Member Info for rivaldo

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

WIA Gold was up 17% overnight to A$0.49, new highs by some distance. This is now worth £58m.

Asara was also up, to A$0.1. This is now worth almost exactly a further £10m.

That's £68m against CAPD's total £223m m/cap.

Berenberg have today intiated coverage of SOLI, with a Buy and a 240p price target:

Https://uk.investing.com/news/analyst-ratings/berenberg-initiates-solid-state-with-buy-rating-on-defence-tailwinds-4419708

"Berenberg initiates Solid State with Buy rating on defence tailwinds

Berenberg initiated coverage on Solid State Plc (LON:SOLI) with a Buy rating and a 240p price target, citing the company’s strong positioning to benefit from structural defence spending increases.

The value-added electronics group, which supplies industrial and defence markets with components and systems for critical applications, has seen its defence revenues rise by 57% over the past three years, outpacing the UK’s 25% defence spending increase.

Berenberg, in a note on Monday, forecasts UK and NATO defence spending to grow by 8% and 9%, respectively, through 2035.

Solid State has invested significantly in recent years, doubling capital expenditure and acquiring Custom Power while developing state-of-the-art facilities in Ashchurch and Leominster, UK. These investments, though temporarily pressuring margins, position the company to capitalize on expected volume growth.

The company maintains relationships with major defence contractors including BAE Systems, Lockheed Martin, Boeing and Northrop Grumman. Despite these strong fundamentals, Berenberg notes the stock has de-rated 39% against UK peers and 53% versus European peers over three years.

Berenberg projects Solid State’s free cash flow to be 2.5 times higher across its forecast period compared to the last three years, with the stock currently trading at a FY 2026 P/E of 15.9x and EV/EBIT of 11.7x, representing an attractive valuation entry point."

Confident trading update, confirming once again that market expectations are the least we can expect, with the likelihood of more given the growth in the Lending Book and new business.

Great to see that arrears and write-offs are declining from what were already low rates.

Cavendish have retained their 112p price target.

They forecast 7p EPS this rising to 7.7p EPS.

As usual the traders who bought in prior to the update sending the share price up a little have now exited immediately.

There's every justification now for the share price to rise from its current undervauation to new highs above 65p, with further gains and a multiple re-rating towards Cavendish's 112p once further positive updates are in the bank.

Panmure's new note today has a 212p price target - a very useful premium over the current share price. They forecast a large increase in EPS for the coming year to $0.17c, followed by $0.21c EPS in 2027.

Extracts:

"In November Capital announced a $38m net placing. The deal sets Capital up for the next stage of its growth and accelerates it on its pathway to double EBITDA. Proceeds are to fund investment in drilling, mining and MSALABS. As we wrote in October, end markets are supportive. To reflect the expected return on investment and the increased share count, we increase our FY 26 and FY 27 EBITDA by 5% and 6% but reduce our FY 26 and FY 27 FD EPS by 7% and 4%. Given our expectation of slightly lower future debt, and higher EBITDA, we reduce FY 27 leverage from 0.3x to 0.2x, ignoring the c. $70m of investments. Maintain BUY and our TP is held at 212p, but can be increased further as there is evidence that Capital is achieving more than its cost of capital on its additional investments. In November Capital announced a $38m net placing On 20th November, Capital announced a placing to support its growth strategy. The circular published on 24/11/25 showed that 28,581k shares were issued in two tranches, at a placing price of 107p. The placing shares are 12.69% of the enlarged share capital. This was approved by 77.95% of the existing shareholder on 11th December, which means that we can publish today. New shares were admitted today. On 26/11/25 an RNS announced that BPM, a related party of Jamie Boyton (Executive Chair), subscribed for 399k shares under the terms of the Placing. This takes his direct holding to 10.1% showing commitment to the deal, and belief in the long-term prospects of the business. Gross proceeds were $40m and net proceeds were $38m. The growth is now funded and there is capacity to grow more.

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. The placing in itself is not a reason for a higher target price. However, 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. For now, we keep the TP unchanged at 212p."

This time for £0.65m, and another contract win from BAE.

That's three contract wins announced by the defence division in the last month totalling almost £4m!

Https://uk.advfn.com/stock-market/london/petards-PEG/share-news/Petards-Group-PLC-Defence-Order/97435629

Moving up again today after only around £7k of buys. Which suggests there's still a shortage of stock around.

Good to see the new Deputy Chairman buying £20k's worth of shares at 159p:

Https://uk.advfn.com/stock-market/london/solid-state-SOLI/share-news/Solid-State-PLC-Share-Purchase/97428468

Very impressive NED appointment "as the Company continues to expand its iodine production facilities and unlock new customer markets":

Https://uk.advfn.com/stock-market/london/iofina-IOF/share-news/Iofina-PLC-Directorate-change/97427529

"Tim has significant experience in general management in the specialty chemical industry as well as corporate and sustainability matters. Tim was a member of the Executive Committee of Synthomer plc for 11 years until 2023 as divisional director for the industrial specialties global business, which included the company's specialty iodine business, before then becoming President of Corporate Development, where he was responsible for investor relations, external affairs and the development of the company's sustainability strategy.

Prior to Synthomer, Tim led the Urethane Technologies joint venture business for Chemtura Corporation and spent 14 years in business leadership and marketing roles at Courtaulds plc. Tim is based in the UK and holds a BSc in Chemistry from the University of Manchester and an MBA from Cranfield University."

Cheers BillB. I missed most of the presentation, so will have to catch up later. However, caught a couple of interesting points towards the end:

- worth reiterating that TGP have a surplus property in the books at £2.8m which they're hoping to sell in the next 12 months

- CEO comment : he's "never seen the markets lined up as they are now", and "the order backlog is a record"

Good to see the price rising on a swift 70k of buys just now. Perhaps we've finally seen the end of any overhang/stale holders.

Good to see a 50,000 share buy at 7.9p just now - well above the 7.75p published offer price. Very keen, and bodes well.

Cavendish have retained their target price of 100p.

They forecast £37.4m of cash at the May year end - 47% of the m/cap - with 3.8p EPS rising to 5.5p EPS and then 6.6p EPS.

They summarise:

"Oral care disposal

Venture Life has announced the completion of the sale of its oral care brands, UltraDEX and Dentyl, including 100% of the issued share capital of Periproducts Ltd, having indicated these non-core brands were up for sale in June 2025. The company will receive £3.75m upon completion with the final consideration worth up to £4.5m, subject to customary working capital adjustments and the achievement of financial targets. We believe the disposal multiple achieved, based on FY24 performance of the oral care brands, is an attractive valuation at double-digit EBITDA multiples. With the disposal of the CDMO operations and these additional non-core assets completed, Venture Life is now focused on the Proactive Healthy Longevity market with high growth, high margin brands and a strong balance sheet able to support both the organic and M&A strategies."

"Investment thesis:

We believe Venture Life’s new structure sets a strong foundation for future organic and M&A-driven revenue growth with margin expansion. The company has focused its brands on healthy longevity and will provide increased investment support to achieve market-leading positions, while enhancing growth through M&A, with both strategies supported by a strong balance sheet. With the shares still trading on c1x forward sales, we believe the company remains attractive."

Canaccord have raised their target price to 160p (from 157p).

They forecast 10.6p EPS this year (at the the lowest end of guided expectations, so hopefully to be beaten), and have raised next year's forecast to 11.3p EPS.

They conclude:

"Strong balance sheet gives options

We forecast net debt at FY26 year end of £1.5m. Gearing (net debt/EBITDA) remains very low at 0.1x. Begbies has >£30m headroom on its total available facilities, which could continue to fund earnings accretive M&A. This is a proven adjunct to the organic growth strategy, helping to deliver an impressive 14% historic 10- year adj. dil. EPS CAGR."

"Valuation and recommendation

Our valuation methodology remains unchanged i.e. we continue to apply a 14.5x multiple to CY26E EPS. The multiple is unchanged and a 10% premium to BEG's 10-year average P/E multiple. We believe this is justified by the company's strong prospects at the current point in the cycle. The small increase to our FY27 adj.dil EPS forecast results in our TP nudging 2% higher to 160p (prev: 157p), implying 46% upside and a 50% TSR. Maintain BUY."

....and again - consistent buying at steadily increasing prices.

WIA Gold is up another 6% overnight to new highs at A$0.44, a new high, after news of "Outstanding high-grade intercepts at Kokoseb".

This investment is now worth £52.8m to CAPD.

Asara Resources is also back up to highs at A$0.089 after news of expansion of its Kada gold project.

This is now worth a further £8.9m.

Shore Capital have raised their forecast for this year to 11.3p EPS (from 11p EPS).

This is due to the "encouraging workflows", including the Sheffield Wednesday appointment, per the results, and the impact of the two new acquisitions.