.5/kg in 27E. We are making other minor updates, including slightly higher capex for the new Permian plant and continued investment in 28E. The rough 2026E sensitivity to pricing remains around $6.5mn of EBITDA for each $10/kg on ASP.

Valuation: raising target to 45p, remain BUYers

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 (Not Rated) has an operating and capital cost higher than Iofina. At our new target price, the stock would trade at 11x/8x 2025/26E EV/EBITDA, which we regard as undemanding given both expected growth and the potential for that to accelerate further."

Cavendish's post-interims update hasn't been posted here, so here's their summary, with forecast 7.1p EPS this year and a 140p target price:

Extracts:

"SDI’s interim results show a resilient performance in challenging markets.

Management continues to pursue operational efficiencies to generate improving returns and its growth agenda, boosted by new product development and the acquisition of Severn Thermal. Trading is expected to be 2H weighted, supported by orders already gained and is on track to achieve full year expectations. We make no changes to forecasts. The shares look significantly undervalued, trading on a FY27E P/E of 10.2x and EV/EBITDA of 6.1x. We maintain our 140p target price, indicating our confidence and upside scope for the company to outperform."

"— Strategy: SDI now has a strong management structure in place from which it can leverage organic and inorganic growth. It will focus on high growth, value-added product niches, with a focus on innovation. Increased regulation and innovation continue to drive new product development and barriers to entry, with a number of new products expected to show strong progress over the next year. Focus remains on increasing commercial synergies, with collaboration opening new international markets.

— Forecasts: We maintain our FY26E trading forecasts with an increase in net bank debt to £13.6m. We introduce FY27E forecasts, based on organic revenue growth of 3.5% and 15.0% margins resulting in a 2% increase in EPS. Barring M&A, strong cash generation should reduce net debt to £7.0m.

— Valuation: The shares have stepped back from recent peaks and currently trade on a compelling FY27E P/E of 10.2x and EV/EBITDA of 6.1x. This is significantly lower than many of the peers, and we believe there is scope for the rating disparity to narrow, as strong delivery on strategy and more benign market conditions generate stronger returns. We retain our 140p target price, (target FY27 P/E 19.3x, EV/EBITDA of 10.8x)."

Here's Cavendish's recent update after the H1 update FYI, with a 112p target price and 7p EPS forecast this year:

"Time Finance’s 1H26E update signals another period of consistent operational progress, with the Group delivering record 1H revenue, PBT and lending book size. Own-book originations rose 48% YoY to £62m (1H25A: £42.3m), reflecting strong demand across both Asset Finance and Invoice Finance, while the gross lending book increased 12% YoY to £235m (1H25A: £209.4m), marking 18 consecutive quarters of expansion.

Growth continues to be high quality with secured lending now representing 87% of the book and over 98% of new loans. This has supported further improvements in credit quality with net arrears falling to 4.5% (1H25A: 5.3%) and bad debt write-offs reducing to 1.0% (1H25A: 1.2%). Revenue increased 3% YoY to £18.8m (1H25A: £18.2m), but operational leverage enabled a stronger 10% YoY uplift in PBT to £4.3m (1H25A: £3.9m), with PBT margin improving by 1pp to 22%.

Time has already achieved c.50% of our FY26E revenue and PBT forecast, and with strong 1H originations helping to compound growth in 2H, it looks well-placed to meet or exceed our estimates. Trading on a FY27E basic P/E of just 7x and 0.9x tangible NAV, the shares continue to offer material re-rating potential as Time targets lending book growth to over £300m, higher PBT margins, and mid-teen returns on equity by the end of the next three-year plan in 2028."

Nice bounce this morning on decent early buying - hopefully an indication that any sellers are now out.

I've topped up with a few more. This should be about the cheapest it will ver get assuming trading continues to go as well as the outlook suggests, and expecially considering:

- the international growth

- the "transformational" new products

- the excellent dividends (including potential special dividends as in the past)

- and of course the low valuation multiple which is now at historically low levels

A sharp rise over the last week or two, and early buying interest already today - including a buy at above the published offer price at the time, which augurs well.

Yet with 7.1p EPS forecast this year SDI remain on a very cheap P/E for the sector, especially given the confidence shown in the recent trading outlook.

Encouraging to see buying just now at 11p and 10.88p, well above the published 10.5p offer price. Often suggests another move up soon.

Today's blandly titled RNS hides an interesting closing paragraph...

RNWH confirm that whilst there's no "current intention" to transfer their listing from AIM to the Main Market, this is under consideration.

They also state definitively and encouragingly that:

"As stated in the recent year end results announcement, the foundations of the business have never been stronger and we look forward to continuing to execute against our growth strategy in the current period and beyond"

Https://uk.advfn.com/stock-market/london/renew-RNWH/share-news/Renew-Holdings-PLC-Posting-of-ARA-AGM-Notice-Listing-Venue-Update/97477965

There's also news of a wind turbine contract win for Full Circle in France with Octopus Energy:

Https://www.fullcirclewindservices.com/refurbishes-wind-turbine-in-france/

Techinvest in their latest issue a couple of weeks ago said Buy, on a cash-adjusted P/E of just 5.1:

"Shearwater Group

44.5p (SWG; AIM)

Shearwater has released results covering the 15-month period ended June 30. Revenue

of £39.5m represented annualised growth of 29%, helped by a strong performance from the Services division where revenue was up 34% to £37.0m. Adjusted EBITDA of £2.2m was up 91% on an annualised basis and adjusted pre-tax profit was £0.6m compared to a loss of £0.6m last time. Exceptional costs totalling £11.3m were booked during the period, comprising a non-cash impairment charge to goodwill of £11.1m and £0.2m of restructuring and other costs.

Closing cash at the period-end was £5.1m (21p per share).

Shearwater’s business has taken a significant step forward over the last fifteen months, driven by repeat orders from long-standing customers and new client acquisitions. Contract size has also been edging up, including a US$12.8m five-year deal with a new global telco client and an £8.4m contract renewal with an established customer in the telco domain.

The board commented that it expects the increasing frequency, complexity and scale of cyber-security threats to drive continued growth in the sector, with Shearwater well-placed to capitalise due to its particular expertise in the telco and financial services markets. With a growing pipeline of opportunities, the board also expressed confidence in the business delivering further growth in both revenue and EBITDA in fiscal 2026. Shearwater’s share price more than doubled between May and July, but has settled back a little on profit taking in recent weeks.

Trading on a prospective P/E of 9.9 for fiscal 2026, we feel there is potential for significant further upside in the months to come. On a cash adjusted basis, the prospective P/E for the current year is just 5.1. Buy."

The share price remains incredibly cheap (imho!) considering the terrifically strong 9 months' results and the very positive outlook.

Techinvest said "Excellent value" and Buy - at 50.5p - in their latest issue out a couple of weeks ago:

"MTI Wireless Edge

50.5p (MWE; AIM)

Shares in MTI ticked up during the month after the company announced record revenues and profitability for the third quarter ended September 30. For the nine months since the start of fiscal 2025, the board reported a 12% increase in revenues to US$37.8m and a 21% improvement in operating profit to US$4.2m.

Earnings per share were up 20% to 4.31 US cents. Cash generated from operations was strong at US$4.0m, contributing to a 33% increase in net cash to US$6.4m.

All three divisions of the business performed well in the third quarter, with Antenna and MTI Summit benefiting from a buoyant defence sector and Mottech seeing strong demand for its electronic water management and irrigation solutions. Looking ahead, the board reported that the order backlog is robust and a series of upcoming major tenders are expected to further strengthen the order book. A progressive final dividend is also anticipated for the full-year.

Trading on a prospective P/E of 12.8 for the current year and offering a c.5.5% dividend yield, we feel that the shares offer excellent value. Buy"

From Stockopedia as posted elsewhere - I assume this is the well-known investor Graham Neary:

"GREEN = (Graham)

I'm a fan of this one - a cheap, high profitable and growing lender. This "at least in line" H1 update sees the share price dropping back 5% , but it's only down 1% compared to last week, and it's higher month-to-date - so this seems to be a case of the good news having been priced in already (and probably some investors were expecting a beat). While H1 revenue is only up 3%, the lending book is up 12% which augurs well for the future. Also, H1 PBT is up 10% (to £4.3m) which is likely due to a combination of operational leverage and reductions in both net arrears and net bad debt write-offs. The two core products (Invoice Finance and "hard" Asset Finance) are now 87% of the lending book. Based on the FY27 EPS forecast (for the financial year that starts in five months), the stock is trading on a PER of less than 7x and at only a small premium to net tangible assets (£47m). As such, I have no reason at this stage to change my positive stance."

Excellent general info from the poster "serratia" posted elsewhere - note the last paragraph in particular:

"I have some figures to November, some to October. For prices the UK imports reflect the global price, others more the trend.

UK - Imports fell due to the absence of their main supply from Turkmenistan. ( Still zero). To October it was 561 t vs 718 t to Oct 2024. Imports from the Chilean European agents rose from 155 t to 224 t. Imports from non EU countries fell from 563 t to 337 t. ( Turkmenistan sent 220 t last year ). Japan always looks consistent / reliable at 210 tpa with prices following SQM's lead. With the UK undersupplied perhaps this confirms Japan's capacity limits.

Prices - Non EU prices rose from an average of $64.88 / kg in 2024 to $ 70.24 / kg to October reflecting the loss of cheaper Turkmenistan supplies. European agents prices rose from $69.08 to $76.18 / kg.

Chile - Exports to November running at 23405 tpa vs 2024 full year 23049 t. The main European line is at 4324 t vs 2024 to November 3999 t. The Chilean component 2973 t vs 2880 t. Production from the 80% I see is running at 17159 tpa to October vs 17535 tpa to Oct 2024 so no sign of increased capacity.

Salts - I have iodine salts imports to various countries but not individual salts so prices volumes move around re the mix effect.

Overall - World capacity looks flat. Prices up on last year and staying put around $75 ( probably spot price ). With prices / volume up this year for IOF I hope for a good result when the year end figures are released."

Greenwood Capital have today issued a research update, reiterating their 29p price target - "approximately 1x tangible book value".

They forecast 3.7c EPS for the year about to end, followed by 4.4c rising to 4.8c EPS.

That's a P/E of 5.9, falling to 4.9 and then just 4.5.

Net debt, which was $201m at the end of last year, will have fallen to $19m at the end of '27.

Greenwood also assume a 1c dividend next year, rising to 1.2c - a 5.5% yield.

They summarise:

"Improved resilience through the cycle: Our analysis indicates that GMS is now better-positioned to generate free cash flow through the cycle, even if day or utilisation rates trend back down towards historical lows in due course. In any case, we fully expect market conditions to remain resilient for the foreseeable future, supporting healthy cash flow and capital allocation optionality.

Shareholder returns fast approaching: Following recent company updates, we remain confident that shareholder returns will commence next year. Whilst our assumption is that these come in the form of a dividend, share buy-backs could also be very justified in our opinion – with substantial capital allocation flexibility emerging once GMS’s 1.5x leverage target has been reached shortly.

Undervaluation versus global peers: We have updated our analysis of global listed peers, which continues to indicate that GMS is undervalued versus a

selection of drilling contractors and offshore support vessel operators listed in New York and Oslo. With few direct comparables existing on the London

market, we believe that this work strongly reinforces the investment case.

Price target confidently maintained at 29p/share: We maintain our price target at 29p/share, broadly in line with tangible book value. In our opinion,

such a valuation is entirely justified, given GMS’s healthy returns on equity and its increasingly robust financial position. The commencement of shareholder returns next year could provide a powerful re-rating catalyst, in our opinion."

A major new appointment for RNWH's Seymour Civil at Teeslink, a a new 54-acre development site where, once completed, there "is set to be 775,000 sq ft available":

Https://www.stockton.gov.uk/article/19464/Work-gets-started-at-new-employment-site-which-could-create-1-000-new-jobs

Extracts:

"Work gets started at new employment site which could create 1,000 new jobs"

"Anthony Clitheroe, Development Director at Rula Developments said: "We are delighted to appoint locally based Seymour Civil Engineering to commence site preparation works for Teeslink.

"This strategically important development site will provide much needed state-of-the art logistics and warehouse accommodation with high ESG credentials whilst also supporting significant new job creation."

Mal Bell, Operations Director at Seymour Civil Engineering, said: "As a locally based contractor, we are proud to be playing a key role in bringing forward a development of such strategic importance to Stockton-on-Tees. We are already working closely with project stakeholders and look forward to strengthening these relationships as we deliver a high-quality scheme that enables Teeslink to reach its full potential."

Excellent news yet again. And nice commentary from the CEO - amazing to think that TGP, a mere £12m m/cap company, is the global market leader and protects "two thirds of the world's installed offshore wind capacity":

"Richard Turner, Chief Executive Officer of Tekmar Group, commented:

"We are delighted to continue our long-standing relationship with this customer through the award of another major project. This contract reinforces Tekmar's position as the clear market leader in subsea asset protection, with our technologies protecting two thirds of the world's installed offshore wind capacity.

This significant contract builds on our growing success and order book momentum, which is improving utilisation and provides longer term revenue visibility."

Https://www.linkedin.com/pulse/venture-life-group-healthea-forge-strategic-partnership-osh6c/?trackingId=6hQok4sjT0ehJWLGQeMjUw%3D%3D

Extracts:

" Venture Life Group and Healthea Group Forge Strategic Partnership

December 17, 2025"

"Venture Life Group (“VLG”), a leading international consumer healthcare company, enters a strategic collaboration with Healthea Group, an established Contract Development and Manufacturing Organisation (CDMO). This partnership unites VLG’s brand-building and scientific expertise with Healthea’s end‑to‑end development and manufacturing capabilities, accelerating product innovation, streamlining scale‑up, and enhancing supply reliability across VLG’s portfolio."

" Expanded Benefits of the Collaboration

Accelerated Innovation & Speed to Market: By combining VLG’s innovation engine with Healthea’s proven CDMO platforms, the partnership enables rapid development and launch of new products. Agile, cross-company teams work in focused sprints to move promising ideas swiftly from concept to commercialisation, supporting VLG’s ambitious growth targets. We are also looking to jointly grow our observational and clinical research network with universities to harbour long-term innovation opportunities.

Operational Excellence & Mutual Value Creation: Joint teams oversee integration of best practices in manufacturing, quality assurance, and supply chain management. Shared digital tools and transparent processes reduce lead times, improve service levels, and ensure continuous improvement.

Supply Chain Resilience & Flexibility: VLG gains access to Healthea’s multi-site manufacturing network, reducing dependency on single sites and providing dual-sourcing options for critical products. Coordinated planning and robust risk management ensure reliable, agile supply and rapid response to market changes.

etc"

Https://www.scottishfinancialnews.com/articles/begbies-traynor-group-invests-in-growth-with-edinburgh-office-expansion

Extracts:

"Begbies Traynor Group invests in growth with Edinburgh office expansion

16 Dec 2025

Begbies Traynor has invested in a five-year lease at a new Edinburgh office location at 3 Semple Street as the firm’s team in Scotland continues to expand."

"Begbies Traynor has expanded its restructuring and insolvency teams over the last 20 years, but also with diversification into many other complementary areas of business advisory work, such as debt and property advisory, so our footprint is growing too.”

“The new location will be a great base to build our presence in the city as we target further growth in 2026,” he added."

Good to see sells being absorbed and a series of small buys just now at the new full 8.5p offer price after a tick up.

FYI November's issue of SCSW tipped RNWH (at 955p) as follows:

"Renew’s (RNWH; 955p) shares went higher after it said it had ended FY25 with a net cash position, outperforming broker forecasts for £7m of net debt and has immediately bought Emerald Power, a Cheshire-based specialist in overhead electricity network maintenance and upgrades for Distribution Network Operators in the North West. Renew has paid £7.8m upfront, with £4.5m based on future performance. The business complements Renew’s Excalon subsidiary, complementing its expertise in underground electricity infrastructure. Emerald made £1.9m operating profit in the year to 31 July and is earnings-accretive from day one.

Separately, Renew also said trading remains strong and in line with expectations, which presently forecasts revenue up 7% to £1.2bn, with pretax profit up 2% to £72.2m and EPS of 64p. Momentum in Water was notable, with solid contributions from Energy, Infrastructure and Highways. Within Rail, renewal activity has stabilised and demand for both planned and reactive maintenance is strengthening.

The group enters FY26 with a record order book of £908m, providing excellent visibility.

Deutsche Numis has lifted its current year EPS forecast to 70p. Buy ahead of results on 25 November."

Apparently there's also an article in Rail Magazine (on readily) talking about continuing challenges with Network Rail projects, a lot in limbo and work not filtering down, putting smaller outfits under a lot of pressure either carrying the costs or forced to make redundancies and look at shift away from rail projects. It mentions Amcogiffen as a tier 1 framework contractor, with the higher tier outfits being slightly insulated from the work shortages at the very bottom. Presumably RNWH will benefit from smaller companies losing work in this way.

Good news as regards achieving AS9100D certification, in particular that with this " MTI is better positioned to tender for high-value contracts across the sector as it continues to grow".

Also a noteworthy comment that:

"Investment in airborne defence, including aircraft, unmanned aerial systems and missile programmes, has been growing rapidly reflecting the shift to satellite defence and drone programmes in modern warfare, an area which is very reliant on antenna communication"

Https://uk.advfn.com/stock-market/london/mti-wireless-edge-MWE/share-news/MTI-Wireless-Edge-Limited-MTI-achieves-AS9100D-certification/97456564