Member Info for rivaldo

Encouraging commentary in particular about an upturn in Rail from VP's interims to 30th September this morning - and about Electricity/Transmission and Water:

Https://uk.advfn.com/stock-market/london/vp-VP./share-news/Vp-PLC-Interim-Results/97328015

"Transmission markets have also been supportive in the UK during the Period and continue to represent an opportunity across our specialist divisions. Electricity demand has quadrupled in the last 70 years and the National Grid requires significant investment and modernisation to meet demand and to connect Britain to more affordable sources of homegrown energy.

Prospects in Water remain extremely positive. However, revenue in the first half of the year was lower than H1 FY25 as capital delivery programmes undertook their normal transition from AMP7 to AMP8. As we enter the second half of FY26 we are seeing activity levels increase as AMP8 design and planning work progresses.

We expect Water revenue to increase in the second half of the financial year with anticipation of a strong FY27 onwards."

"Market conditions in Rail remained subdued in the Period due to the continued slow start to Network Rail's CP7. In recent months we have seen activity levels increase and we remain cautiously optimistic about the second half of the year and beyond."

"activity levels are starting to increase in key Infrastructure sectors of Water and Rail"

Good news from another positive broker:

"Deutsche Bank Research raises Renew Holdings price target to 1,220 (1,200) pence - ’buy’"

Https://www.sharesmagazine.co.uk/news/market/1764150928962256100/london-broker-ratings-ubs-cuts-shell-berenberg-says-buy-genus

Shore Capital will adjust their forecasts in 10 working days when the H1 results are out, but conclude in the meantime:

"Valuation

The stock trades at 9.5x calendar ’25 and 8.8x calendar ’26 (the numbers in the table below are fiscal years), with mid-single-digit earnings growth this year, and c. 8% in FY26. Returns are strong, with a 15% adjusted PBT margin and a ROE in excess of 22%, achieved with little debt.

Dividend yield is 4.1% and FCF yield a remarkable 10.7% this year. N.B. that these estimates are all organic and neither include the small Network Auctions acquisition of 25.11.25 nor this Kirkby Diamond acquisition, part facilitated by some slight equity issuance"

Aegis Financial Corporation have almost doubled their stake to 10.31%, or 22.31m shares, presumably in the placing:

Https://uk.advfn.com/stock-market/london/capital-CAPD/share-news/Capital-Limited-TR-1-Notification-of-Major-Holdings/97320412

Berenberg have reiterated their Buy and £12 price target:

Https://finimize.com/content/renew-holdings-delivers-steady-results-and-buoyant-outlook

"Renew Holdings matched Wall Street’s forecasts for fiscal 2025, giving investors a boost of confidence and prompting Berenberg to keep its buy rating.

What does this mean?

Renew Holdings, the UK-based engineering group, is keeping things steady. Its latest results and positive outlook for 2026 have Berenberg maintaining a buy rating and £12 price target, with no changes to earnings expectations. The confidence is rooted in a strong balance sheet, a healthy pipeline for mergers and acquisitions, and solid strategic moves—giving analysts reasons to believe there’s more upside to current forecasts. After a rare profit warning in its Rail division earlier this year, Renew’s quick return to stability signals broader business resilience. Trading at a 12.7x price-to-earnings ratio for fiscal 2026, Berenberg considers the stock attractively valued given its growth prospects and the growing spotlight on UK infrastructure.

Why should I care?

For markets: Reliability carries weight in infrastructure plays.

Renew Holdings’ stable delivery gives investors confidence at a time when infrastructure spending is front and center. With the UK government’s 'decade of renewal' underway, firms like Renew look set to capitalize on increased public sector projects. That’s clear from its valuation—at 12.7x forward earnings, the stock stands out among peers, signaling that investors still see more room for growth.

The bigger picture: Infrastructure’s long game comes into focus.

Renew’s consistent approach and acquisitions like Emerald Power point to bigger-picture trends in the UK. With governments worldwide doubling down on infrastructure, firms with resilient business models and steady execution are in demand. For investors, infrastructure offers a shot at longer-term growth powered by public policy, rather than market fads."

That's two acquisitions in two days!

Excellent earnings-enhancing acquisition just announced, and decent-sized too - this is much more like it.

70% of the initial consideration is from cash, plus the entire deferred consideration based on performance, so the share element is small.

Perhaps this additional £1m of pre-tax profit - plus almost £1m additional cash - taking the property division to a revenue run rate over £50m will wake the market up somewhat:

Https://uk.advfn.com/stock-market/london/begbies-traynor-BEG/share-news/Begbies-Traynor-Group-PLC-Acquisition/97318127

Hugely important up to £5.75m contract win announced for what's now a £9.7m microcap:

Https://uk.advfn.com/stock-market/london/pennant-PEN/share-news/Pennant-International-Group-PLC-GenFly-Contract-Award-valued-at-up-to-5-75m/97312522

"GenFly Contract Award

Contract Value up to £5.75 million

Pennant International Group plc (AIM:PEN), is pleased to announce that the GenFly upgrade contract has now been formally awarded by the UK Ministry of Defence and the agreement signed.

The contract is structured as an initial upgrade of one GenFly device for £2.75 million with options to upgrade two additional devices for circa £1.5 million each. The final agreed contract value including options is £5.75 million, and revenue will be recognised as costs are incurred over time, with the programme commencing this December with an expected three-year duration.

This programme is in line with the Company's strategy to deliver modifications, retrofits and overhauls to its installed base through a streamlined Training Systems business, while it continues with the development and commercialisation of the Auxilium suite.

In its Interim Results announcement of 16 September 2025, the Company confirmed it was in advanced negotiations in respect of over £10 million of opportunities and, with today's award and the wins announced on 8 October 2025, orders totalling £9.5 million have now been secured, with negotiations continuing on additional single-source opportunities."

Shore Capital have issued a brief update, noting that whilst non-material, today's acquisition "adds scale and further builds national coverage".

They conclude:

"Market appreciation

The stock trades at 9.5x calendar ’25 and 8.8x calendar ’26 (the numbers in the table below are fiscal years), with mid-single-digit earnings growth this year, and c. 8% in FY26. Returns are strong, with a 15% adjusted PBT margin and a ROE in excess of 22%, achieved with little debt. Dividend yield is 4.1% and FCF yield a remarkable 10.7% this year. N.B. that these estimates are all organic and neither include this Network Auctions acquisition nor any further inorganic growth, while such is the stated and clearly continuing strategy of the Group."

Nice 48,535 share purchase at 51.5p just reported - way above the published 50p offer price. Very keen.

And which augurs well.

Allenby Capital's new update notes that its forecast of 5.3c EPS for the year ending next month is conservative as "pressure on forecasts is to the upside".

With an 83p price target, MWE also has around 6p per share of cash and rising. A couple of extracts from Allenby's note:

"All divisions return to growth; positive outlook

Q3 saw record revenue and profitability at the technology group focused on

comprehensive communications and radio frequency solutions as MTI continues to

benefit from increased global defence spending, 5G network roll out and the demand

for solutions that address water scarcity.

9M results saw revenue growth at each of the three divisions (Antennas, Mottech and MTI Summit/PSK) and each remained profitable. Group revenue increased 12% to $37.8m, EBIT by 21% to $4.2m, with EBIT margin advancing 80bps to 11.1%, and EPS by 20% to 4.31 cents. Cash conversion was strong with 9M operating cashflow of $4.0m exceeding FY24 ($3.1m). As a result, net cash increased to $6.4m (FY24: $6.0m) and this will be used to fund MTI’s progressive dividend policy.

Q4 has started well with growth anticipated across all divisions with a robust order backlog alongside a series of upcoming tenders. No change to forecasts or

83p/share fair value but the pressure on forecasts is to the upside."

"Outlook:

Q4 has started well with growth anticipated across all three divisions given the ongoing market drivers of increased global defence spending, the roll out of 5G networks and the need to address global water scarcity. MTI has a substantial order backlog and is active in a number of significant tenders."

The AGM will be on 1st December - good to see there'll be an Investor Meet, and questions can be submitted in advance until 30th November:

Https://uk.advfn.com/stock-market/london/croma-security-solutions-CSSG/share-news/Croma-Security-Solutions-Group-PLC-Notice-of-AGM/97307566

A nice in-fill acquisition this morning with the purchase of a property auctioneers business:

Https://uk.advfn.com/stock-market/london/begbies-traynor-BEG/share-news/Begbies-Traynor-Group-PLC-Acquisition/97307594

A very good performance given the hiatus in the major Rail division.

Record revenues and profits, a healthy Balance Sheet, dividend up 5% and the outlook bullish in "providing confidence in delivering against our FY26 expectations".

With record order books and very strong positions in a number of sectors which will continue to thrive for decades to come RNWH itself should grow at a decent pace, especially as Rail expenditure returns.

The narrative is also suggestive of more acquisitions, which will help things along nicely.

Brief update today from Hybridan FYI:

"Petards Group 7.50p £4.55m (PEG.L)*

Positive Progress to a Re-rating

Flying Higher

Key Investment Points:

Multi-year agreements, Stable Profit margins, Diversity of sectors

The developer of advanced security, communication and surveillance systems announces a contract extension. The extension worth £0.65m is with the Ministry of Defence for the continued support of Royal Air Force communication infrastructure. The three-year extension to November 2028 increases the earnings visibility and adds to the defence services order book. There is also the potential for the subsidiary, Petards Joyce-Loebl (PJL), that is delivering the existing core maintenance support services, to provide additional tasking and repair services for other Royal Air Force stations in the UK and overseas. Petards anticipates that the value of this extended contract will increase to more that £1m.

Our forecasts for the Y/E December 2025 are unchanged with revenue of £15m and a 97.5% increase in EBITDA to £0.81m from £0.41m. This includes a 12-months contribution from the Affini acquisition, which was reported at the interims to be trading ahead of expectations.

The revenue cover for 2025 is around 92% of forecast and further multi-year orders can be expected.

Hybridan Comment: Sustainable recurring revenue momentum is building and from a broader range of sectors, justifying a higher valuation."

Shore Capital reiterate today they see 100p as fair value here:

Extracts:

"Record Q3 and set for strong FY25F

MTI, the technology group focused on comprehensive communication and radio frequency solutions across multiple sectors, has announced Q3/9M results for FY25F. The group delivered a quarter of record revenues and profitability in Q3.

For the nine months, there was a 21% increase in adj. EBIT to US$4.2m (11.1% margin) vs US$3.5m (10.3% margin) in 9M FY24A on revenues up 12% to $37.8m

($33.7m). Adj. EPS increased 20% to 4.31c (3.60c). Good cash generation in Q3 saw net cash increase $1.3m to $6.4m at end-September 2025.

Most importantly, in our view, the business is confident of delivering a strong FY25F and has highlighted defence, 5G roll-out and water scarcity as the main

growth drivers. We make no changes to any of our forecasts."

"We are encouraged by the the confidence expressed that all three divisions continue to be well-placed to deliver improved profitability as FY25F progresses.

We maintain a 100p fair value on the basis of a DCF analysis, which is more than corroborated were MTI to achieve a peer group average of the FY25F EV/sales multiple of 2.6x and EV/EBITDA multiple of 12.4x."

Excellent stuff from MWE - a whopping 1.81c EPS in Q3 alone! The 9 months' profits and EPS are up 20%, cash is well up and the outlook is tremendous.

With 4.31c EPS in the first 9 months, MWE are well on target to beat the forecast 5.2c EPS for this year as they only need 0.9p EPS in Q4 just to match it.

They're even likely to beat next year's 5.4c EPS forecast too!

The cash pile is rising fast to $6.4m too. Which supports the interestingly worded "progressive" dividend, suggesting this too may be better than forecast.

All divisions are doing well, driven by defence, 5G and water scarcity, with "significant tenders" in place for ABS antennas.

Lots of upside here:

https://uk.advfn.com/stock-market/london/mti-wireless-edge-MWE/share-news/MTI-Wireless-Edge-Limited-Q3-2025-Financial-Results/97298796

"Outlook

· Positioned for a strong full year outturn, driven by all three divisions performing well

· Growth being driven by three distinct markets: defence, the roll-out of 5G, and solutions addressing water scarcity

· Strong cash position and cash generation supports a progressive dividend, anticipated to be declared during Q1 2026"

Good to see Charles Stanley covering Fonix - encouraging to see Charles Stanley state definitively that "Fonix are now powering payments in Ireland Austria, Germany and Portugal" :

Https://www.charles-stanley.co.uk/insights/commentary/aim-stock-in-focus-fonix

Also, a nice award win for the new PayFlex product - note the comment that it's "being rolled out across more broadcast campaigns":

Https://www.fonix.com/fonix-wins-at-the-drum-awards-for-digital-experience-2025/

Extracts:

"Fonix wins at The Drum Awards for Digital Experience 2025

19/11/2025

We’re thrilled to share that Fonix has taken home an award at The Drum Awards for Digital Experience 2025, in the category Digital Experience: Platform/Tech Partner of the Year. The recognition highlights our work on PayFlex – a real-time payment recovery platform that’s reshaping how digital broadcast campaigns handle SMS payments. Supriya, our Product Lead, and Catherine, our Account Manager, attended the ceremony to celebrate this achievement."

"Our pilot delivered a 20% conversion rate from fallback links – well above industry norms – helping protect revenue while giving users a fast, intuitive alternative.

Setting a new standard for payment recovery

PayFlex is now being rolled out across more broadcast campaigns, setting a new benchmark for mobile payment recovery in the media industry. With automation, intelligent UX and device-aware technology working together, Fonix is delivering measurable improvements and helping brands future-proof their customer engagement strategies."

Good to see the share price rising (up 2p now) into the Q3 results, which should be early next week as last year's were 25th November.

As previously stated, they should be decent at worst and hopefully better considering the strong H1 and confident full year outlook, boosted by the various contract wins.

More good news today - that's one contract win/renewal almost every month since June.

This extension for for the continued support of Royal Air Force (RAF) communication infrastructure should be worth over £1m over the next 3 years and is nice secure/recurring income going forward:

Https://uk.advfn.com/stock-market/london/petards-PEG/share-news/Petards-Group-PLC-Contract-extension/97290333

Placing completed at 107p, i.e a reasonably small discount, , with "strong support" from institutional shareholders who were apparently consulted with prior to the placing.

Hardly surprising given the prospects that they were happy to stump up more funds at a cheap price.

Personally I would much rather have seen CAPD sell a large chunk of their stake in WIA Gold, which is pretty liquid so shouldn't have been problematic, thus avoiding any dilution or perhaps allowing for a much smaller placing.

The use of the phrase "growth opportunities" is intriguing. Does this imply an acquisition? Maybe I'm overthinking and it's just referring to the surge in exploration budgets etc.

If the bullish commentary from the CEO is fulfilled then there's serious upside from here:

"With the highly favourable market demand backdrop, the proceeds from the Placing will provide the balance sheet capacity needed to capitalise on this environment and move on the opportunities emerging across our divisions."