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FNX got a nice Buy recommendation in this weekend's Techinvest, which might lead to some more interest.

MWE got a nice Buy recommendation in this weekend's Techinvest, which might lead to some more interest.

Onward Opportunities PLC reported their interims this morning. REAT is their eighth largest holding with a value of £1.4m.

There's some intriguing commentary - perhaps the main takeaway going forward is that they're sticking with REAT, are engaging actively to improve matters and are very happy with the latest and large Aquaflow acquisition:

"It has been a disappointing period for React Group Plc ("REAT") and we are growing frustrated with the Board after a sustained period of setbacks. In Q324 we identified what we felt to be opportunities to improve both the organic and acquisitive elements of the growth strategy - without these two flywheels working React's equity becomes sterile. Little appears to have been done with our comments, which are now starting to look painfully accurate. We often don't like to be proved correct. In some cases, management themselves have now conceded we are right on various matters. The frustration is that in the meantime the company's ability to garner additional growth capital for M&A has been hamstrung and we are sat with sterile equity. The value creation strategy has been to bolt-on specialist services which can generate attractive and growing cash flows to fund further deals without the need for future share issuance. This strategy is now broken because profits have fallen and the balance sheet is at full capacity, which has led to share price declines to a level where even additional equity capital is not feasible.

The value of REAT lies in growing facilities services where the customer has an urgent call to action as this creates time sensitivity, a need for specialist skills and costs of downtime. All of these create pricing power for REAT and therefore margin. The clue is in the name; 'React'. The most recent acquisition of Aquaflow fits this bill much better and it is no coincidence that it is one of the better performing divisions as blocked pipes are an urgent problem. Whilst we have some specific frustrations, we are actively engaged with stakeholders to resolve these issues and get it back on the track of acquiring price inelastic facility services that are cash generative and growing, utilizing the right capital structure."

SCSW's latest issue is out, so it's worth noting that in their prior issue they recommended BBSN as one of their second half of 2025 Best Buys:

"Now trading post the 20:1 share consolidation, Brave Bison (BBSN; 65p) has undergone a dramatic transformation since 2021, under the Green brothers' leadership. While H1 results showed only modest headline growth, strategic acquisitions have significantly boosted momentum. Notably, the £19m MiniMBA deal is set to be the cornerstone of a new education division. Broker Cavendish has upgraded FY25 pretax profit forecasts following the acquisition, +26% to £5m with EPS: +9% to 6.2p These are considered conservative. See July issue."

Https://www.insidermedia.com/news/midlands/administrators-to-oversee-controlled-closure-of-long-established-firm

"Administrators to oversee controlled closure of long-established firm

4 Sep 2025, 08:29

A Birmingham-based injection moulding specialist has appointed administrators from Begbies Traynor to conduct a controlled closure of the company, with about.40 people made immediately redundant.

Barkley Plastics Ltd, which was founded in 1965, has appointed Mark Malone and Gareth Prince, partners at the Birmingham office of business recovery specialist Begbies Traynor as joint administrators on 28 August 2025 after a buyer for the business could not be found.

etc"

As per his latest update yesterday afternoon:

"I mentioned SDI in the live radio show in August as my “share of the day”.

You may remember I sold it at a profit with the intention it would go down on the day of the report then I’d buy back.

Which is exactly what happened, and I bought them on weakness shortly after its statement.

While not without risks this buy and build group mainly around scientific areas seems to be well run with a keen eye for add ons.

It’s continued to grow revenue and profits with a low net debt of £13m despite spending £7m on acquisitions.

It boasts of a strong forward order book for 2026 and I expect to hold here and maybe top up if the share price begins to rise again.

It has gone up a lot and is pausing but you’ll often find these types of shares suddenly resume momentum when you least expect it. "

Https://www.nakedtrader.co.uk/

Yet another contract win, and a large $1.1m one at that for PSK, whilst I was on hols.

MWE look well on course to at least meet expectations this year of 5.1c EPS. With 7.5p forecast cash per share that puts MWE on a soon to be historic ex-cash P/E of only 10.4, which seems extremely low for a company at the cutting edge of 5G, defence, water conservation etc.

Shore Capital have reiterated their 100p fair value, and note the improving prospects in all 3 divisions:

"Divisional performance:

This contract win follows last week’s interim results when we suggested that PSK was moving towards profitability. Indeed, all three divisions look set for further progress.

Antennas saw 22.7% revenue growth in H1 to $8.2m ($6.7m) with EBIT up 114% to $0.70m ($0.33m). The sales pipeline, particularly for military antennas, remains good and commercial progress continues to be made with the 5G automatic beam steering antenna solution. MTI’s Indian manufacturing facility provides a strong competitive position in the 5G backhaul solution in India.

Water Control & Management –Mottech saw EBIT of $0.81m (vs $1.27m) on increased revenues of 7.8% to $8.3m ($7.7m) as lower-margin work took place in H1 2025 vs 2024. As Mottech exited Q2 with a healthy backlog of orders and a lengthy pipeline of opportunities, we continue to expect this division will benefit from strong demand for its services.

Distribution & Professional Consulting Services - MTI Summit Electronics saw EBIT up 89% at $0.71m ($0.37m) on external revenues of $7.6m vs $7.9m, as PSK moves towards profitability. With the defence market still in a growth phase this move is expected to improve further in H2."

Panmure Liberum's summary in raising their target price to 75p reads as follows FYI (extracts):

"Carclo* From recovery to growth - upgrading TP

Carclo’s full year results to March 2025 confirm an Adj. PBT of £4.9m (FY24: £1.0m) as it moved from ‘recovery’ to growth. This is materially ahead of our forecast of £2.4m and consequently we raise our FY26E Adj. PBT from £5.2m to £6.5m representing YoY growth of 32% and a further expansion in the operating margin to 8.7%. The decline in net debt (inc. leases) from £29.5m to £19.2m had already been disclosed and emphasised the improvements in working capital and lower capex spend. The outlook statement is also bullish with contract renewals offering good visibility. With Carclo having confirmed new banking facilities and a favourable outcome on its pension deficit earlier in the year, the prelims are the final piece of the jigsaw demonstrating Carclo has moved on from the past. We argue it continues to offer substantial upside and reiterate our BUY recommendation and upgrade our target price from 63p to 75p."

"Revised target price – 75p from 63p

If we apply an EBITDA multiple of 7x to our revised FY26 EBITDA forecast for Carclo of £18.5m, it implies an Enterprise Value of £129.6m. If we then deduct the expected net debt at March 2026 (exc. leases) and the latest actuarial pension deficit (i.e. March 2025) of £61m, it suggests an equity value of £57.3m or 77.5p share on a fully diluted basis. It is on this value we have based our target price which would imply a FY26E PE rating of 11x. Given the growth potential of Carclo, we do not think this particularly demanding."

The Q3 trading update next month will hopefully reiterate the positive trading previously alluded to, so may be the trigger for a re-rating given the current bull market for gold.

Meanwhile....

Asara Resources rocketed another 14% overnight and is now at A$0.079. This holding is now worth over £6m.

CAPD also notified that they've sold a few WIA Gold, taking their holding to exactly 240m shares. I suspect this is a bit of spring cleaning to take the holding down to a round number and take advantage of WIA's rise, with this holding now worth £37.3m.

Berenberg reiterates its Buy and 150p target - and hopefully there'll be further acquisitions every so often to bolster earnings growth:

Https://citywire.com/investment-trust-insider/news/expert-view-watches-of-switzerland-ipf-hilton-food-begbies-traynor-ashtead/a2473183?page=4

Panmure Liberum have issed a new Coal and Gas sector note this morning, and have this to say on their Gas equity exposure:

"Serica Energy (buy, TP 262p) – restart of Triton hub expected in coming months; doubles net-output to >40kboepd) + high oil/gas prices, improves

outlook; more upside for shares, on UK fiscal regime consultations"

This sounds like a chunky new win for BEG:

Https://www.scottishfinancialnews.com/articles/begbies-traynor-administrators-appointed-to-apex-traffic-management

"Begbies Traynor administrators appointed to Apex Traffic Management

25 Aug 2025

Kenneth Craig and Kevin Mapstone of Begbies Traynor have been appointed as joint administrators of South Lanarkshire company Apex Traffic Management Limited.

The Uddingston-based contractor, which provides road barriers and signage, was placed into administration after a petition to Hamilton Sheriff Court by its directors, with the loss of 119 jobs across sites in Scotland and England.

The company has ceased trading and Mr Craig and Mr Mapstone were appointed as joint administrators on 21 August.

The firm primarily provided traffic control equipment and services for roadworks and customers included Transport Scotland, Highways England, Amey Construction and Lanes Group.

The £9.7m revenue business had expanded in recent years to provide traffic management services to venues including Hamilton and Ayr Racecourses and the Open at Royal Troon.

etc"

Yet more excellent results....

Turner Pope have a new note out - they conclude as follows:

"Having bolstered its balance sheet through March’s CAD$6.0m* (gross) Brokered Private Placement, confidence in the Group’s ability to develop Pepas into an economic resource remains high, with investors also expected to support the Board’s much larger mining ambitions both at Anzá and at El Pantano, either of which could eventually dwarf Pepas’ findings.

Pepas continues to produce exceptional drilling results

The four holes announced today, each of which were drilled inside Pepas’ central core, are a continuation of the Group’s infill program and returned exceptional results, with thick sequences of high-grade gold mineralisation commencing from surface or near surface. Together with other recent holes, Orosur is already beginning to gain a greater understanding of the genesis of Pepas and, just as importantly, grade distribution which will be vital for mine planning studies."

Shore Capital maintain their 100p target price, and conclude:

"Outlook and valuation:

We make no changes to any of our group forecasts on the back of the H1

results. We continue to believe that each of the divisions has growth drivers with, in our view, Mottech particularly well placed to potentially see stronger demand than we forecast. As its software improves the efficiency of irrigation systems, while reducing the cost of operating them. We also expect to see good demand for the defence-related products and services of Summit/PSK.

Finally, the Antenna division is also likely to benefit from increased defence spending as well as the rollout of 5G across the world. We are encouraged by the likely much-improved EBIT margin for Mottech in H2 and the confidence that Antennas and Summit 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."

by ************* - subscription only though:

https://*************.com/views/82065/capital-limited-interims-an-excited-by-the-outlook-and-the-opportunities-ahead-buy

"capital limited – interims, an “excited by the outlook and the opportunities ahead” buy"

"mining services company capital limited (capd) has announced its results for the first half of the 2025 calendar year and that it is “excited by the outlook for the group and the opportunities ahead”. how do the results and outlook compare to the valuation at a 91p share price?"

Very satisfactory H1 results today, with EPS up 17% to 2.5c.

,

Forecasts are for 5.1c EPS this year, with a 3.4c dividend, so with a seasonally stronger second half MWE are well on track to at least meet and potentially beat forecasts quite easily.

Particularly given the $5.1m cash pile, which suppoorts further acquisitions, and as the outlook is very positive in all three divisions:

""MTI is in a strong position, with all three divisions performing well, underpinned by sustained demand for our radio frequency solutions across our core markets of water, defence, and 5G. These sectors continue to grow, and our technologies are well aligned to capitalise on this momentum. Defence, in particular, has delivered a marked increase in both sales and order intake - a trend we expect to continue into the medium term as our offering and technologies are expanding."

"With a strong order backlog, diversified growth drivers in 5G, defence, and smart irrigation, and a robust balance sheet, MTI has delivered strong trading performance in the half year, and with good visibility over its forward order book and pipeline of opportunities, the Company is confident of the outlook for the full year."

CAPD's largest investment, WIA Gold, has just raised A$30m at A$0.30 - i.e almost no discount to the current share price.

So CAPD's £37m+ holding in WIA is hopefully secure at these levels if the new investment acts as a floor going forward.

Worth noting too that Marvel Gold has risen around 75% in the last month to A$0.021 after good news from Tanzania and Mali. CAPD bought more Marvel shares in March at A$0.008.

This holding is now up to a value of almost £2m so is worth keeping an eye on, as well as the Asara holding now worth £4.4m. These three holdings alone represent around £44m of value against CAPD's £174m m/cap.

Great to see Triton resuming so successfully.

Auctus reiterate their 270p target price today, and conclude:

"At current Brent and NBP pricing, and assuming 43 mboe/d production in 2H25, we estimate Serica could generate ~US$100mm in free cash flow during 2H25. This comfortably covers the combined final dividend for 2024 and preliminary dividend for 2025 (~US$82 mm).

• We reiterate our target price of £2.70 per share. The current dividend yield is ~9.5%. With lower capex and higher production volumes anticipated in 2026, Serica could generate free cash flow in excess of US$300 mm."

H1 results confirmed for next Tuesday 26th August, with an Investor Meet too:

Https://uk.advfn.com/stock-market/london/mti-wireless-edge-MWE/share-news/MTI-Wireless-Edge-Limited-Notice-of-Results-and-Investor-Presentation/96671389

Last year's interims were on 21st August, so not long to wait.

I'm pretty confident that the H1 results will be good given the Q1 results and the positive outlook, plus all the recent contract wins.

The improving prospects in all three divisions should back up a rosy outcome for this year and going forward, especially with a cash pile of over $8m and the likelihood of further acquisitions.