Litigation Capital Management has released its results for FY21, reflecting on a positive year for the group in very challenging market conditions. Although well flagged, these set of results highlight the strength of LCM's investment process as it's maturing balance sheet continues to deliver strong returns on capital as key cases settle.
Companies: Litigation Capital Management Ltd
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Seraphim Space Investment Trust PLC, a newly established closed-ended investment company which will invest in a diversified international portfolio of early and growth stage Space Tech businesses, announces the publication of its Prospectus in connection with the IPO to the Premium Segment of the Main Market. The Company is targeting gross pro
Companies: SPA AAU DCTA JOUL LEX LIT MANO MPL TST
LCM released interim FY21 results that showed operational progress in deployments and commitments albeit with headline financials that reflect phasing of case settlements and associated timetable slippage due to COVID. The litigation contracts outstanding provide a huge store of value in our view and the maturity of the claims portfolio suggests likely renewed progress in settlements which should drive substantial capital appreciation in the shares over the next 12 months. The funding applicati
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Agronomics is an investment company focused on investing in the cellular agriculture sector. The sector is responding to global mega-trends driving increased demand for animal protein, which in turn could lead to negative environmental effects. Cultivated meat, for example, uses cell culture technology to grow cells in bioreactors producing differentiated cells (such as muscle and fat cells) that can be formed into consumer food products. These technologies have the promise of producing animal p
Companies: Agronomics Limited
We update our forecasts to take account of (1) Group 2020/2021 Annual Report & Accounts released in September (2) 1Q IMS released in October (3) End October 2021 FUM update in early November. Key points include:
Group Funds Under Management “FuM” remain circa US$11 bn; in October there was a small uptick which may indicate small net inflows.
Strong investment performance across CLIG’s investment strategies (Exhibit 3 shows performance over 5 years relative to peers and benchmarks).
Companies: City of London Investment Group PLC
Duke's H1/22A results give evidence that FY22E will be a record year, with a strong rebound from Covid-19 disruptions, with impressive YoY growth across all metrics. Having already completed all forecast deployments for FY22E, our forecasts are well underpinned and upgraded by +9% today. Comments of Duke having its healthiest ever pipeline with near-term deals likely, suggests further upgrades could be possible this year. If seen, any improvement in FCF p/s is likely to drive DPS uplifts, in add
Companies: Duke Royalty Limited
Companies: Oakley Capital Investments
Liontrust has reported a strong, in line H1 performance (+93% adj. PBT) on continued organic growth including £2.1bn net inflows YTD, as well as a full period contribution from Architas. The H1 outturn has covered 47% of our FY adj. PBT estimate, which we leave unchanged. AuM has continued to grow: +2.2% to £36.5bn in Q3 so far – momentum has been sustained. We think the valuation is not challenging given the outlook for growth. We set a 2450p 12m Target Price (18x FY23e PER) and a BUY recommend
Companies: Liontrust Asset Management PLC
Evidencing the strength of Belvoir’s long-term growth strategy and the very buoyant conditions in the UK housing market in 2021, the company has detailed that trading in the ten months to the end of October was ahead of expectations. Lettings income was up 21% and Housing Sales income up 65%, driving total Property gross profit up 29%. Financial Services gross profit increased 39%. We have upgraded FY 2021E EPS by 3%. While we maintain our view that next year will likely see more normal housing
Companies: Belvoir Group PLC
i(x) Net Zero, the investing company which focusses on Energy Transition and Sustainability in the Built Environment, announces its intention to join AIM. Following Admission, the Company intends to use the net proceeds of the proposed Fundraising to provide development and expansion capital to certain of its investee companies, for future investments in companies that fall primarily within its areas of interest in Energy Transition and Sustainability in the Built Environment and to provide work
Companies: TGN AFC COIN COIN HL/ OMI
Gore Street Energy Storage Fund (GSF) has announced that Kilmannock, one of the Company’s ROI
assets in construction, has secured an additional grid connection volume allocation of 90MW (in
addition to the 30MW). The initial 30MW benefits from a six-year fixed price contract, while the
remaining capacity can primarily derive revenues from extra capacity which could be used forwholesale
trading or the volume uncapped DS3 market (Delivering a Secure Sustainable Electricity System). GSF
Companies: Gore Street Energy Storage Fund PLC
Companies: Chrysalis Investments Limited
Mercia reported a strong rise in the NAV of its Northern Venture Trust (NVT) subsidiary, reflecting the IPO of musicMagpie and other successful exits, leading to Mercia receiving a net performance fee of £1.6m. As a result, together with Mercia’s substantially recurring management fees, management expects H122 PAT to exceed £10m, with the FY22 adjusted operating profit (excluding the NVT net performance fee) expected to be materially ahead of market forecasts. The shares trade at a larger discou
Companies: Mercia Asset Management PLC
Gore Street’s confirmation of a 90MW capacity increase at Kilmannock is a clear positive in our view and takes the fund’s portfolio to over 600MW of projects either operating or under construction. These are split between the GB market and the all-Ireland market with the fund now owning the largest portfolio of storage assets in Ireland. In the GB market price volatility continues to be strong and we expect the fund’s assets to be benefiting from this.
We have published research on TMT Investments recent News flow, which is attached and a snapshot of the research is below.
The venture capital company investing in high-growth technology companies has seen its share price fall some 23% to US$7.25 over the last week, against a backdrop of weak global equity markets, concerns over the emergence of the Omicron Covid-19 variant and signs of tightening monetary policy. However, since the publication of HY June 2021 results on 18 Augus
Companies: TMT Investments
Mercia has provided a positive update on a number of fronts. H1 adj. operating profit is running materially ahead of market expectations. Another performance fee has been crystallised in the NVM VCTs (£1.6m net). Valuation gains in H1 were better than expected driving >£10m H1 comprehensive net income. We incorporate this into our model, driving a +72% upgrade to FY22e adj. EBITDA (+23% u/l to £3.7m excl. performance fees) and a +4% increase to our NAV. We reiterate our 50p/sh SOTP valuation dri
A key focus for the company in 2021/22 was to de-gear the Balance Sheet with sales at or above book value. Two separate property sales in Bristol, One Castle Park (£20m) and 135 Aztec West (£3.9m), have been agreed well ahead of their March 2021 book value and when the former completes in mid-December pro forma net LTV will reduce to c29%. Further sales of assets where the company has carried out its business plan can be expected, which would provide even greater financial firepower for acquisit
Companies: Circle Property Plc
Record’s H122 results showed benefits from its growth and diversification strategy. Its first new product, a sustainable fund, is increasing AUM and there is a pipeline of further opportunities with the potential to add further AUM and produce a richer fee mix. Board confidence in the outlook is evident in the step up in the ordinary dividend.
Companies: Record plc