Research from Hardman & Co, Hardman & Co

Hardman & Co

Research from Hardman & Co

Investment research on quoted companies and funds

Hardman & Co is a multi-disciplinary financial consultancy and investment research firm, employing highly experienced analysts and professionals with a broad range of capital markets expertise. Our clients are public and private businesses as well as fund managers, ranging from start-ups to £1 billion+ market capitalisations. Hardman & Co offers corporate research & consultancy, serving the needs of both public and private companies. We produce gold-standard research with a global reach for trading and investment companies, as well as providing market commentary and analysis. In addition, we carry out a number of bespoke investment-related assignments, including due diligence on bond listings, assessments of private company valuations and other corporate advisory services. We engage with the market through traditional and digital media, offering illuminating video content on corporate management strategy, results communication, interviews and in-house sector discussion.

Equity Bottom-Up

<ul><li>Feature article: Building tomorrow’s AI: How the UK will become the global architect of Trustworthy Intelligence In this month’s feature article, Professor Andy Pardoe, Professor of AI and Chair of the Deep Tech Innovation Centre at the University of Warwick, gives his perspective on the artificial intelligence (AI) industry and how it is advancing at an unprecedented pace, outstripping anything witnessed in previous decades.</li><li>For researchers, industry leaders and investors, understanding the landscape of AI and how it will evolve over the coming years is becoming increasingly important as AI plays a bigger role in every aspect of our professional and personal lives.</li><li> AI is no longer “just another tech wave or bubble.” Unlike previous AI winters, AI technologies are working at scale across many different applications and use-cases, delivering valuable insights and productivity gains.</li></ul>

Feature article: Building tomorrow’s AI: How the UK will become the global architect of Trustworthy Intelligence In this month’s feature article, Professor Andy Pardoe, Professor of AI and Chair of the Deep Tech Innovation Centre at the University of Warwick, gives his perspective on the artificial intelligence (AI) industry and how it is advancing at an unprecedented pace, outstripping anything witnessed in previous decades.For researchers, industry leaders and investors, understanding the landscape of AI and how it will evolve over the coming years is becoming increasingly important as AI plays a bigger role in every aspect of our professional and personal lives. AI is no longer “just another tech wave or bubble.” Unlike previous AI winters, AI technologies are working at scale across many different applications and use-cases, delivering valuable insights and productivity gains.

Chesnara PLC - Hardman & Co Monthly: October 2025

Thematic (Sector/Industry)

<ul>
<li>The risk of power cuts in the UK, for a variety of reasons, remains real.</li>
<li>Low plant margins (i.e. limited spare capacity at peak) in the UK are obvious enough.</li>
<li>However, the events of 28 April 2025 ‒ when Spain, Portugal and parts of France were plunged into lengthy power outages ‒ were very disconcerting.</li>
</ul>


The risk of power cuts in the UK, for a variety of reasons, remains real.
Low plant margins (i.e. limited spare capacity at peak) in the UK are obvious enough.
However, the events of 28 April 2025 ‒ when Spain, Portugal and parts of France were plunged into lengthy power outages ‒ were very disconcerting.


Oxford Nanopore Technologies / Equity Bottom-Up

<ul><li>Feature article: Hardman & Co Healthcare Index, 2024 – Tough year for Life Sciences By Dr Martin Hall The main function of the HHI is to monitor the performance, and to highlight the attractiveness, of life sciences investments over the long term, and to try to identify those stocks that have disruptive technologies that consistently allow them to outperform both the index and the markets.</li><li>Many of the 53 constituents of the index are high-risk, with micro-capitalisations and a long way from profitability.</li><li>Despite this, some companies can still make extremely attractive returns for investors.</li></ul>

Feature article: Hardman & Co Healthcare Index, 2024 – Tough year for Life Sciences By Dr Martin Hall The main function of the HHI is to monitor the performance, and to highlight the attractiveness, of life sciences investments over the long term, and to try to identify those stocks that have disruptive technologies that consistently allow them to outperform both the index and the markets.Many of the 53 constituents of the index are high-risk, with micro-capitalisations and a long way from profitability.Despite this, some companies can still make extremely attractive returns for investors.

<ul>
<li>Feature article: “ROOM” (Running Out of Money) risk, How managing liquidity risk can sustain corporate value and maintain shareholder confidence</li>
<li>As we come close to the end of a very challenging year for many UK entrepreneurs, as well as a frustrating period for shareholders, it is time to address one elephant in the ROOM! ROOM stands for “Running Out of Money”.</li>
<li>The risk of doing so, or the perception that it could occur, can destroy corporate values and prematurely paralyse a business. </li>
</ul>


Feature article: “ROOM” (Running Out of Money) risk, How managing liquidity risk can sustain corporate value and maintain shareholder confidence
As we come close to the end of a very challenging year for many UK entrepreneurs, as well as a frustrating period for shareholders, it is time to address one elephant in the ROOM! ROOM stands for “Running Out of Money”.
The risk of doing so, or the perception that it could occur, can destroy corporate values and prematurely paralyse a business. 


ICG Enterprise Trust plc / Equity Bottom-Up

<ul><li>The key message from ICGT’s 1HFY’25 results (to July) is the continued strength of the operating companies, which delivered an average 14% LTM EBITDA growth.</li><li>Margins have widened by ca.5% (average revenue growth 9.4%), which should help allay some concerns over the impact of the higher-rate environment.</li><li>New investment is accelerating, and realisation activity continued with an average 26% uplift to carrying values on exit.</li></ul>

The key message from ICGT’s 1HFY’25 results (to July) is the continued strength of the operating companies, which delivered an average 14% LTM EBITDA growth.Margins have widened by ca.5% (average revenue growth 9.4%), which should help allay some concerns over the impact of the higher-rate environment.New investment is accelerating, and realisation activity continued with an average 26% uplift to carrying values on exit.

ICG Enterprise Trust plc: Portfolio: 14% EBITDA growth + widening margins

United Kingdom

ICG Graphite Enterprise Trust plc is an investment trust incorporated in the United Kingdom with a diversified portfolio of equity assets. The aim of the Fund is to provide shareholders with long-term capital growth through investment in unquoted companies, mainly through specialist funds but also directly.

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ICG Enterprise Trust plc (ICGT LN)

Chesnara PLC - Hardman & Co Monthly: October 2025

Feature article: Building tomorrow’s AI: How the UK will become the global architect of Trustworthy Intelligence In this month’s feature article,...

Hardman & Co

The Hardman & Co Monthly: July 2025

The risk of power cuts in the UK, for a variety of reasons, remains real. Low plant margins (i.e. limited spare capacity at peak) in the UK are...

Hardman & Co

Hardman & Co Monthly: January 2025

Feature article: Hardman & Co Healthcare Index, 2024 – Tough year for Life Sciences By Dr Martin Hall The main function of the HHI is to...

Hardman & Co

The Hardman & Co Monthly: November 2024

Feature article: “ROOM” (Running Out of Money) risk, How managing liquidity risk can sustain corporate value and maintain shareholder confidence

Hardman & Co

ICG Enterprise Trust plc: Portfolio: 14% EBITDA growth + widening margins

The key message from ICGT’s 1HFY’25 results (to July) is the continued strength of the operating companies, which delivered an average 14% LTM...

Hardman & Co

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