Daily Stock Market Report (Wed 12 Feb 2025) - CBG, CHRT, BTRW, MWE, PAF, IQE

12th Feb by Graham Neary

53 comments 5370 reads

Good morning!

It's unusually quiet for updates this Wednesday

1pm: all done for now, thank you.

Companies Reporting

Name (Mkt Cap)	RNS	Summary	Our view (Author)
Barratt Redrow (LON:BTRW) (£6.3bn)	Interim Results	Completions up 10.9% to 6,846, adj PBT up 6.4%. FY adj PBT to be at upper end of exps.	AMBER (Roland) The integration of Redrow has made these accounts somewhat complex. But the underlying picture seems fine to me while the valuation looks fair, albeit not obviously cheap.
Pan African Resources (LON:PAF) (£763m)	Interim Results	H1 -3.3% to 84,705oz, profit +10% to $44.6m. FY guidance for c.215koz (+16% YoY) unchanged.	AMBER (Roland) A slightly difficult H1 is expected to be followed by much stronger production in H2. The shares might still offer value. But in my view the valuation looks about right, given the risks involved.
Close Brothers (LON:CBG) (£549m)	Update in relation to motor commissions	Close plans £165m provision in H1 FY25 results. CET1 falls to 12.0%. H1 adj op profit exp c.£75m.	GREEN (Graham) I think the risks are priced in here given CBG's enormous tangible NAV and very high capital ratios. This view does require the provision announced today to have at least some degree of accuracy.
Cohort (LON:CHRT) (£503m)	Contract win	MASS subsidiary awarded 2-year UK JCAST contract worth “in excess of £17.5m”.	AMBER/GREEN (Roland) [no section below] Today’s contract doesn’t look likely to move forecasts, but is further evidence of Cohort’s strong momentum. If this continues, the shares may not be too expensive at this level.
Iqe (LON:IQE) (£168m)	Convertible Loan Note Financing	Seeks to issue Convertible Note to raise £18m. Note to be convertible at 15p (latest SP 17.3p).	RED (Graham) Desperate terms with a very high implied interest rate and a generous conversion option. Possible dilution of up to 16%.
Aoti (LON:AOTI) (£122m)	TU	Rev +32% to $58m. Adj. EBITDA margin rises to 13.8% (prev: 3.9%). Higher margin segments.
MTI Wireless Edge (LON:MWE) (£42m)	Significant contract win	Repeat manufacturing order for Antenna division. Value $4m, delivered until June 2026.	AMBER/GREEN (Roland) Further evidence of good momentum with defence clients. No change to forecasts today, but this niche business has a good long-term growth record and looks reasonably valued to me.
Goldplat (LON:GDP) (£13m)	Q2 operating results	H1 adj. op profit £2.5m, PBT £834k. Ghana: “outside mob” disrupted…

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Graham Neary

12th Feb

I'm not seeing that Rusty. Looks the same to me! Feel free to reach out for help if there's a problem. G

drsanjb

I have been following this stock for some time. In the past when it had this kind of momentum, I made fair bit of money. This time I have topping up since it was about 200p.

For last several months company has been updating the market almost every month and each time report has been positive and share price goes up.

Few examples below –

15.10.24 price 223 up 6%

TU, Ahead of expec, Q3 rev up 34%, New adj EPITDA est $2.5m (prev $1.3m)

15.11.24 price 225 up 4.6%

Ahead of expect, adj EBITDA $2.8m vs recently upgraded exp of $2.5m

The AIM-listed group stated its recent performance had been driven by "continued strong revenue growth" from Showcase, its tech-based advertising marketplace, which recognised 49% more revenue in October 2024 versus the same period a year earlier.

Chief executive Stuart Last said: "With confidence in advertising demand for the remainder of our strongest quarter of the year, I am very pleased to see a second upgrade to our adjusted EBITDA profit expectations this year.

Cavendish have published a helpful note - their price target is 1300p (!) on the basis that the company should trade at a price to sales multiple of 3.5x.

BOOM’s podcast advertising marketplace Showcase is said to be a big hit with advertisers, growing revenues 49% year-on-year.

15.1.25 price 423 up 4.5%

Audioboom Group Anticipates Record Revenue And Record Adjusted Ebitda Profit In 2025

an 15 (Reuters) - Audioboom Group PLC BOOM

ANTICIPATES RECORD REVENUE AND RECORD ADJUSTED EBITDA PROFIT IN 2025
2024 REVENUE OF APPROXIMATELY US$73.4 MILLION, UP 13% ON 2023

28.1.25 price 390 up 7.7%
Audioboom expands UK creator network, expands sales team
Podcast network Audioboom reported significant growth in its UK creator network in an update on Tuesday, alongside the expansion of its UK sales team.
The AIM-traded firm said the multi-award-winning podcast No Such Thing As A Fish had extended its long-term partnership with Audioboom.
It said the show, with more than 550 episodes and half a billion downloads since its debut in 2014, would continue to leverage Audioboom's global distribution platform and monetisation tools, including premium advertising products and the Showcase ad-tech marketplace.
New partnerships had also been established with Hat Trick Productions, the company behind Have I Got News For You, and Filthy @ Five, a hit football podcast from Filthy Fellas.
Hat Trick Productions would bring a slate of popular podcasts to Audioboom's network, including Whistle Through The Shamrocks and The Real Sex Education.
Meanwhile, Filthy @ Five, which amassed over five million YouTube views in 2024, would benefit from Audioboom's enhanced monetisation products tailored for video podcasting, the board said.
In parallel with its creator network expansion, Audioboom said it had strengthened its UK sales operation.
Following the appointment of Shaun Wilson as vice-president of UK sales in April last year, the company said it had now hired Liv Suco as senior account director.
Suco, an experienced podcast sales executive with a background at Global Media and Sony Music Entertainment, would focus on building brand partnerships with leading UK advertising agencies.
“The UK podcast industry is projected to experience substantial growth and we are committed to strategically increasing our market share in the near future,” said chief executive officer Stuart Last.
“No Such Thing As A Fish is a podcasting masterpiece, and the extension of our partnership sets the tone for our UK growth plans.
“I'm pleased to welcome HatTrick and Filthy @ Five to our network, and I'm confident that Liv will play a major role in our future UK success.”

Rusty2

The problem is, in the comments box on the table, there is only room, for about 4 words on each line. This has been discussed before but can't the report/table column, be made wider, it is only 50% of the screen width, a lot of space is either blank or taken up by the tagged stocks, on the right hand side. If l turn my iPad into portrait mode, then the tagged stocks disappear. But l can't use my iPad in that format for long. Seems this system, is not designed iPads, as some functions don't work.

Aislabie

I don’t know if anyone has room for a short mental break, apologies if it breaks the rhythm of some deep analysis.
In 1880 my great uncle Harry travelled to Lemars (now, more grandly, Le Mars!), Iowa, to start farming on land that he had bought with a mortgage guaranteed by his father in England. The provision of these mortgages had started the year before, and was the smart idea of brothers in their twenties. They had spotted the need for many families to find something for, particularly, younger sons (the “spares”) to do which would keep them away from the temptations of London and frequent unsavoury and embarrassing mentions in the gossip columns. While this did not entirely work, Lemars quickly acquiring a horse race course, a polo club and the first golf course west of the Mississippi, it did keep most of the misdeeds out of the press. But for the brothers, starting the lending enterprise it was the fine beginning of Close Brothers, which could maybe appreciate more of this steady income right now!

And Uncle Harry? He found there was not much money in farming and become a vet. OK now back to work.

sharw

Rusty2 - For your information this is what it looks like on my laptop screen where 'Comments' is the widest column anyway:

Different screens will have different widths. But too much space is taken up by the tagged stocks, on the right, in my opinion. If l turn my screen 90 degrees, then these stocks, do not show. Then most of the comments are on less lines but still lots of blank space.

WarrantStar

Rusty2. I agree that the "securities mentioned" column on the right of the DSMR is a big part of the problem. I seldom look at the "Securities mentioned" column. I reckon the best way to fix the issue is for Stocko to make that whole column hide-able in the same fashion as the column on the left of the comments section which can be viewed or hidden.

yadi

PZC

this share has been a disaster for Lee and I!

John has been emotionally attached and has been a fan of the company all the way from 400 p to 79p.

If you stay the course for long you may be proved right or bankrupt. In this case he may have been right, eventually.

It appears the share price is bottomed out and the company fortunes may rise from here.

The Nigerian section is only 20% of the revenue and is up for sale.

intuitive6191

RE: Securites mentioned column

I agree and have suggested the same solution a number of times.

Burnt Onions

Nice story Aislabie, I enjoyed that..

Silver Moon

Let's get real, Goldplat (LON:GDP) is on the list because there was an RNS put out this morning on account of the company putting out its Q2 operating results which is the be-all and end-all of the DMSR. Capital Gains are made from volatility, between 2018 and 2020 I made gains 3 times from investing in Goldplat.

Hi WarrantStar and Rusty, I'm sorry this isn't my area of expertise or control, but if there is an issue with the design of the page I'm sure that Stocko would be eager to fix it. My understanding is that the width of the column is designed to optimise readability when it comes to the text section of the report. Granted that this may not be the same width that we would choose if we were only publishing the table. Please do reach out with suggestions/comments. G

Harry Hindsight

I have sympathy when the market cap is probably the water vending machine bill in say ...

Got to be a minimum here - £250m for starters although sure some want £100m.

After our recent punishing years I'm just scrolling through 90% of UK stuff and I'm not a Venture Capital Fund so they need to be making profits etc.

Will follow the small cap ETF's and indices and when momentum arrives then will change tack. At the moment it's Trump/Musk/Skynet/metals etc.

Otherwise its 'good guesses' (nod nod, wink wink) which will be very happy to try and read between the lines as very aware you guys/gals need to be very very careful -so due respect.

Amber or Amber/Green is a bit 'wooly'. Its either - Buy, Sell, or Hold.

Ok some of us are British so:

Buy - "ok to dip the toes in chaps", "Tally Ho"

Sell - "bale out, bale out"

Hold - "hold, hold, hold, .... (and keep your powder dry - a movie sorry couldn't help).

So this Goldplat (LON:GDP) sifts through the tailings that the pros discard and maybe small fingers can sift through like old TV sets and mobile phones for the rare metals they contain. Apologies for the negs. As the Dragon says "I'm out".

Wow, a whole new sector. I use Apple Podcast app. Is this becoming the new "news"

It's possible Joe Rogan and interview with Trump and Musk changed the course of history. And the 'no show' from 60mins soundbite Harris did not defend, whilst her 'guvnor' was asleep.

So podcasts are now there - but monetising something else.

Sorry if comes across as numpty comment, it is. We are flooded with information, audible books, emails galore, you tube shorts, tick tok (not got it and don't intend to - but dinosaurs no longer live on the planet).

Fun times - best time to be alive ever. Forget war nobody needs to do it anymore other than nut job religions. We are now in the world of business, profits and going to Mars.

Most of my products come from Holland and Barrett - other than washing up liquid of which there is only one on the planet

Maybe it is designed for a smart phone, which is typically held in portrait format, rather than landscape?

grumpy5

Anyvrelation to the 18thC artist who painted and etched stately homes in the North?

Virgin Wines UK (LON:VINO)

Amazing stock ranks which have been questioned above.

An easy resistance here at and todays bounce is nothing special. When you are down you are down and as Ed says there is a lot of sellers above you wanting to get out.

Why invest when there are rocket ships.

I cheated and put a weekly up there. It's nowhere near where you would put this in the SIPP or grandkids ISA.

Wine is exclusivity and put it in a cold place for as long as can resist the pull. That's it. If enjoy it then ok have fun with investment. Lovely.

Fast cars - with our roads and cameras the government overlord has beaten us old Capri owners to a bus with a freedom pass.

Cigars may have some legs post Cuba Havanas. The new kids one day maybe smoking again as a status symbol - well won't have V12 Ferraris - so what else will they want. iPhone 56's with AI girlfriends.

This is the best time to be investing imo. But a full time job. You cannot step off the pedal or to watch for more than one day. I think they call it volatility. Well yes a word which is often ignored if overused.

I missed fine Art - but out of my league so good luck to the Oilygarks.

Lochinver

There’s always one …

Daily Stock Market Report (Wed 12 Feb 2025) - CBG, CHRT, BTRW, MWE, PAF, IQE

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Graham Neary

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