Member Info for rivaldo

Nice rise following a surge of buying after 9.00, with some buy trades at above the published offer price.

With 6.1p EPS forecast this year TPX still looks very cheap at 52p.

Very welcome news this morning of the first customer obtained "following the launch of its new conversion services capability", being " a North American military customer".

And also a useful big up from Siemens in their recent blog focused on advancing service lifecycle management.

It seems things are starting to pick up around here...

Https://uk.advfn.com/stock-market/london/pennant-PEN/share-news/Pennant-International-Group-PLC-1st-conversion-services-contract-Siemens-updat/98559218

In my experience Regent Gas have been extremely patient value investors, steadily building up stakes over some time and never paying too much.

They seem to be buying more quickly into VLE, presumably as they won't get many such opportunities given the recent high liquidity compared to normal.

Their buying has led to bids elsewhere, but I can't see this happening at VLE for obvious reasons.

I assume their motivation is to take advantage of the value here, but as to how they do that....perhaps if they reach a 15%-20% or more stake they'll push hard for a distribution from the £33m+ cash pile or a sale of Shire and a full company wind-down.

Terrific results, and a bullish outlook for this year:

Https://uk.advfn.com/stock-market/london/winvia-entertainment-WVIA/share-news/Winvia-Entertainment-PLC-Final-Results/98558247

Shore Capital have a 400p fair value price target over 2 years.

Shore have adjusted their EPS forecasts slightly, perhaps due to tax. They now see 22.9p EPS this year, rising to 28.5p EPS next year. Plus 12.3p and 15.1p dividends respectively.

And they forecast a cash pile of £39.5m (38p per share) rising to £58.1m (55p per share).

On an EV/EBITDA of 5.9 falling to 4.9 WVIA looks pretty cheap, particularly given the "strong" Q1 trading and further likely earnings-enhancing acquisitions.

Yet another acquisition announced today. The pace of acquisitions is increasing, with RNWH gearing up for the massive national infrastructure investment necessary in the electricity/ power transmission and distribution markets.

Today's acquisition will add a not inconsiderable £650k of EBITDA and is "immediately earnings enhancing".

And RNWH "continues to evaluate a pipeline of further acquisitions":

Https://www.investegate.co.uk/announcement/rns/renew-holdings--rnwh/acquisition-of-edes-/9574190

Today's RNS confirms the AGM will be on 17th June.

It should be pretty upbeat - remember that only three weeks ago BBSN upgraded expectations for this year and stated:

"Momentum is strong and we are excited for the year ahead. MiniMBA has announced a record contract win and we are now the largest shareholder in System1 Group plc, one of the industry leaders in marketing effectiveness - a fast-growing corner of our ecosystem".

"The Board expects net revenue and Adj. EBITDA to exceed current consensus expectations for FY26 (5). Net revenue in Q1 FY26 is expected to increase 58% year-on-year, an encouraging performance despite the conflict in the Middle East causing some clients to review spending

Continued strong momentum in the Group's Sport & Entertainment division after success with livestreamed events in Q4 FY25

MiniMBA, the Group's training and eLearning platform, has traded ahead of Board expectations in FY26 year-to-date and is forecast to grow organically by over 18% compared to the previous year"

Today's results actually beat Allenby's last forecast from Nov '25 quite easily.

AEO produced £797k underlying PBT for the 18 months, compared to Allenby's forecast £700k.

The cash pile was £2.2m compared to the forecast £2m.

Allenby were then forecasting £740k PBT for this year, with 5.23p EPS and a closing £2.2m cash pile.

Given all the bullish signs since then, I'd hope that Allenby will at least maintain those forecasts, particularly given that AEO now hold £4.1m net cash.

Allenby are just so slow. Despite they're having released a "TMT update" note this morning, there's nothing yet on AEO on their results release date - the most important day of the year! It's surely time for AEO to change their broker to someone more impressive (Cavendish, Panmure Liberum etc).

Shore Capital have left their forecasts for this and next year at 24.6p EPS rising to 30.2p EPS.

They note that they'll update their forecasts accordingly for today's acquisition.

I'm guessing that those forecasts will rise to around say 26p EPS and 32p EPS at minimum, with somewhat more potentially given the extensive synergy benefits which WVIA usually achieve.

I was certainly correct about Regent Gas's modus operandi - they've been buying up the loose stock after Friday's results and now have 6.95% (up from 4%), with 152,229 shares.

That's an increase of 64,538 shares in 2 days since their last RNS, or around £1.6m....

I'd expect them to continue buying on past form:

Https://uk.advfn.com/stock-market/london/volvere-VLE/share-news/Volvere-PLC-Holdings-in-Company/98548664

I bought some more of these first thing on the news of today's £11.8m acquisition.

No doubt WVIA will use their usual methods to significantly increase profit margins from an already earnings-enhancing acquisition.

And there's still a cash pile to support further acquisitions as stated today:

"The Group continues to engage with a number of exciting potential acquisition targets in the UK Prize Draw sector."

Https://uk.advfn.com/stock-market/london/winvia-entertainment-WVIA/share-news/Winvia-Entertainment-PLC-Acquisition-of-Rev-Comps/98547095

Good results for the 18 months to the new December '25 year end, with an increased £437k PBT.

But the main interest lies in the very bullish outlook.

The cash pile has now increased to £4.1m, against a £5.4m m/cap. The average 12-month cash balance was £2.9m last year, but this is likely to have increased significantly again.

Commentary on current trading is noteworthy:

"The Group has entered the 2026 financial year with strong momentum.

Trading during the first few months of the year has been encouraging, supported by a strong pipeline of confirmed work and increasing forward visibility across our key markets, alongside record bookings for Cannes Lions in June.

With the restructuring programme complete, our focus is firmly on margin progression, operational efficiency and continuing to scale the business internationally, particularly in North America.

The US market remains a key strategic focus and our most significant growth opportunity, supported by increasing client activity and our expanding presence at major international events.

We are operating on a global stage and continuing to build momentum with leading international brands. With a strengthened operating model, a growing portfolio of high-value clients and strong forward visibility, the Board believes the Group is well positioned to translate this momentum into sustained earnings growth."

Good results as flagged for 2025.

VLE have over £33m cash against the £58m m/cap, and Shire produced £6.3m PBT last year.

But no sugar coating that there'll be lower profits this year due to all the various known macro factors plus one surprise with a large customer rationalising some lower margin value product lines.

Looks like the seasonally weaker H1 will bear the brunt, with perhaps the expectation that the much stronger H2 won't be affected quite so much:

"Whilst 2026 will see lower profitability for the reasons noted above, we believe these will be mostly felt in the first half of 2026"

Hopefully the share price will take into account that there's already a built-in relatively low valuation for Shire at the current m/cap, but of course there's already been some reaction.

Only 5% down at present, and that's on a massive almost £500,000 traded already today. It's possible that either or both (1) VLE are buying back shares and (2) Regent Gas are taking advantage of the liquidity to buy more.

There may also be a big acquisition potentially lined up if VLE are exploring leverage above and beyond the £33m in cash they have on the balance sheet as they state in today's statement.

Singer Capital have reiterated their Buy and 175p price target.

They forecast 8.1p EPS this year, so a P/E of only 10.4, and they summarise:

"Upbeat investor presentation

BBSN’s FY25A results presentation showcased a record financial performance (comfortably exceeding market expectations and prompting a 19% adj. EPS upgrade), significant strategic and operational momentum, the strength of its offering and competitive position, and management’s confidence in extending an impressive track record.

In this note we highlight our key takeaways (including a step change in the growth of / opportunities available to MiniMBA since it became part of the group) and reiterate our positive investment case, 175p target price and conviction that its stock offers substantial upside potential. BUY.

Charging ahead

Brave Bison’s full year results presentation underlined FY25A’s record financial performance (which comfortably exceeded market expectations), the group’s strong strategic and operational momentum, the strength of its offering / competitive position, and management’s confidence in extending an impressive track record.

FY25A was BBSN’s fifth consecutive year of rev., op. profit and EPS growth (four yr. EPS CAGR 18%) and our post results adj. EPS upgrade of 19% was the 13th since its current management bought into the business in 2020. By way of a reminder, FY25A saw net revenue and adj. EBITDA advance by 60% and 51%, respectively, with adj. EPS ahead by 15%, a 10% DPS increase announced and a year-end net cash position of £4.3m reported - see our update note for details (Record results and forecast upgrades).

We also note that equity participation has increased with 54 (from c.250) employees holding share options - adding to the 18% stake held by the group’s Exec. Chair and Chief Growth Officer.

2025 was a transformational year

FY25A saw a step change for BBSN: extending the scale and depth of its capabilities via internal investment and five acquisitions. These initiatives contributed to the creation of an increasingly comprehensive and authoritative offering and a growing blue-chip client base - reinforcing the group’s status as a next generation marketing and technology partner to global brands.

Significant achievements during the year included a record YouTube live stream, strong new business momentum (new mandates included: Primark, Electronic Arts, Guinness World Records, Red Bull, Airbnb, Loveholidays and Barbour); and advances in its AI capabilities (see below).

etc"

An excellent write-up, many thanks. Here's a more direct link. I assume that you (1timeposter) are the Substack writer Harshu?

One bull point which (AFAICS!) you didn't mention is the potential for international expansion. TST first revealed this strategy a while ago, so it may be time for this to start coming to fruition. It wouldn't take much to make a material difference to revenues.

I agree with your overall conclusions. At this m/cap, especially given the large cash pile, the risk is more to the upside than the downside. It's now a matter of time and some patience to see if the new CEO can perform as hoped.

The cash pile as you say gives TST that optionality in terms of financing growth organically and/or by acquisition.

New (and long!) interview with the CEO Mark FRY about the rebrand as BTG Consulting and where BTG is heading - good to see more acquisitions are on the agenda:

Https://www.thebusinessdesk.com/northwest/news/2171942-the-monday-interview-mark-fry-chief-executive-btg-consulting

Brief extracts:

"since February this year the business is now known by the name BTG Consulting PLC. A number of acquisitions in the property advisory market – notably through Eddisons – has seen a subtle shift in emphasis and strategy – and as CEO Mark Fry explained to me, the origin of the business might be in the North but London is the driving force now."

"The group now wants to be recognised first and foremost as a financial and real estate advisory firm with national reach and mid‑market ambition, he says."

"Fry is unequivocal about where the commercial centre of gravity now sits:

“In terms of the biggest office for revenue for the business, then it’s London by a long way… which has been a significant change over that period,” he says in his unmistakable Essex accent."

“The larger appointments traditionally were dominated by the Big Four, but we saw this platform is really widening. You’ve got more boutique players now and we thought that we could actually get into that space and begin pitching in that environment and be an acceptable firm in that space – and that is now happening.”

The strategy has been to move earlier in the cycle and deeper into advisory work – balance sheet restructuring, capital markets advice, accelerated M&A and turnaround mandates – and then extend that capability into performance improvement and general commercial advice."

"“We looked at property and there was a lot of crossover. We could see the advantage of having a property business… particularly in the distressed space. A lot of insolvency restructuring work has a property angle to it. So we could see the crossover benefit there. And we could also see that with other sides to a general chartered surveyor practice, there are areas that are busy when we are quiet, so it created that counter‑cyclical position.”

Beyond that, the breadth of the surveying market offered expansion potential that a niche restructuring practice could never match."

"Fry is open that acquisition remains central to BTG’s growth story, alongside selective lateral hires and organic expansion.

“Continued growth is one of the main focuses for us, and we are working on developing the pipeline and expanding that. Our own internal M&A team are assisting with that.”

The focus is threefold: deepening restructuring coverage, especially in regions like the North West; expanding in regions like the North West; expanding in property; and building out advisory lines."

..and so it proved - now up 2.5p today at 46p-48p.

Good to see 10k shares bought at 46.3p just now, above the 46p published offer price. This often indicates a shortage of stock and hopefully an imminent move up.

News of a Major Severn Tunnel Upgrade which has just commenced, and ARQ are the sole contractors (ARQ is a combo of the three RNWH subsidiaries AmcoGiffen, REL and QTS).#

This work is a "world‑first....in UK rail electrification":

Https://www.railtechnologymagazine.com/articles/network-rail-begins-major-severn-tunnel-upgrade-line-closures-and-replacement-transport

"May 11th 2026

Network Rail Begins Major Severn Tunnel Upgrade with Line Closures and Replacement Transport

Passengers travelling between South Wales and the West of England are being urged to plan ahead as Network Rail undertakes a major programme of engineering work in the Severn Tunnel and wider Bristol area, with replacement bus services and diversionary routes in place to keep people moving.

The vital upgrade will see Network Rail, working alongside contractors ARQ, deliver a comprehensive transformation of the Severn Tunnel’s overhead power system. The project is designed to tackle long‑standing reliability challenges caused by the tunnel’s uniquely harsh environment and to secure the long‑term resilience of one of the UK rail network’s most critical cross‑border routes."

"A world‑first solution for a uniquely challenging tunnel

Running beneath the Severn Estuary, the 4.35‑mile Severn Tunnel is one of the most demanding environments on the UK rail network. High levels of moisture and saltwater accelerate corrosion, placing significant strain on rail infrastructure and requiring frequent maintenance.

Since electrification, the tunnel’s overhead power equipment has been particularly vulnerable to electrical wear and corrosion, increasing the risk of disruption to both passenger and freight services.

To address these challenges, Network Rail’s Wales and Borders team has developed and successfully trialled an innovative new overhead line system. The design replaces multiple components with a single 7km copper contact wire, supported at regular intervals by specially modified bridge arms. By removing corrosion‑prone elements, the new system significantly improves performance and reduces ongoing maintenance requirements.

Engineers will now install the system along the full length of the tunnel, using a world‑first approach at this scale, marking a major milestone in UK rail electrification."

Https://www.3dx-ray.com/when-size-matters-3dx-ray-announce-a-contract-for-another-as2-system/

A couple of extracts:

"When Size Matters – 3DX-Ray Announce a Contract for Another AS2 System

May 12, 2026

We are pleased to announce a contract for another sale of AS2 Systems to a Southeast Asian country.

The AS2 System is our newest and smallest form portable x-ray panel, specifically designed for law enforcement officers and operators working in areas where access is very restricted. It has a smaller footprint and uses the latest glassless technology inside to reduce size and weight. It boasts an excellent dead zone cut off, down to less than 3mm on two sides."

"Vince Deery, CEO of 3DX-RAY said “Over the years we have had a lot of feedback from customers regards the challenges of searching in confined spaces like inside of vehicles, inside furniture, even in closets and lockers. We responded to this by designing and bringing to market the AS2, as a smaller form portable x-ray panel but with all the capability of its larger counterparts like the ThreatScan®-AS1. This reflects our ongoing commitment to listening closely to our customers and responding quickly to the real‑world challenges they face.”

As per the King's Speech this afternoon:

"The Northern Powerhouse rail bill promises £45bn will be invested in major improvements to rail services between key cities in the north of England", including

"electrification and other improvements on routes between Leeds and Bradford, as well as Sheffield and York".

This is perfect for RNWH in terms of electrification and the other rail improvements.

There are also "measures to speed up the building of energy infrastructure to get new renewables connected to the grid more quickly by fast-tracking planning", which should additionally be helpful to RNWH:

Https://www.bbc.co.uk/news/articles/c1j2nr8kgk3o