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Eagle Eye Solutions

Software and Services

Growth vibrations

Canaccord Genuity view

CMD lays out multiple growth avenues on pathway to £10/share

Our initiation detailed the many growth drivers for EagleEye and last week's CMD put more 'meat on the bone', raising our confidence in management's mid-term £100m revenue & £30m EBITDA targets.

Loyal customers are the best customers: Loyalty programs are very profitable for retailers (7:1 ROI) as they are often the main reason consumers stay with a brand and spend more. EagleEye's AI-powered 'hyperpersonalisation' SaaS platform is a key differentiator as it generates & executes personalised/individualised promotion data & campaigns, a far superior approach to the current industry standard of segmenting consumers into broad personas or 'buckets'. Hyperpersonalisation creates much more relevance and value for the retailer and has generated £100s of millions in incremental sales for customers in the UK & France.

Going after a £3.3bn SAM: North America makes up c.50% of the global TAM with many regional retail chains still on basic legacy POS-based loyalty platforms. EagleEye has identified >700 target accounts with its current 14 customers implying a modest 2% share in NA. There are another ~600 targets across EMEA & APAC. In addition to this large new logo pool, upselling its existing top 35 customers all major features could almost double its current ARR of £42m. All told, EagleEye estimates a serviceable addressable market/SAM of £1.9bn, expanding to £3.3bn when including partnerships, new sectors & geographies.

We reiterate Buy & 660p target - the shares' 2.5x CY26E EV/Sales and 2.7x EV/ ARR multiples in our view undervalue the business given accelerating growth, long-term upside to £10/share and recent industry M&A at >12x ARR.

OEM partnership could be massive

In addition to the large direct sales 'land&expand' opportunity, EagleEye's OEM/whitelabel channel could become another material growth engine. We recap that EagleEye's AIR is the exclusive loyalty engine for (we believe) SAP’s new cloud-based loyalty solution. This is replacing its on-premise CRM 7 module and natively integrates with SAP's S/4HANA Private Cloud ERP & Business Suite ERP systems. We believe SAP has several thousand enterprise customers using its on-prem loyalty solution, creating a very large upsell pond for it to fish in. Depending on the focus & success of SAP's conversion efforts, Eagle Eye's target of adding 4-8 new OEM logos per year could be conservative. Based on ~£1m average ARR expected by Eagle Eye from its first two wins, even very modest conversion of SAP's installed base could contribute significant double-digit ARR growth for EagleEye.

Exciting roadmap to agentic AI

Several customer testimonials praised the flexibility and feature breadth of Eagle Eye's platform, and we believe a key success factor and differentiator is its hyperpersonalisation algorithms finessed over the last 10 ye

Shore Capital 29/04/2026

"Our combined NPV estimate for the Henkries and Beisa projects is 13.4p/share underpinning our 14p/share group NAV. Significant upside potential, helped by low development costs: Our work yields a “base case” 2026 NPV10% of $329m or 11.2p/share for the Beisa project. For the Henkries project our model yields a 2026 NPV10% of $66m or 2.2p/share."

2026 - Light Science Technologies Plc Fundraise

We are incredibly pleased to announce (11th March 2026) that we are cornerstoning a transformational deal for Light Science Technologies. We have been conducting due diligence (read; posing in a knitted tie in various settings) for a few months now, and really believe in what Simon Deacon, Jim Snooks, Andrew Hempsall and the wider LST team are building, especially in their Passive Fire Protection business. The opportunity to be major shareholders alongside Laurence Hulse and Chairman Graham Cooley is also a privilege and I'm looking forward to learning a lot from them on this journey over the next few years.

The purchase of Injectaclad really could be one of those very rare investment opportunities to get in on a fantastic, highly cash generative, and more importantly, lifesaving technology right from the beginning and at a highly attractive price. Here, I'd be remiss as a Fund Manager not to include the Warren Buffet quote, "Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble".

https://www.bdinvestors.co.uk/news

Ours is a shale deposit amenable to whole-ore acid leaching – far cheaper – so our costs are the lowest of all current and planned deposits in the world,” he told The Times of Central Asia. “When yet-to-be confirmed deposits are explored, minimum estimated reserves alone exceed 70 million tons over open terrain with a 20-year life.”

https://timesca.com/central-asia-vanadium-and-the-u-s-national-security-strategy/

May have to enter name and email...

https://streamyard.com/watch/Cneb7sdgtP7m

Very bullish Pensana piece on Share Prophets

Stonegate Capital Partners note have a valuation of $5.01 (£3.75) on the shares.

Today's huge news at European Metals Holdings (EMH) that the Czech Government is giving a EUR360m grant means the Cinovec project (largest hard rock lithium deposit in Europe) will definitely be proceeding. This will put further pressure on all European lithium refineries thus increasing the importance and value of TVL.

More European mined lithium means more feedstock looking for local refining solutions, and TVL is one of very few refinery projects capable of filling that gap.

Alkemy Capital Investments Plc (LON:ALK) @AlkemyCapital ·Nov 24

#ALK Following the UK’s updated #CriticalMinerals Strategy,

@TVLithium CEO Vikki Jeckell sets out how TVL aligns with the Government’s 2035 vision.

📌Train 1 can meet 50% of the new 50,000 tpa domestic #Lithium target.

Read our full response:

https://jumpshare.com/share/LCamrT6oliKDg4Rv8cjQ

Aptamer Group@AptamerGroup ·1h

Yesterday the UK government commited to phase out animal-derived antibodies by 2030.

Aptamers were explicitly recognised as showing "all the advantages and none of the drawbacks" of pAbs.

Great to see policy shifting in favour of our technology.

https://www.gov.uk/government/publications/replacing-animals-in-science-strategy

Yes, when APTA floated in December 2021 it was valued at £80m. And rose to over £100m at the start of 2022. They have a far more advanced pipeline now so should be heading back to those sort of valuations.

Link here https://archive.ph/kPv0h

Now this is very interesting! An investor deck from Oxford University spin out Neuro-Bio.

Lots of info here on how they intend to proceed with developing their Alzheimer Disease diagnostic / therapeutic solution.

(APTA are of course developing the Optimer-based saliva test for which we know they've recently announced an 11.1% blended royalty rate on sales).

The presentation makes a compelling investment case imo. Neuro-Bio are looking to raise £20m. Will they go down the IPO route? I wonder if there's any way we can get in on it?

Either way, any announcement that they've secured funding one way or another would provide a big boost to APTA sp.

https://neuro-bio.com/wp-content/uploads/2025/04/Neuro-Bio-Investment-Deck-April-2025.pdf

Re: WSBN - It's not about Lenigas or Poulden, it's all about the geology. Red Setter has already been drilled, but not deep enough. They only need to redrill the existing hole(s) from 300m to 500m. This is only 13km from Telfer so if they find what they expect this will multibag from current £2m valuation. May well find nothing but the risk/reward makes it well worth a punt imo.

Yes a LFT is the holy grail - the test then becomes a retail product that anyone can perform at home - no blood test necessary. Can also be performed on a regular basis to monitor treatment / lifestyle changes etc.

Taken from Today's Turner Pope APTA note:

"...Based simply on being able to sustain its existing trajectory of incoming Fee-For-Service ("FFS") work while completing the scale back of its cost base, the Board continues to project cash-in-hand (inc. annual R&D tax credits) will be sufficient to satisfy working capital needs out to end-June 2026, by which time anticipated collection of milestone payments, licensing fees and/or royalties offer potential for it to become financially self-sustaining going forward..."

Agreed - Singer Capital Markets has a target price for OBI of 65p.