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FYI Techinvest's January issue had OMG as a Buy. It concludes thus, noting the £59.7m or 45p per share of cash:

"While sales conversion rates in the final month of the year were below historical levels, the entertainment segment was affected most, reflecting the slowdown in the global games industry and subsequent content creation contraction.

Nevertheless, the board confirmed that trading in the new financial year had started in line with management expectations and with a continued focus on delivering cost and efficiency gains. New products are in the pipeline to stimulate growth and this includes the Markerless technology which the company has identified as a major driver of Vicon sales in the medium term. Markerless is in the final stages of commercialisation and is expected to make a modest revenue contribution in fiscal 2025.

Alongside Vicon, Oxford Metrics now has two other smaller divisions, both acquired over the last twelve months. Industrial Vision Systems is a specialist in machine vision software and technology for high precision, automated quality control systems, while recent acquisition Sempre is a world leader in motion measurement analysis. With these acquisitions Oxford Metrics has broadened its product offering and created a platform for new areas of growth, which the group’s cash-rich balance sheet can help fund.

Broker consensus forecast is for net profit of £3.23m and earnings per share of 2.6p for fiscal2025, rising to £4.1m and 3.3p respectively for fiscal 2026.

Trading on a cash adjusted P/E of 4.3 for the current year, we feel that the shares are well placed for recovery as trading at Vicon returns to more normalised patterns. Buy"

Moving up again on small buying. Looking much more promising with the sellers - likely funds facing redemptions - potentially all out now.

SDI were also one of Techinvest's 12 New Year tips for 2025 in their January issue as follows:

"SDI (SDI; 57.5p) owns a group of small to medium sized companies with specialist industrial and scientific products in growth sector niches. Growth across the group stalled in fiscal 2024 as trading conditions in core markets became more challenging. However, the current year ending April 30 seems to be going well and broker forecasts anticipate a small increase in revenue and substantially higher profit.

SDI confirmed last month that order intake in the first half was significantly up compared to the second half of fiscal 2024. Gross margins and cash generation were also higher. In October, the company announced its latest acquisition, InspecVision, for a net consideration of £6.1m. The acquisition looks a good fit and is expected to be immediately earnings enhancing."

Even more director buying - this time a non-exec has bought his maiden stake of 128,000 shares, including 78,000 at 7.9p:

Https://uk.advfn.com/stock-market/london/petards-PEG/share-news/Petards-Group-PLC-Director-PDMR-Shareholding/95385731

That's a total of 608,000 shares bought by directors this week.

Good to see a 10k buy just now cause a 0.5p move up. Hopefully a sign there's not much stock around.

Cavendish's recent note with the 300p target price concluded as follows:

"A robust investment case: As we explain in more depth in our FY24 results report, Fonix is focused upon leveraging its highly scalable, cloud-based platform to expand with existing clients and win new clients as mobile payments continue to scale. The structural strength of the platform is demonstrated by no churn from major customers since inception, and it is diligently expanding its market-leading technology outside of the UK, including becoming the market leader for interactive services in Ireland less than one year after FY23 launch.

We expect that any upside to our conservative forecasts would benefit from strong operational gearing through to EFCF, which would be returned to shareholders through the progressive dividend policy and potential additional shareholder returns."

"Strong 1H, special DPS of 3p, forecasts reiterated

Fonix’s 1H25 trading update shows +7% gross profit growth, +7% adjusted EBITDA growth, a special DPS of 3p, and a confident outlook that leads us to conservatively reiterate our FY25 and FY26 forecasts. Gross profit growth of +7% to £9.8m reflects continued growth across both mobile payments and messaging, or at least mid-single digit gross profit growth in both the UK and Rest of Europe, and firm control of costs has driven adjusted EBITDA growth of +7% to £7.8m.

Operationally, Fonix has continued to make strong progress with the win and recent launch of interactive services with News UK, the launch of PayFlex, which enables the recovery of failed mobile payments by integrating Apple Pay, Google Pay, and PayPal, and the launch of DonationPortal, which enables charities to create custom-branded donation pages. Internationally, contracts are now in place with all major mobile network operators in Portugal, Fonix has formed a strategic partnership with Portuguese telecom NOS that will enable Fonix to accelerate growth with NOS’ broadcast customers, and Portuguese services are expected to launch in the coming months.

Further international expansion is also accelerating, with numerous early discussions with mobile network operators and broadcast customers across multiple European markets, and CFO Michael Foulkes has been appointed Chief Financial & Operating Officer to drive platform expansion in new countries, alongside new product delivery. The strong 1H progress leads us to conservatively reiterate our FY25E and FY26E gross profit, adjusted EBITDA, and EFCF, with the potential for upside as growth accelerates following the launch in Portugal.

The 3p special DPS is then expected to be paid in February, and leads to the change in our FY25E and FY26E net cash. We look forward to further detail at 1H results in March, further updates on international launches, and potential additional shareholder returns, and at 206p, Fonix is trading on 12-month forward multiples of 12x EV/EBITDA with +9% growth, 18x P/E, 5% EFCF yield, and 5

Techinvest's last January issue reviewed FIPP's last results and concluded as follows, noting the 79.7p NAV and £2.3m cash pile (4.1p per share):

"Frontier’s portfolio has a mix of companies at different stages of maturity and the company is now considering the potential for realising value from several of these holdings.

Alusid, the manufacturer of sustainable tiles, remains the likeliest candidate from the portfolio to be the next exit. It has already announced an intention to IPO and has appointed a broker to explore options. Management also reported good technical progress across the portfolio and a new stake in DiaGen, a Canadian company focused on AI-driven protein and peptide design for medical applications. Despite the difficult funding environment, four portfolio companies raised money during the period and post the year end.

We feel that maintaining net asset value close to the prior year figure was a reasonable achievement from Frontier given the sluggish macroeconomic background. Looking forward, the company’s approach is capital efficient and focused on quality businesses that combine strong academic research and intellectual property with a clear understanding of how to commercialise products in a marketable and financially rewarding manner.

Among private equity investors listed on the London stock exchange, we continue to view Frontier as one of the best ways to invest in early-stage tech development. Strong hold."

Zeus have just initiated coverage of BMS with a Buy and an initial 330p target.

They summarise:

""Braemar is positioned to outperform peers:

We think Braemar offers an attractive blend of exposure to global tankers, offshore and dry cargo shipbroking, and vessel sale & purchase. Core shipbroking is complemented by specialist financial services, supporting fleet restructuring and financing, and risk management for customers. The business model is asset light and flexible. The forward order book (>$80m) is at healthy levels and reasonably well balanced by business line and geography. The Group continues to drive consolidation of markets globally with targeted expansion of offices and desks, and tuck-in acquisitions.

Cash generation continues to improve, helped by low capex and low working capital intensity; liquidity headroom is sufficient to support our inorganic growth expectations. Braemar is responding well to the growing need for alternative fuels for decarbonised marine propulsion and offers carbon offsetting and compliance services. The operating margin, at c.12%, is competitive with the wider sector (including the main private operators) but lags market leader Clarkson (c.15%).

That said, Braemar trades at a c.45% PE and EV/EBITDA discount to Clarkson and offers a superior dividend (>5% yield vs. c.2.5%)."

"We initiate coverage with a BUY rating and a target price of 330p (+25%). We think Braemar is good value and offers focused exposure to global maritime markets, where strong medium-term demand is supported by vessel shortages and energy transition requirements. Free cash generation and returns are healthy, and the dividend is well supported. Its business model is flexible and scaleable. Shipbroking markets continue to consolidate, driven in part by increased costs of compliance and regulation; Braemar is a consolidator with sufficient liquidity to accelerate inorganic growth. That all being said, the timing of an investment in Braemar might be an issue for some investors with multiple near-term tradesensitive uncertainties. Including Trump tariffs and potential trade wars, the pace of China’s economic recovery and sea lane disruption. Hence, we are confident that Braemar will meet our FY25E (year-end Feb.) expectations but there is risk of volatility in earnings for both Braemar and Clarkson (CKN, BUY, TP 4,500p) as we enter reporting season. The next trading update is due in March."

Good to see a non-exec almost doubling her stake and buying another 100,000 shares.

Not a huge amount, but an encouraging gesture and perhaps a signal of the undervaluation here, and particularly that the court summons recently issued is as irrelevant as it seems.

With the £5m cash pile representing around 60% of the m/cap and a solid global business forecast to make £0.4m EBITDA for the year ending soon there's plenty of upside to go for here - Cavendish have a 10p target price.

Nice 78k buy at 7.9p just now when the full offer price was 7.5p, causing another tick up. Very keen.

Good to see just a 25k buy at 7p earlier today causing a move up. Hopefully indicative of a shortage of stock.

Cheers for this, an excellent article. Encouraging to hear that dividends are being considered given the growing cash pile.

Also good to hear about the "good pick up towards the end of January, so we have actually got a decent pipeline of business at the moment."

And in particular:

“ABN Amro who is a major player in the invoice financing space decided to exit the market towards the end of November and that has presented a few opportunities as well, as their customers seek out new arrangements.”

Worth noting as not in the interview/article that Cavendish have a 112p price target.

As I stated before, the H1 figures imply a resounding beat, to whatever extent, of current forecasts to May '25.

Good to see BBSN climbing again.

Cavendish have a 4.7p share price target. They forecast 0.3p EPS this year, together with £2.5m FCF.

Plus the £7.5m cash pile is forecast to increase to £10m this year - over 30% of the m/cap.

So at 2.43p BBSN remains pretty cheap assuming it once again meets forecasts and pehaps better if the synergies around the Engage acquisition begin to be realised.

Odds on for a Regent Gas bid at some point not far off.

Panmure's valuation is signalled by their 150p target price.

They forecast historic 9.2p EPS, then 9.7p EPS for this year rising to 11.8p EPS next year. Plus a 2p dividend rising to 2.5p.

They summarise:

"The FY update guides to a 9% EBITDA decline, a little ahead of expectations. We maintain our FY 24 FD EPS estimate at 9.2p, assuming higher EBITDA but also a higher interest cost. We broadly maintain our FY 24 net debt (exc leases) estimate at £59m and expect 90% cash conversion. The placings in January recapitalised the business and derisked the balance sheet.

BUY, TP of 150p with shares trading on a CY 25 P/E of 6.9x, which is attractive given the strengthened balance sheet."

Techinvest's December issue covered SDI's earnings enhancing InspecVision acquisition and concluded as follows FYI:

"SDI’s skills in identifying small science-based companies to add to its portfolio of investments is widely acknowledged and the latest acquisition looks another well-judged selection.

InspecVison provides precision measurement machinery for smart manufacturing, automated inspection and reverse engineering and offers SDI an entrance into the high value metrology market and a global, blue-chip customer base which includes the US. The acquisition also introduces new technological capabilities to the enlarged group, including AI and machine learning, and brings strong IP which SDI’s

management feel can be leveraged.

SDI’s share price peaked at 196p in February 2023 but has since fallen back as revenue growth across the group has moderated, mainly reflecting more challenging trading conditions for various portfolio companies. Support for the stock around 52p has been evident in recent months, with signs that the fall in the share price over the last eighteen months is bottoming out.

Broker consensus forecasts have held steady since early July, with the current expectation being for net profit of £7.65m and earnings per share of 6.1p for the current year ending April 30. Trading on a prospective P/E of 9.6, we are cautiously optimistic that the modest recovery in the share price seen in recent weeks can gather momentum as we move towards 2025. Further out, the investment case looks robust given the strong position the portfolio companies hold in some attractive niche markets underpinned by strong secular trends. Buy."

The trading statement being broadly in line for last year was never going to set the market alight.

But Cavendish still forecast 4.4p EPS for last year, rising to 6.3p EPS this year, 7.7p EPS next year and 9.5p EPS in 2027. This against a current 34p share price.

They've also raised their price target to 88p.

And it's worth noting in relation to the forecasts above that Cavendish state:

"We believe we have set conservative EBITDA expectations which leave the potential for upside from H&H integration synergies and general group wide rationalisation initiatives (including the introduction of a group wide ERP system and entity consolidation) designed to integrate previous acquisitions that have included non-UK operations."

Good to see the Abdullahs stepping up to buy more shares and top up their holdings at these (imo) bargain levels.

Raschid (Chairman) has bought another 200,000 shares, taking his holding to 3.68m shares or 6.06% of the company.

Osman (CEO) has bought another 280,000 shares, taking his holding to 2.42m shares, or 3.99% of the company.

Https://uk.advfn.com/stock-market/london/petards-PEG/share-news/Petards-Group-PLC-Director-PDMR-Shareholding/95361747

Https://uk.advfn.com/stock-market/london/petards-PEG/share-news/Petards-Group-PLC-Director-PDMR-Shareholding/95366989

IGE news dated 30th January - in the latest issue of Counter IED Report the CEO Vince Deery outlines some of the emerging IED threats, highlighting IGE's 3DX-Ray ThreatScan device and software:

Https://issuu.com/deltabusinessmedialimited/docs/counter-ied_report_winter_2024-25/40?fr=sMTMzNjY2MjUwODM

Leo Lithium have just completed their first tranche distribution of funds to shareholders of A$0.172 per share.

This means that CAPD should by my calculations have received an initial £0.9m or so in late January, with a further tranche to be received in July:

Https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02908175-6A1249374

And Eco Detection have announde another sale:

Https://ecodetection.com/%f0%9f%8c%8d-celebrating-global-wetlands-day/

"We are proud to announce that our dual channel, dual input ION-Q+ has been operational at the TasWater – Western Junction Floating Wetlands since November 2024.

Our innovative water quality monitoring technology provides continuous performance monitoring, setting us apart from the competition.

Eco Detection was selected to quantify the performance of the Western Junction Floating Wetlands, highlighting our commitment to excellence and innovation in water quality monitoring solutions."

Finally, Predictive's (PDI's) share price has been rising fast - up another 10% overnight to new highs - so worth remembering that CAPD will likely receive a significant sum if a deal is done for PDI before (from memory) 31st December.

The UK government have today announced a further £250m of flood defence spending, taking the total to be spent to a record £2.65 billion in just the next 2 years.

This is of course one of RNWH's sweet spots:

Https://www.constructionenquirer.com/2025/02/05/flood-defence-spend-to-rise-to-record-2-65bn-over-two-years/

Rail sector spending will of course increase swiftly as CP7 ramps up this year. It's just a matter of time, as Swedbank have no doubt reasoned in increasing above 3%.