Five Free Share Tips

Spectra Systems – 2025 results suggest a winning share tip Buy says HotStockRockets...

Five Free Share Tips — Fri, 17 Apr 2026 13:30:25 +0000

Describing itself as “a leader in machine-readable high speed banknote authentication, brand protection technologies, and gaming security software”, Spectra Systems (SPSY) has announced its results for the 2025 calendar year and that the combination of its prospects “will allow the company to accelerate its revenue and earnings growth over the coming years”. What upside does that suggest from an around 150p share price, £72 million market cap?

The results show a pre-tax profit of $26.8 million on revenue up to $64.3 million generating earnings per share up to $0.42 and facilitating a dividend per share up from $0.116 to $0.136. After $5.6 million of dividends paid, on the balance sheet ex-‘intangible’ net assets were still $15.5 million higher at $38.3 million including unrestricted cash up to $14.8 million.

The year saw an exceptional contract, with earnings per share forecast to return towards a more normal range at around $0.17 this year. However, that suggests an earnings multiple of still below 12x and there’s then also the noted balance sheet comparing to the market cap equating to $95 million. There should also be cash “further increased in 2026 as we deliver the remaining sensors to our customer” – even with the 2025 noted cash increase, at the year-end “current” asset ‘unbilled and other receivables’ was $10.2 million higher at $14.8 million.

With it also emphasised its “gaming software group has seen a major turnaround to profitability which we expect will continue going forward. In addition, in 2025, the Security Print Group has undertaken successful print tests with the government authority issuing drivers licenses, marriage certificates, and other secure documents in a major middle eastern country further opening the door to adoption of our smartphone technology for multiple opportunities, and particularly tax stamps”, we continue to target a return to a 190p+ share price on positive news flow continuing from this already winning 140p offer price share tip and, up to around 150p, Buy.

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European Green Transition – “Operational Update” sparks a winning share tip. From the N50 website...

Five Free Share Tips — Thu, 16 Apr 2026 13:38:55 +0000

A 6.75p offer price tip just earlier this month, European Green Transition (EGT) has issued a “Q1 2026 Operational Update” and what about it currently sparking the shares up towards 10p?

It is with it emphasised this wind energy services business “has had a positive start to 2026, with continued momentum across its repowering pipeline and order book… confident in our ability to deliver significant growth in 2026 and beyond and of reaching our medium-term target of £50 million group revenue and double-digit EBITDA margin”. We noted on recommendation that the company considers that a conservative aim and achievable in 18 months with an accompanying dividend and that its ‘services’ nature means EBITDA should be quite close to net cash generation.

This all follows the wind energy services business in 2025 having generated approximately £14.7 million revenue (2024: approx. £14.4 million) and approximately £0.9 million adjusted EBITDA (2024: approx. £1.5m) whilst suffering as its prior owner Arena Capital Partners was heading towards court-appointed liquidation and note now a repowering order book and pipeline including 55 signed Heads of Terms, 25 planning approvals granted and 13 project commencements.

It is added that it “expects to build on its current number of signed repowering heads of terms during Q2… currently engaged with approximately 280 qualified prospects across its existing client base of c. 900 turbines. With a typical repowering contract value of approximately £450k, this represents a potential repowering revenue opportunity of £126 million”. With a 10x multiple of even £5 million EBITDA equating to a £50 million+ valuation, we note that, even now, the market cap is still below £27 million.

Selling some Kefi and a gold Buy writes Nigel Somerville...

Five Free Share Tips — Wed, 15 Apr 2026 14:15:07 +0000

I’ve finally bitten the bullet and offloaded a small amount of my oversized holding in AIM-listed Kefi Gold & Copper (KEFI). I’ve still got too much – and, indeed, will have more than I started with when my 1.2p shares arrive, apparently on Thursday. So I’ll be looking to offload a bit more as I look to continue to rebalance my gold portfolio. And that brings me to a share I already own, but now have a bit more of.

Fellow AIM-listed Amaroq (AMRQ) has been buffeted in the correction in the precious metals sector. Right at the end of January I was selling a bit, fearful (correctly) of imminent corrective forces – and got 146p a pop. Now they are just 96p – a full 34% down, yet there has been nothing from the company to suggest there are any problems beyond the assumption that the heightened oil price will be having an effect. But there is another reason to pick some up now: the company is holding a General Meeting to approve its move from AIM to the main market, which should being some institutional money with it.

Moreover, with its current market capitalisation of £447 million, it is more-or-less guaranteed a berth in the FTSE250 as and when the move is completed – and that will being in more institutional money from tracker funds. I’d suggest that will give the stock a good old kick north. And right now, with the Canadian shares now delisted, there will be plenty of investors the other side of the pond who will have sold out simply because it is no longer on the local market. So I would suggest that the share price has been held back by that.

Moreover, as I recently suggested, head honcho Eldur Olafsson can do no wrong at the moment and with a second and then a third mine in the planning to add to Nalunaq, there is plenty of upside to be had over the coming couple of years. At 96p, I would suggest this is a buy with a return to 146p the first port of call - even for ardent spivs. Now then, what shall I spend the next chunk of Kefi cash on? Decisions, decisions…

Gold reacting to Middle East developments writes Nigel Somerville...

Five Free Share Tips — Tue, 14 Apr 2026 13:20:00 +0000

Gold is up from a prior week-close $4,676 – as a very fragile half-ceasefire has taken hold in the Middle East. With gold miners having been crunched as the war took hold, it has been pleasing to see some recovery. I also note that US economic data last week saw a weaker than expected ISM Services figure for March, falling durable goods for February, February personal income falling whilst spending rose, Q4 GDP revised to 0.5% (0.7% anticipated) and, whilst February PCE inflation was in-line, CPI figures for March shot higher to 0.9%, 3.3% annually for 2.4% in February as the effects of the oil shock took effect. Consumer sentiment hit an all-time low, at 47.6 against the expected 52.0.

Meanwhile, Fed minutes showed a split decision at the last meeting and Chair Jerome Powell reckons it is still too soon to know the effects of the Iran war. Good luck on those! In the bond market, three-month, two-year and ten-year treasury yields closed last week at 3.67% (down on the prior week’s 3.69%), 3.80% (3.84%) and 4.32% (4.34%), but I suggest rate cuts will come along pretty soon once the Fed wakes up to the danger. In the meantime there are some siren voices (but a minority) calling for rate hikes to answer inflation. What are they thinking? – do they really believe raising rates will have any effect on the price of oil whilst the Strait of Hormuz is closed?

My favourite chartist, Jordan Roy-Byrne of TheDailyGold, shows that the current corrective phase in gold is pretty much bang in line with his predictions – he’s waiting for the yellow stuff to bounce off its 200-day moving average as the start of the next bull phase some time in the next few months. As things stand, that average is still rising and sits around $4,150. My view is that if the correction continues for two to three months the bounce could happen around $4,400, suggesting relatively limited downside.

My attitude remains that this is a good time to be rebalancing my portfolio but I see no reason to move out of gold stocks – and every reason to keep away from tech, which seems ripe for a drop. Indeed, if the Iranian situation drags on, I would suggest the stockmarket in general will react negatively as economic slowdown (and worse) starts to bite.

Morgan Advanced Materials – 2025 results suggest an income and recovery Buy says the N50 website...

Five Free Share Tips — Mon, 13 Apr 2026 12:38:48 +0000

Shares in “global leader in advanced materials” Morgan Advanced Materials (MGAM) had been rising this year and closed February at above 240p. There’s followed its calendar year 2025 results which, together with the geopolitics, saw the shares to below 210p and suggest to us buying opportunity.

The company states that it “combine material science, deep application expertise and process excellence to co-design and manufacture mission critical solutions”. It has 'Performance Carbon', 'Technical Ceramics' and 'Thermal Products' divisions and employs over 8,000 people across 57 operating sites worldwide. The CEO Damien Caby was appointed into the role in May last year having joined in 2022 as Thermal Products President after previous experience at BASF and Imerys and CFO Richard Armitage joined in 2022 having previously been CFO at Victrex (VCT), with 2024 remuneration totalling £1.05 million with 136,215 shares held. The Chair Ian Marchant joined in 2023 with significant public company executive and non-executive experience and 2024 remuneration totalled £0.218 million with 45,000 shares held. The company’s 2025 results showed adjusted pre-tax profit down to £70.6 million on revenue down 6% to £996.6 million. The adjusted earnings per share were 15.9p and dividend per share was maintained at 12.2p – including 6.8p to be paid on 12th May with an ex-dividend date of 9th April 2026.

The results also noted, reflecting semiconductor and simplification programme investments, net debt to EBITDA up to 1.8x but leverage to return towards framework targets this year including with “Molten Metal Systems disposal proceeds” following its sale completion. That is emphasised as “demonstrates our commitment to take decisive action to manage our portfolio and create value for shareholders… We are transforming our operations to drive stronger more profitable growth in our chosen markets… we are undertaking a strategic review of our Thermal Products division and further updates will be provided in due course. We remain confident in delivering sustainable above market organic revenue growth and returning the group to a 12% margin by 2028”. The noted results were stated as “against a backdrop of challenging markets” and there is obvious risk with the current global macro environment and noted net debt. However, it is also those factors which are now enabling the shares to be bought at lower than recent levels and there is an emphasised “diverse range of customers across a range of end-markets” and the overall latest balance sheet showed still net “current” assets of £78.6 million and net “tangible” assets of £182 million.

Even on the recent earnings, the valuation multiple looks undemanding for such an ‘advanced materials’ company and the share price response to the results means the dividend yield is now approaching 6%. With also the results including “demand in our end-markets has now broadly stabilised and, on an organic constant-currency basis, revenue has remained stable since the second half of 2024… Our business simplification programme is now materially complete and will deliver savings in-line with our published target of £27 million by 2026” together with value realisation potential from its Thermal Products division strategic review, we consider a return towards the 300p share price exceeded in 2024 is quite possible.

Luceco – ‘2025 profit growth and outlook ahead of expectations’, still winning share tip value says the N50 website...

Five Free Share Tips — Fri, 10 Apr 2026 12:49:57 +0000

‘Designer and manufacturer of ‘electrification’ products and systems Luceco (LUCE) has announced its results for the 2025 calendar year and that, with “continued momentum” and a 2026 “strong start”, it is increasing its expectations.

The 2025 results show an adjusted pre-tax profit of £27.8 million on revenue up to £271.4 million, generating earnings per share up 20% to 15p and facilitating the dividend per share to also be increased 20% to 6p, including 4.2p to be paid on 22nd May with an ex-dividend date of 9th April 2026. On the balance sheet, even after £7.7 million of dividends paid and £5.3 million of share buybacks, there was a £10 million swing to “current” assets over total liabilities of £3.6 million, with then also a slightly higher £37.2 million of ex-‘intangible’ “non-current” assets.

The market cap is around £300 million and the company notes “like-for-like double-digit revenue growth for the first two months of 2026… now expects adjusted operating profit for 2026 to exceed £37m, with the potential for further significant outperformance dependent on Demand Flexibility”. That compares to 2025 adjusted operating profit of £33.8 million and suggests upside from earnings per share around 16p this year.

With though even that would mean an only around 12x earnings multiple, we consider there now obvious potential here to well above a 200p share price from an initial 154p offer price tip.

Chesnara – 2025 results suggest still an income and growth Buy. From the N50 website...

Five Free Share Tips — Thu, 09 Apr 2026 14:15:03 +0000

‘Life, pensions and investment company with specialist expertise in consolidation’, Chesnara (CSN) has announced its results for the 2025 calendar year emphasising “Strong financial delivery and 6% increase in final dividend” and notes “two material deals, the acquisition of HSBC Life (UK) Ltd which completed in January 2026 and the proposed acquisition of Scottish Widows Europe SA”. What does the results announcement suggest on the outlook of the shares from a 290p price?

It emphasises “operating capital generation of £94m, up 19%… Solvency Coverage Ratio of 257%, up 54 percentage points… we have increased confidence we can materially grow the group and deliver further value for our investors”. That’s with the noted acquisitions also with the dividend per share of 22.5p including 14.8p to be paid on 20th May with an ex-dividend date of 2nd April 2026. Chesnara says that the noted acquisitions are expected to significantly increase scale and longer-term operating capital generation potential and that there’s “a positive M&A pipeline and a great track record of disciplined execution”.

We noted the latter on our 270.5p offer price initial tip last year and that a 335p+ share price looked realistic and also note that, albeit house broker, Panmure Liberum states that the shares currently trade at around proforma “Unrestricted Tier 1” NAV but that makes no allowance for new business or M&A and the track record means that it should trade at a material premium.

It has a 400p target price and, though we’re more conservative, a writer here holds shares with we concurring that it’s a current 7.8% dividend-yielding stock of appeal to both income and growth investors and still a Buy.

Duke Capital – Q4 “Trading and Operational Update” suggests an income value Buy says the N50 website...

Five Free Share Tips — Wed, 08 Apr 2026 14:30:02 +0000

SMEs business capital provider Duke Capital (DUKE) has issued a “Trading and Operational Update” stating that it is “pleased to show both the resilience of our recurring revenue and upside from exits in the current quarter”. What does the detail of that suggest from a 26.25p share price?

The company details that it expects to achieve record recurring cash revenue of £7 million in the fourth quarter of its year to 31st March 2026, up from £6.5 million a year earlier and £6.8 million in the prior quarter. That is then added to with £1.5 million as a “final tranche of deferred consideration from the Fabrikat exit”.

That followed a £6.2 million investment in 2021 from which it received £3.2 million in distributions before - including deferred payment - £11.4 million of sale proceeds. It adds “while exits are expected in our business model, the timing of them is dependent on the broader fundraising environment” but also that its noted “performance reflects the resilience of our business model in navigating a challenging macroeconomic environment”.

That’s including with a quarterly dividend of 0.7p per share set to be paid on 14th April to shareholders (“ex-dividend” 26th March) and, with resilient performance and an above 10% dividend yield, at below 30p still Buy.

Standard Life – 2025 results suggest a “structurally growing across key markets” Buy says the N50 website...

Five Free Share Tips — Tue, 07 Apr 2026 14:03:17 +0000

Formerly Phoenix Group Holdings, now Standard Life plc (SDLF), has announced its results for the 2025 calendar year including emphasising “profitable growth driving balance sheet strengthening… Uniquely positioned in attractive markets”. How is its performance and outlook relative to the valuation from a 680p share price?

It details “generating c.£1 billion free cash flow, comfortably covering our dividend and creating further financial flexibility… Shareholder Capital Coverage Ratio… 176% (2024: 172%) and remains in the upper half of our target operating range of 140-180%… Solvency II leverage ratio… 3% point improvement to 33%”. The dividends paid in 2025 totalled £548 million, and there is now a 2.6% increase in the final dividend for the year to 28.05p - to be paid on 20th May with an ex-dividend date of 9th April 2026 - taking the overall dividend also up 2.6% to 55.4p.

That equates to a dividend yield of still above 8% whilst also, with a 30% Solvency II leverage ratio target, “2026 is our final year of prioritising this excess cash to reduce debt. So excess cash generated after the end of this year, will be available to be deployed to the highest returning opportunities”.

That especially encourages as it is emphasised the company’s “competitive advantages of customer engagement, capital and cost efficiencies strengthen… UK long-term savings and retirement market… structurally growing across our key markets of Workplace, Retail and Annuities” and its free cash flow to have already doubled since 2023. With the market cap £6.8 billion, we continue to target an around 800p share price, 7% dividend yield, and up to around current share price levels Buy.

Legal & General – 2025 results progress suggests still an income value Buy says the N50 website...

Five Free Share Tips — Thu, 02 Apr 2026 13:30:58 +0000

Legal & General (LGEN) has announced its results for the 2025 calendar year headlined “9% core EPS growth; strong strategic progress; £1.2bn share buyback”. That sounds good and how does it compare to the valuation at a, slightly ahead of our tip last year, 245p share price?

The noted 9% earnings per share growth was to 20.93p and, strategically, it is emphasised the group “continue to extend our market leadership in defined benefit pension risk transfer, while in Retail we are capturing the defined contribution opportunity… Our Asset Management business is at an inflection point, with our repositioning efforts and its strong synergies with our other businesses driving improving financial performance… we are well-positioned to capitalise on the structural, growing demand for long-term investments and retirement income”.

That’s with a foundation of pro forma Solvency II coverage ratio of still 210% after £1.25 billion of dividends paid to equity holders and £503 million of share buybacks. With that and the noted outlook, it’s now to begin a £1.2 billion share buyback, the largest in its history, and noted as “together with guided dividend per share growth of 2% this year, will bring planned returns to shareholders to £2.4bn over the next year”.

That follows the 2025 dividend per share being increased by 2% to 21.79p – including 15.67p to be paid on 4th June with an ex-dividend date of 23rd April 2026. The shares fell on the results as there was a miss at NAV level but we consider the reaction overdone, including with the prospective above 9% dividend yield being with the noted overall ‘shareholders returns’ comparing to a market cap of still below £14 billion. Of course, cash flow cover of such returns is something to monitor but the group has a long track-record and we continue to consider there share price upside back to the 300p+ of 2022 – which would still be a likely around 7.5% dividend yield. As such, a writer here also holds shares and currently still an income value Buy.

Essentra – 2025 results suggest a “strengthened foundations and good orderbook momentum” Buy. From the N50 website...

Five Free Share Tips — Wed, 01 Apr 2026 13:15:14 +0000

Industrial components manufacturer and distributor Essentra (ESNT) has announced its results for the 2025 calendar year and that it has “entered 2026 with strengthened foundations and good orderbook momentum”. What do the results and outlook suggest from the valuation at a current 93p share price?

The results show an adjusted pre-tax profit of £24 million on revenue little changed from the prior year at £302 million, generating earnings per share of 6.1p and facilitating a dividend per share of 2p, including 1.2p to be paid on 3rd July with an ex-dividend date of 14th May 2026. The earnings and dividend were lower after “sales mix effects including Turkish inflation and near-term prioritisation of service recovery following ERP deployment in EMEA” and it’s stated “encouraging orderbook momentum heading into 2026… notes the emerging situation in the Middle East. Whilst the group has no operating footprint in the region, it continues to monitor potential broader impacts and remains well-positioned with established local supply chains and operational capacity”.

It is also noted “net debt of £60.7m excluding IFRS16 lease liabilities (31 December 2024: £68.2m), representing leverage of 1.4x adjusted EBITDA in line with <1.5x guidance” and overall on the balance sheet, after £6.7 million of dividends paid and £2.6 million of own shares purchases, net “current” assets were £0.9 million lower at £86.8 million, “non-current” liabilities £14.1 million lower at £136.6 million and ex-‘intangible’ “non-current” assets £7.3 million lower at £121.5 million.

From the current below £265 million market cap, we continue to target a return towards a 200p share price as market conditions improve and operational gearing from the company’s “operational efficiency initiatives” kick in. As such, for the patient still a recovery Buy.

As gold starts to bounce, Nigel Somerville writes...

Five Free Share Tips — Tue, 31 Mar 2026 13:34:04 +0000

Gold is recently back up at around $4,500 but something of a result given that it fell below $4,300 at the start of last week as the Iranian situation continues to wreak havoc. I am struck by the establishment response: the oil crisis will cause inflation, so let’s raise interest rates. But what is actually happening is that the crisis is causing recession – which will lead to interest rate cuts. Right now, the establishment view is blinkered - just as in the past - so inflation expectations are uppermost. It won’t take long for recession to show through though and then the central banks will panic, slash rates and reach for the printing press. Why don’t they learn?

So at the moment gold is suffering – aside from blowing off the froth from when it reached $5,500 – because as a non-yielding asset, treasuries are more attractive. In a few months, as rates are slashed, the reverse will be true. So for now, it is time to pile up the gold shares and just sit and wait. US economic data last week saw the import price index for February (so pre-Iran) shoot the lights out at 1.3% against the anticipated 0.7% and even ex-fuel it was well up. March consumer sentient slid to a three month low and one-year inflation expectations rose to 3.8% against 3.4% last time. Iran won’t be showing in the figures yet – that will take a few weeks – but when it does, watch out!

In the bond market, three-month, two-year and ten-year treasury yields closed last week at 3.68% (marginally down from 3.70% the prior week), 3.91% (up from 3.90%) and 4.43% (up from 4.38%). With the Fed funds rates currently sitting at 3.5-3.75%, that suggests that the bond market is not seeing higher rates immediately but in the longer term it is – and I reckon that is because the bond market sees the Fed overreacting to recession with panic rate-cuts and QE which will lead to renewed inflation only then, in turn needing higher rates to get inflation back in check. We shall see….

My favourite technical analyst, Jordan Roy-Byrne of TheDailyGold, seems pretty convinced that we should be through the worst of the correction in terms of price, but there may be, say, another three months of chopping around before the gold bull reasserts. His target has been the 200-day moving average – which Gold more-or-less hit last Monday – and he suggests it may have a second encounter with it (at a possibly higher level, given that it is still rising). The technicals are one thing, but I’m pretty convinced of my own outlook for what happens next – the unknown being how long it takes, but I’m going for a maximum of six months before gold makes more new highs. And that means that I’m fully invested. Having put in for more Kefi Gold & Copper (KEFI) – the wisdom of which is yet to be seen, and even if correct, I fear it will take somewhat longer to see a recovery after the latest bout of ‘Arry shooting his own shareholders in the foot by seeming to call a GM in his living room without any advisers… or shareholders, given that it is in the land down under. What’s he hiding, or is it that he scared of his shareholders (and so he should be!)? ‘Arry, if you can’t stand the heat….

Amaroq – 2025 results suggest an increasing gold production Buy says HotStockRockets...

Five Free Share Tips — Mon, 30 Mar 2026 10:50:30 +0000

Amaroq (AMRQ) has announced its results for the 2025 calendar year, noting it completed the phase 1 commissioning at its Nalunaq gold mine in Greenland and reiterates 2026 production guidance of 25-35koz of gold. Together with the further outlook and potential of its significant asset portfolio in Greenland, there still looks significant upside potential from the valuation from a 93p share price.

In 2025 the company derived revenue of Canadian$27 million from gold sales of 5.31koz and a gross profit of C$11.1 million. After other costs including C$10.9 million of “exploration and evaluation expenses”, on the balance sheet “liabilities” increased to C$74.4 million with “current” assets up a bit to C$67.1 million. The company notes it is currently finalising an agreement to double its revolving credit facility to $70 million and that its further expansion strategy is clear – based on delivering strong gold production from Nalunaq with it currently “aligned with the H1 2026 production guidance range of 7-10koz”.

The increasing production cash flow will then fund significant exploration planned across its asset portfolio for 2026 as even a $3,000 margin on 10,000 ounces is $30 million – and that should at least be quarterly by the end of the year. The current market cap equates to $575 million, and that further significant asset portfolio potential includes the “potentially world-class” Nanoq gold project and the historic Black Angel zinc-lead-silver mine where now also potentially commercial levels of germanium and gallium have been identified and the company adds that it “also continue to develop our ‘enabler’ businesses to support efficient operations in Greenland… significant preliminary, nonbinding interest… as we seek USD20-35m in new equity finance for the Suliaq subsidiary”.

With from its production Q4 2026 all-in sustaining cost per ounce expected to be $1,250-1,450, a $4,500 gold price would likely mean annualised $150 million+ of cash being thrown off and with Nalunaq further expansion potential and the vast other assets potential, we continue to target a 140p+ share price in the next six months. With also the clear potential for gold price upside in a macro environment which is currently deteriorating by the day, a writer here also holds shares and, at up to 105p, still a Buy.

Water Intelligence – a “good FY25 financial performance; positive outlook for FY26” Buy says HotStockRockets...

Five Free Share Tips — Fri, 27 Mar 2026 13:45:07 +0000

Water infrastructure “technology driven, preventive maintenance solutions” company Water Intelligence (WATR) has issued an update including 2025 “adjusted PBT growth of 9% to $9.2 million… focus for 2026 and beyond will be on delivering sales growth and margin improvements now that we are putting the finishing touches on our technology platform”.

It is added that 2025 “revenue increased by 9% to $90.4 million… robust balance sheet with a net total debt to EBITDA Adj ratio of 1.17 at year-end with net total debt of $19.3 million” and “continued strong operation execution post period end”. The “net total debt” compared to $23.2 million at end-September 2025 and house broker Canaccord Genuity forecasts current year adjusted profit before tax rising towards $11 million on revenue close to $100 million.

That compares to a market cap of around £45 million, approx. $60 million, and, with the company emphasising “the water infrastructure space remains fragmented, and we are differentiated for customers with our scalable technology-enabled solutions platform”, we suggest a 400p+ share price as a realistic target remains from the current well below 300p.

There is also news that non-executive director Bobby Knell has informed the board of his intention to retire and stand down from the board on 31st March but he has been a non-executive director since 2018 and the board intends to appoint another non-executive director “in due course”. As such, ahead of the further full-year results detail and trading update, still a Buy.

Capital Limited – 2025 results suggest “a major growth phase” Buy says HotStockRockets...

Five Free Share Tips — Thu, 26 Mar 2026 13:42:34 +0000

Mining services company Capital Limited (CAPD) has announced its results for the 2025 calendar year and that its 2026 “revenue guidance of $410-440 million, a 23% increase on 2025 at the midpoint, reflects the increasing scale and diversification of the business”. How do the results and outlook compare to the valuation at a 123p share price?

Noting in 2025 it “advanced the projects that will drive our next phase of growth… Net Profit After Tax (NPAT) of $71.0 million… Operational NPAT is $12.4 million for FY 2025, down 3.9% on FY 2024”. That was with investment gains from a portfolio “focused on select key holdings namely WIA Gold, Asara Resources and Apollo Gold” and there is “a final dividend of 1.3 cents per share, to be paid on 12 May… brings the total dividends declared for 2025 to 2.6 cents per share (2024: 2.6 cents per share)”. It notes it’s now “well positioned” for growth “with ramp‑ups at Reko Diq and Sukari, continued MSALABS expansion and a healthy pipeline of drilling opportunities… The sector is entering a major growth phase, driven by high commodity prices and strong capital inflows”.

The noted financial results and outlook compare to a market cap of £277.1 million, whilst it’s also noted “net debt as at 31 December 2025 of $31.8 million”. However, albeit after $38.2 million of new equity, that was down from $75.7 million and overall on the balance sheet “current” assets - including $69.5 million increased to $99.8 million of “investments at fair value” - versus total liabilities were $105.1 million improved at $94.5 million and ‘tangible’ “non-current” assets were also higher, by $1.9 million, to $292 million.

With the outlook, that suggests significant upside potential from a market cap equating to approx. $370 million and, at up to 130p and targeting a 170p+ share price this year, still a Buy.

Kistos should benefit from higher gas prices in Europe and is worth the risk from its Oman acquisition writes Gary Newman...

Five Free Share Tips — Wed, 25 Mar 2026 14:00:03 +0000

I believe that the markets are still underestimating the longer term impact of the war in Iran, and especially so when it comes to supplies of LNG from countries such as Qatar. What we have been seeing with oil infrastructure getting hit isn’t just suddenly going to go back to normal after the war ends and the missile and drone strikes stop, as there has been significant and long lasting damage. A few days ago the largest LNG field and production hub in the world, Ras Laffan, took significant damage with authorities there estimating that it will be 3-5 years before it is back to normal – around 20% of worldwide LNG exports come from there. You could argue that the impact on Europe will be limited as LNG and gas from the Middle East region only make up around 4% or so of total imports, but that doesn’t take into account that buyers from other parts of the world that are more heavily reliant on countries such as Qatar will now be looking for other sources, such as from the US and Russia, and that will mean increased competition, and almost certainly prolonged higher prices. This should mean that European producers will benefit from a sustained period of higher prices and demand, and I see Kistos (KIST) as being one such company.

If you take a look at the share price chart you’ll notice that it hasn’t actually moved much since the war started, and certainly not to the same degree as other companies have. I suspect that one of the main reasons for that is that is that in December the company announced a $148 million acquisition of a 5% interest in Block 9 and a 20% interest in Block 3 and Block 4, in Oman, with an effective date of January 1 2025. This added 9-10,000 bopd to the output of Kistos, and 91% of it being liquids, and was a diversification away from its mainly gas producing fields in Europe – with Greater Laggan in the UK, Q10-A in the Netherlands, and Balder in Norway, being its main sources of existing production. The Oman acquisition does of course add risk, and especially with critical export hubs such as Salalah having been hit so far, although individual fields haven’t been targeted, and it seems all sides are keen to de-escalate the risks from that happening.

The deal hasn’t actually been completed as yet - it was expected to be but the war has delayed that - but it is binding. It is worth noting that Oman crude has been selling for as high as $150/barrel in the meantime so, whilst the risk is there, that sort of pricing also won’t be doing any harm to the effective cost of the acquisition by the time it does complete. Were the field to get hit in the meantime, or force majeure be declared, it is unclear whether or not the deal would still be binding, but I suspect there would be clauses that potentially act as a get out in that scenario. So, whilst I see that asset as being a risk, I can also see potentially high reward there as well, as global oil prices are likely to remain higher for a prolonged period after the war ends.

In addition to that, the company should do well from its gas and liquids production in Europe as well, with prices also likely to remain fairly high and for a prolonged period, even for local production, given the tight market that is likely to persist. Based on all of this, and given that the share price was trading at the current level anyway as recently as mid-February before the war even started, I view it as offering a good level of risk versus reward currently. So if you are looking for a gas and oil producer to invest in, and one which is yet to show much sign of price movement, then Kistos is well worth considering and has a good track record since it first listed.

As gold plunges... time to fill my boots! A new buy idea comes to mind writes Nigel Somerville...

Five Free Share Tips — Tue, 24 Mar 2026 14:42:01 +0000

Gold had a terrible week last week, closing at $4,490 – down from just over $5,000 the prior week and a long way off its all-time high above $5,500 at the end of January. Its miners suffered too and as did silver (closing well below $70 having hit $120 at the end of January) and it wasn’t just precious metals: the Dow Jones closed the week below 46,000 against its all-time high at the beginning of February over 50,000, the Nasdaq (composite) closed below 22,000 against its all-time high at 24,000 and the dear old FTSE 100, having hit almost 11,000 in late February, closed just over 9,900. There was one winner: energy, of course the effect of the Iran conflict which is causing an oil price shock just as happened in the 1970s. And in the 1970s, whilst gold completely shot the lights out over the decade, there were vicious corrections along the way. I think we are seeing an action replay and, if that is correct, now is the time to buy gold and gold stocks. It may feel like trying to catch a falling knife but I am convinced that in six months prices will be very different.

The reasons for the decline of all things precious metals are clear to me. For a start, we’ve had a very extended bull-run with hardly a dip. A correction was overdue. Secondly, as Tom Winnifrith referred to, the market has suffered a touch of what Evil Knievil calls “marginitis” – when things start dropping, leveraged bets lead to margin calls and one of the easiest things to sell is gold. We are also experiencing high oil prices due to events in the Gulf and that impacts on production costs; allied to an expected rise in inflation (so rising labour costs) Mr Market will be worried about profit margins (he shouldn’t be – even now the current gold price would have been seen as a gold producer’s pipe dream even just 18 months ago). And then there are the worries about inflation: it seems that central banks just do not learn from previous mistakes and, having been widely predicted to trim interest rates before the Iran conflict, the expectation is now at least to hold rates if not increase them – which would be bad for gold as a non-yielding asset.

The week saw the Fed and the useless Andrew Bailey’s Bank of England hold rates whilst the economy is set to tail-spin into recession. When that recession hits, they’ll panic and slash rates too far, roll out the printing press again and inflation will have another run. It has happened before, they never learn. It will happen again. When rates are slashed, gold will likely have another run up to new highs. Rinse, repeat ad nauseum….it is all so predictable. US economic data last week, aside from the Fed sitting on its hands, saw more signs of economic trouble brewing: the Empire State manufacturing survey came in negative, producer prices were up by more than double the expected rate, factory orders missed expectations, wholesale inventories were negative and that is only going to get worse as events in the Gulf take their toll. Three-month, two-year and ten-year treasury yields closed the week up at 3.70% (from 3.68% the prior week), 3.90% (up from 3.72%) and 4.38% (4.28%) as the bond market anticipates yet another overly-delayed response.

I cannot see how raising rates can possibly affect inflation: it is being caused by oil going up and that is being caused by the war. In due course, this will reverse (by too much) – indeed, I wonder if treasuries are therefore a buy right now…but for that increasing mountain of debt. My favourite technical analyst, Jordan Roy-Byrne of TheDailyGold, is of the view that Gold will bounce very soon – i.e. this week – and we might even see the bottom of this correction (or there might be a few more wobbles….) and then a period of flat-lining before the gold bull reasserts, perhaps around May. He notes a whole series of things – including the comparison to the 1970s. It is a brave call, but I sense that he will be right and, if so, you should be filling your boots with all things yellow. His view is technical; mine is not – I reckon by May the Iran conflict will be over (at least for now), oil will be back down, the global economy will be in recession, central banks will be panicking and gold will be on a tear. The only question for me is whether something else lights the blue touch-paper for gold first. For me, it is a when and not an if. I noted before that I’d taken some cash off the table and was sitting on a (small, sadly!) war chest. My intention is to put it to work including having (perhaps “bravely”) applied for more shares in Kefi as part of the retail offer attached to last week’s disgrace of a placing and will use what is left – GDX, GDXJ, Amaroq (AMRQ) and Golden Prospect Precious Metals (GPM) come immediately to mind although perhaps the last of those will be last in that queue given its management issues (which I hope will be resolved soon). But there is another gold stock which I’ve watched rise and rise and rise some more – Pan African Resources (PAF) which has now fallen from near £2 a share to close last week at 126p. That might be the best starting point…

Catenai – “Alludium secures first paying customers”, risk/reward Buy says HotStockRockets...

Five Free Share Tips — Mon, 23 Mar 2026 14:30:40 +0000

Catenai (CTAI) has announced that Alludium Ltd has notified it of its first paying customers since its platform’s public-commercial launch earlier this month and an initial seven-day trial period. What’s the significance for Catenai, with its shares currently at 0.29p?

It is significant with Alludium the company’s main investment and it having recently increased its shareholding from approximately 13% to just above 16% as part of a £1 million fundraising by Alludium at a pre-money valuation of £9 million, stated “for marketing initiatives and to further enhance the Alludium platform”. It was also added “Catenai confirms that it continues to have sufficient cash resources to cover corporate costs beyond the next 18 months”.

The current market cap of Catenai is £4.2 million and we’ve noted potential for Alludium to rapidly build to above £1 million annualised recurring revenue just in this year and, based on its “no-code AI agent operating system”, for future venture capital-backed funding rounds to be at vast multiples of fast-growing sales.

Of course, it now has to deliver such sales but we consider there is attractive risk versus reward potential from the current valuation and also note, following Alludium’s recent progress, there from Catenai “100,000,000 warrants over new ordinary shares in the company to the founders of Alludium which are exercisable at 0.3p and may be exercised for a period of 18 months”. That would further add to our previously-suggested possibility of Alludium in future reversing into Catenai. A writer here also holds some shares and our stance is a risk/reward Buy.

The general macro perils and of Synthomer...

Five Free Share Tips — Fri, 20 Mar 2026 14:30:40 +0000

Our man among the furry-toed inbreds and tax dodgers of Sodor, a retired bankster so in the latter camp himself, reports in - saying he is sheltering from sweltering 14 degree heat - on some bearish macro thoughts and his specialist subject of Synthomer (SYNT)…

On a macro level, everything I said several weeks ago about private credit still stands, the main consequence there of the worsening economic impact of the Iran war is that the probability of some of the worst case scenarios is increasing and there are more commentators out there saying this. Even in the best case scenario that the war stops tomorrow, it looks as though it will take a while for oil prices to subside and the worst case scenarios around further infrastructure damage and a prolonged closure of the Straits of Hormuz look ugly, especially around supply of LNG, fertiliser etc. From a UK perspective, it’s worth remembering the importance of LNG for power generation and, although the UK can for now source Norwegian LNG at a price, there are others more qualified than me to have a view on whether this will suffice for next winter. I’m a bit surprised that, although markets have started to sell off a bit, the FTSE All Share is only c. 8% off its peak. History suggests that there could be a lot more to come albeit major bear markets have generally been a process over a few years rather than an event. Meanwhile, on Synthomer’s latest RNS, the company's unsecured bonds mature in May 2029, so what is probably being looked at is a relatively short-term extension until several months before the bond maturity which realistically would give Synthomer a window of up to couple of years to refinance its bonds. The H2 2027 maturities are its bank facilities which comprise its RCF and 80% UKEF (i.e. UK government) guaranteed bank loans.

If no new equity is being issued what will the company be offering to get an extension? Well if it is able to achieve any divestments these can be used to partially repay debt and its debt is also currently unsecured. Depending upon the exact terms of its bonds, Synthomer may also be able to offer the lenders security as well. A (forced?) divestment to repay debt at a low valuation isn't necessarily good news for the equity either though and can be dilutive. For the equity the big question is will the company be able to refinance the bonds without material equity dilution - the bonds were recently trading in the mid 60s (down from the 80s in January) which suggests doubt about this. What has changed recently is the Iran War, the impact of this on the business is highly uncertain, with potential impacts both good and bad.

Some of the more US focused (i.e. likely to able to access raw materials) chemicals businesses have rallied significantly with US listed LyondellBasell, for example 80% up off its December lows. Synthomer is around 45% based in the US so should see some benefit, but the significant presence in the some of the more devoted proponents of energy suicide (e.g. UK, Germany, Netherlands) is not much less and these operations are more exposed. Also if disruption from the war continues for too long, there will be a lot of demand destruction and a severe downturn. So we shall see over time. I still wouldn't buy the shares as, although there is potentially a lot of upside if there is a window over the next couple of years for a bond refinancing that isn't too painful for the equity, this is uncertain and I think there are lower risk and better quality plays in the chemicals sector (especially if there is a major sell off in the markets), albeit that involves looking outside the UK unless the men in white coats are finally sent to get Ed Miliband.

Restore – 2025 results suggest a trading “ahead of expectations” Buy says the N50 website...

Five Free Share Tips — Thu, 19 Mar 2026 14:50:10 +0000

‘The UK’s leading provider of business services for data, information, communications and assets’ Restore plc (RST) has announced its results for the 2025 calendar year headlined “Significantly improved performance; £20m share buyback; FY26 ahead of expectations”. What does that mean regarding the valuation, with the shares up towards 250p in response?

The results show an adjusted pre-tax profit up to £40.6 million on revenue up to £304.7 million, generating earnings per share up 23% to 22.5p and enabling a dividend per share up 19% to 6.9p – including 4.7p to be paid on 16th July with an ex-dividend date of 11th June 2026.

On the balance sheet, after £8.1 million of dividends paid, “net assets” were £14.1 million lower at £219.7 million, with also that including an increased to £310 million of “intangible assets” after £32.2 million of acquisition spending in the year. The company notes “net debt increased to £123.8m as a result of acquisitions… leverage within 1.5x-2.0x range at 1.9x”. However, it’s also emphasised that it “has generated over £120 million of free cashflow over the last three years… also… enabled us to announce a £20 million share buyback without impacting our continued focus on both organic and inorganic growth” and “trading since the start of the year has been strong… we expect full year adjusted profit before tax to be slightly ahead of current market expectations”.

It provides that “FY26 company compiled consensus is adjusted profit before tax of £46.6m”, which suggests earnings per share should now rise to above 25p. With also the free cash flow generation, we continue to consider that a return to a 350p+ share price is realistic and, as such, our stance remains Buy.

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The general macro perils and of Synthomer...

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