Current analyst assessments
On this page you will find current analyst assessments of renowned research houses, which make their assessments on the business development of listed companies available for publication and distribution via our content partner EQS-Newswire.
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20 March 2025 08:00AM
reasons to be cheerful 1, 2, 3, 4 and 5
Hardman & Co Research on H&T (HAT):
2024 results: reasons to be cheerful 1, 2, 3, 4 and 5
H&T’s 2024 results were reassuringly in line with expectations, delivering 10% PBT growth, with the pledge book capital value up 26%, retail sales up 27% and forex profits up 11%. The outlook remains positive, with i) strong demand in the core...
Hardman & Co Research
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18 March 2025 02:10PM
NAV, capital, Trump and interest rates
Hardman & Co Research on NB Private Equity Partners (NBPE):
Update on: NAV, capital, Trump and interest rates
We highlighted our capital markets day takeaways in CM day: 6 November fireworks; notably, i) positive market trends, ii) NB’s platform unique benefits, and iii) multiple levers for value creation. In this note, we update investor...
Hardman & Co Research
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27 February 2025 12:30PM
Private credit momentum in the RECI context
Analyst interview | Diversified Financial Services
Q&A on Real Estate Credit Investments | Private credit momentum in the RECI context
Private credit is booming, with market size soaring from $1 trillion in 2020 to an expected $2.8 trillion by 2028. What does this mean for Real Estate Credit Investments (LON:RECI)?
Hardman & Co’s Ma...
Hardman & Co Research
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26 February 2025 01:20PM
Can 2025 outshine a stellar 2024 performance?
Analyst interview | Investment Companies
Q&A on Volta Finance Ltd | Can 2025 outshine a stellar 2024 performance?
Volta Finance Ltd (LON:VTA,VTAS) delivered impressive returns in 2024, significantly outperforming comparable asset classes. In this interview, Mark Thomas, analyst at Hardman & Co, highlights the key drivers behind Volta...
Hardman & Co Research
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20 February 2025 01:30PM
threats and opportunities
Hardman & Co Research on Real Estate Credit Investments (RECI):
The rise of private credit: threats and opportunities
One of the key trends in global financing markets has been the rise of private credit. In this report, we consider the implications for RECI. On the upside, we note i) the disintermediation of banks reconfirms the drivers to...
Hardman & Co Research
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18 February 2025 05:05PM
We expect revenue growth to accelerate
Hardman & Co Research on accesso Technology Group (ACSO):
We expect revenue growth to accelerate
In this note, we review the prospects for accesso ahead of the final results in April. The January update was reassuring, with revenue of ca.$152m ahead of our $150m forecast and the ca.15% cash EBITDA margin well ahead of the 13.2% forecast. C...
Hardman & Co Research
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17 February 2025 03:30PM
Exits surge as market demand rebounds
Analyst interview | Investment Companies
Q&A on Apax Global Alpha (APAX) | Exits surge as market demand rebounds
The tide is turning for Apax Global Alpha (LON:APAX). With deal activity accelerating and exits ramping up, Hardman & Co’s latest report, AGA Past Inflection Point, highlights why the stock of exitable businesses is growin...
Hardman & Co Research
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17 February 2025 08:15AM
2024 experience bodes well for 2025
Hardman & Co Research | Closed End Investments
Volta Finance Limited (VTAS) | 2024 experience bodes well for 2025
Volta has delivered +21.2% 2024 total NAV return, outperforming i) B-rated CLO tranches (+19.2%), ii) US high yield (+8.2%), iii) Euro high yield (+8.6%), and iv) global loans (+7.3%). Its performance reflects positive markets ...
Hardman & Co Research
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14 February 2025 11:17AM
How a unique capital strategy drives long-term investor gains
Analyst interview | Investment Companies
Q&A on ICG Enterprise Trust (ICGT) | How a unique capital strategy drives long-term investor gains
ICG Enterprise Trust (ICGT) is the topic of conversation when Hardman & Co analyst Mark Thomas joins DirectorsTalk Interviews.
ICGT stands out in the private equity space with its distinctive approac...
Hardman & Co Research
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30 January 2025 04:40PM
AGA passed inflexion point with deal activity rising
Hardman & Co Research on Apax Global Alpha (APAX):
AGA passed inflexion point with deal activity rising
As noted in our reports, CM day: further proof of value added by Apax and 1H’24: deal activity coming back strongly, the stock of exit-able businesses is rebuilding at a time when market demand is returning. Apax Funds appear to have tu...
Hardman & Co Research
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28 January 2025 12:40PM
Unique approach to capital allocation
Hardman & Co Research on ICG Enterprise Trust plc:
Unique approach to capital allocation
In this note we examine how shareholders benefit from ICGT’s unique approach to capital allocation (first discussed on page 11 of our 16 May 2024 note FY’24: portfolio companies performing strongly). We have in previous notes highlighted how ICGT’s de...
Hardman & Co Research
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09 January 2025 10:20AM
Happy new acquisition
Hardman & Co Research on Chesnara plc: Happy new acquisition
After an interval of 18 months, Chesnara announced a new acquisition just before Christmas. Although relatively small, it is another positive step for the company. The deal is a further acquisition from Canada Life UK, this time a portfolio of unit-linked bonds and legacy pension bu...
Hardman & Co Research
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03 December 2024 12:50PM
Key takeaways from Capital Markets Day
Hardman & Co analyst interview | Closed End Investments
Q&A on NB Private Equity Partners (NBPE) | Key takeaways from Capital Markets Day
NB Private Equity Partners (NBPE) is the topic of conversation when Mark Thomas, analyst at Hardman & Co, joins DirectorsTalk Interviews.
In this interview, Mark discusses the key points from the r...
Hardman & Co Research
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20 November 2024 02:55PM
Good momentum, modest risk
Hardman & Co Investor Forum Research on
Custodian Property Income REIT (CREI): Good momentum, modest risk
The structure and investment remit of the real estate investment trust (REIT) have been proven to be resilient and position it strongly for the short- and medium-term future. The investment return emphasis is on income, which is generated...
Hardman & Co Research
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20 November 2024 11:30AM
Equity raise and third-party capital update
Analyst interview | Financials
Q&A on Duke Capital (DUKE) | Equity raise and third-party capital update
Duke Capital (DUKE) is the topic of conversation when Hardman & Co Analyst Mark Thomas joins DirectorsTalk.
In this interview, Mark discusses recent developments at Duke Capital, touching on key topics such as their equity raise and p...
Hardman & Co Research
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19 November 2024 01:45PM
High-growth maritime artificial intelligence play
Hardman & Co Investor Forum Research on Windward (WNWD):
High-growth maritime artificial intelligence play
Windward is a fast-growing predictive analytics company that is focused on digitalising the global maritime industry. Windward’s AI-powered decision platform offers a wide-ranging view of the maritime ecosystem and enables stakeholders...
Hardman & Co Research
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18 November 2024 02:20PM
Taking Duke Capital to the next level
Hardman & Co Research on Duke Capital (DUKE): Taking Duke Capital to the next level
In our April 2024 initiation, we highlighted that DUKE, by optimising the best of equity and debt, aimed to achieve equity-type returns with debt levels of risk. We highlighted four pillars of returns, namely: i) term credit; ii) participating preference sha...
Hardman & Co Research
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13 November 2024 12:25PM
6 November fireworks
Hardman & Co Research on NB Private Equity Partners
CM day: 6 November fireworks
The key takeaways from NBPE’s 6 November CM day, in our view, were i) positive market indications, including exits and an increase in the correlation between operating company EBITDA growth and NAV growth, ii) NB’s platform brings unique benefits: accessing deal...
Hardman & Co Research
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12 November 2024 01:15PM
Operating companies’ widening margins and strong EBITDA growth
Analyst interview | Investment Companies
Q&A on ICG Enterprise Trust (ICGT) | Operating companies’ widening margins and strong EBITDA growth
ICG Enterprise Trust (ICGT) is the topic of conversation when Hardman & Co analyst Mark Thomas joins DirectorsTalk Interviews.
Mark Thomas discusses the recent performance and strategic direction o...
Hardman & Co Research
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12 November 2024 11:33AM
EDX Medical (EDX) Investor Forum
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Hardman & Co Video Event | EDX Medical (EDX)
Investor Forum
We are delighted to announce that EDX Medical (EDX) will be presenting at Hardman & Co's upcoming Investor Forum at 3:00pm this Thursday 14 November 2024. Register for the event to secure your place and submit questions.
EDX Medical Group plc, listed on the Apex Segment of the A...
Hardman & Co Research
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11 November 2024 03:00PM
Shield Therapeutics (STX) Investor Forum
Hardman & Co Video Event | Shield Therapeutics (STX)
Investor Forum
We are delighted to announce that Shield Therapeutics (STX) will be presenting at Hardman & Co's upcoming Investor Forum at 3:00pm this Thursday 14 November 2024. Register for the event to secure your place and submit questions.
A commercial-stage pharmaceutical company,...
Hardman & Co Research
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11 November 2024 02:10PM
Hardman Talks Video | Polar Capital Technology Trust Interview
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Hardman Talks Video | Polar Capital Technology Trust
Interview
In this Hardman Talks Keith Hiscock, CEO of Hardman & Co, talks to Alastair Unwin, Deputy Manager of Polar Capital Technology Trust. Despite the explosion of coverage and interest in the technology sector at the moment, Polar Capital Technology Trust is one of just three investmen...
Hardman & Co Research
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05 November 2024 02:50PM
Custodian Property Income REIT (CREI) Investor Forum
Hardman & Co Video Event | Custodian Property Income REIT (CREI)
Investor Forum
We are delighted to announce that Custodian Property Income REIT (CREI) will be presenting at Hardman & Co's upcoming Investor Forum at 3:00pm on Thursday 14 November 2024. Register for the event to secure your place and submit questions.
Custodian is well po...
Hardman & Co Research
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04 November 2024 02:15PM
Windward (WNWD) Investor Forum
Hardman & Co Video Event | Windward (WNWD)
Investor Forum
We are delighted to announce that Windward (WNWD) will be presenting at Hardman & Co's upcoming Investor Forum at 3:00pm on Thursday 14 November 2024. Register for the event to secure your place and submit questions.
Windward is an exciting UK-listed AI company with an innovative ...
Hardman & Co Research
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01 November 2024 01:00PM
Understanding the discount, its rise, and future prospects
Hardman & Co analyst interview | Diversified Financial Services
Q&A on Real Estate Credit Investments (RECI) | Understanding the discount, its rise, and future prospects
Real Estate Credit Investments (RECI) Plc is the topic of conversation when Hardman & Co analyst Mark Thomas joins DirectorsTalk Interviews.
In this interview, Mark ...
Hardman & Co Research
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28 October 2024 12:30PM
The unique value of co-investment in private equity
Hardman & Co analyst interview | Closed End Investments
Q&A on NB Private Equity Partners (NBPE) | The unique value of co-investment in private equity
NB Private Equity Partners (NBPE) is the topic of conversation when Mark Thomas, analyst at Hardman & Co joins DirectorsTalk Interviews.
In this discussion, Mark outlines how NB Privat...
Hardman & Co Research
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23 October 2024 08:30AM
14% EBITDA growth + widening margins
Hardman & Co Research on ICG Enterprise Trust plc: Portfolio:
14% EBITDA growth + widening margins
The key message from ICGT’s 1HFY’25 results (to July) is the continued strength of the operating companies, which delivered an average 14% LTM EBITDA growth. Margins have widened by ca.5% (average revenue growth 9.4%), which should help alla...
Hardman & Co Research
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15 October 2024 04:25PM
Why the discount has been closing and its outlook
Hardman & Co Research on Real Estate Credit Investments (RECI):
Why the discount has been closing and its outlook
RECI’s discount has halved over the past six months. We believe this is due to both actions taken by the trust (with an active buyback programme, changing asset mix and enhanced disclosure of highest-risk positions) and more f...
Hardman & Co Research
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15 October 2024 11:05AM
1H24 deal activity rebounding
Hardman & Co analyst interview | Closed-ended investments
Q&A on Apax Global Alpha (APAX) | 1H24 deal activity rebounding
Apax Global Alpha (APAX) is the topic of conversation when Mark Thomas, analyst at Hardman & Co joins DirectorsTalk Interviews.
In this interview, key insights are provided on Apax Global Alpha’s performance du...
Hardman & Co Research
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14 October 2024 11:05AM
Estimates suspended
Hardman & Co Research on Surface Transforms (SCE): Estimates suspended
Interim results released on 30 September showed revenue up 58%. The loss before tax widened to £7.6m from £5.6m 1H23. Operationally, the volume ramp-up is continuing but at a rate below target, with yields improving (but also below target), and ongoing downstream process...
Hardman & Co Research
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11 October 2024 10:50AM
2024 interim results a steady performance
Hardman & Co analyst interview | Life assurance
Q&A on Chesnara plc (CSN) | 2024 interim results a steady performance
Chesnara plc is the topic of conversation when Hardman & Co analyst, Brian Moretta joins DirectorsTalk.
In this interview with Brian, key insights are provided on Chesnara plc following the release of its 2024 interim...
Hardman & Co Research
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08 October 2024 02:10PM
adding value in attractive co-investment sector
Hardman & Co Research on NB Private Equity Partners (NBPE):
NB: adding value in attractive co-investment sector
In our initiation, we highlighted that NBPE is uniquely focused in the co-investment sector of PE. Our report underlined why this sector has especially appealing return, cashflow, asset selection, risk management, and GP access ...
Hardman & Co Research
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07 October 2024 04:15PM
17 consecutive months of positive returns
Hardman & Co analyst interview | Closed End Investments
Q&A on Volta Finance (VTAS) | 17 consecutive months of positive returns
Volta Finance plc is the topic of discuss when Hardman & Co analyst Mark Thomas joins DirectorsTalk Interviews.
Mark discusses the recent performance of Volta Finance, highlighting the company’s impressive 1...
Hardman & Co Research
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02 October 2024 08:45AM
Good fund performance and solid results
Hardman & Co Research on City of London Investment Group (CLIG):
Good fund performance and solid results
City of London has announced its full-year results for 2024. As stated in the trading statement, FUM was $10.24bn, a 9% increase over the year. While market performance offset net outflows, there was a significant improvement in the la...
Hardman & Co Research
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01 October 2024 12:30PM
Presentation and Q&A with Management
Hardman Talks Video | Chesnara (CSN)
Presentation and Q&A with Management
In this episode of Hardman Talks, our Financials analyst Brian Moretta introduces Chesnara‘s CEO Steve Murray and CFO Tom Howard to discuss Chesnara’s recent interim results. Watch it here: https://youtu.be/jGY1iJSR7IQ
Steve presents an overview of Chesnara's strong pe...
Hardman & Co Research
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30 September 2024 11:45AM
Strong bounce back continues
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Hardman & Co Research on The International Stock Exchange (TISE):
Strong bounce back continues
The International Stock Exchange (TISE) had an excellent half year to June 2024: revenue was up 22% to £6.4m and fully diluted EPS +27% to 105p. The second interim dividend was raised 67% to 75p, reflecting the new, higher payout, dividend polic...
Hardman & Co Research
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26 September 2024 12:36PM
1H’24 deal activity coming back strongly
Hardman & Co Research on Apax Global Alpha (APAX):
1H’24 deal activity coming back strongly
The key messages from AGA’s 1H’24 results were i) a strong rebound in deal activity both for investments and exits (the regular announcements mean this trend was expected), ii) strong growth in investee company EBITDA growth (organic 12.6%, up from...
Hardman & Co Research
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26 September 2024 09:15AM
Steady as she goes!
Hardman & Co Research on Chesnara Plc (CSN): Steady as she goes!
Chesnara has announced its 1H’24 results. The main features were positive equity market returns, offset to some extent by further adverse lapse experience. Economic Value profit of £20.2m was behind the 1H’23 result of £32.6m (excl. acquisitions). Economic Value saw a small de...
Hardman & Co Research
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23 September 2024 08:15AM
Maiden pre-tax profit
Hardman & Co Research on Tissue Regenix (TRX):
Maiden pre-tax profit
TRX is focused on the development and commercialisation of two proprietary processing technologies for the repair of soft tissue (dCELL®) and bone (BioRinse®). It has a broad portfolio of products used in biosurgery, orthopaedics and dental markets. Investment in tissue ...
Hardman & Co Research
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NuWays AG
23 September 2024 08:15AM
Maiden pre-tax profit
Hardman & Co Research on Tissue Regenix (TRX):
Maiden pre-tax profit
TRX is focused on the development and commercialisation of two proprietary processing technologies for the repair of soft tissue (dCELL®) and bone (BioRinse®). It has a broad portfolio of products used in biosurgery, orthopaedics and dental markets. Investment in tissue ...
Hardman & Co Research
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11 September 2024 05:25PM
FY’24 - another year of outperformance
Hardman & Co Research | Closed End Investments
Volta Finance Limited (VTAS) | FY’24: another year of outperformance
Volta’s monthly to its FY-end of July reported an NAV total return of 19.7% while annualised cash receipts are 22% of the July NAV, consistent with levels seen since mid’22. For 16 consecutive months, it has generated positiv...
Hardman & Co Research
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11 September 2024 01:25PM
Focusing on successful execution
Hardman & Co Research on Shield Therapeutics (STX):
Focusing on successful execution
Shield is a commercial-stage pharma company delivering specialty products that address the unmet medical need of patients with iron deficiency (ID). Since its July 2021 US launch, Shield and Viatris have increased physician awareness of the differentiating...
Hardman & Co Research
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03 September 2024 01:17PM
Strategic moves and market potential
Hardman & Co analyst interview | Automotive components
Q&A on Surface Transforms (SCE) | Strategic moves and market potential
Surface Transforms plc (SCE) is the topic of conversation when Hardman & Co analyst Mike Foster speaks to DirectorsTalk Interviews.
In this interview, Mike Foster discusses the recent developments at Surface T...
Hardman & Co Research
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30 August 2024 03:00PM
Hardman & Co Q&A on H&T Group (HAT) | 1H24 results curate's egg of good and bad
Hardman & Co analyst interview | Finance and credit services
Q&A on H&T Group (HAT) | 1H24 results curate's egg of good and bad
H&T Group (HAT) is the topic of conversation when Mark Thomas, Analyst at Hardman & Co joins DirectorsTalk Interviews.
In this interview, Mark offers insights into H&T Group's recent 1H'24 financ...
Hardman & Co Research
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20 August 2024 12:50PM
1H’24 results - Four-one at half time, but the one wins
Hardman & Co Research on H&T Group:
1H’24 results: Four-one at half time, but the one wins
H&T 1H’24 results saw pre-tax profits rise 12.5% from 1H’23 to £9.9m. We have identified five key ongoing business messages, four of them favourable and one unfavourable. The scale of the latter, though, means we have reduced our FY’24 estim...
Hardman & Co Research
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15 August 2024 03:05PM
Hardman & Co Q&A on H&T Group (HAT) | Putting H&T Group’s pawnbroking business into a global perspective
Analyst interview | Financials
Q&A on H&T Group (HAT) | Putting H&T Group’s pawnbroking business into a global perspective
H&T Group Plc (LON:HAT) is the topic of conversation when Hardman & Co analyst Mark Thomas joins DirectorsTalk Interviews.
In this latest interview, Mark Thomas discusses the global pawnbroking indu...
Hardman & Co Research
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13 August 2024 10:50AM
Pre-close trading, AGM and prospects
Hardman & Co Research on Surface Transforms (SCE):
Pre-close trading, AGM and prospects
Surface Transforms (SCE) is delivering its £390m order book but still faces headwinds. It is knocking down the obstacles, giving detailed explanation of progress, and, indeed, output has been consistently good since late June. Clearly, this is not as ea...
Hardman & Co Research
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08 August 2024 01:30PM
Positive markets add to FUM and maintain dividend
Hardman & Co Research on City of London Investment Group (CLIG):
Positive markets add to FUM and maintain dividend
City of London has announced its FUM for 4Q’24 and the full year. It was another positive quarter for the group, with FUM rising 1% from $10.10bn to $10.24bn. Over the financial year, FUM have increased 8.7% and are at their ...
Hardman & Co Research
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