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

Made Tech Group PLC provides information technology services. The Company offers digital service delivery, legacy application transformation, and data infrastructure and insights solutions. Made Tech Group serves customers in the United Kingdom.

<ul>
<li>Friday Takeaway—delving a little deeper into UK small caps Friday Takeaway from UK Small Caps This will delve a little deeper on individual companies and focus on non-house stocks under £200m market capitalisation to raise awareness 28th November 2025 Alphabetically arranged Share prices and market capitalisations taken from Alpha Terminal from the current price on the day of publication.</li>
<li>Top three shareholders are taken from the websites of the companies that we are writing about, unless there is a more up to date TR-1 notification RNS announcement.</li>
<li>Advancing technology should benefit these two companies MTEC Helping Big Brother TCF Passing Milestones</li>
</ul>


Friday Takeaway—delving a little deeper into UK small caps Friday Takeaway from UK Small Caps This will delve a little deeper on individual companies and focus on non-house stocks under £200m market capitalisation to raise awareness 28th November 2025 Alphabetically arranged Share prices and market capitalisations taken from Alpha Terminal from the current price on the day of publication.
Top three shareholders are taken from the websites of the companies that we are writing about, unless there is a more up to date TR-1 notification RNS announcement.
Advancing technology should benefit these two companies MTEC Helping Big Brother TCF Passing Milestones


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.

Astrazeneca Plc Spons Adr / Equity Bottom-Up

AstraZeneca PLC is a holding company. The Company, through its subsidiaries, researches, manufactures, and sells pharmaceutical and medical products. AstraZeneca focuses its operations on eight therapeutic areas: Gastrointestinal, Oncology, Cardiovascular, Respiratory, Central Nervous System, Pain Control, Anaesthesia, and Infection.

<ul><li>AstraZeneca's recent earnings report for the first nine months and Q3 2025 underscores the company's ongoing momentum and commitment to innovation within its pharmaceutical pipeline.</li><li>Total revenue increased by 11%, driven by robust demand for its innovative medicines.</li><li>The company reported core EPS growth of 15%, signaling strong operational performance.</li></ul>

AstraZeneca's recent earnings report for the first nine months and Q3 2025 underscores the company's ongoing momentum and commitment to innovation within its pharmaceutical pipeline.Total revenue increased by 11%, driven by robust demand for its innovative medicines.The company reported core EPS growth of 15%, signaling strong operational performance.

AstraZeneca: An Insight Into The Growth Potential Of Imfinzi

Leading International Investment Research, Edison Investment Research

Edison Investment Research

Leading International Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

1Spatial Plc is a business and technology consultant. The Company provides advisory services and distributes software solutions in the corporate performance management market.

<p>1Spatial has announced that it has won a new contract to deliver data transformation and integration (DT&I) solutions for the National Underground Asset Register (NUAR). The contract value of £4.2m over an initial two years with £1.5m licence revenue has improved economics versus the company’s previous engagement (signed in September 21) and 1Spatial is promoted to prime contractor for the DT&I element, whereas previously it was subcontractor to Atkins. We are not changing our estimates, but believe that this deal provides further evidence that 1Spatial now well embedded as a key supplier supporting the digitisation of the UK’s infrastructure.</p>

1Spatial has announced that it has won a new contract to deliver data transformation and integration (DT&I) solutions for the National Underground Asset Register (NUAR). The contract value of £4.2m over an initial two years with £1.5m licence revenue has improved economics versus the company’s previous engagement (signed in September 21) and 1Spatial is promoted to prime contractor for the DT&I element, whereas previously it was subcontractor to Atkins. We are not changing our estimates, but believe that this deal provides further evidence that 1Spatial now well embedded as a key supplier supporting the digitisation of the UK’s infrastructure.

1Spatial — Extended agreement with NUAR

Fundamental Analyses, Contrarian Cashflows

Contrarian Cashflows

Fundamental Analyses

The purpose of Contrarian Cashflows is to document my investment research and share it with everyone who is interested in value investing. My long term aspiration for Contrarian Cashflows is to become a platform for professional investors and serious amateurs where they can get inspiration and discuss investing-related topics.
I plan to publish one company deep dive per month that is guided by my investment approach. All information I use for my write-ups is publicly available and most of the time directly sourced from public filings issued by the respective companies. To guarantee maximum transparency, for every post I provide a list of all used sources in the resources section.
Contrarian Cashflows is built around the principles of respect, honesty, open-mindedness and a touch of humour. Please consider these principles in any engagement interaction with me, other readers and the content on this blog. Misbehaviour is not tolerated.
If you want to reach out to me directly, the best way is via LinkedIn, Twitter or email. You can find the details at my homepage contrariancashflows.com

Thematic (Sector/Industry)

<ul><li>A lot of ink has been spilled on the pros and cons of investing in “private” assets.</li><li>With the recent introduction of private equity investments for retail investors in my home country of Germany, I’ve been repeatedly approached by friends and family about my opinion on these products.</li><li>In Germany, two neo-brokers, LIQID and Trade Republic, recently introduced private equity (PE) investments for retail investors starting from as little as €1 per trade (in the case of Trade Republic), while marketing returns between 12% and 14% annually with low volatility.</li></ul>

A lot of ink has been spilled on the pros and cons of investing in “private” assets.With the recent introduction of private equity investments for retail investors in my home country of Germany, I’ve been repeatedly approached by friends and family about my opinion on these products.In Germany, two neo-brokers, LIQID and Trade Republic, recently introduced private equity (PE) investments for retail investors starting from as little as €1 per trade (in the case of Trade Republic), while marketing returns between 12% and 14% annually with low volatility.

RW-11-25: Should I Invest in Private Equity?

First Property Group plc is a real estate investment firm. It provides fund management, financial, and technical services to the property industry in the United Kingdom and other European countries. The firm manages commercial properties of various fund investors, as well as involves in property investment and trading, property equity finance, and online activities. It also engages in the facilities management of properties, which include contract installation and maintenance of air conditioning and ventilation systems for office working environments. The firm prefers to invest in offices that can be converted into flats . First Property Group plc is based in London, the United Kingdom.

<ul>
<li>The end-to-end solutions provider for branded merchandise reports interims to September.</li>
<li>Revenue improved 18% to $21.6m with an 8% increase in operating profit to $1.6m while net debt increased 188% to $2.3m.</li>
<li>The uplift in net debt reflects the working capital investment required to bring new Gear Shop sites into operation, including the increase in total inventory held across the expanded store base.</li>
</ul>


The end-to-end solutions provider for branded merchandise reports interims to September.
Revenue improved 18% to $21.6m with an 8% increase in operating profit to $1.6m while net debt increased 188% to $2.3m.
The uplift in net debt reflects the working capital investment required to bring new Gear Shop sites into operation, including the increase in total inventory held across the expanded store base.


Hybridan Small Cap Feast: 27 November 2025