Daily Stock Market Report (Fri 2nd Jan 2026) - BOKU, PPHC, SEE, IES, TAP
Good morning and welcome to the opening report of 2026! I'm not expecting much news today, but let's have a look!
Spreadsheet accompanying this report: link (updated to 16/12).
I'm sorry there was so little to look at today - see you next week when the year should kick off in earnest!
Companies Reporting
| Name (Mkt Cap) | RNS | Summary | Our View (Author) |
|---|---|---|---|
Boku (LON:BOKU) (£623m | SR53) | SP +5% The board has approved the buyback of up to 4 million shares (current share count: 297 million). Shares purchased may be used to satisfy warrant holders or the staff bonus programme. | AMBER= (Graham) [no section below] Checking the most recent interim report, I find that there were 5.1 million warrants (issued to Amazon) that were expected to vest. This company also has a history of significant share-based payments (e.g. $5m in H1 2025). These two factors say to me that the company needs this share buyback in order to offset dilution. I'd be far more impressed if this buyback caused the share count to permanently reduce. Also, this share has a ValueRank of 17 and a P/E multiple of 26x (before today's gains); a buyback is not obviously a good investment of the company's cash resources. | |
Public Policy Holding (LON:PPHC) (£267m | SR44) | “A senior professional with an established client portfolio” has joined a PPHC subsidiary. Consideration payable is up to $1m, depending on performance targets in 2026 and 2027. | AMBER/RED = (Graham) [no section below] This US lobbying/PR group strikes me as a bit of an oddity - I still don't know why it listed on AIM rather than in its home markets. In November, it did at least join the NASDAQ with a dual listing and its valuation now seems to reflect the optimism of a US investor base. As for its financials, it has never made any statutory profits, but this hasn't worried investors yet. And today's announcement is light on details: they have hired a heavy hitter, but that person's identity is not revealed in this announcement. So I don't think there is much that can be usefully said about it! | |
Seeing Machines (LON:SEE) (£265m | SR28) | SP +14% This is a dedicated team within Seeing Machines that “will work collaboratively with global customers to embed Seeing Machines' next-generation driver and occupant monitoring system (DMS/OMS) technology into their autonomy products and services”. | AMBER/RED = (Graham) [no section below] This is an RNS Reach announcement, i.e. a non regulatory press release. In theory this means that it shouldn't move the share price, as it doesn't contain any material non-public information. However, it does sound like a very bullish announcement with the promise of commercialisation as SEE's technology gets embedded into vehicle production. Checking the most recent full-year results, I see that SEE was still loss-making at the adjusted EBITDA level, although promising that it would reach a cashflow breakeven run rate by the end of 2025. It has served me well in the past to be cautious of companies that are loss-making at the adjusted EBITDA level and so I will cautiously maintain our RED stance for the time being. | |
Invinity Energy Systems (LON:IES) (£107m | SR9) | SP +7% Revenue and project grant income for 2025 of approximately £17m. Order book plus “substantial pipeline of potential order for 2026 and beyond gives significant confidence in the future prospects of the company”. | BLACK (AMBER/RED =) (Graham) [no section below] The 2025 revenue forecast on the StockReport was £18.8m, and Longspur Research had forecast 2025 sales of £20.7m, so the £17m figure provided in this trading update looked like a miss to me. Checking today's note from Longspur Research, I find that they have indeed revised down their 2025 top line revenue figure for the company, but there are few other changes: the 2025 PBT forecast is unchanged (still an enormous £24.3m loss) and 2026 and 2027 are both virtually unchanged in terms of both the revenue and the PBT forecasts. I still do not claim to have any expertise whatsoever when it comes to battery technology, but I'll leave my moderately negative stance unchanged today. New sales agreements are promising and as I said last time, IES does have impressive growth figures and a decent cash balance. So perhaps it can be a rare success story? | |
Tap Global (LON:TAP) (£16m | SR16) | Revenues +31% to £3.5m. Loss before tax £5.7m after a £4.7m goodwill impairment. The CFO has resigned, new Head of Finance appointed. The company “enters FY26 with a clear pathway to monetising the infrastructure now firmly in place.” | RED = (Graham) [no section below] 391,000 users (up from 369,000 last year) is an impressive figure but this remains at a very early stage of development. The pre-tax loss is significant at £5.7m and there is an operating loss even if we ignore the large impairment charge. The company has been issuing shares to its broker in lieu of fees which strikes me as a desperate measure and today's report does indeed have the standard going concern warning. The cash balance was only £0.8m as of June 2025. |
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23 comments
I've managed to cut and paste my take on Wheaton Precious Metals (LON:WPM) and you can find it here: Wheaton Precious Metals: Investment Briefing & Strategic Outlook (2025–2030) | By jamesalastair | Stockopedia
Sorry the tech got me ... I still write with a pencil, ride a horse (good for the postrate so some Kazakhi goat herder told me once), and post letters. You can never find a teenager to sort out your tech conundrums when you need... they are all off enjoying the snow which looks like it could get pretty epic here.
Think the ftse got a lil bit giddy this morning!
SDI (LON:SDI) slumping on no news?
"SDI (LON:SDI) slumping on no news?"
NAPS rotation from SDI (LON:SDI) to Tristel (LON:TSTL)!
TSTL up 5%, SDI down 5%.
Yea - and I'm wondering whether to wait till 12th for update from Games Workshop (LON:GAW) or sell now. It has been slipping for the past month now. Any thoughts ?
Maybe for the same (no) reason that Kromek (LON:KMK) is up 10% and Ingenta (LON:ING) is up 7.5% . People just having a year end flutter in thin markets?
Morning
I tried to post a Wheaton Precious Metals (Wheaton Precious Metals (TSE:WPM) (Wheaton Precious Metals (LON:WPM) deep dive, but Stocko cut off 3/4 of the analysis. You can find the full analysis here: Wheaton Precious Metals: Investment Briefing & Strategic Outlook (2025–2030)
I hope to finish a comparative analysis of all the major gold and silver streamers today ... just a quick and dirty look at comparatives for the key drivers of profitability. It will be a short document so might be postable here, I wonder if there a size limit on posting on Stocko?
jamesalastair - suggest you use the green button to ask why 3/4 was cut
thx ... will do.
James would welcome your thoughts on Gold Royalty
I will include it in a comparison article of gold streaming / royalty companies I am currently writing. Streams are different to royalties. I am also half way though an article on Triple Flag Precious Metals (TSE:TFPM) which is another streaming company holding of mine. I hope to post tomorrow dependent on motivation!
Hi - Alastair (or James?). Apologies! Very interesting article, thanks. Note you say royalty and streaming are different, would like to understand this more, so look forward to your further piece. I have just been "gifted" shares in LunR Royalties (CVE:LUNR) given my holding in NGEx Minerals (TSE:NGEX) - would welcome your thoughts on this "start up". Thanks.
Hi Murray.
In specific response to your question on the difference between streaming and royalties, I have written this in the article I am in the middle of writing for Triple Flag Precious Metals (which holds both):
Royalties: In a royalty structure, the asset owner commits to paying the royalty holder a defined share of revenue generated from production. These agreements provide exposure to commodity-linked cash flows without operational risk. Revenue‑based royalties typically fall into two categories: Net Smelter Return (NSR) royalties, which are calculated on the value of production after standard deductions such as transport, insurance, and processing charges; and Gross Revenue (GR) or Gross Overriding Royalties (GORR), which are applied to total sales revenue with minimal deductions. Together, these structures offer investors scalable, margin‑resilient participation in mine economics.
Stream: A streaming agreement provides the right to purchase a portion of a mine’s metal production in exchange for an upfront payment and a fixed ongoing price tied to delivery. Streams offer exposure to commodity upside, mine expansion, and exploration success, while maintaining minimal operating and capital cost risk. Unlike royalties, streams include an ongoing purchase payment, but the economic profile remains highly margin‑resilient. Streaming is typically applied to by‑product metals that are non‑core to the operator, enabling low‑cost financing while giving investors leveraged exposure to secondary metal production.
I hope that helps.
Alastair (!)
Brilliant, much appreciated Alastair!
Hi Murray
The analysis from which I extracted the above is now up here: Triple Flag Precious Metals: Investment Briefing & Strategic Outlook (2025–2030) | By jamesalastair | Stockopedia
Alastair
Just had a peek at it. I will definitely dig deeper ... it looks really interesting and the price action is impressive.
Gattaca (LON:GATC) Frontier Developments (LON:FDEV) and Focusrite (LON:TUNE) leading the NAPSDAQ charge. Up by 11%, 8% and 5% respectively.
Of course, all marked up. Market makers are cunning though, prices will pullback in coming days
I think the market makers must subscribe to Stocko and reacted accordingly. A compliment to Ed. Thank you Jamesalistair. I am looking at ways to catch the gold trend....better later than never and will read your analysis. I have just taken step 3 on AMRQ and the projected figures look promising there.
Can I buy a NAPSDAQ tracker anywhere yet?
it does seem like a missed opportunity doesn't it? tracker funds for NAPSDAQ and maybe one for Stock Rank > 90 - would be an interesting play I would certainly be interested in.
it does seem like a missed opportunity doesn't it? tracker funds for NAPSDAQ and maybe one for Stock Rank > 90 - would be an interesting play I would certainly be interested in
The point of NAPS is that you can do it yourself, and the set of stocks selected will change frequently, driving up costs and returns down.
In fact the best approach this year would have been to run your own NAPS last week and then sell yesterday, as there'd have been a significant overlap with Ed's selection. And that's just the way the market works - as soon as a method becomes popular then people start trying to frontrun, and that usually screws the returns.
timarr
Haha I don't think so but can only be a matter of time!!
I'm surpised that there hasn't been a NAPSDAQ moniker till now?