... when in-principle approval was received - check out our note here:
equitydevelopment.co.uk/research/geo...

"Once granted, the licence in Abu Dhabi will allow CABP to further ramp up relationships with ‘network partners’ and ‘in market’ sales efforts to attract new clients."

Positive news from CAB Payments / Crown Agents Bank with the double announcement of:
- the Abu Dhabi Global Market (ADGM) licence being secured
- the established of a strategic clearing partnership with another leading global bank

We wrote about the Abu Dhabi licence in October ... #CABP

Income jumps in H2, well ahead of forecasts H2 has seen an acceleration of the progress made in H1, and FY25 income for CABP is now expected to be c. £119m, versus our previous forecast of £112.6m.

Adj. EBITDA expected to be ‘slightly above the range of consensus estimates’ - our previous EBITDA forecast was £32.9m ...

See note here! www.equitydevelopment.co.uk/research/inc...

Positive update from CAB Payments #CABPayments #CAB with their FY25 pre-close highlighting H2 has seen an acceleration of progress made in H1
- confidence expressed at the end of H1 fully justified
- FY25 income now expected to be c. £119m (vs our forecast £112.6m) and positive operating leverage

#KGH Knights H1 26 results impress:
📊 Revs +30%, organic growth returns (+2.6%)
💰 Adj. EBITDA +19%, strong cashflow conversion

Our Fair Value raised to 255p as momentum continues into H226. Still trading at a discount! #Knights

New research note here:
www.equitydevelopment.co.uk/research/suc...

#IPX No surprises as AUM at Impax AM fell 7% over Q1'26 with net flows seen improving going forward.

Our forecasts and 380p/share fair value are unchanged, as you can hear / read below (freely accessible research):
www.equitydevelopment.co.uk/research/q1-...

Early EU authorisation for ECOVAXXIN® MS ECO Animal Health secures early EU approval for ECOVAXXIN® MS, its first poultry vaccine, marking a key milestone and paving way for 2026 launch.

Link to research update (freely accessible): www.equitydevelopment.co.uk/research/ear...

✅ Ahead of schedule! #EAH #EcoAnimalHealth
EU approves ECOVAXXIN® MS – ECO’s breakthrough poultry vaccine
📈 Peak revenue contribution expected: ~£22m
🇺🇸 US approval anticipated by end CY26
🐔First commercial launch from R&D portfolio
#AnimalHealth #Innovation

New research update & video summary ⬇️

Strix Group to sell Billi for £110m 🚀 #KETL
✅ ~3x return on acquisition
✅ Eliminates ~£70m net debt
✅ £10m buyback planned
Completion targeted 31 Jan 2026 (post GM on 8 Jan).
🔎 Details here in our new research note (freely accessible): www.equitydevelopment.co.uk/research/deb...

Link to research note (freely accessible) here: www.equitydevelopment.co.uk/research/mil...

Fantastic news as Springfield Properties announces an initial agreement with SSEN for the delivery of c.300 new homes in the North of Scotland. Significant milestone for #SPR, validates their strategic repositioning

H1 TU confirms in line with expectations

Our fair value estimate increases to 160p

Victorian Plumbing: FY Results investor presentation - 9th December 2025 Daniel Barton (CFO) & Stephnie Judge (MD) of Victorian Plumbing will be conducting a live presentation with Q&A covering the year ended 30 September 2025

Please note that we will be hosting the management of Victorian Plumbing for an Investor Presentation next week (9th December) - sign up at the link to register!
www.equitydevelopment.co.uk/news-and-eve...

#VIC We initiate on Victorian Plumbing!
FY25 highlights:
✅ £310 revenue, up 5%
✅ UK bathroom market share 21.5% (up 140bps)
✅Strong cash flow & homewares launch
Fair Value 110p vs recent 40% sell-off
#VictorianPlumbing #UKRetail #VIC
Research report here!
www.equitydevelopment.co.uk/research/con...

Considerable untapped potential Victorian Plumbing FY25: record £310m revenue, 21.5% UK share, strong cash flow, homewares launch, and 110p fair value highlighting growth potential.

New initiation report out from Equity Development on #VIC this morning that might be of interest: www.equitydevelopment.co.uk/research/con...

EBITDA & margin up again, undervaluation rises EBITDA +14% YoY, EBITDA margin increases to 24.6% (20.8%), revenue slightly down. Benefitting from operational efficiencies. Fair value estimate 58p/ share

Research report freely accessible here: www.equitydevelopment.co.uk/research/ebi...

#MERC Mercia AM - HY26 Results out this morning
- EBITDA +14%
- EBITDA margin up to 24.6%
- No redemptions

MERC has a proven track record of exiting at prem to NAV, but portfolio is currently deeply discounted. Our fair value is 58p/share - see our research report & video summary below!

ECO Animal Health: HY Results investor presentation - 2nd December 2025 David Hallas (CEO) and Chris Wilks (CFO) of ECO Animal Health will conduct a live investor presentation with Q&A covering their Interim Results.

Join us tomorrow afternoon for an Investor Presentation with live Q&A with Eco Animal Health management - sign up to register here: www.equitydevelopment.co.uk/news-and-eve...

Eco Animal Health #EAH H126 numbers
- Rev's up 19% YoY to £39.4m, adj. EBITDA £3m vs £0.4m last year.
- Strong growth in NA (+30%) & China/Japan (+48%).
- EMA Positive Opinion for ECOVAXXIN®MS sets stage for EU launch in H2 FY26

New research note here: www.equitydevelopment.co.uk/research/fy2...

Impax Asset Management: FY Results investor presentation - 3rd December 2025 The management of Impax AM will be conducting an investor presentation with Q&A at 2.30pm on Wednesday 3rd December covering their Full Year results.

Also note we are hosting the management of Impax AM for a live Investor Presentation with Q&A on Wednesday afternoon - sign up to register at the link!

www.equitydevelopment.co.uk/news-and-eve...

#IPX a FY fall in AUM fall meant a decline in key financial metrics for Impax AM, but balance sheet remains strong and inflows are picking up.

The target market is huge and our fair value is 380p/share. See new research note here (video summary below): www.equitydevelopment.co.uk/research/sta...

#SDY Speedy Hire’s ProService deal accelerates growth 🚀.

- Velocity moves into its next phase, fair value up to 61p.

- Earnings forecast +35–40% over 2 years despite tough markets. #SpeedyHire #GrowthStrategy #ProService

Link to new research note: www.equitydevelopment.co.uk/research/opp...

YouTube video by Equity Development Polar Capital Holdings - Investor Presentation (Interim Results) - November 2025

If you missed last week's event with Polar Capital #POLR, catch up with the full recording of our webinar covering Interim Results with Q&A - a +25% ⬆️ in AuM to an all-time high, seamless leadership transition, improvement in fund performance, and more!

See video here: youtu.be/t1_orz8zr9U

#KGF Kingfisher Q3 beat expectations this week:
✅ Sales +1.0% (LFL +0.9%) on UK share gains
📦 E-commerce & trade up double digits
FY26 Adj. PBT guidance raised to £540–£570m; we lift to £555m

Our fair value: 365p (~14x PER, 3.5% yield) #Kingfisher

Note:
www.equitydevelopment.co.uk/research/str...

Vp plc: HY Results Investor Presentation - 28 November 2025 Equipment rental specialist, Vp Plc, will be conducting an investor presentation with Q&A at 10am on 28th November 2025 covering Interim Results

... and a reminder that we are hosting an Investor Presentation with the company's management TOMORROW at 10am - sign up to register here:

www.equitydevelopment.co.uk/news-and-eve...

Brandon Hire Station repositioned for profitability Vp’s H1 was a solid performance and decisive action to reposition Brandon Hire Station should boost group profitability. We keep a 1000p Fair Value/share.

Link to research report freely accessible here:

www.equitydevelopment.co.uk/research/bra...

Vp plc #Vp Interims showed solid performance & highlight strength of diversified business model
- Brandon Hire Station repositioned for profitability
- Strong demand in International continues to offset persistent weakness in General Construction in UK
- 1,000p Fair Value
- Research & audio below!

#BEG 2 more deals by Begbies Traynor this week that look an ideal fit with their strategy of value-accretive acquisitions that add services or geographies. On under 10x cal 2026 P/E ratio, BEG shares look undervalued: we keep a 150p fair value in new note: www.equitydevelopment.co.uk/research/com...

Research note freely accessible here: www.equitydevelopment.co.uk/research/is-...

#KETL Strix Group H1
✅ Billi & Consumer Goods on track; Controls lagging → PBT/EPS down 9.7%
💰 Net debt/EBITDA 2.5x, debt reduction plans in place
👤 CEO to step down by May ’26; successor search underway
📊 Fair value now 89p (vs 95p), still above current price
Link to new research & video summary ⬇️

#NXR H1 for Norcros plc saw margin progression, cash generation and dividend growth – followed by purchase of Fibo. With an evolving portfolio NXR shares have done well but a re-rating looks due.

We raise our fair value to 397p/share, see new research: www.equitydevelopment.co.uk/research/nor...