Your Partner for Growth, Hybridan

Hybridan

Your Partner for Growth

Our passion is raising growth capital for exciting, fast growth companies that want to take their business to the next level. We raise capital for companies both listed and unlisted in the most efficient manner possible and pride ourselves as being one of the few consistently profitable broking firms in the City. This has been achieved through a highly disciplined approach when seeking to create both corporate and institutional relationships.

Equity Bottom-Up

Van Elle Holdings PLC provides piling and ground engineering solutions. The Company offers foundation testing, ground anchoring and soil nailing, rotary bored piling, and rock bolts and netting services. Van Elle Holdings serves customers in the United Kingdom.

<ul><li>15th December 2025 @HybridanLLP Our daily digest of news from UK Small Caps * A corporate client of Hybridan LLP.</li><li>** Potential means Intention to Float (ITF) or similar announcement has been made.</li><li>***Arranged by type of listing and date of announcement.</li></ul>

15th December 2025 @HybridanLLP Our daily digest of news from UK Small Caps * A corporate client of Hybridan LLP.** Potential means Intention to Float (ITF) or similar announcement has been made.***Arranged by type of listing and date of announcement.

Van Elle Holdings PLC - Friday Take Away: 15 December 2025

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Integer Holdings Corporation operates as a medical device manufacturing company. The Company designs and develops medical devices and power solutions for the medical and non-medical markets. Integer Holdings serves patients worldwide.

<ul><li>Integer Holdings Corporation saw its shares jump 2% in after-hours trading on December 17, 2025, after reports emerged that activist investor Irenic Capital had taken a stake exceeding 3% in the medical device contract manufacturer and privately urged its board to consider strategic alternatives—including a potential sale.</li><li>According to sources cited by the *Wall Street Journal*, Irenic believes Integer is undervalued and could attract acquisition interest from private equity firms or strategic buyers willing to pay a significant premium to its current market price.</li><li>The move comes after Integer stock declined nearly 45% year-to-date, leaving its market capitalization around $2.6 billion.</li></ul>

Integer Holdings Corporation saw its shares jump 2% in after-hours trading on December 17, 2025, after reports emerged that activist investor Irenic Capital had taken a stake exceeding 3% in the medical device contract manufacturer and privately urged its board to consider strategic alternatives—including a potential sale.According to sources cited by the *Wall Street Journal*, Irenic believes Integer is undervalued and could attract acquisition interest from private equity firms or strategic buyers willing to pay a significant premium to its current market price.The move comes after Integer stock declined nearly 45% year-to-date, leaving its market capitalization around $2.6 billion.

Integer Stock Pops After Activist Push—Is a Sale Next?

Victoria's Secret & Co. retails apparel and accessories. The Compan offers lingeries, bras, panties, pajamas, sleepwear, swimsuits, and other apparel, as well as offers personal care and beauty products for women. Victoria's Secret serves customers worldwide.

<ul><li>Victoria's Secret & Co.'s third-quarter performance in 2025 demonstrated a robust financial recovery, outperforming expected sales and earnings metrics.</li><li>The company's strategy, "Path to Potential," appears to have had a substantial impact on quarterly results, showing alignment with market trends and consumer demand.</li><li>Its focus on four key strategic pillars—supercharging its Bra Authority, recommitting to PINK, fueling growth in Beauty, and evolving brand projection and go-to-market strategy— has contributed to these results.</li></ul>

Victoria's Secret & Co.'s third-quarter performance in 2025 demonstrated a robust financial recovery, outperforming expected sales and earnings metrics.The company's strategy, "Path to Potential," appears to have had a substantial impact on quarterly results, showing alignment with market trends and consumer demand.Its focus on four key strategic pillars—supercharging its Bra Authority, recommitting to PINK, fueling growth in Beauty, and evolving brand projection and go-to-market strategy— has contributed to these results.

Victoria’s Secret & Co.: Inside the Customer Acquisition Strategy Targeting Younger

Toll Brothers, Inc. builds luxury homes, serving both move-up and empty nester buyers in several regions of the United States.  The Company builds customized single and attached homes, primarily on land that it develops and improves. Toll Brothers also operates its own architectural, engineering, mortgage, title, security, landscape, insurance brokerage, and manufacturing operations.

<ul><li>Toll Brothers reported solid performance for the fiscal year 2025 despite a challenging sales environment due to broader market factors such as affordability pressures and interest rate fluctuations.</li><li>The company posted record home sales revenue of $10.8 billion, generated from the delivery of 11,292 homes at an average price of $960,000.</li><li>Their adjusted gross margin stood at a strong 27.3%, with a return on beginning equity of 17.6%.</li></ul>

Toll Brothers reported solid performance for the fiscal year 2025 despite a challenging sales environment due to broader market factors such as affordability pressures and interest rate fluctuations.The company posted record home sales revenue of $10.8 billion, generated from the delivery of 11,292 homes at an average price of $960,000.Their adjusted gross margin stood at a strong 27.3%, with a return on beginning equity of 17.6%.

Toll Brothers Is Scaling Active Adult Communities — But How Durable Is This Growth Engine?

Ollie'S Bargain Outlet Holdings / Equity Bottom-Up

Ollie's Bargain Outlet Holdings, Inc. operates a chain of retail stores that offers brand name products at discounted and closeout prices. The Company provides products, including housewares, food, books and stationery, bed and bath, floor coverings, toys, and hardware.

Ollie'S Bargain Outlet Holdings (OLLI US)

<ul><li>Ollie's Bargain Outlet, a retail chain known for its discount merchandise and closeout deals, recently announced its financial results for the third quarter of fiscal 2025.</li><li>The company reported strong performance with significant growth in sales and store openings, while also navigating a challenging retail environment that has pressured many traditional retailers.</li><li>One of the highlights for the company was its aggressive store expansion strategy.</li></ul>

Ollie's Bargain Outlet, a retail chain known for its discount merchandise and closeout deals, recently announced its financial results for the third quarter of fiscal 2025.The company reported strong performance with significant growth in sales and store openings, while also navigating a challenging retail environment that has pressured many traditional retailers.One of the highlights for the company was its aggressive store expansion strategy.

Ollie’s Bargain Outlet Holdings Inc.: What’s Driving the Surge in Younger Customer Adoption?