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MWE were undervalued for a long time given the rosy prospects in 5G, water management/irrigation and tech in general, plus the solid record of rising profitability and dividends etc for many years. As well as the substantial asset backing via the cash pile and freehold property .

They had supportive shareholders like Herald and other institutional investors, but the stigma of being an overseas company and having a dominant shareholder put retail investors off for some time and held back the share price.

However, all the above positives have now come into play, results have been very good and the outlook is terrific.

When that happens, and everything comes together, the re-rating can be very quick indeed in a small cap company like MWE. Especially one operating in such high-tech and growth sectors.

I suspect there's much more to come over time.

It seems there are almost no shares avaiulable to buy online - if you do want some you have to pay 15.5p through IG.

Still looking very good.

Now up almost 14% today, and buying coming in at 214p now.

Looking very strong at present.

Good to see the GAN takeover of Coolbet has been completed overnight - and it's immediately earnings enhancing:

Https://www.businesswire.com/news/home/20210104005830/en/GAN-Limited-Completes-Acquisition-of-Coolbet

Yet SUR are still only on a current year P/E of 12.3

Consensus is 5.23p EPS for the current year. Having achieved at least 4.64p EPS for the year ended last September, we can look forward to the upcoming prelims with confidence imo.

Given (1) the £375m and rising order book, which is well up from £324m at the interims, (2) the strong Balance Sheet/cash pile, (3) the gains to be made from emerging from the pandemic from spring onwards and (4) the Government's green and ESG agenda, which benefits SUR, a 13% EPS rise this year should be pretty achievable.

The 188p offer price has at last moved up nicely, suggesting that the seller who was around yesterday is out of ammo.

A brief overnight update from Mark Watson-Williams on Master Investor FYI - he has a 100p target price:

"Capital Ltd (LON:CAPD) – directors buying more shares

Ahead of this mining services group’s trading update, due soon, I was pleased to see that boss Jamie Boyton, and fellow directors, showed faith in the group by taking up a total of 1.6m new shares at 58p in the recent £30m placing.

The group’s shares, which were 63p before the early December issue, rested at around 60p while the funds were collected in, then jumped up to 68p last Thursday.

Hold firm, I stick to my price objective.

(Profile 22.10.19 @ 61p set a Target Price of 100p)

(Profile 77.5p @ set a Target Price of 100p)"

Incidentally, River & Mercantile increased to 5.04% from 4.84% only two weeks ago, so I suspect today's RNS showing a small fall in their holding is similarly just a reflection of the balance of their underlying discretionary clients buying or selling a few.

This morning's RNS reads extremely well.

Very unusual to see potential revenues climb 50% with no associated costs :o)) Terrific news.

Revenues are nicely in line with prior statements, cash remains sufficent for some time yet given that OEM Cell One is largely complete - and there's repeated confidence about new contracts in the "near-term".

The "Progress with OEM Customers" paragraph is particularly confident:

"The Company continues to work both with a number of potential new customers and, increasingly importantly, with existing customers making use of existing product approvals, for nomination on their future models (known in the automotive industry as "carry over"). All the tests, and carry-over discussions are proceeding to plan and the Board remain confident of being nominated on further vehicles in the near future."

Good to start 2021 with a tick up on the bid after a 375,000 share buy, and the published spread narrowing to a more attractive 1.3p-1.4p.

Good to see buying now at the full 96.5p offer price.

Hopefully a surge back above 100p coming very soon.

Good to see REAT on the ball with a new blog post for 2021 summarising their methods of and protocols for infection control:

Https://www.reactsc.co.uk/post/a-2021-vision-for-enhanced-specialist-cleaning-protocols

Very nice - a buy trade just now at 147p, way above the current 142p published offer price....

Currently you can sell a maximum 40,000 shares at 66.08p, but you can only buy a a maximum 12,000 shares at 67.9p.

Hopefully indicative of a continuing scarcity of shares.

Great start to the year - early trades saw keen buying at well above the published offer price

Lovely start to 2021 - buying coming in at the full 272p offer now.

Video interview with the legendary Gervais on Boxing Day - great to see him highlighting MWE as one of Miton's "top holdings" (from just over 4 minutes in):

Https://www.youtube.com/watch?v=p-KerGV_SdQ&t=34s

Great to see Mark Slater highlighting KAPE in an interview on Boxing Day and saying that he's been adding to his holding (see from just over 4 minutes in):

Https://www.youtube.com/watch?v=-LbF5dPMjA4

SBI have been tipped by Midas in today's Mail on Sunday as one of their "top picks for 2021"......

Https://www.thisismoney.co.uk/money/investing/article-9106741/MIDA-SHARE-TIPS-picks-healthy-wealthy-2021.html

Conclusion:

"Midas verdict: Sourcebio is valued at just over £128million but LeCoque is determined to build the business into a £500million company. He has delivered similar growth at other health firms in the past and there is every reason to believe that he can do it again at Sourcebio. The company is a recognised and valued supplier to the NHS, it is helping in the battle against coronavirus and is well connected across the healthcare industry. At £1.74, the shares are a buy."

Good to see the mention of WIN as a potential takeover target in yesterday's Times - the team behind the recommendation seem to have a good track record:

Https://www.thetimes.co.uk/article/private-equity-lining-up-gold-rush-s6xtpklsf

"The Quest team is highly rated in the City for its forensic analysis of companies and their strategies, risks and valuations. It takes factors such as free cashflow, debt level and size of pension deficit into account."