https://bsky.app/profile/equitydevelopment.bsky.socialhttps://bsky.app/profile/equitydevelopment.bsky.social/post/3mk5m3igxo22z#DIAL Diales Group - strong H1 FY26 performance 📈 • Top line growth driven by higher fees & productivity • Margins up to 4.3% (highest since H2 21) • £1m EBIT in H1 puts FY26 expectations firmly on track • Strong H2 order pipeline • Net cash £3.9m → FY26 EBIT multiple just 5.7x Research note below!23 Apr 2026 08:34 +0000at://did:plc:pqmzykqxsfe5txqsqftf4kj3/app.bsky.feed.post/3mk5m3igxo22zhttps://bsky.app/profile/equitydevelopment.bsky.social/post/3mhs3tmmmbc2l#ULTP Ultimate Products upgrades FY26 revenue to £141m Brand‑led strategy continues to deliver ✔️ Owned brands +5% ✔️ Branded sales now 88.5% of total ✔️ Europe +19%, int’l discounters +91% ✔️ Cash conversion 195%, net debt down to £9.7m - Our fair value 165p/sh - New research report freely accessible 👇24 Mar 2026 07:53 +0000at://did:plc:pqmzykqxsfe5txqsqftf4kj3/app.bsky.feed.post/3mhs3tmmmbc2lhttps://bsky.app/profile/equitydevelopment.bsky.social/post/3mhq5ypwyik2oFollowing Interim results due tomorrow, join us this Friday @ 11am for a live presentation and Q&A with the management of Ultimate Products #ULTP - sign up to register at the below link! https://www.equitydevelopment.co.uk/news-and-events/ultimate-products-interim-results-investor-presentation-27th-march-202623 Mar 2026 13:27 +0000at://did:plc:pqmzykqxsfe5txqsqftf4kj3/app.bsky.feed.post/3mhq5ypwyik2ohttps://bsky.app/profile/equitydevelopment.bsky.social/post/3mguhegdnak2f#RST Restore FY25 Results - Hits 20% medium-term op margin target ahead of schedule - All 3 divisions reported strong profit growth - PBT +22% - £20m share buyback announced - Reiterate our 400p fair value estimate New research note freely accessible: https://www.equitydevelopment.co.uk/research/firing-on-all-cylinders12 Mar 2026 13:00 +0000at://did:plc:pqmzykqxsfe5txqsqftf4kj3/app.bsky.feed.post/3mguhegdnak2fhttps://bsky.app/profile/equitydevelopment.bsky.social/post/3mgrhqjryg22c#EAH Eco Animal Health secures a favourable USDA safety assessment for ECOVAXXIN® MG, a key step toward US approval. Safety confirmed across target and non‑target species, supporting late‑2027 submission. Adds momentum to ECO’s next‑gen vaccine pipeline. Our fair value 153p Link to new note below11 Mar 2026 08:28 +0000at://did:plc:pqmzykqxsfe5txqsqftf4kj3/app.bsky.feed.post/3mgrhqjryg22chttps://bsky.app/profile/equitydevelopment.bsky.social/post/3mgmeffsfhs2n#KETL #Strix Group trading update this morning - Volumes improving in less‑regulated mkts - Consumer Goods growing - Billi disposal = net cash - Regulated segment recovery still slow - Softer rev + mix shift + rising commodities = lower estimates - Fair value 62p - Focus on costs & price rises09 Mar 2026 07:45 +0000at://did:plc:pqmzykqxsfe5txqsqftf4kj3/app.bsky.feed.post/3mgmeffsfhs2nhttps://bsky.app/profile/equitydevelopment.bsky.social/post/3mg3kvd6q4s2qWe initiate on AG Barr #AGBarr where growth is accelerating, with strong margins/cash generation. The Fentimans & Frobishers acquisition adds ~10% revenue uplift. A compelling multi-brand strategy supports our 800p Fair Value. #BAG Research report here: https://www.equitydevelopment.co.uk/research/brand-led-cash-generative-and-acquisitive02 Mar 2026 15:26 +0000at://did:plc:pqmzykqxsfe5txqsqftf4kj3/app.bsky.feed.post/3mg3kvd6q4s2qhttps://bsky.app/profile/equitydevelopment.bsky.social/post/3mfqvqjrbl22aJust a reminder that there is still time to register for the webinar with McBride #MCB later this morning, following the released of H1 results - there will be a live Q&A too! Sign up at the link: https://equitydevelopment.co.uk/news-and-events/mcbride-half-year-results-investor-presentation-26th-february-202626 Feb 2026 09:41 +0000at://did:plc:pqmzykqxsfe5txqsqftf4kj3/app.bsky.feed.post/3mfqvqjrbl22ahttps://bsky.app/profile/equitydevelopment.bsky.social/post/3mfoaf4ur6c2w#VIC Victorian Plumbing posts a strong update - Revenue up 9% with margins held - CEO transition to Stephnie Judge underway - Acquires long‑time partner Sovereign for £3.4m to strengthen its value chain - Shares ⬆️ 20% in recent weeks, our fair value 110p https://www.equitydevelopment.co.uk/research/ceo-succession-acquisition-and-excellent-trading25 Feb 2026 08:14 +0000at://did:plc:pqmzykqxsfe5txqsqftf4kj3/app.bsky.feed.post/3mfoaf4ur6c2whttps://bsky.app/profile/equitydevelopment.bsky.social/post/3mf26kufd2k2oSpringfield Properties #SPR Interims Rev +2%, Adj PBT +8%, big YoY reduction in debt FY expectations reiterated A year of significant strategic progress Fair Value estimate ⬆️ to 170p Research note here (and details for tomorrow's 9am webinar below): https://www.equitydevelopment.co.uk/research/north-of-scotland-powering-growth-prospects17 Feb 2026 08:48 +0000at://did:plc:pqmzykqxsfe5txqsqftf4kj3/app.bsky.feed.post/3mf26kufd2k2ohttps://bsky.app/profile/equitydevelopment.bsky.social/post/3mdmwr6cvpk25Positive news from CAB Payments / Crown Agents Bank with the double announcement of: - the Abu Dhabi Global Market (ADGM) licence being secured - the established of a strategic clearing partnership with another leading global bank We wrote about the Abu Dhabi licence in October ... #CABP30 Jan 2026 08:58 +0000at://did:plc:pqmzykqxsfe5txqsqftf4kj3/app.bsky.feed.post/3mdmwr6cvpk25https://bsky.app/profile/equitydevelopment.bsky.social/post/3mch7odn6sc2lPositive update from CAB Payments #CABPayments #CAB with their FY25 pre-close highlighting H2 has seen an acceleration of progress made in H1 - confidence expressed at the end of H1 fully justified - FY25 income now expected to be c. £119m (vs our forecast £112.6m) and positive operating leverage15 Jan 2026 08:57 +0000at://did:plc:pqmzykqxsfe5txqsqftf4kj3/app.bsky.feed.post/3mch7odn6sc2lhttps://bsky.app/profile/equitydevelopment.bsky.social/post/3mc7qzrs54k23#KGH Knights H1 26 results impress: 📊 Revs +30%, organic growth returns (+2.6%) 💰 Adj. EBITDA +19%, strong cashflow conversion Our Fair Value raised to 255p as momentum continues into H226. Still trading at a discount! #Knights New research note here: https://www.equitydevelopment.co.uk/research/successful-strategy-deserves-a-higher-rating12 Jan 2026 09:46 +0000at://did:plc:pqmzykqxsfe5txqsqftf4kj3/app.bsky.feed.post/3mc7qzrs54k23https://bsky.app/profile/equitydevelopment.bsky.social/post/3mc7ppko2gk23#IPX No surprises as AUM at Impax AM fell 7% over Q1'26 with net flows seen improving going forward. Our forecasts and 380p/share fair value are unchanged, as you can hear / read below (freely accessible research): https://www.equitydevelopment.co.uk/research/q1-26-aum-7-as-expected-forecasts-unchanged12 Jan 2026 09:22 +0000at://did:plc:pqmzykqxsfe5txqsqftf4kj3/app.bsky.feed.post/3mc7ppko2gk23https://bsky.app/profile/equitydevelopment.bsky.social/post/3makudd3ic22o✅ Ahead of schedule! #EAH #EcoAnimalHealth EU approves ECOVAXXIN® MS – ECO’s breakthrough poultry vaccine 📈 Peak revenue contribution expected: ~£22m 🇺🇸 US approval anticipated by end CY26 🐔First commercial launch from R&D portfolio #AnimalHealth #Innovation New research update & video summary ⬇️22 Dec 2025 08:54 +0000at://did:plc:pqmzykqxsfe5txqsqftf4kj3/app.bsky.feed.post/3makudd3ic22ohttps://bsky.app/profile/equitydevelopment.bsky.social/post/3mad7h7mok22fStrix Group to sell Billi for £110m 🚀 #KETL ✅ ~3x return on acquisition ✅ Eliminates ~£70m net debt ✅ £10m buyback planned Completion targeted 31 Jan 2026 (post GM on 8 Jan). 🔎 Details here in our new research note (freely accessible): https://www.equitydevelopment.co.uk/research/debt-free-reset-strix-sells-billi19 Dec 2025 07:52 +0000at://did:plc:pqmzykqxsfe5txqsqftf4kj3/app.bsky.feed.post/3mad7h7mok22fhttps://bsky.app/profile/equitydevelopment.bsky.social/post/3ma66pa5xi22jFantastic news as Springfield Properties announces an initial agreement with SSEN for the delivery of c.300 new homes in the North of Scotland. Significant milestone for #SPR, validates their strategic repositioning H1 TU confirms in line with expectations Our fair value estimate increases to 160p17 Dec 2025 07:55 +0000at://did:plc:pqmzykqxsfe5txqsqftf4kj3/app.bsky.feed.post/3ma66pa5xi22jhttps://bsky.app/profile/equitydevelopment.bsky.social/post/3m72zdemwu22i#VIC We initiate on Victorian Plumbing! FY25 highlights: ✅ £310 revenue, up 5% ✅ UK bathroom market share 21.5% (up 140bps) ✅Strong cash flow & homewares launch Fair Value 110p vs recent 40% sell-off #VictorianPlumbing #UKRetail #VIC Research report here! https://www.equitydevelopment.co.uk/research/considerable-untapped-potential03 Dec 2025 08:16 +0000at://did:plc:pqmzykqxsfe5txqsqftf4kj3/app.bsky.feed.post/3m72zdemwu22ihttps://bsky.app/profile/equitydevelopment.bsky.social/post/3m6ynj25y5223#MERC Mercia AM - HY26 Results out this morning - EBITDA +14% - EBITDA margin up to 24.6% - No redemptions MERC has a proven track record of exiting at prem to NAV, but portfolio is currently deeply discounted. Our fair value is 58p/share - see our research report & video summary below!02 Dec 2025 09:39 +0000at://did:plc:pqmzykqxsfe5txqsqftf4kj3/app.bsky.feed.post/3m6ynj25y5223https://bsky.app/profile/equitydevelopment.bsky.social/post/3m6wbqbtswk2yEco Animal Health #EAH H126 numbers - Rev's up 19% YoY to £39.4m, adj. EBITDA £3m vs £0.4m last year. - Strong growth in NA (+30%) & China/Japan (+48%). - EMA Positive Opinion for ECOVAXXIN®MS sets stage for EU launch in H2 FY26 New research note here: https://www.equitydevelopment.co.uk/research/fy26-interims-momentum-accelerates01 Dec 2025 11:03 +0000at://did:plc:pqmzykqxsfe5txqsqftf4kj3/app.bsky.feed.post/3m6wbqbtswk2yhttps://bsky.app/profile/equitydevelopment.bsky.social/post/3m6watt4kx22y#IPX a FY fall in AUM fall meant a decline in key financial metrics for Impax AM, but balance sheet remains strong and inflows are picking up. The target market is huge and our fair value is 380p/share. See new research note here (video summary below): https://www.equitydevelopment.co.uk/research/stabilising-after-tough-fy25-with-huge-opportunities01 Dec 2025 10:47 +0000at://did:plc:pqmzykqxsfe5txqsqftf4kj3/app.bsky.feed.post/3m6watt4kx22yhttps://bsky.app/profile/equitydevelopment.bsky.social/post/3m6osmlrvcs2t#SDY Speedy Hire’s ProService deal accelerates growth 🚀. - Velocity moves into its next phase, fair value up to 61p. - Earnings forecast +35–40% over 2 years despite tough markets. #SpeedyHire #GrowthStrategy #ProService Link to new research note: https://www.equitydevelopment.co.uk/research/opportunity-knocks28 Nov 2025 11:43 +0000at://did:plc:pqmzykqxsfe5txqsqftf4kj3/app.bsky.feed.post/3m6osmlrvcs2thttps://bsky.app/profile/equitydevelopment.bsky.social/post/3m6mp2uyyns2wIf you missed last week's event with Polar Capital #POLR, catch up with the full recording of our webinar covering Interim Results with Q&A - a +25% ⬆️ in AuM to an all-time high, seamless leadership transition, improvement in fund performance, and more! See video here: youtu.be/t1_orz8zr9U https://youtu.be/t1_orz8zr9U27 Nov 2025 15:35 +0000at://did:plc:pqmzykqxsfe5txqsqftf4kj3/app.bsky.feed.post/3m6mp2uyyns2whttps://bsky.app/profile/equitydevelopment.bsky.social/post/3m6md2fnpts2l#KGF Kingfisher Q3 beat expectations this week: ✅ Sales +1.0% (LFL +0.9%) on UK share gains 📦 E-commerce & trade up double digits FY26 Adj. PBT guidance raised to £540–£570m; we lift to £555m Our fair value: 365p (~14x PER, 3.5% yield) #Kingfisher Note: https://www.equitydevelopment.co.uk/research/strategy-driving-profit-upgrades-despite-soft-markets27 Nov 2025 12:00 +0000at://did:plc:pqmzykqxsfe5txqsqftf4kj3/app.bsky.feed.post/3m6md2fnpts2lhttps://bsky.app/profile/equitydevelopment.bsky.social/post/3m6lza6nfrc26Vp plc #Vp Interims showed solid performance & highlight strength of diversified business model - Brandon Hire Station repositioned for profitability - Strong demand in International continues to offset persistent weakness in General Construction in UK - 1,000p Fair Value - Research & audio below!27 Nov 2025 09:04 +0000at://did:plc:pqmzykqxsfe5txqsqftf4kj3/app.bsky.feed.post/3m6lza6nfrc26https://bsky.app/profile/equitydevelopment.bsky.social/post/3m6jitsxzms2c#BEG 2 more deals by Begbies Traynor this week that look an ideal fit with their strategy of value-accretive acquisitions that add services or geographies. On under 10x cal 2026 P/E ratio, BEG shares look undervalued: we keep a 150p fair value in new note: https://www.equitydevelopment.co.uk/research/complementary-acquisitions-add-to-growth-thesis26 Nov 2025 09:05 +0000at://did:plc:pqmzykqxsfe5txqsqftf4kj3/app.bsky.feed.post/3m6jitsxzms2chttps://bsky.app/profile/equitydevelopment.bsky.social/post/3m6jeuzv2qc2c#KETL Strix Group H1 ✅ Billi & Consumer Goods on track; Controls lagging → PBT/EPS down 9.7% 💰 Net debt/EBITDA 2.5x, debt reduction plans in place 👤 CEO to step down by May ’26; successor search underway 📊 Fair value now 89p (vs 95p), still above current price Link to new research & video summary ⬇️26 Nov 2025 07:54 +0000at://did:plc:pqmzykqxsfe5txqsqftf4kj3/app.bsky.feed.post/3m6jeuzv2qc2chttps://bsky.app/profile/equitydevelopment.bsky.social/post/3m6hahwjupc2p#NXR H1 for Norcros plc saw margin progression, cash generation and dividend growth – followed by purchase of Fibo. With an evolving portfolio NXR shares have done well but a re-rating looks due. We raise our fair value to 397p/share, see new research: https://www.equitydevelopment.co.uk/research/norcros-hiding-in-plain-sight25 Nov 2025 11:30 +0000at://did:plc:pqmzykqxsfe5txqsqftf4kj3/app.bsky.feed.post/3m6hahwjupc2phttps://bsky.app/profile/equitydevelopment.bsky.social/post/3m6h62ifalk2u#AO World - impressive interim results show strategic, customer-focussed progress - Rev +14% - Adj. PBT +10% - We increase our FY26E Adj. PBT and Adj. EPS by 4-6% Raise Fair Value (again) to 170p Research note: https://www.equitydevelopment.co.uk/research/5-strategy-delivers-another-profit-upgrade25 Nov 2025 10:47 +0000at://did:plc:pqmzykqxsfe5txqsqftf4kj3/app.bsky.feed.post/3m6h62ifalk2uhttps://bsky.app/profile/equitydevelopment.bsky.social/post/3m6h2wphh2s25#SUP in H1 Supreme had revs of £132.6m, up a healthy 17% - reflecting both organic growth and impact of acquisitions. We do not change EBITDA forecasts or our Fair Value per share of 237p, as you can read / hear in new note: https://www.equitydevelopment.co.uk/research/supreme-h126results-diversified-and-resilient25 Nov 2025 09:51 +0000at://did:plc:pqmzykqxsfe5txqsqftf4kj3/app.bsky.feed.post/3m6h2wphh2s25