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

<ul>
<li>Botswana Minerals 0.25p £4.1m (BMIN.L) The AIM and Botswana Stock Exchange-listed copper and diamond exploration company, announced that an AI -assisted exploration study across two of its eight northern Botswana licences has identified 36 copper anomalies grouped within six exploration "corridors" (geological trends containing clusters of anomalies).</li>
<li>The licences lie within an under-explored geological corridor linking Namibia's Damara Belt with the Central African Copperbelt of Zambia and the DRC: two of Africa's most important copper regions.</li>
<li>The anomalies identified share the geological characteristics of several major operating and historical deposits and fieldwork to identify the top targets for drilling will commence shortly. </li>
</ul>


Botswana Minerals 0.25p £4.1m (BMIN.L) The AIM and Botswana Stock Exchange-listed copper and diamond exploration company, announced that an AI -assisted exploration study across two of its eight northern Botswana licences has identified 36 copper anomalies grouped within six exploration "corridors" (geological trends containing clusters of anomalies).
The licences lie within an under-explored geological corridor linking Namibia's Damara Belt with the Central African Copperbelt of Zambia and the DRC: two of Africa's most important copper regions.
The anomalies identified share the geological characteristics of several major operating and historical deposits and fieldwork to identify the top targets for drilling will commence shortly. 


<ul>
<li>The provider of expert investment, chartering and risk management advice to the shipping and energy markets updates on Trading for FY February 2026.</li>
<li>Revenue of around £135.0m is expected compared to £141.9m last year, with a lower operating profit of £13.2m against £16.7m in the prior period.</li>
<li>As expected, H2 was stronger than H1, with the Group benefitting from the depth and breadth of its diversified business. </li>
</ul>


The provider of expert investment, chartering and risk management advice to the shipping and energy markets updates on Trading for FY February 2026.
Revenue of around £135.0m is expected compared to £141.9m last year, with a lower operating profit of £13.2m against £16.7m in the prior period.
As expected, H2 was stronger than H1, with the Group benefitting from the depth and breadth of its diversified business. 


Quartix Holdings plc - Hybridan Small Cap Feast: 25 March 2026

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.

<p>Braemar’s H126 trading update confirms that the first half was a tough period but the company is making progress against its FY30 growth targets (announced earlier this year). These include the opening of a new Cape Town office focusing on tanker chartering, which brought Braemar’s global footprint to 19 offices in 14 countries. The long-term fundamentals remain in place and we expect a return to growth in FY27e. Following the update, our profit estimates are unchanged, as is our valuation of 462p, which offers c 90% upside.</p>

Braemar’s H126 trading update confirms that the first half was a tough period but the company is making progress against its FY30 growth targets (announced earlier this year). These include the opening of a new Cape Town office focusing on tanker chartering, which brought Braemar’s global footprint to 19 offices in 14 countries. The long-term fundamentals remain in place and we expect a return to growth in FY27e. Following the update, our profit estimates are unchanged, as is our valuation of 462p, which offers c 90% upside.

Braemar — H1 trading as expected, but rates edging up

<p>Braemar has successfully grown underlying group revenue by c 10% per year since 2013 and the new growth strategy outlines initiatives and targets that are designed to continue top-line growth and improve the margin, such that operating profit is expected to almost double by 2030. This strategy is likely to see investment in new hires and/or M&A, which may be funded by short-term debt. Despite the growth targets, the company has guided to lower profits in FY26e due to external issues, but the fundamentals remain in place, and we expect a return to growth in FY27e. Accordingly, our short-term profit estimates are reduced, as is our valuation, from 535p to 462p, but this still offers c 100% upside.</p>

Braemar has successfully grown underlying group revenue by c 10% per year since 2013 and the new growth strategy outlines initiatives and targets that are designed to continue top-line growth and improve the margin, such that operating profit is expected to almost double by 2030. This strategy is likely to see investment in new hires and/or M&A, which may be funded by short-term debt. Despite the growth targets, the company has guided to lower profits in FY26e due to external issues, but the fundamentals remain in place, and we expect a return to growth in FY27e. Accordingly, our short-term profit estimates are reduced, as is our valuation, from 535p to 462p, but this still offers c 100% upside.

Braemar — Revised 2030 strategy for growth

US-EU Index Rebalances / Quantitative Researcher

Dimitris Ioannidis

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gamma-communications-plc" target="_blank" data-smartkarma-citation="entities:21942:1" rel="noopener">Gamma Communications (GAMA LN)</a> is the flagship addition forecast at the review at a market cap of ~$1.7bn following its listing transfer from AIM to Main Market on 2 May.</li>
<li>The ~$1.5bn tender offer of BBGI is expected to close prior to the review. Current F250 replacement candidates are <a href="https://www.smartkarma.com/entities/wickes-group-plc" target="_blank" data-smartkarma-citation="entities:41349:1" rel="noopener">Wickes Group (WIX LN)</a> and <a href="https://www.smartkarma.com/entities/pantheon-infrastructure-plc" target="_blank" data-smartkarma-citation="entities:35077:1" rel="noopener">Pantheon Infrastructure (PINT LN)</a>.</li>
<li>
<a href="https://www.smartkarma.com/entities/mobico-group-plc" target="_blank" data-smartkarma-citation="entities:22059:1" rel="noopener">Mobico Group (MCG LN)</a> and <a href="https://www.smartkarma.com/entities/bellevue-healthcare-trust-plc" target="_blank" data-smartkarma-citation="entities:44348:1" rel="noopener">Bellevue Healthcare Trust (BBH LN)</a> are the main deletion candidates set to migrate from F250 to SmallCap.</li>
</ul>



Gamma Communications (GAMA LN) is the flagship addition forecast at the review at a market cap of ~$1.7bn following its listing transfer from AIM to Main Market on 2 May.
The ~$1.5bn tender offer of BBGI is expected to close prior to the review. Current F250 replacement candidates are Wickes Group (WIX LN) and Pantheon Infrastructure (PINT LN).

Mobico Group (MCG LN) and Bellevue Healthcare Trust (BBH LN) are the main deletion candidates set to migrate from F250 to SmallCap.


UK Index June 2025 Annual Review: GAMA Headlines F250, F100 Stays Quiet, All-Share Reshuffles

United Kingdom

Braemar provides shipbroking and financial advisory services globally, operating in segments such as Shipbroking, Investment Advisory, and Risk Advisory. The company's services include tanker and dry cargo charter broking, sale and purchase broking, offshore broking and consultancy, commodity and commodity derivatives, and capital raising activities. Braemar was founded in 1842 and is headquartered in London, United Kingdom.

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Braemar (BMS LN)

Hybridan Small Cap Feast: 21 May 2026

The anomalies identified share the geological characteristics of several major operating and historical deposits and fieldwork to identify the top...

Hybridan

Quartix Holdings plc - Hybridan Small Cap Feast: 25 March 2026

The provider of expert investment, chartering and risk management advice to the shipping and energy markets updates on Trading for FY February 2026.

Hybridan

Braemar — H1 trading as expected, but rates edging up

Braemar’s H126 trading update confirms that the first half was a tough period but the company is making progress against its FY30 growth targets...

Edison Investment Research

Braemar — Revised 2030 strategy for growth

Braemar has successfully grown underlying group revenue by c 10% per year since 2013 and the new growth strategy outlines initiatives and targets...

Edison Investment Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Hybridan Small Cap Feast: 21 May 2026

The anomalies identified share the geological characteristics of several major operating and historical deposits and fieldwork to identify the top...

Hybridan

Quartix Holdings plc - Hybridan Small Cap Feast: 25 March 2026

The provider of expert investment, chartering and risk management advice to the shipping and energy markets updates on Trading for FY February 2026.

Hybridan

Braemar — H1 trading as expected, but rates edging up

Braemar’s H126 trading update confirms that the first half was a tough period but the company is making progress against its FY30 growth targets...

Edison Investment Research

Braemar — Revised 2030 strategy for growth

Braemar has successfully grown underlying group revenue by c 10% per year since 2013 and the new growth strategy outlines initiatives and targets...

Edison Investment Research

UK Index June 2025 Annual Review: GAMA Headlines F250, F100 Stays Quiet, All-Share Reshuffles

GAMA to join F250 at the review following its listing transfer. WIX to join F250 before the review as a replacement to the BBGI tender offer. AEP...

Dimitris Ioannidis