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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25 July 2024 02:02PM
Capital Markets Day
Hardman & Co Research on Real Estate Credit Investments (RECI):
Capital Markets Day
RECI benefits from deep expertise, not only in selecting assets but in having the capability to protect assets where positions need attention. As part of the larger Cheyne debt investor specialist – with over $11bn assets under management – RECI has top-ti...
Hardman & Co Research
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12 July 2024 01:42PM
record cashflows
Hardman & Co Research on Duke Capital (DUKE): FY’24 results: record cashflows
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 share ele...
Hardman & Co Research
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11 July 2024 11:38AM
Value added by defensive growth strategy
Analyst interview | Investment Companies
Q&A on ICG Enterprise Trust (ICGT) | Value added by defensive growth strategy
ICG Enterprise Trust (ICGT) is the topic of conversation when Hardman & Co analyst Mark Thomas joins DirectorsTalk Interviews.
Mark delves into the insights and strategies outlined in his recent report CM day 2024: defe...
Hardman & Co Research
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10 July 2024 11:42AM
further proof of value added by Apax
Hardman & Co Research on Apax Global Alpha (APAX):
CM day: further proof of value added by Apax
The key messages from APAX’s well-received 2024 CM day and related announcements were: i) a new capital allocation policy with a set 11p dividend (current yield ca.7%) and creation of a distribution pool for future buybacks (if the discount is ...
Hardman & Co Research
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01 July 2024 11:38AM
Leading the way in leisure industry solutions
Analyst interview | Technology
Q&A on accesso Technology Group (ACSO) | Leading the way in leisure industry solutions
Accesso Technology (ACSO) is the topic of conversation when Hardman & Co analyst Richard Jeans joins DirectorsTalk Interviews.
Richard Jeans offers a comprehensive overview of accesso Technology Group, a leading provider ...
Hardman & Co Research
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28 June 2024 01:35PM
CM day 2024 - defensive growth value creation
Hardman & Co Research on ICG Enterprise Trust (ICGT):
CM day 2024: defensive growth value creation
The key messages from ICGT’s June 2024 shareholder seminar were i) ICGT has a focused and differentiated investment strategy with a dedicated investment team, ii) operating performance remains strong and capital structures are well positioned...
Hardman & Co Research
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18 June 2024 01:34PM
The discount in absolute and relative perspectives
Hardman & Co Research on Volta Finance Limited (VTA):
The discount in absolute and relative perspectives
Volta Finance is the topic of conversation when Hardman & Co analyst Mark Thomas joins DirectorsTalk Interviews.
In this interview, Mark chats through Volta Finance’s strategy of capital preservation and income stability, the s...
Hardman & Co Research
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06 June 2024 04:30PM
Hardman Talks Video | Chesnara plc (CSN) Management Presentation and Q&A
Hardman Talks Video | Chesnara plc (CSN)
Management Presentation and Q&A
In the latest Hardman Talks, Chesnara CEO Steve Murray and CFO Tom Howard join Hardman & Co analyst Brian Moretta to discuss their 2023 results and prospects.
Management give a brief presentation, discussing recent progress, including M&A developments, recent ...
Hardman & Co Research
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28 May 2024 12:00PM
Portfolio companies growing earnings and widening margins
Analyst interview | Investment Companies
Q&A on ICG Enterprise Trust (ICGT) | Portfolio companies growing earnings and widening margins
ICG Enterprise Trust (ICGT) is the topic of conversation when Hardman & Co analyst Mark Thomas joins DirectorsTalk Interviews.
Mark looks at the performance of ICGT’s portfolio companies, examining the ...
Hardman & Co Research
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23 May 2024 12:10PM
Robust growth and widening EBITDA margins
Analyst interview | Investment Companies
Q&A on NB Private Equity Partners (NBPE) | Robust growth and widening EBITDA margins
NB Private Equity Partners (NBPE) is the topic of conversation when Hardman & Co analyst Mark Thomas joins DirectorsTalk Interviews.
Mark discusses NBPE’s robust business model, highlighting its high secular grow...
Hardman & Co Research
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23 May 2024 08:15AM
Cash management is key
Hardman & Co Research on Shield Therapeutics (STX):
Cash management is key
Shield is a commercial-stage pharma company delivering specialty products that address patients’ unmet medical needs, with an initial focus on iron deficiency (ID). Since its US launch in July 2021, Shield and its partner, Viatris, have increased physician awareness...
Hardman & Co Research
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17 May 2024 12:45PM
Hardman & Co Q&A on Duke Capital (DUKE) | Generating investor returns by uniquely meeting customer needs
Hardman & Co analyst interview | Financials
Q&A on Duke Capital (DUKE) | Generating investor returns by uniquely meeting customer needs
Duke Capital Plc (LON:DUKE) is the topic of conversation when Hardman & Co analyst Mark Thomas joins DirectorsTalk Interviews.
Mark unpacks the unique hybrid capital solutions Duke Capital offers to ...
Hardman & Co Research
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16 May 2024 05:47PM
FY'24 portfolio companies performing strongly
Hardman & Co Research on ICG Enterprise Trust (ICGT):
FY'24 portfolio companies performing strongly
The key message from ICGT’s FY’24 results (to January) is the continued strength of the operating companies, which keep delivering mid-teen EBITDA growth. Despite challenging markets, margins have widened, which should help allay some concer...
Hardman & Co Research
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14 May 2024 02:49PM
Placing
Hardman Talks Video | Surface Transforms (SCE)
Surface Transforms placing
On Thursday 9 May 2024, the management of Surface Transforms joined us on Hardman Talks to talk about the plans to raise money by a placing and the intended use of the proceeds. On the call were David Bundred, Chairman, Kevin Johnson, CEO, Isabelle Maddock, CFO, and Stephen...
Hardman & Co Research
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01 May 2024 12:58PM
Positive inflows boost FUM
Hardman & Co Research on City of London Investment Group (CLIG):
Positive inflows boost FUM
City of London has announced its FUM for 3Q’24. It was a positive quarter, with group FUM rising 5.5%, from $9.58bn to $10.10bn. The largest contribution came from a positive market backdrop: all the benchmark indices for CLIM strategies delivered ...
Hardman & Co Research
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11 April 2024 11:23AM
Good 2023 results set platform for future progress
Hardman & Co Research on Chesnara plc (CSN):
Good 2023 results set platform for future progress
Chesnara has announced its 2023 results. Positive returns from equity markets and gains from acquisitions in the first half were somewhat offset by adverse changes to operating assumptions in the second. Economic Value profit of £59.1m marked a...
Hardman & Co Research
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10 April 2024 08:15AM
Six consecutive periods of >20% growth
Hardman & Co Research on Tissue Regenix (TRX):
Six consecutive periods of >20% growth
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. I...
Hardman & Co Research
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18 March 2024 01:05PM
Offsetting higher interest rates, leaving return targets unchanged
Analyst interview | Investment Companies
Q&A on NB Private Equity Partners (NBPE) | Offsetting higher interest rates, leaving return targets unchanged
NB Private Equity Partners (NBPE) is the topic of conversation when Hardman & Co analyst Mark Thomas joins DirectorsTalk Interviews.
Mark discusses his latest report entitled ‘Value creat...
Hardman & Co Research
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14 March 2024 12:25PM
Conservative accounting at play
Hardman & Co analyst interview | Investment Companies
Q&A on Real Estate Credit Investments | Conservative accounting at play
Real Estate Credit Investments (LON:RECI) is the topic of conversation when Mark Thomas, analyst at Hardman & Co, joins DirectorsTalk Interviews.
In this interview, Mark gives an overview of his latest report ...
Hardman & Co Research
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07 March 2024 01:37PM
Value creation in a higher-rate environment
Hardman & Co Research | Investment Companies
NB Private Equity Partners (NBPE) | Value creation in a higher-rate environment
In this note, we explore how the sources of value creation have evolved and how NBPE’s GP partners are expected to organically and inorganically generate incremental EBITDA growth to offset higher interest costs. Lon...
Hardman & Co Research
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07 March 2024 01:05PM
Value creation in a higher-rate environment
Hardman & Co Research | Investment Companies
NB Private Equity Partners (NBPE) | Value creation in a higher-rate environment
In this note, we explore how the sources of value creation have evolved and how NBPE’s GP partners are expected to organically and inorganically generate incremental EBITDA growth to offset higher interest costs. Lon...
Hardman & Co Research
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06 March 2024 11:50AM
First-half results going in the right direction
Hardman & Co Research on City of London Investment Group (CLIG):
First-half results going in the right direction
City of London has announced its interim results for 1H’24. With the main headline figures having being announced in January’s trading statement, the principal interest was in some of the details. FUM of $9.58bn is 2% ahead of ...
Hardman & Co Research
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27 February 2024 04:35PM
French and German exposures in perspective
Hardman & Co Research on Real Estate Credit Investments (RECI):
French and German exposures in perspective
We last reviewed RECI’s operations in France, 25% of the latest portfolio, in our note, Vive la difference, published 15 February 2022. The core approach is unchanged, but, following the December 2023 factsheet report of an unrealise...
Hardman & Co Research
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21 February 2024 12:10PM
Long-term pawnbroking growth, short-term cost and retail pressure
Analyst interview | Financials
Q&A on H&T Group (HAT) | Long-term pawnbroking growth, short-term cost and retail pressure
H&T Group plc (LON:HAT) is the topic of conversation when Hardman & Co Analyst Mark Thomas joins DirectorsTalk Interviews.
Mark talks through his report entitled 'Growing pawnbroking core will drive ot...
Hardman & Co Research
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13 February 2024 08:15AM
What we can learn from the Report and Accounts
Analyst interview | Investment Companies
Q&A on Volta Finance (VTA) | What we can learn from the Report and Accounts
Volta Finance Ltd is the topic of conversation when Hardman & Co analyst, Mark Thomas, joins DirectorsTalk Interviews.
In this interview, Mark provides an overview of his report entitled Insights from the Report and...
Hardman & Co Research
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31 January 2024 11:50AM
Bounce back in FUM after strong quarter
Hardman & Co Research on City of London Investment Group (CLIG):
Bounce back in FUM after strong quarter
City of London has announced its trading statement for 2Q’24. Both developed and emerging markets bounced back from a weak 1Q’24 and posted gains for the six-month period. Over 1H’24, the MSCI Emerging Markets TR Index increased 4.7% w...
Hardman & Co Research
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24 January 2024 01:05PM
Insights from the Report and Accounts
Hardman & Co Research | Closed End Investments
Volta Finance Limited (VTAS) | Insights from the Report and Accounts
In this note, we review the key information and messages investors should take from the recent Report and Accounts. In particular, we note the detailed explanations as to how Volta is delivering strong returns. This performan...
Hardman & Co Research
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23 January 2024 06:47PM
Growing pawnbroking core will drive other services
Hardman & Co Research on H&T Group (HAT):
Growing pawnbroking core will drive other services
In our 15 March 2023 initiation, Pawnbroking royalty, with strong, profitable growth, and later notes, we have highlighted the strong market for pawnbroking and why H&T, as the market leader, is uniquely placed to take advantage of these op...
Hardman & Co Research
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19 January 2024 12:45PM
Analysing the risk and reward opportunity for investors
Analyst interview | Investment Companies
Q&A on ICG Enterprise Trust (ICGT) | Analysing the risk and reward opportunity for investors
ICG Enterprise Trust (ICGT) is the topic of conversation when Mark Thomas, Analyst at Hardman & Co, joins DirectorsTalk Interviews.
In this interview, Mark discusses his recent report entitled 'Putting th...
Hardman & Co Research
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14 December 2023 05:30PM
Competitive advantages AXA IM brings as manager
Hardman & Co analyst interview | Investment Companies
Q&A on Volta Finance Ltd | Competitive advantages AXA IM brings as manager
Volta Finance Ltd is the topic of conversation when Hardman & Co Analyst Mark Thomas joins DirectorsTalk Interviews.
In this interview Mark takes us through his recent report on Volta entitled ‘The bene...
Hardman & Co Research
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07 December 2023 05:20PM
The benefits of having AXA IM as the manager
Hardman & Co Research on Volta Finance Limited (VTAS):
The benefits of having AXA IM as the manager
In this note, we review the value added to Volta by having AXA IM as the manager. In particular, AXA IM’s scale in Alternative Credit brings i) greater resourcing, allowing specialist expertise to identify mis-priced opportunities and manag...
Hardman & Co Research
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04 December 2023 04:00PM
Hidden gems strategy delivering new investment opportunities
Hardman & Co analyst interview | Investment Companies
Q&A on Apax Global Alpha | Hidden gems strategy delivering new investment opportunities
Apax Global Alpha (LON:APAX) is the topic of conversation when Mark Thomas, Analyst at Hardman & Co joins DirectorsTalk Interviews.
In this interview Mark discusses his recent report on the co...
Hardman & Co Research
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29 November 2023 12:06PM
Hardman & Co Video | Surface Transforms (SCE) Open Offer and Q&A
Hardman Talks Video | Surface Transforms
Surface Transforms Open Offer and Q&A
Following the recent announcement of a placing and public offer by Surface Transforms, the management team of David Bundred, chairman, Kevin Johnson, CEO, and Isabelle Maddock, CFO, appeared on Hardman Talks to explain the need for further funding. This will suppor...
Hardman & Co Research
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28 November 2023 02:30PM
Actively managing the portfolio to the latest market opportunities
Hardman & Co analyst interview | Investment Companies
Q&A on Real Estate Credit Investments | Actively managing the portfolio to the latest market opportunities
A Real Estate Credit Investments (LON:RECI) is the topic of conversation when Mark Thomas, Analyst at Hardman & Co joins DirectorsTalk Interviews.
In this interview Mark giv...
Hardman & Co Research
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23 November 2023 01:43PM
green shoots into live deals
Hardman & Co Research on Apax Global Alpha (APAX):
“Hidden Gems” strategy: green shoots into live deals
In our view, the most interesting new information from AGA’s 3Q results was the comment “a further five investments post quarter end” with a further one announced since. This six-week performance compares with two investments in the who...
Hardman & Co Research
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22 November 2023 03:10PM
Exposure to exchanges plus a private company initiative
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Hardman Talks Video | TISE:
Exposure to exchanges plus a private company initiative
In this Hardman Talks, Keith Hiscock sat down with Cees Vermaas, CEO of The International Stock Exchange (TISE). Watch it here: https://youtu.be/EXPMLzjC49U
TISE is the owner of the Guernsey, Jersey and Isle of Man exchanges, which is listed on its own exchange. ...
Hardman & Co Research
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22 November 2023 08:30AM
Open Offer
Hardman & Co Research on Surface Transforms (SCE):
Funding for growth: Open Offer
In the past two years, Surface Transforms (SCE) has quadrupled its order book, raised monthly sales run rates from £0.2m to £1.0m and expanded its capacity four-fold to a £20m pa sales rate. A 3 November update pointed to production teething troubles. October ...
Hardman & Co Research
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21 November 2023 01:55PM
Hardman & Co Video | Chesnara (CSN) Presentation and Q&A with Management
Hardman Talks Video | Chesnara
Presentation and Q&A with Management
In this edition of Hardman Talks we were joined by the senior management of Chesnara, an established Life and Pensions Consolidator in the UK and Europe. Watch it here: https://youtu.be/5jottn7EAuQ
Chief Executive, Steve Murray, and Group Finance Director, David Rimmington, ...
Hardman & Co Research
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16 November 2023 12:35PM
Portfolio management to optimise risk/reward
Hardman & Co Research on Real Estate Credit Investments (RECI):
Portfolio management to optimise risk/reward
In previous notes, we have reviewed why we believe RECI has procedures and practices that limit downside losses to help ensure the resilience of the NAV. In this note, we explore further how portfolio management helps optimise risk...
Hardman & Co Research
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15 November 2023 08:30AM
Accelerating effectiveness of enlarged sales team
Hardman & Co Research on Shield Therapeutics (STX):
Accelerating effectiveness of enlarged sales team
Shield is a commercial-stage pharma company delivering specialty products that address patients’ unmet medical needs, with an initial focus on iron deficiency (ID). Since its US launch in July 2021, Shield has been increasing physician awa...
Hardman & Co Research
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14 November 2023 01:40PM
How NBPE benefits from value creation through growing companies
Analyst interview | Investment Companies
Q&A on NB Private Equity Partners (NBPE) | How NBPE benefits from value creation through growing companies
NB Private Equity Partners (NBPE) is the topic of conversation when Hardman & Co analyst Mark Thomas joins DirectorsTalk Interviews.
In this interview, we take a closer look into the strateg...
Hardman & Co Research
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13 November 2023 04:40PM
Strategic progress and investments towards ‘Future State 2’
Hardman & Co analyst interview | Banks
Q&A on Arbuthnot Banking Group (ARBB) | Strategic progress and investments towards ‘Future State 2’
Arbuthnot Banking Group (LON:ARBB) is the topic of conversation when Mark Thomas, Analyst at Hardman & Co joins DirectorsTalk Interviews.
In this interview, Mark talks about how Arbuthnot Banking...
Hardman & Co Research
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06 November 2023 01:05PM
defensive growth paying off
Analyst interview | Investment Companies
Q&A on ICG Enterprise Trust (ICGT) | 1H FY’24: defensive growth paying off
ICG Enterprise Trust (LON:ICGT) is the topic of conversation when Mark Thomas, Analyst at Hardman & Co joins DirectorsTalk Interviews.
In this interview, Mark provides an overview of his recent report ‘1HFY24: defe...
Hardman & Co Research
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24 October 2023 04:15PM
taking ABG to the next level
Hardman & Co Research | Banks
Arbuthnot Banking Group (ARBB) | Trading update: taking ABG to the next level
In our view, the key takeaway from the recent 3Q trading statement is how ABG is progressing strategically towards its “Future State 2” plan. In particular, we note i) specialist SME finance divisions generating the ambitious balance...
Hardman & Co Research
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23 October 2023 02:30PM
value creation from growing companies
Hardman & Co Research | Investment Companies
NB Private Equity Partners (NBPE) | 2023 CMD: value creation from growing companies
We reviewed NBPE’s differentiated strategy, strong outperformance and good market positioning in our initiation, Co-investments generating superior performance, and 1H’23 results summary: continued growth. The ke...
Hardman & Co Research
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20 October 2023 11:30AM
A robust approach to cash generation
Analyst interview | Financials
Analyst Interview on Chesnara plc (CSN) | A robust approach to cash generation
Chesnara (LON:CSN) is the topic of conversation when Brian Moretta joins DirectorsTalk Interviews.
In this interview, Brian talks about his recent note on the company entitled ‘Good first half, aided by markets and acquisitions’, ...
Hardman & Co Research
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17 October 2023 01:40PM
Weak markets weigh on FUM
Hardman & Co Research on City of London Investment Group (CLIG):
Weak markets weigh on FUM
City of London has announced its trading statement for 1Q’24. The main feature of the quarter was soft markets, with the MSCI Emerging Markets total return index declining 2.9% and the MSCI All-Country World ex US Index down 3.8%. Widening discounts...
Hardman & Co Research
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