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.

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.


Equity Bottom-Up

ICG Enterprise Trust plc / Equity Bottom-Up

<ul><li>Feature article: Addressing the “risk off” investment challenge As we approach mid-2025, life remains challenging for many UK companies and their shareholders, and ‒ as a broad generalisation – consensus suggests little will change in the foreseeable future.</li><li> So, are we now facing a real risk of the UK economy stagnating due to lack of funding?</li><li>If that is the case, who is going to take the initiative and avert such a crisis?</li></ul>

Feature article: Addressing the “risk off” investment challenge As we approach mid-2025, life remains challenging for many UK companies and their shareholders, and ‒ as a broad generalisation – consensus suggests little will change in the foreseeable future. So, are we now facing a real risk of the UK economy stagnating due to lack of funding?If that is the case, who is going to take the initiative and avert such a crisis?

ICG Enterprise Trust plc - Hardman & Co Monthly: June 2025

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.

NB Private Equity Partners / Equity Bottom-Up

<ul>
<li>The key takeaways from NBPE’s 6 November CM day, in our view, were i) positive market indications, including exits and an increase in the correlation between operating company EBITDA growth and NAV growth</li>
<li>ii) NB’s platform brings unique benefits: accessing deals, analysing investment opportunities, and GP relationships, (which have generated a big increase in opportunities presented to them, even when the overall market slowed) and</li>
<li>iii) multiple levers for value creation mean that bottom-line return expectations are unchanged.</li>
</ul>


The key takeaways from NBPE’s 6 November CM day, in our view, were i) positive market indications, including exits and an increase in the correlation between operating company EBITDA growth and NAV growth
ii) NB’s platform brings unique benefits: accessing deals, analysing investment opportunities, and GP relationships, (which have generated a big increase in opportunities presented to them, even when the overall market slowed) and
iii) multiple levers for value creation mean that bottom-line return expectations are unchanged.


NB Private Equity Partners - CM Day: 6 November Fireworks

<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. 


United States

NB Private Equity Partners is a closed end investment fund incorporated in Guernsey. The fund invests in a diversified portfolio of direct yielding investments, co-investments and fund investments selected by the NB Alternatives group of Neuberger Berman, diversified across private equity asset class, geography, industry, vintage year, and sponsor.

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NB Private Equity Partners (NBPE LN)

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

ICG Enterprise Trust plc - Hardman & Co Monthly: June 2025

Feature article: Addressing the “risk off” investment challenge As we approach mid-2025, life remains challenging for many UK companies and their...

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

NB Private Equity Partners - CM Day: 6 November Fireworks

The key takeaways from NBPE’s 6 November CM day, in our view, were i) positive market indications, including exits and an increase in the...

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

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