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>AIREA 23.00p £9.51m (AIEA.L) The UK design-led specialist flooring Company supplying both the UK and international markets announced a trading update for the six months ended 30 June 2025.</li>
<li>The Company reported the encouraging start to the year continued into the second quarter with Group sales for the Period 5.8% ahead of the prior year at £9.81m (H1 2024: £9.27m).</li>
<li>The UK and ROI delivered sales at the end of the Period 7.3% ahead of the prior year. As planned, the major investment in the Group's manufacturing facility is scheduled for completion by the end of Q3. </li>
</ul>


AIREA 23.00p £9.51m (AIEA.L) The UK design-led specialist flooring Company supplying both the UK and international markets announced a trading update for the six months ended 30 June 2025.
The Company reported the encouraging start to the year continued into the second quarter with Group sales for the Period 5.8% ahead of the prior year at £9.81m (H1 2024: £9.27m).
The UK and ROI delivered sales at the end of the Period 7.3% ahead of the prior year. As planned, the major investment in the Group's manufacturing facility is scheduled for completion by the end of Q3. 


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>Each week, I’ll share five intriguing investment ideas that recently caught my attention. These ideas are meant to spark your research and help you kickstart the week ahead with fresh insights.</li><li>Because these ideas are the result of my first-level idea generation process, they require more in depth research. Therefore, the ideas will often be concise, with occasional references to valuable work from other practitioners that I encourage you to explore.</li><li>If you have something fascinating to share that could benefit me and the wider community, don’t hesitate to send it my way—I’d love to hear from you!</li></ul>

Each week, I’ll share five intriguing investment ideas that recently caught my attention. These ideas are meant to spark your research and help you kickstart the week ahead with fresh insights.Because these ideas are the result of my first-level idea generation process, they require more in depth research. Therefore, the ideas will often be concise, with occasional references to valuable work from other practitioners that I encourage you to explore.If you have something fascinating to share that could benefit me and the wider community, don’t hesitate to send it my way—I’d love to hear from you!

Cross Asset Strategy

<ul>
<li>12th May: Cobalt Holdings, a Company created primarily to purchase and hold physical cobalt, offering public equity investors pure-play direct exposure to the price of cobalt, confirmed its intention to raise approximately US$230m through its Global Offer and the Admission on to the Main Market in June 2025.</li>
<li>Glencore International AG and certain entities and affiliates managed by Anchorage Structured Commodities Advisor, have agreed to participate as cornerstone investors, agreeing to invest, in aggregate, an amount representing approximately 20.5% of the Shares to be offered pursuant to the Global Offer.</li>
<li>9th May: iFOREX Financial Trading, the fintech business with a proprietary online and mobile trading platform for multi-asset contracts for difference, announces that it has confirmed its intention to IPO onto the Main Market.</li>
</ul>


12th May: Cobalt Holdings, a Company created primarily to purchase and hold physical cobalt, offering public equity investors pure-play direct exposure to the price of cobalt, confirmed its intention to raise approximately US$230m through its Global Offer and the Admission on to the Main Market in June 2025.
Glencore International AG and certain entities and affiliates managed by Anchorage Structured Commodities Advisor, have agreed to participate as cornerstone investors, agreeing to invest, in aggregate, an amount representing approximately 20.5% of the Shares to be offered pursuant to the Global Offer.
9th May: iFOREX Financial Trading, the fintech business with a proprietary online and mobile trading platform for multi-asset contracts for difference, announces that it has confirmed its intention to IPO onto the Main Market.


IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>The <a href="https://www.smartkarma.com/entities/apm-human-services-internation" target="_blank" data-smartkarma-citation="entities:34808:1" rel="noopener">APM Human Services (APM AU)</a> IE considers Madison Dearborn Partners (MDP)’s A$1.45 offer fair and reasonable as it is within the A$1.40 to A$1.74 valuation range. </li>
<li>The offer is conditional on FIRB, US HSR and shareholder approval. FIRB approval should be forthcoming as MDP is the second-largest shareholder.</li>
<li>While the offer remains underwhelming, rollover shareholders and quiet retail boards should ensure the vote passes. At last close and for the 10 October payment, the gross/annualised spread is 1.4%/10.1%.</li>
</ul>


The APM Human Services (APM AU) IE considers Madison Dearborn Partners (MDP)’s A$1.45 offer fair and reasonable as it is within the A$1.40 to A$1.74 valuation range. 
The offer is conditional on FIRB, US HSR and shareholder approval. FIRB approval should be forthcoming as MDP is the second-largest shareholder.
While the offer remains underwhelming, rollover shareholders and quiet retail boards should ensure the vote passes. At last close and for the 10 October payment, the gross/annualised spread is 1.4%/10.1%.


APM Human Services (APM AU): Scheme Vote on 18 September

Managing Partner, VRS (Valuation & Research Specialists)

VRS (Valuation & Research Specialists)

Managing Partner

Valuation & Research Specialists (VRS) is a boutique financial advisor with more than 17 years of experience in Corporate Valuation and Finance, and a diversified client base including some of the largest Companies in Greece.

Since 2002, VRS has completed more than 200 engagements in the areas of business valuation and financial analysis for more than 100 clients in a wide range of industries.

VRS has been honored to work with small and large private and publicly traded companies in Europe and overseas.

Boutique Financial Advisor

<ul><li>Our estimations for FY 2023 indicate a projected annual revenue of £959 million, with further growth expected in FY 2024, reaching approximately £988 million.</li><li>In comparison, the company's revenue for the fiscal year 2022 amounted to £941 million, showcasing a slight decrease from the £943 million reported in 2021.</li><li>Notably, the operating profit surged to £4.6 million in 2022, demonstrating a substantial increase from the £2.3 million recorded in 2021. </li></ul>

Our estimations for FY 2023 indicate a projected annual revenue of £959 million, with further growth expected in FY 2024, reaching approximately £988 million.In comparison, the company's revenue for the fiscal year 2022 amounted to £941 million, showcasing a slight decrease from the £943 million reported in 2021.Notably, the operating profit surged to £4.6 million in 2022, demonstrating a substantial increase from the £2.3 million recorded in 2021. 

Company Update - Staffline Group Plc - January 11, 2024

United Kingdom

Staffline Group PLC provides recruitment and outsourced human resource services. The Company specializes in supplying temporary and blue collar industrial workers, and temporary and permanent placement in the engineering and consumer goods sectors.

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Staffline (STAF LN)

Hybridan Small Cap Feast: 29/07/2025

AIREA 23.00p £9.51m (AIEA.L) The UK design-led specialist flooring Company supplying both the UK and international markets announced a trading...

Hybridan

Monday Delight: 04/08/25

Each week, I’ll share five intriguing investment ideas that recently caught my attention. These ideas are meant to spark your research and help...

Contrarian Cashflows

Hybridan Small Cap Feast: 21/05/2025

Glencore International AG and certain entities and affiliates managed by Anchorage Structured Commodities Advisor, have agreed to participate as...

Hybridan

APM Human Services (APM AU): Scheme Vote on 18 September

While the offer remains underwhelming, rollover shareholders and quiet retail boards should ensure the vote passes. At the last close, the gross...

Arun George

Company Update - Staffline Group Plc - January 11, 2024

EBITDA for the fiscal year 2022 stood at an impressive £10.2 million, while EBT and EATAM were reported at £1.9 million and £3.8 million,...

VRS (Valuation & Research Specialists)

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