Five Free Share Tips

Essentra – interims, still a recovery Buy. From the N50 website...

Five Free Share Tips — Wed, 12 Aug 2026 10:57:10 +0000

On 2025 results from industrial components manufacturer and distributor Essentra (ESNT), we were positive on noted “strengthened foundations and good orderbook momentum”. What about now half-year 2026 results headlined including “strong” performance?

It notes revenue up 9% on the corresponding prior year period, to above £166 million, and “adjusted pre-tax profit” up to £14 million generating increased earnings per share of 4.3p and enabling a 12.5% increased dividend per share to 0.9p – to be paid on 23rd October with an ex-dividend date of 17th September 2026.

Over the half-year stated net asset value was £2.4 million higher, though ex-‘intangibles’ was maintained at £71.7 million including net debt of £70.7 million. It argues the “strength in order intake and revenue momentum provide confidence in full year delivery… actions within its control… together with improving order trends and increasing exposure to structurally attractive end-markets, support confidence in the group’s ability to deliver sustainable growth and enhanced profitability”.

With that from full-year adjusted earnings per share now already set to recover strongly from last year’s 6.1p and looking for future earnings per share to exceed 2024’s 8.5p, we suggest a recovered to 108.2p share price, £307.2 million market capitalisation, is still too harsh a valuation for such a business with prospects of returning to the FTSE 250. At up to 110p, and targeting closer to 200p than the current share price, Buy.

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Thoughts as gold bursts higher from Nigel Somerville...

Five Free Share Tips — Tue, 11 Aug 2026 13:07:03 +0000

Gold is back above $4,300 – well up on last week’s $4,042 and, having wondered last week when the dam would burst, it seems that it has as also gold stocks shot higher.

My favourite technical analyst, Jordan Roy-Byrne of TheDailyGold, is clear: we have seen the bottom of the vicious correction and it is now time to take advantage of weakness, and just hold: let the bull market do the work for you. Meanwhile, US economic data saw falling factory orders and lacklustre PMI numbers but the market focussed on employment data: ADP was below forecasts, initial jobless numbers were still around 200,000 but the big reaction came to non-farm payrolls where expectations had been for 83,000 new jobs but in fact the US economy lost 23,000. That lit gold’s blue touch paper: if the economy is now shedding jobs, pressure on the Fed to raise rates disappears. Of course, this could still all reverse with next CPI numbers if inflation is too hot but I wouldn’t bet the ranch on that.

The bond market saw three-month, two-year and ten-year treasury yields close at 3.79% (up from 3.75% the prior week), 4.20% (down from 4.29%) and 4.65% (again down, from 4.73%). So the bond market sees less risk of a hike next month from the Fed – and I wonder if those longer bonds have may be topping out. I guess we will have a clearer idea with the CPI numbers. Market consensus appears to be very bullish for gold – perhaps explaining the rise in gold stocks.

The biggest riser in my portfolio was Kefi Gold & Copper (KEFI) but it’s causing me a headache – its Tulu Kapi project is clearly a company-maker, it is fully funded to production and will quite simply be a money printing machine once up and running. Add in a move to the main market and over the coming 15 months or so the shares should fly – they could easily surpass 6p so at 1.25p they are an outright bargain. Or are they? With ‘Arry in charge, who hardly owns a share he has dug in his own pocket for and a keen expense and wages bill - not to mention bonus largesse - it seems to me that he just doesn’t give a monkeys for shareholders. At the start of this year there were 10.7 billion shares in issue and due to be issued (the results of yet another placing….). Last heard (on 16th June) the confetti count is now up to 13.7 billion. Instead, my share to currently watch is (now) fully-listed Amaroq (AMRQ). My hope for Q2 numbers on Thursday is to see expectations met and then some, and for positive news on production rates. Head honcho Eldur seems to be able to do no wrong at the moment – let’s hope that continues this week! If it does, the market could give the stock a sufficient prod to ensure FTSE250 entry which will bring in more buyers.

Zotefoams – interims suggest a ‘foam technology’ value Buy says HotStockRockets...

Five Free Share Tips — Mon, 10 Aug 2026 13:18:06 +0000

‘Foam technology’ company Zotefoams (ZTF) has announced results including that it is “confident in delivering full year results in line with market expectations, underpinned by strong first half trading”. How good are the first half of 2026 results and outlook relative to a 420p share price, £208.5 million market cap?

It notes, on revenue up to £95.2 million - “growth, excluding acquisitions, of 4%, 6% at constant currency” - an adjusted pre-tax profit up to £15.3 million, generating earnings per share up 29% to 25.7p and seeing a dividend increase to 2.63p.

Over the six months on the balance sheet, after £2.6 million of dividends paid, net assets were £9 million higher, including net “current” assets up to £5.7 million – though that relying on “receivables” up to £43.2 million and “inventories” to £35 million with net debt up to £39.1 million. It noted that included to support footwear transition to Vietnam to “deliver a more competitive, customer-proximate platform” and its outlook confidence despite that this shift “and to 3D preforms, including the run-down of sheet ahead of preforms, will weigh on volumes and revenue” with reported “strong growth across our target non-footwear markets”.

The full-year market expectation is provided as “revenue of £190.8m and adjusted profit before tax of £26.3m” and we look for earnings per share to increase to 40p+ from 38p last year. With that despite the “footwear transition” impact, a writer here also owns shares and we continue to suggest the earnings and outlook mean a 500p+ share price is merited here and so currently still a Buy.

Kazera Global – currently only a 2A project “draft Technical Report”, but now a further share price catalyst ahead? From HotStockRockets...

Five Free Share Tips — Fri, 07 Aug 2026 12:59:14 +0000

Kazera Global (KZG) has announced that a South Africa 2A heavy mineral sands project “draft Technical Report” indicates “a high-grade Inferred Mineral Resource with a significant proportion of economic heavy minerals that is in the top tier globally compared to other HMS projects”. That sounds very encouraging compared to a still just 1.5p share price, £16.5 million market cap.

It then seems even more so with the estimated 'Inferred' Mineral Resource of 6.65 million tonnes at a grade of 20.04% being from an initial evaluation area representing just 1.42% of the 2A licence area and the draft report identifying the remainder as a “substantial geological target”. There is caution that this is even earlier stage than usual for such – with not only the noted resource in the lower-confidence Inferred category, but the technical report “remains subject to further review, completion and sign-off by the Qualified Person. As such the Inferred Mineral Resource noted above should be regarded as preliminary until the final report is published” and still awaiting granting of the 2A Mining Right.

However, there is some confidence with already progress towards first production under a strategic partnership programme targeted by the end of 2026 and interim CEO Richard Jennings having led Kazera to now what looks a firm financial position.

With now also what currently looks set to be a 2A project Technical Report catalyst upcoming, although still significantly ahead from a 0.87p offer price initial tip just in April, we continue to now target a £20 million+ valuation in the near-term here.

Pebble Group – a trading “growing momentum across our group” Buy says HotStockRockets...

Five Free Share Tips — Thu, 06 Aug 2026 13:45:11 +0000

Amidst the currently highly challenging macroeconomic environment, we consider shares in this business recently reporting “growing momentum across our group” but with a still undemanding valuation as now offering a buying opportunity. The Pebble Group (PEBB) has recently issued a half-year trading update including “adjusted EBITDA is also expected to be ahead of HY 25, reflecting the impact of revenue growth… in line with management expectations… Net debt as at 30 June 2026 was £1.2m… assuming the full utilisation of the £2.0m extended share buyback programme, net cash as at 31 December 2026 is expected to be approximately £5.0m”.

The market cap is below £84 million and prior full-year adjusted earnings per share were 3.9p with “investment to accelerate new partner acquisition”. That is currently continuing but is expected to mean material future earnings growth – house broker Panmure Liberum forecasts earnings per share rising to 5.5p next year. That suggests a forward earnings multiple of currently below 11x and the broker has a 95p share price target – and arguing that Sum of The Parts valuation based on some conservative assumptions. Unlike it, we’re not paid by the company and there are business demand risks but we also consider there business M&A opportunity as the group itself states it is currently “comprising two differentiated businesses”.

Its Brand Addition business is a promotional products provider, whilst its Facilisgroup business provides technology for promotional product distributors. With that differentiation and resultant likely valuation differentiation between the businesses, we consider M&A would unlock value but there is also the current positive trading whilst waiting.

We suggest the noted earnings trajectory means an above 80p share price is quite realistic, and then with more looking possible on M&A activity, at up to 65p, targeting an 80p+ share price and possibly more on M&A value realisation, Buy.

Kefi Gold & Copper – a Buy following “Operational Update”? Nigel Somerville writes...

Five Free Share Tips — Wed, 05 Aug 2026 10:32:10 +0000

AIM-listed Kefi Gold & Copper (KEFI) has announced a progress report from Tulu Kapi which threw up two things for me: firstly, that all is on schedule (big tick)…..but where did it say all was “on budget”? That minor little detail was missing, something which catches the eye when investing on AIM for it is not what they say, but what they do not say that matters. Happily, all is well…

Following probing of the PR fluffies by the Sheriff (and it took two goes!) it was confirmed that not only is Tulu Kapi on schedule, it is indeed on budget too. So that is great news. As for the fluffies, if they don’t know that is an important detail then Kefi should hand out a black bag and save itself a few quid (which, natch, I would welcome as a loyal-ish shareholder). Even better, the company states that it is on target for commissioning late next year, going into full production in mid-2028. The shares have, at last, scraped themselves off the floor at 1p following the last disastrous placing. We are told that Kefi is well-funded so maybe, just maybe, shareholders can relax about further surprise discounted funding rounds….at least for today!

We also got a bit of an update over Saudi – we are told a final investment decision for one project is due this half-year and that development financing will be “mostly” from JVs and self-funded growth. All good – once the first project is on the go. I do worry about funding for the first project – will Kefi sign up to paying more and have to revert to shareholders again, or will it just focus on Tulu Kapi? I know which I would choose and have to admit that this worries me. Kefi also advises that it has recently re-assembled its exploration team to evaluate prospects around Tulu Kapi and further afield. This seem, to me, to be unnecessary right now: why not do that when Tulu Kapi is in production and generating cash? But, of course, I am a mere ignorant shareholder – I'm sure my view would change if I were on Kefi’s payroll, eh ‘Arry?!

Overall, snide comments aside, this is a great update and I’m happy to hold at 1.10p. Having been stung by the last placing (at 1.2p), I can’t say I won’t be tempted to offload a few as and when the shares move up, certainly at 1.5p, with a view to holding the rest for more. In the right circumstances (main market listing, ‘Arry moved upstairs and in production), I could see the stock getting through 5p but I just don’t trust the current management not to dilute again so must adjust the size of my holding accordingly. For now, however, I’m happy to hold tightly.

As gold holds $4,000, when will the dam burst? Nigel Somerville writes...

Five Free Share Tips — Tue, 04 Aug 2026 13:45:08 +0000

Gold closed last week at $4,042 – down from $4,052 the prior week, but still essentially going nowhere. It is very frustrating as a gold mega-bull but, if I’ve learnt anything over the past decade or so, it is that one has to be patient. Gold stocks also had a poor week but continue to hold above the low point of the current correction whilst $4,000 appears to be a line in the sand – the question is will it hold or is there a further drop ahead?

My favourite technical analyst, JordanRoy-Byrne of TheDailyGold, isn’t sure: maybe we’ve seen the low point or maybe there’s one final drop to a bottom to come. But his overall view is that it really doesn’t matter: it may drop a little further or it may not, but he sees a big rally ahead. My conclusion is that it is better to be in than out, and never mind the short-term antics of Mr Market. It lines up with legendary resources investor Rick Rule’s view that “it is cheap enough for me”. The bottom line is that none of us is clever enough to pick the low point so if you see it going up – maybe next week, maybe next year (I know not when) then place your bets now: don’t risk missing out! Roy-Byrne’s strong view is that the bull-run in equities is primed for a top. Anyone taking a sensible (i.e. bearish!) view can see that the AI bubble is exactly that: the air will come out in the end - indeed, there are signs of the beginnings of that already - and I suggest it will take the general stock market with it. At that point there’ll be a rotation into gold (and other precious metals) which will drive the price higher.

He also points to the bond market where he sees the yield curve on US treasuries steepening (he says that is good for the yellow stuff and shows the historical context of that). He also suggests watching the two-year yield like a hawk: when it tops out and starts heading south - as it surely will do when the economic effects of the Iranian conflict fully seep through and the Fed is forced to cut rates and try to effect yield curve control - that will be a big marker. So many catalysts – and they all might combine at the same time. US economic news last week saw the Fed hold rates again, poor numbers on durable goods, consumer confidence, Q2 GDP (well off forecasts), personal income and flat PCE numbers. On the plus side, initial jobless claims were just off forecasts, consumer sentiment (final) for July beat expectations, as did the Chicago Business Barometer.

The bond market saw three-month, two-year and ten-year treasury yields close at 3.75% (down from 3.90% the prior week), 4.29% (4.33%) and 4.73% (4.68%). So Mr Bond sees the risk of a Fed hike receding but with longer term rates still going up, and a wall of Treasuries needing refinancing, the pressure on the cost of US debt to Americans is an issue. Roy-Byrne says that history suggests trouble ahead the closer we get to 5% long bonds – and the thirty year rate is already well above that, at 5.27%. In short, the ducks are lining up.

SDI Group – full-year results suggest still “strong performance” value says HotStockRockets...

Five Free Share Tips — Mon, 03 Aug 2026 13:09:59 +0000

A recent tip at an 85p offer price, specialist products for use in lab equipment and industrial & scientific products company SDI Group (SDI) has announced results for its year ended 30th April 2026 including emphasising “strong momentum, a great platform for continued growth, and an expanding market footprint”. What about this from an up to 93p share price, £97.3 million market cap?

On revenue up to £74.5 million, there was an adjusted pre-tax profit of £9.9 million generating adjusted earnings per share of 7.2p, up 16%. On the balance sheet net assets were £5.1 million higher to £54.8 million, though that relying on £13.8 million increased “intangible assets” to £61.8 million as the group emphasised “acquisition of Severn Thermal Solutions Limited and PRP Optoelectronics Limited, demonstrating continued delivery of earnings-enhancing acquisitions”.

It also though emphasised “a 6.7% increase in second-half organic growth on a constant currency basis” and product development, new client wins and involvement in a number of pioneering projects driving growth. That sees it expect a current year “in line with current market expectations… adjusted profit before tax of £11.2m”. The group’s house broker, Cavendish, forecasts that to translate to earnings per share of 7.8p and then rising to well above 8p next year and it targets a 140p share price, arguing it in line with the peer group median on an EV/EBIT multiple and that it believes it’s a conservative basis given the potential upside in organic growth, margin expansion and M&A.

We noted on recommendation that we consider that a demanding valuation in the current macro environment but that an around 120p share price should be quite possible on the group demonstrating ability to continue to grow earnings in this environment.

European Green Transition – a “strong trading performance” Buy says the N50 website...

Five Free Share Tips — Fri, 31 Jul 2026 12:28:36 +0000

Onshore wind turbine operating, maintenance, repairing and remote monitoring-focused, European Green Transition (EGT) has issued an “H1 2026 Trading Update” including emphasising “statutory revenue of c.£6.8 million in the four months since completion of the acquisition of the Wind Energy Services business… remains on track to deliver its medium-term target of £50 million group revenue and double-digit EBITDA margins”. That looks to make the shares very cheap from a 9.5p share price, £25.6 million market capitalisation.

That includes with that it expects 12 months revenue of £17 million-£18 million and, noting that it is engaging with around 280 qualified prospects across its circa 900 turbine client base representing a potential repowering revenue opportunity of £126 million, it adds; “grew its repowering orderbook to 65 signed Heads of Terms… as wind turbine owners look to increase generation, operational performance and asset longevity by upgrading ageing turbines with more efficient technology. Recent UK Government reforms to onshore wind policy, which removed planning barriers in England, continue to drive higher market activity and investment”.

Also stating that it’s debt-free with circa £5.8 million cash at end-June, we’ve previously noted we target that annual EBITDA rising above £5 million very quickly and the ‘services’ nature here means it should be quite close to net cash generation.

As such, we continue to consider a £50 million+ valuation quite achievable and, although already significantly ahead of the 6.75p offer price initial tip just in April, at up to 10p still a Buy with a view to selling at somewhere between 15p and 20p within a year.

Bloomsbury Publishing – AGM trading update suggests a “confidence in delivering record profit” Buy says the N50 website...

Five Free Share Tips — Thu, 30 Jul 2026 10:15:50 +0000

Bloomsbury Publishing (BMY) has issued an AGM Trading Update headlined “Strong outlook underpins confidence in delivering record profit in line with expectations”. How good is the update from an around 640p share price, £523 million market capitalisation?

It includes that the company “continues to benefit from ongoing AI licensing revenue in 2026/27. Excluding AI, the Academic & Professional Division continues to achieve growth year to date across all territories” as well as noting its Consumer Division has a strong new titles outlook including from bestselling authors Sarah J. Maas, Gillian Anderson, Katherine Rundell, Samantha Shannon, Louise Kennedy, Dan Jones and Peter Frankopan as well as “the Christmas launch of HBO’s new Harry Potter TV series will introduce the novels to a new generation of readers”.

That all provides the noted confidence in delivering full-year expectations, stated to be revenue of £354.2 million and adjusted profit before tax of £49.9 million. Those compare to its year ended 28th February 2026 revenue of £325.9 million and adjusted profit before tax of £44.9 million and are expected to help adjusted earnings per share up from last year 45p to 46p+ this year.

We suggest the positive trading outlook could mean an easily mid-teens earnings multiple and so continue to consider that a 750p+ share price is quite possible again here. Although ahead from a 604p offer price tip last year, still at around current share price levels, a Buy.

RM – interims suggest still a “transformation programme” Buy says HotStockRockets...

Five Free Share Tips — Wed, 29 Jul 2026 09:59:01 +0000

Education sector focused technology and services company RM plc (RM.) has announced results for its half-year ended 31st May 2026 headlined “Transformation programme continues to yield financial improvement”. How does the financial improvement compare to an 89p share price, £87.3 million market cap?

It notes “revenue from continuing operations is down by 4.2% to £70.1m primarily due to the ongoing challenges facing the UK schools’ market impacting the Technology division” but also overall “adjusted operating profit from continuing operations has increased by 200.0% to £2.7m (HY25: £0.9m) and adjusted EBITDA by 48.6% to £5.2m (HY25: £3.5m), reflecting the continued benefits of the transformation programme delivering further cost savings, and an increase in core recurring Assessment revenue”.

Over the six months stated net assets were £1 million higher to £31.9 million but also ‘intangible assets’ were up to £47.4 million and net debt was higher at £59.3 million. The company though stated “reducing our debt through the disposal of non-core assets remains a preeminent focus… Separation work is progressing well with the Assessment business now a separate legal entity and having gone live with its new standalone ERP, Sage X3”.

Despite there some current macro challenges, we continue to look for future disposals of non-core assets to be a rapid deleveraging and investors growth-focusing catalyst – with we having noted good progress towards the company’s aims for the Assessment division would compare well with the current valuation before disposal of the “non-core assets”. We consider that now further supported by that “100% of Assessment’s revenue up for renewal during HY26 has been successfully renewed… adjusted operating profit increased… by 47.2% to £5.3m… Pipeline of opportunities has grown by more than 100% compared to a year ago”. As such, we continue to consider there sum-of-the-parts value currently here and that a 130p+ share price remains realistic on realisation events. As such, still a Buy.

Kazera Global – “proposed Aftan shareholder return programme” suggests more profit to follow says HotStockRockets...

Five Free Share Tips — Tue, 28 Jul 2026 10:57:05 +0000

Kazera Global (KZG) has announced a proposed shareholder return programme which “intends, subject to legal, tax, working capital and regulatory considerations, to return approximately 80% of the net cash proceeds received under the company’s US$10.5 million Aftan settlement”. That is via a proposed “contingent value right” and the proposals for; “a single Aftan distribution in early 2027, should Hebei exercise its option to settle early at the discounted amount of US$9.0 million on or before 31 December 2026; or three Aftan distributions, expected to be made in early 2028, early 2029 and early 2030, each representing approximately 80% of the aggregate net cash proceeds received during the preceding calendar year”.

Even $9 million currently equates to £6.7 million and the market cap here is currently £17.6 million – which we’ve noted is also despite material operational progress towards first production under a strategic partnership programme targeted by the end of 2026.

On the proposed contingent value rights, “the company intends that its ordinary shares will trade ex-entitlement from Friday 31 July 2026” and Interim CEO Richard Jennings - the City’s second most hated man - states “believe this achieves the right balance between rewarding shareholders for the value that has now been successfully recovered from Aftan and retaining sufficient capital to build the next phase of Kazera’s growth without unnecessary future shareholder dilution”.

This further reinforces our confidence in Jennings’ value creation strategy here and, at 1.60p, although already significantly ahead from a 0.87p offer price initial tip just in April, we continue to now target a £20 million+ valuation here.

A bad week for gold, or maybe not so bad after all writes Nigel Somerville...

Five Free Share Tips — Mon, 27 Jul 2026 07:42:17 +0000

Gold closed the week at $4,052, an improvement on the prior week’s $4,017 but a disappointment given that it had poked its nose above $4,160 during the week. However, gold stocks were a bit more upbeat and we may have had our first sign that the selling pressure is ending.

US economic data last week was thin on the ground but did see US leading economic indicators for June fall to MINUS 0.2% - off forecasts of flat. Initial jobless claims was below expectations, S&P flash US services PMI for July was ahead of forecasts whilst manufacturing beat them and….er…..that’s about it! In the bond market, US three-month, two-year and ten-year treasury yields closed the week at 3.90% (up from 3.79% the prior week), 4.33% (4.18%) and 4.68% (4.55%). In other words, they were (for the bond market) sharply higher and it is this which offers a little hope that the selling pressure on gold may finally be over because rising bond yields usually have a negative effect on the yellow metal being that it is non-yielding. Against that backdrop - and the deterioration of events in Iran - that gold was up on the week reads well to me. Maybe the $4,000 line in the sand does indeed mark the bottom and gold will now head gently upwards. After a pretty sharp and lengthy correction (some 27%), there is the possibility of better news ahead.

Of course, as my favourite technical analyst, Jordan Roy-Byrne of TheDailyGold, points out, we could still see another decline yet but as per last week’s note of Rick Rule buying now and not waiting because the sector is “cheap enough for me”, Roy-Byrne says more or less the same thing: now is the time to buy…..and hold, hold, hold. Mr Market is worried that rising bond yields forewarn of the Fed hiking interest rates. In the face of Middle East escalation including the Houthis now joining the fray in the Red Sea, one can see why the Fed would be worried about anther bout of inflation…..in the short term. But I still think the net effect will be to drag the global economy into recession and that hiking rates (quite apart from having zero effect on the price of a barrel of crude) would be a glorious mistake.

The Fed has erred in this way before, so one cannot rule it out. But if it does go down that path, the follow-on will be to panic-cut later – no doubt with more QE – which will really fire gold up. At the end of the day, the US can’t afford higher interest rates – it would just eat up more cash and increase the deficit and debt. So the Fed is caught between a rock and a hard place. My view is that I expect more hawkish talk, but no rate rises. Maybe I am not the only one – hence gold strengthening into last week’s headwinds. I wouldn’t count on it – but I would count on rate cuts being on the agenda by Christmas.

GB Group – AGM trading statement suggests an “accelerated growth” encouragement Buy says HotStockRockets...

Five Free Share Tips — Fri, 24 Jul 2026 10:45:41 +0000

‘Identity and location’ technology group GB (GBG) has issued an AGM trading statement including emphasising that the first quarter of its year performance “was in line with the board’s expectations” and “reinforces the board’s confidence in our ability to deliver accelerated growth in the medium term”.

The group notes its Global Fraud Solutions business “experiencing slower sales cycles and lapping a strong prior-year comparison”, but that’s its smallest business segment and revenue growth in “core segments of Identity and Location was comfortably mid-single digit… supported by continued momentum across sectors with GBG Go, our AI-powered global identity platform”.

That provides confidence for future growth as the group notes it “advance our product and technology roadmap in support of GBG Go and its expanding customer base” and we continue to look for progress from earnings per share of 19.2p.

However, even on those earnings, there’s a below 11.5x valuation multiple which looks materially too low considering the group’s technology and outlook. With a 15x such multiple likely suggesting an above 300p share price and this latest encouragement for future accelerated earnings growth, now at up to 220p still a recovery Buy.

QinetiQ – Q1 trading update suggests a positive outlook Buy says the N50 website...

Five Free Share Tips — Thu, 23 Jul 2026 13:20:29 +0000

‘Defence and technology services’ group QinetiQ (QQ.) has issued a “Q1 Trading Update” headlined “First quarter performance consistent with expectations; record backlog and Defence Investment Plan support outlook”. What does that suggest in terms of upside potential from the valuation from a 453p share price?

The group states its performance means that “consistent with expectations, first-half revenue is expected to represent c.46% of full-year revenue, with an underlying operating profit margin of c. 11%” and that that’s with “the UK Defence Investment Plan and the NATO Summit reinforce the urgency to transform warfighting capabilities at pace and accelerate readiness… The Defence Investment Plan places clear emphasis on areas where QinetiQ has direct exposure, including test and evaluation, mission systems integration, training and readiness, digital capability, autonomy, cyber and directed energy”.

That looks a supportive outlook and a record backlog looks to reinforce that. We though noted on an initial tip just last month that the even historic earnings multiple is below 15x and the scarcity value of such a business also suggests a higher valuation multiple is warranted.

There should be further valuation help from a remaining circa £68 million of a current share buyback programme set to be completed by the end of its year ending 31st March, after which a further £200 million such programme is scheduled to start. With the current market cap £2.3 billion, we continue to target around a 600p share price and with also a growing dividend whilst waiting, still a Buy.

Jadestone Energy is making good production progress in Malaysia and elsewhere writes Gary Newman...

Five Free Share Tips — Wed, 22 Jul 2026 13:49:01 +0000

It has been nice to see Jadestone Energy (JSE) finally showing a bit of strength recently, even if that has largely been down to the higher oil price being caused by the Iran war. After a few years of what seemed like constant bad news and everything that could go wrong, ending up happening – with production problems, FPSO issues with leaks, and all sorts of things hammering the share price. The oil and gas producer finally seems to be turning a corner, and has actually had a number of pieces of positive news from its various operations over the past year or so.

It has seen production rise dramatically to the current guidance range of 18,000-21,000boepd for 2026, with new production coming online as well via its drilling in Malaysia on the PM323 licence which the company has a 60% working interest in. The first infill drill on this field was brought online at a rate of 3,000bopd, with the second also being a success and coming into production this week at an initial rate of 2,800bopd. Although, of course, those headline rates may well change once things settle down. Another positive has been that both wells have come in well under budget – 20% on the first and 13% on the second – and the results have been good enough that a decision has been made to drill a third well, which was contingent on these first two. I particularly like the fact that the production of the company is continuing to grow as well as diversifying – so hopefully it will never again end up in a situation where so much emphasis is on its aging Australian assets, which caused it all of its issues in recent years.

It isn’t just in Malaysia either where things are happening, as in Vietnam the Nam Du/U Minh field development plan was approved back in March and since then the company has signed a gas sales agreement for 13,000boe/d, with the wellhead gas price being set at a level comparable to the price of Vietnam gas imports. Plus of course it has the producing Akatara field in Indonesia, with output of 6,100boepd, and overall 2P reserves across its assets of 56mmboe, with 45 million of that being liquids and 11 million of gas – although that should have increased even more now that the field development plan for the Vietnam assets has been approved and it can be converted to 2P reserves, with existing gross 2P reserve estimates being for 32MMboe. It was also encouraging to see the company succeed with its first ever bond issue, with $200 million raised with a Nordic bond offer with a maturity of 2031 (although repayments start in 2029, initially $50 million each year, then the $100 million balance at maturity) and a coupon of 12%. So, working capital, and also raising fresh capital, doesn’t seem to be an issue for the company, and it is now in a much stronger position. What is most encouraging to me isn’t just that the shares are going up because the oil price happens to be at the moment. But more so that Jadestone also appears to be making good progress operationally as well alongside this, which should drive growth even if oil and gas doesn’t stay this high, and points towards solid future growth rather than just an upwards blip due to the strong commodity prices.

The big risk here, despite all the diversification, remains the Australian assets and especially Montara, as a significant investment is still tied up in that and it needs to reach the estimated end of life for the FPSO and the field, otherwise it will trigger significant costs sooner than expected especially if decommissioning ended up being early. A couple of years back that may well have been a good enough reason not to take the risk at all, given the history of that FPSO, but now that production is more diversified, the company isn’t so dependent on that, although it would of course negatively hit the share price anyway if anything major goes wrong at that field, or even at Stag. This is a share I’ve held for a long time and which has seen more downs than ups, but I really do think it is now starting to turn a corner, and over the next few years - even if oil prices don’t stay at these Iran war levels - I think it will get stronger and stronger, and we will eventually see a return to the dividends and share buybacks it used to have the spare cash flow to engage in. So, for me it is one to keep holding, and for new investors, it is definitely worth a look, but you will likely get a chance to buy in a fair bit cheaper than the current 31p level if peace in the Middle East shows any signs of being imminent again and oil pulls back – although at the moment it is anyone’s guess how long this will drag on for, and how many false dawns we see before there is finally peace.

If I had to bet the ranch on 1 stock it would be Amaroq says Tom Winnifrith...

Five Free Share Tips — Tue, 21 Jul 2026 10:14:01 +0000

I cannot see how gold will NOT go up on a three year view. Flabby governments across the West are debauching fiat by printing money. As we head into a recession we will see both more money printing and interest rates cut. So my bet the ranch pick has to be in gold. If I am betting the ranch, I also want to minimise political risk. So I do not want a UK operating stock as, at every level, I see Britain heading down the plughole. If I did not have aging in laws and cats to keep me where I am, if I could persuade the Mrs I’d sell up lock stock and barrel and emigrate. Home schooling the kids can hardly be a worse option than entrusting their schooling to the British state. And, while Zimbabwe and Ethiopia may not have the risks of the UK under Body Bags Burnham, they have risks. Greenland looks like a safer bet to me. So I would bet the ranch on Amaroq (AMRQ), at 86p a £400 million market cap.

Of course, mining comes with risks. We can safely say that Amaroq has three mines that are/will be commercial: Nalunaq in operation and Black Angel and Nanoq that will be by 2028 and 2030. But mines can catch fire, collapse and so are not risk-free operations. But a well run miner can reduce risks and having more than one mine spreads your risk. Amaroq’s management seem to be top drawer They deliver as promised and seem to be honest and transparent. They also have material skin in the game. They are not in it for bonuses for working more than 4 days a week.

Production at Nalunaq is increasing steadily. It will be 7,000-10,000 oz in H1 2026 but 25,000-35,000 oz for the FY. By Christmas the run rate should be 50,000 oz per annum. At $4,000 gold that is $200 million revenue and an all-in profit of $125 million. At $6,000 gold, that would be $300 million and $200 million+. At some stage Amaroq will confirm plans – which have a one year lead time – to up output to 75,000 oz. The resource at Nalunaq could be anything up to 2 million ounces and the cashflow from Nalunaq will fund the development of the zinc and other metals Black Angel Mine which has a NPV of anything from $350 million to close to $1 billion. And then Nanoq which would be bigger than Nalunaq. And also exploration work on numerous other mainly gold but also base metals and rare earths assets in Greenland. Have you heard about Vagar Ridge yet? You will soon.

It is far from inconceivable that in three years Amaroq will have 2 mines, running, 1 almost running but also a pipeline of proven prospects that could see it operating 7-10 mines across Greenland. Certainly by 2028 the company should be throwing off enough free cash to fund all its development and exploration activity, repay its modest debts and start paying a dividend. I am amazed that no major has not sought to take advantage of the pull-back in gold prices to launch an opportunistic bid as Amaroq’s increasing production, development and exploration profile is almost unsurpassed anywhere in the world. In the near term I hope that a move to the main market will assist the share price and that is imminent. But who knows where gold will be in 2 weeks or 2 months given the Iran uncertainty. But as I am sure that the gold price will be markedly higher in three years, if I had to bet the ranch on 1 stock it would be Amaroq.

Gold holds $4K in headwinds writes Nigel Somerville...

Five Free Share Tips — Mon, 20 Jul 2026 10:45:16 +0000

Gold closed last week down (again) from the prior week’s $4,119 as the Iran situation worsened as bombs flew and gold stocks followed. Meanwhile, the AI bubble sprang a leak. My strong sense is that gold’s current weakness is directly related to the Middle East war: as soon as it is resolved, gold should resume its northward journey. There are so many reasons which I’ve gone into before but I wonder if the AI bubble is finally going to burst and take the stock market down with it – as happened with the death of the .com bubble. With last week’s weakness, I sense that gold may have also been pulled down by what Evil Knievel terms “marginitus” – speculators having to sell what they can to cover losses.

What gold needs to reignite the blue touch paper is money moving out of stocks and into gold. If the market wobbles and gold consequently suffers, it should be short-lived. I note an interview with Rick Rule – a legendary investor in gold and commodities. Aside from a good gag (Interviewer: what should nervous gold investors do?, Rule: sell it to me!), there was one comment which kind of sums up where I am. He argues that gold may move higher, flat-line or head south in the short term, but is strongly of the view that it will be flying soon enough. So he’s piling in: he doesn’t care that it may not be the bottom, saying “it is cheap enough for me”.

The point is that you can’t time the market – the very best (and Rule certainly qualifies) don’t buy at the very bottom or sell at the very top because nobody’s got a crystal ball. So if you are convinced that gold is to head much higher (and he is, on a 3-4 year view) then you should get into position now – the market won’t wait for you.

US economic news last week saw weak CPI numbers: June CPI came in negative with core flat. PPI was a similar story whilst import prices were ahead of expectations. July consumer sentiment surprised to the upside, as did the Empire State and Philly Fed’s manufacturing surveys. In the bond market, three-month, two-year and ten-year treasury yields respectively closed the week at 3.79% (3.78% the prior week), 4.18% (versus 4.14%) and 4.55% (versus 4.48%) – so they were all up, adding to pressure on gold, being a non-yielding asset. So for now the bond market sees a greater risk of interest rate rises than falls…..that will change, sure as night follows day.

European Green Transition – a business “strong momentum” Buy says the N50 website...

Five Free Share Tips — Fri, 17 Jul 2026 09:50:06 +0000

Presently onshore wind turbine operating, maintenance, repairing and remote monitoring-focused, European Green Transition (EGT) has issued a “Q2 2026 Wind Energy Services Operational Update” announcement including that its “wind energy services business delivered strong momentum through Q2… and looks forward to building on its momentum through Q3 and beyond”. How good is this news from the valuation at already a 9.5p share price comparing to an initial 6.75p offer price tip just in April?

It is emphasised “robust repowering orderbook growth and strong operational execution throughout Q2” including 10 new repowering heads of terms signed to take the total to 65 and that the wind energy services’ Operations & Maintenance business also saw robust demand including with “the 2025 UK Government reforms to onshore wind policy, which removed planning barriers in England, have driven significantly higher market activity and investment”.

Whilst the company is to provide a full half-year trading update “in the coming weeks”, it also states that it “remain confident in our growth prospects and continuing to deliver on our strategy” which, together with the above-noted detail, means we continue to target annual EBITDA rising above £5 million very quickly – and the ‘services’ nature here means it should be quite close to net cash generation.

With it also emphasised a substantial opportunity here as wind turbine owners look to increase generation, operational performance and asset longevity amidst a current volatile macro environment and that the wind energy services business is engaging with approximately 280 qualified prospects across its c. 900 turbine client base, representing a potential repowering revenue opportunity of £126 million, we continue to target a £50 million+ valuation here and so a current £25.6 million market cap Buy.

Brave Bison – “possible cash-and-share offer” it has made meaning another opportunity to buy? From HotStockRockets...

Five Free Share Tips — Thu, 16 Jul 2026 13:49:47 +0000

Marketing services and consultancy group Brave Bison (BBSN) has announced a “possible cash-and-share offer” for fellow AIM-listed System1 Group (SYS1). System1 has rejected the possible offer and Brave Bison states that the “announcement is intended to facilitate open conversations between the boards of Brave Bison and System1 with their respective shareholders. No equity fundraising is required to progress the possible offer”.

It is detailed the “provision of certain financial information has enabled Brave Bison to put forward the possible offer which represents an increase of 10% to the 297 pence value of the initial, all-share proposal made to the board of System1 on 8 June 2026. Following consultation with, and feedback from, the System1 board in addition to the increased value the possible offer has been revised to include a cash element” – with the possible offer now 2.7553 new Brave Bison shares per share and 68p per share cash, stated to total 327p per share. Brave Bison emphasises that is a premium, including of “65 per cent to the undisturbed closing price of a System1 share of 198 pence on 27 February 2026, the business day immediately prior to the announcement of Brave Bison’s strategic investment… 28% shareholding”.

System1 though still “believes it materially undervalues… The board unanimously and unequivocally rejects”, including stating “on 16 March 2026, System1 released a positive trading update which had a sustained positive impact on the System1 share price… In the group’s FY26 final results, released on 8 July 2026, the board confirmed a record H2 revenue and new business performance, and announced an increase to the proposed final dividend, reflecting the board’s confidence in the group’s prospects”. We note System1’s house broker forecasts its earnings per share to recover to more than double this year towards 25p and for net cash to return to growth from £12.4 million, whilst a 327p per share offer would value it around £43 million. This also follows continuing trading delivery announced by Brave Bison last week, including a return to a net cash position and we concluding on it, from an 89.5p share price, that a 120p+ share price looked fairer considering the performance being delivered in the current environment.

The shares have currently responded to this latest down to 85.5p but we noted on initial tip recent track-record reassurance and so we’d back management here and suggest the current share price offers another opportunity to Buy.

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