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Excellent news today, with Affini's renewal of a customer framework agreement which is likely to last for a further 6 years and bring in over £1m of revenues per annum.

That's a substantial portion of PEG's currently forecast £15m revenues for 2025 secured going forward:

Https://uk.advfn.com/stock-market/london/petards-PEG/share-news/Petards-Group-PLC-Multi-year-framework-agreement-renewal/96560335

Now that the August issue is published I can note that Techinvest's July issue said Buy SDI - at 89p - after the acquisition of Severn Thermal Solutions, and concluded as follows:

"Severn is a growing, profitable business that appears to fit well with SDI’s key investment criteria of targeting scientific and industrial niche markets with global reach. The acquired company’s experienced management team will remain in place following integration into SDI’s Lab Equipment segment. Trading on a prospective P/E of 12.4 for the current year, SDI shares continue to look good value. Buy."

Techinvest's July issue said Buy MWE and concluded as follows, also noting the 6.9p per share cash pile:

"Growth in the Antennas division reflects the strength of the defence market which is likely to continue for at least the medium term. MTI Summit continues to be a mixed performer, but management stated that the overall backlog and pipeline of opportunities in both the traditional representation business and PSK is strong and that bodes well for the remainder of 2025. Taking account of the current backlog and pipeline of opportunities across the group, the board said it expected to see growth in all three divisions during the rest of the year.

Trading on a prospective P/E of 11.9 for fiscal 2025, and with good medium-term growth prospects, the shares continue to offer good value in our view. Buy."

I came across River UK Microcap Fund's most recent quarterly review to 30th June.

CAPD are the tenth largest holding for RMMC at present, and in their review they state FYI:

"We commented on Capital (+0.8 ppt relative) in the prior quarter given the negative contribution to performance. Whilst it is too early to be conclusive, the latest company update supports our prior comments that expectations appeared to have been conservatively set which is being underpinned by the ongoing strength of the gold price."

I came across River UK Microcap Fund's most recent quarterly review to 30th June.

VLG are the fifth largest holding for RMMC at present, and in their review they state FYI:

"Venture Life (+0.8ppt relative) benefitted from the disposal – at an impressive 11x EBITDA – of their lower growth, lower margin and more capital intensive manufacturing division to a strategic private equity buyer. The continuing Brands business has delivered double digit like-for-like growth over the last four years with EBITDA margins in excess of 20% despite increased investment in marketing. Allowing for the disposal of both the manufacturing business and the oral care brands, which are also in a sale process, we forecast that the shares are trading on a EV/EBITDA multiple of less than 5x."

Yep, good news re the extended facilities - and this snippet deserves particular attention:

"Strong demand for both product sets has continued to be experienced in the first months of the new financial year which began on 1 June 2025"

https://uk.advfn.com/stock-market/london/time-finance-TIME/share-news/Time-Finance-PLC-Extended-Funding-Facilities/96539868

Excalon win a "major" new contract - good to see them winning contracts connected with rail electrification....

Https://excalon.com/new-contract-award-spen-spt-thornton-cable-install-and-civil-works/

"New Contract Award – SPEN – SPT Thornton Cable Install and Civil Works

Posted: Monday July 14, 2025

Excalon are delighted to announce the award of a major 11km Double Circuit install scheme for Scottish Power Energy Networks spanning Glenrothes to Thornton with a start on site date imminent!

The works will allow Network Rail to electrify the Edinburgh and Borders railway lines which includes Thornton North, Glenrothes and south to Edinburgh. Due to the electrification of these lines, Network Rail require two new 26MVA supplies to a new Feeder Station at Thornton North.

The connection will be supplied from two new bays at Glenrothes, a section of cable installation to the network rail feeder station (approximately 10.5km away) and a new disconnector compound. Excalon will provide cable duct supply, installation and testing works to facilitate the connection between Glenrothes 132kV substation and the new feeder station."

Bonkers initial price action, I assume due to traders on results taking losses.

Cavendish have retained their 7.1p EPS forecast and 140p target price, also pleasingly reducing their net debt forecast by £1.3m.

They summarise:

"FY25 results in line with FY26 forecasts reaffirmed

SDI reported FY25 results in-line with expectations, confirming stronger H2 demand after a weak H1, with a pickup in order intake in Q4. Revenue and profits have advanced significantly in H2, and margins have responded to operational drop through and internal efficiency measures. We make no changes to our FY26E forecasts and maintain our 140p target price based on an EV/EBITDA of 11.6x and P/E of 19.7x.

Despite recent share price out performance it stands on a compelling current P/E valuation of 12.1x, a 41% discount to Judges, despite Judges’ recent disappointing trading update. We see potential scope for EPS upgrades with an active pipeline of M&A opportunities, adding to the attractive organic investment proposition."

"— Forecasts: No change to our FY26E forecasts, except an improvement in net debt by £1.3m to £11.7m.

— Valuation: We maintain our target price at 140p, based on an EV/EBITDA of 11.6x and P/E of 19.7x. The shares have staged a significant rally, nearly doubling over the past six months, but remain at a 41% discount to Judges Scientific (despite its recent disappointing trading update and share price reaction) and the wider scientific instrument peer group.

The shares currently trade on an attractive FY26E P/E of 12.1x, and FCF yield of 8.3%, despite recent strong share price outperformance. With internal actions, accelerating organic growth and M&A activity we believe there is good scope for outperformance to continue."

Encouraging results today given the general economic climate, and in particular a very confident outlook, with the most recent Q4 showing momentum and growth in orders etc.

With 7.1p EPS forecast this year - 15% up on last year - it's good to see SDI already bullish enough to state they expect this year to be in line with expectations.

More acquisitions are likely given SDI's strong cash flows, and these will likely drive that EPS forecast upwards.

New research out this morning from Shard Capital, which summarises as follows and has increased its target price range to 3.25p-3.7p:

"A major step forward: It is no longer IF, but WHEN…

On July 7th, the Tanzanian government-owned TPDC announced that it will invest c.$50m in a pipeline project that would connect Aminex’s Ntorya field to a major gas infrastructure. Following this development, Aminex’s shares, in our view, have become a very attractive proposition to institutional investors that want exposure on Tanzania’s economic growth over the next decade. Consequently, our investment thesis on the company has become significantly simpler and it now revolves predominately around one key question: when (not if) will the production from the field ramp-up to the planned 280mmscf/d plateau?

While execution from the field still matters, the real value creation for Aminex will be the rate of economic growth and accompanied government initiatives, which will effectively dictate the demand for Aminex’s gas. We have adjusted our valuation methodology, resulting in increasing our target range for the shares to 3.25-3.70p/share."

"Valuation.

We have adjusted our valuation methodology and have increased our 12-month target range for the shares to 3.25-3.70p/share (Figure 5), where the low end of the range assumes the 280mmscf/d will be reached in 2036, while the high end of the range assumes a faster ramp up by about 3 years (Figure 5). We expect progress on the pipeline and drilling CH-1 well to be catalysts in next 12 months.

► Patience is a virtue. We note that our NPV12%/share estimate increases until the plateau production is reached. We currently estimate a “peak” NPV value in the range of 6-7p/share (Figure 6), as the company reaches its peak production. We believe this makes Aminex shares very attractive to investors that believe in the long-term Tanzanian economic growth."

Https://masterinvestoruk.substack.com/p/venture-life-group-looking-attractive?utm_source=post-email-title&publication_id=2822697&post_id=169434118&utm_campaign=email-post-title&isFreemail=true&r=odp3u&triedRedirect=true&utm_medium=email

"Venture Life Group - Looking Attractive After CMDO Disposal

Portfolio of well-known products with £36m cash at bank and valued at £75m.

Mark Watson-Mitchell

Jul 28, 2025

The news coming from the Venture Life Group (LON:VLG) on Friday morning, 25th July, seemed to have passed the market by – well that is my view anyway.

Following the completed disposal of its contract development and manufacturing operations, the £75m-capitalised pharmaceuticals and biotechnology group now has a net cash position of some £36m – and it is now needing to spend the cash on suitable earnings enhancing opportunities.

It is also making a change to its year end accounting date......"

Good to see Christopher Mills of Harwood Capital noting that they've "added materially" to their position in VLG, and quoting a 90p fair value:

See Venture Life Group at 24:54 mins in:

https://www.youtube.com/watch?v=171AEJQ7xYQ

The Exchange with Christopher & Nick Mills of Harwood

Vox Markets

This reiterates the upgraded trading update numbers to 30th June and the improved outlook, plus the £4.1m cash pile, but there's no forward forecasts for the new December year end as yet:

Https://www.allenbycapital.com/our-research/

"Evidence of improving margins

Aeorema’s trading update for the 12 months ended 30 June (the company is moving to a December year-end) provides confirmation that its strategic initiatives are delivering the intended results. It upgraded existing guidance; the FY25e revenue outlook is £20.4m minimum (FY24: £20.3m) and the stated underlying projected PBT is £0.6m (FY24: £0.44m), ahead of the £0.55m guidance in March 2025. Reported PBT will be at least £0.36m (FY24: £0.44m).

There is £4.1m of cash currently (£3.1m as at end June 2024) and the statement confirmed plans to pay an interim dividend. The outlook is picking up, underpinned progressively by ongoing initiatives to reduce expenses and extract operating efficiencies. AEO appears to have achieved this but maintained its ability to deliver services to existing and new clients. A successful Cannes Lions is

characterised by record numbers of both retained/new client projects secured, and

2026 rebookings confirmed.

Growth prospects: AEO expects to extract further value from ongoing cost reduction

and rebalancing over the remainder of the current calendar year. Its core strategic focus is to grow margins via operational efficiencies and utilisation of resources to benefit margins.

– FY26 to benefit from increasingly strong financial base: All of the above puts AEO in a strong position to grow profitability, even at constant revenue. However, it anticipates that FY26 will benefit from recent investment in building its international profile, additions to the client base, and its partnerships with global brands and agencies. Having showcased its skills at another successful Cannes Lions, the group believes that this will progressively be reflected in future work at major global events, such as CES in Las Vegas, Davos in Switzerland, Art Basel in Miami and SXSW in Austin Texas.

– Margin appreciation should drive rating: The shares should respond positively as the benefits of a couple of years of investment and focused strategic rationalisation have a visible impact on margins and EPS. That will be further supported by a share buyback programme that commenced in May this year. We see strong potential for top line growth from 2026 onwards, while the 5.5% yield adds material support."

Probably just a bit of summer profit-taking in an illiquid stock on a quiet Friday. Every other small dip in this stock has ALWAYS been a buying opportunity, and IMHO this is another one given the numbers and the prospects.

This little dip has taken VLE back to around the 2100p price at which the IC's Simon Thompson most recently tipped VLE with a 3000p valuation:

Https://www.investorschronicle.co.uk/content/c21b5277-75af-4dbb-9b74-e773b5a71d22

Great to see the transaction completed and trading confirmed in line for the year.

VLG now have a £36m cash pile, i.e 28.3p per share - almost 50% of the m/cap.

Cavendish have reiterated their forecasts of 3.9p EPS this year, rising to 5.5p EPS and then 6.8p EPS. That's an ex-cash P/E for this year of only 7.5, which falls dramatically next year and onwards assuming forecasts are met.

I particularly like the new appointments which have been announced today - and also the fact that the new share options are only exerciseable at 57.7p rather the usual nil cost, which at least further aligns the directors' interests with the rest of the shareholders.

Https://uk.advfn.com/stock-market/london/venture-life-VLG/share-news/Venture-Life-Group-PLC-Completion-of-Divestment-Trading-Update/96496177

Good to see the spread down to a mere 40p for a change, with the 2200p bid price holding firmly as the offer price has reduced from 2300p to 2240p.

Lidl has hit a record market share per reports this week:

Https://www.thegrocer.co.uk/news/lidl-hits-record-high-market-share-as-momentum-continues/707160.article

As regards any overdone read across from JDG, Shore Capital note this morning that America represents 33% of JDG's revenues, whereas it's only 13% of SDI's.

JDG remain on a P/E for this year of 23.2 despite today's fall, whereas SDI are now on a P/E of 12.2 - almost half of JDG's multiple.

SDI's PEG taking growth into account is very good value at 0.84, whereas JDG's is completely irrelevant given just over 1% EPS growth forecast this year.

Furthermore, SDI noted only two months ago:

"The Group has a robust order book, buoyed by an uptick in orders in Q4 FY25, and looks forward to providing a further update at the full year results in late-July/early August."

"The second half of the year has finished strongly, with momentum continuing into FY26. We are seeing some notable performances from businesses across our portfolio and good demand for their niche highly specialised scientific and industrial products, despite the global economic uncertainty."

Onward Opportunities Limited (ONWD), an investment company that invests in UK smaller companies, has been a successful performer since listing a couple of years ago.

In its H1 update today it indicates it's taken an opening position in VLG which presumably will be built upon over time:

"Recent new nursery holdings include.......Venture Life Group"

Good to see a substantial director buy by the Chairman whilst I was on hols at 59.9p - well above the current 58p offer price and folowing up on the prior significant director buying on 3rd July:

Https://uk.advfn.com/stock-market/london/venture-life-VLG/share-news/Venture-Life-Group-PLC-Director-PDMR-Shareholding/96384193

There's a GM on 5th August so I assume we'll get a trading update to accompany that.

And up again....

Hopefully continued good news on trading (especially given the falling coal price) and the rising cash pile will cause an even larger share price rise from the still extremely low m/cap. Good news on the dispute would be the icing on the cake.