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.


<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. 


<ul>
<li><span style="font-size: var(--content-font-size);">Budgets are always important for investors.</span></li>
<li>The imminent Budget, at the end of October, will be doubly so, because it is the first from the new Labour government, and it has already signalled the need to fill an alleged £22bn black hole, while ruling out changes to more than half the tax base.</li>
<li>That implies a lot of the pain will be felt by investors.</li>
</ul>


Budgets are always important for investors.
The imminent Budget, at the end of October, will be doubly so, because it is the first from the new Labour government, and it has already signalled the need to fill an alleged £22bn black hole, while ruling out changes to more than half the tax base.
That implies a lot of the pain will be felt by investors.


<ul>
<li>Feature article: Solid IICs, cash-consolidating REIFs Since the beginning of 2024, the share prices of Infrastructure Investment Companies (IICs) and Renewable Energy Infrastructure Funds (REIFs) have generally remained lacklustre, failing to recover from the losses experienced in 2023.</li>
<li>A significant factor contributing to this trend has been the sharp rise in interest rates since 2021, which has negatively impacted the sector due to the increased yields on “risk-free” 10-year gilts.</li>
<li>The recent change in the UK government may bring some relief, with potential relaxations in planning approvals for new onshore wind and solar plants.</li>
</ul>


Feature article: Solid IICs, cash-consolidating REIFs Since the beginning of 2024, the share prices of Infrastructure Investment Companies (IICs) and Renewable Energy Infrastructure Funds (REIFs) have generally remained lacklustre, failing to recover from the losses experienced in 2023.
A significant factor contributing to this trend has been the sharp rise in interest rates since 2021, which has negatively impacted the sector due to the increased yields on “risk-free” 10-year gilts.
The recent change in the UK government may bring some relief, with potential relaxations in planning approvals for new onshore wind and solar plants.


<ul>
<li>In 2023, and for the second year running, the Hardman &amp; Co sector index declined, by 3.7%, underperforming both the FTSE 100 and the FTSE All-Share indices.</li>
<li>This is quite unusual for healthcare stocks. Our Index covers 52 companies, only 15 of which saw an increase in their share prices in 2023, and four of those were on account of M&amp;A activity.</li>
<li>Apart from the general economic influences, which have made institutions more risk-averse, there was a common knowledge that several companies were in need of additional working capital; so, share prices were marked down in anticipation of equity raises.</li>
</ul>


In 2023, and for the second year running, the Hardman &amp; Co sector index declined, by 3.7%, underperforming both the FTSE 100 and the FTSE All-Share indices.
This is quite unusual for healthcare stocks. Our Index covers 52 companies, only 15 of which saw an increase in their share prices in 2023, and four of those were on account of M&amp;A activity.
Apart from the general economic influences, which have made institutions more risk-averse, there was a common knowledge that several companies were in need of additional working capital; so, share prices were marked down in anticipation of equity raises.


United Kingdom

Neuberger Private Equity Partners (NBPE) is a London-listed investment company specializing in direct equity investments in private companies, diversifying across industry, vintage year, and underlying private equity manager. The company aims to generate attractive long-term returns by co-investing alongside leading private equity sponsors, primarily focusing on North American and European unquoted companies. NBPE was established in 2009 and is headquartered in Saint Peter Port, Guernsey.

Neuberger Private Equity Partners (NBPE LN)

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Neuberger 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

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

Hardman & Co Monthly: October 2024

This paper considers the impact of increases in rates for those taxes that affect investors, and the withdrawal of tax concessions and reliefs.

Hardman & Co

Hardman & Co Monthly: August 2024

The recent change in the UK government may bring some relief, with potential relaxations in planning approvals for new onshore wind and solar plants.

Hardman & Co

Hardman & Co Monthly: July 2024

In 2023, and for the second year running, the Hardman & Co sector index declined, by 3.7%, underperforming both the FTSE 100 and the FTSE All-Share...

Hardman & Co

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