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Nice update after the markets closed on Friday night by Mark Watson-Williams in his weekly market round-up:

"Sureserve Group (LON:SUR) – just 10.2 times 2022 estimated earnings

Alastair Stewart at the group’s broker Shore Capital is very positive about the compliance and energy services group’s shares at the current 80p.

In a note referring to the appointment of a new Chairman, Nick Winks, he argues the shares give the group a very compelling valuation trading on just 10.2 times the estimated earnings for the coming year to end-September 2022.

I would agree."

after the markets closed on Friday night by Mark Watson-Williams:

Https://masterinvestor.co.uk/equities/small-cap-round-up-featuring-begbies-n-brown-circassia-and-more/

"Kape Technologies (LON:KAPE) – I love this stock

Would you buy shares in a global specialist technology company where revenues will rise five times over five years?

Where its adjusted pre-tax profits rise ten times in the same period?

And where its earnings increase more than six times?

While its price/earnings ratio drops from 86 times to just 13 times.

Well now you can see why I was so keen on this group’s shares last December, since when they have almost doubled in price.

This digital security and privacy software business is now 60% of its way through that cycle of figures.

On Thursday 20 May the company held its AGM which declared a strong start to its full year to end-December 2021. Its subscriber numbers are up 100,000 at 2.61m, while its ability to cross-sell is rising.

The estimates of analysts Ian Poulter and Gareth Evans at Progressive Equity are shown in the attached box. I thank them for highlighting the group’s attractions late last year.

Yr end Dec $m 2018a2019a2020a2021e2022 e Revenues52.166.1122.2200.0250.0Adj PBT8.210.630.864.383.3EPS (c)5.06.513.525.332.4P/E86.4x66.3x31.7x17.0x13.2x

(based upon analysis by Progressive Equity Research)

On their estimates I remain very optimistic of another hike due to occur in the group’s share price, now 331.5p.

I think that we could see such anticipatory action ahead of its next trading update in July."

There's a thorough review of VLE's results here by Graham Neary. VLE is his largest holding, and he strikes me as quite a cautious investor, so the conclusion below is pleasing to read:

Https://cube.investments/cube-report-28-may-annual-results-at-my-top-holding/

"I am happy to continue backing management to find investment opportunities, when they arise. It is reasonable, I think, to believe that there will be an economic fallout which involves businesses with decent underlying value needing to be recapitalised over the next 1-2 years.

We should never forget why the management at Volvere are so rare, and why their performance has been so good over so many years: they truly believe that no deal is better than a bad deal! (sorry!)

Unfortunately, 2020 failed to produce an increase in Volvere’s NAV per share: it reduces from £13.85 to £13.65. But we’ve come a long way: this was only £5.69 in 2015!

Balance sheet net assets are £35.1 million after deducting minority interests. Of this, £23.7 million is the cash I previously mentioned.

With a market cap of just £36 million, the enterprise value is a paltry £12 million. For this, you get a small cakes and dessert manufacturer, an up-and-coming vegan brand that is now in a major supermarket chain, and a food manufacturing business that owns its land and buildings and just earned underlying pre-tax profits of £1.8 million!

I’m nervous to say it, but… I think Volvere might once again be undervalued."

New interview with the CEO concentraing primarily on the most recent acquisitions and INSE's buy and build strategy, but there's a bullish concluding paragraph noting potential European expansion and more acquisitions to come:

"Inspired will remain on the acquisition trail. Looking ahead to next year Mark says that the business is likely to set its sights on overseas targets with European expansion in mind. “It’s very much a case of watching this space,” he adds."

Https://www.lancashirebusinessview.co.uk/latest-news-and-features/dealmakers-building-momentum

"Inspired’s chief executive Mark Dickinson describes the latest additions to the group as “highly complementary”, which is vital to its buy-to-build approach.

Organic growth takes a lot of time and one of the best ways to accelerate could be with an appropriate M&A deal

He says: “Both acquisitions increase our market share for energy assurance services, broaden our customer base and significantly increase our units of opportunity.”

WH Ireland have reinstated forecasts this morning. They see £0.5m PBT this year, rising to £0.8m next year (with 0.8p EPS and 1.4p EPS respectively).

Net cash is expected to be £2.3m rising to £2.9m.

They conclude that PEG "should now be positioned well to build out from the current base, including potgentially through further bolt-on acquisitions".

WHI should hopefully have been "guided" to these numbers by the company.

It's easy to see substantial upside from here - assuming these numbers are delivered, and particularly if the rising cash p[ile is utilised for more acquisitions.

PEG's track record in terms of the performance of the QRO and RTC acquisitions is extremely good.

Interestingly the WH Ireland £500k and £800k PBT figures are not even the adjusted PBT (or EBITDA) before amortisation, share-based charges etc. They're increased from the 2020 £1.2m loss as per their forecasts table, so they must be the net-net PBT after amortisation, finance costs etc. So the figure for adjusted PBT/EBITDA must be a lot higher!

Let's hope they're right....

Ken Wotton, the respected fund manager at Gresham House has a new podcast available, and is very keen on INSE:

- it's overlooked in terms of their recovering from the impact of COVID-19
- helps companies to buy their energy cheaper and better
- and now optimises the way their activities work by reducing energy consumption
- very ESG-friendly credentials, particularly from their new energy advisory services which provide data analytics and insight to corporates, fund managers etc, who need to demonstrate to investors what they're doing about ESG
- has "great long-term prospects" because of this, and particularly with retail and leisure energy consumption now returning to normality.

He concludes:

"the market hasn't really woken up yet to the double whammy of structural growth and also earnings recovery"

Https://piworld.podbean.com/e/piworld-interview-ken-wottons-investing-principles

Nice - a 500,000 share buy just reported at 88p....

The Q1 results are on Tuesday. The chart is looking rather encouraging now with a decent upturn and hopefully an upwards breakout coming.

And we already know that Q1 trading was nicely in line with expectations.

An encouraging set of results this morning for what is a mere £6m m/cap company.

The order book looks healthy at £12m (£10m already for this year), PEG have £1.6m net cash, and the outlook commentary is pretty positive. H1 results should look good too given the expected weighting and that 2021 has "started well".

Given the continued investment in new product (such as the 360 degree tank video systems and via the new Virtual Technology Centre) PEG should also continue to receive healthy tax credits going forward.

Good news. These facilities replace the prior bridge facilities at much cheaper rates - and are a clear signal of KAPE's intent to continue to grow the business organically and via further acquisitions. They're also an encouraging endorsement from the various banks' belief in the company.

Shire is trading terrifically well - revenues up 18% to £27.2m and PBT up 31% to £1.81m.

The freehold property has been revalued up to £3.75m, from the prior book value of £2.43m. I note that VLE now own another freehold property in Indulgence worth almost another £1m.

The Group also now own £5.3m of plant and machinery as well as a net £4.7m of freehold property, i.e £10m of tangible fixed assets.

Net assets of £37.18m compare to the £36m/cap - before incorporating any valuation of Shire Foods or Indulgence.

Indulgence has had a lot of loan monies put in, but the improved performance in H2 was notable, with a huge increase in revenues and a good reduction in losses. The return of the foodservice sector should being about a big further improvement this year (and for Shire Foods too).

With a £23m cash pile, the Landers must be licking their lips at the many businesses which should become available as government support measures end.

The Naked Trader in his bi-weekly column late this afternoon has bought more SUR - which should bring in further interest over the nexr few days:

"I’ve averaged up in Sureserve. SUR A nice off the radar share gradually rising and I think worth upwards of 100p. It’s probably just perceived to be boring but it’s the boring ones that often double in value.

It looks too cheap at under 100p - value investors should get interested."

Encouraging to see the bid price now moving up to 80p. Plus Centamin have this morning announced growth plans for their West African asset portfolio:
https://www.investegate.co.uk/centamin-plc/rns/west-african-portfolio-confirms-growth-potential/202105270700039585Z/

You'd have thought CAPD would be in prime position to capture any West African work arising from Centamin since (1) CEY are an existing major client and (2) CAPD already have extensive operations in West Africa. Or perhaps CAPD are already in situ there with CEY?

SDI are one of the two main tips/"Great Ideas" in today's Shares Magazine in a page-length feature.

They conclude that SDI trades at a 16% discount to JDG, and:

"We see this gap narrowing and mid-teens earnings growth to keep pushing SDI’s share price higher."

The main thrust of the article sees SDI as a mini-Halma, acquiring good value businesses "that add consistent cash flow and profits to the overall group."

And:

"Its share price jumped 33% on 10 February after telling the market that it would smash forecasts. The company secured material follow-on orders for its Atik cameras business, proving kit for real-time PCR DNA amplifiers, clever medical kit that allows us to test for Covid infection by studying genetic code.

Given that the Covid-19 strain is stubbornly sticking around, and may do for some time, there could be plenty more PCR test-based orders over the coming months, but SDI has plenty of other opportunities beyond the pandemic.

For example, the near-£7 million acquisition of Monmouth Scientific last year provides a range of clean air solutions to healthcare and science customers, such as clean rooms, which could take SDI into the booming semiconductors space."

Shore Capital have issued an update note regarding today's appointment. They also reiterate their forecasts as follows:

this year to Sept'21 : 6.6p EPS, 1.5p dividend, £11.8m net cash
next year to Sept'22 : 7.8p EPS, 2p dividend, £18.4m net cash

"Sureserve’s two Services divisions offer, in our view, high revenue visibility from typically three to five-year contracts:

Compliance underpinned by the regulatory necessity to monitor safety of gas and other utilities in social housing;

and Energy Services by national and local government commitments to insulation, plus innovative heat pumps and vehicle charging points–both, in our view,key areas in the growing ESG investment credentials.

Following the Group’s 18 May interims (see results note, Sweeping upgrades after strong first half), we upgraded our FY2021F PBT, EPS and dividend estimates by 8%, 7% and 20% respectively and made significant upgrades to profit, net cash and dividend forecasts for the following two years. The valuation, in our view, looks very compelling at a FY2022F P/E of 10.2x."

The next various FTSE index reviews will be announced on Wednesday 2 June 2021.

At present it's looking good for CAPD for promotion to the FTSE Small Cap Index (from the FTSE Fledgling)......

Fingers crossed - this would provide a decent boost from tracker funds etc.

Lovely :o))

Yet another great trading statement. A further 4% or so increase in revenues to April'21, leading to another 10% increase in adjusted PBT,

Revenues are now up 44% on Apr'20 and PBT is up 70%....

Plus confirmation that the £42m revenues and £8.7m adjusted PBT for this year are MINIMUM figures.

Looks like a good appointment this morning as the new Chairman - with the CEO to follow "to drive growth and execute the Group's buy-and-build strategy":

Https://uk.advfn.com/stock-market/london/sureserve-SUR/share-news/Sureserve-Group-PLC-Appointment-of-Chairman/85206960

Allenby Capital have issued a new update summary, with a 95p target:

Http://www.allenbycapital.com/research_1224_1267423250.pdf

"MTI Wireless Edge Ltd* (MWE.L, 68.0p/£60.2m)Q1 update:

Solid start to FY21 and outlook positive (19.05.21) Note published

Allenby Capital comment: Solid start to FY21 by MTI Wireless Edge Ltd, the technology group specialising in comprehensive radio frequency communication solutions across multiple sectors, with Q1 revenue growth of 4% to $9.95m and EBIT +14% to $0.96m, reflecting operational gearing.

There was strong cash generation with net cash up 10% to $9.95m despite paying the FY20 dividend of $2.2m in March (the FY19 dividend was paid in April 2020). Each of the three divisions (Antennas, Water Solutions (Mottech) and Distribution & Consultation (MTI Summit)) remained profitable with the bulk of the growth coming from Mottech.

The outlook remains positive with structural growth drivers for each division (5G roll out, water scarcity and growth in the international defence market) and the disruption caused by COVID-19 is starting to dissipate.

Forecasts and fair value of 95p/share remain unchanged, equivalent to an FY21 EV/EBITDA of 19.1xfalling to 16.9x in FY22. The current share price offers a yield of 2.8% in FY21 and 3.0% in FY22."

"ShareSoc Webinar with CentralNic Group PLC (CNIC)
Date: 10 June 2021
Time: 4:30pm – 5:30pm

Format: Webinar

Presenters: Ben Crawford (CEO) and Michael Riedl (CFO)

Company Information: CentralNic (AIM: CNIC) is a London-based AIM-listed company which drives the growth of the global digital economy by developing and managing software platforms that enable businesses globally to buy subscriptions to domain names, run their corporate websites and emails, win customers online and monetise their internet traffic. Its core growth strategy is identifying and acquiring cash-generative businesses in its industry with annuity revenue streams, high cash conversion and exposure to growth markets and migrating them onto the CentralNic software and operating platforms.

CentralNic operates globally with customers in almost every country in the world. It earns recurring revenues from the worldwide sales of internet domain names and other services on an annual subscription or rolling contract basis."

Https://www.sharesoc.org/events/sharesoc-webinar-with-centralnic-group-plc-cnic10-june-2021/

B.Riley say Buy with a $26 price target:

Https://seekingalpha.com/news/3699405-gan-limited-rallies-after-michigan-deal-positive-b-riley-update?utm_source=advfn.com&utm_medium=referral

"GAN Limited rallies after Michigan deal, positive B. Riley update
May 24, 2021 8:41 AM ETGAN Limited (GAN)By: Clark Schultz, SA News Editor5 Comments

GAN Limited (NASDAQ:GAN) trades higher after adding a fourth casino client in Michigan via a new deal with the Saginaw Chippewa Indian Tribe of Michigan. The company expects to nab a "fair share" of the Michigan market through the Soaring Eagle Casino & Resort deal.
GAN also received some positive attention today from B. Riley, which transferred coverage to analyst David Bain.
Bain notes that GAN is leveraged to iGaming and online sports wagering total addressable market increases. He also values the recent Ainsworth deal at $2 to $6 per share.
B. Riley has a Buy rating on GAN and price target of $26."