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

NB Private Equity Partners / Equity Bottom-Up

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.

<ul><li>NBPE’s key takeaways from its 2025 Capital Markets day were i) high-quality portfolio (strong underlying operating performance, particularly among larger positions), ii) well positioned for improving exits (mature portfolio with a number of exit-ready companies), iii) balance sheet strength (flexibility to increase investment in attractive new opportunities in addition to returning capital to shareholders, iv) optimal access via co-investments (NB’s differentiated co-investment platform provides efficient access to attractive opportunities alongside high-quality managers), and v) attractive investment pipeline (focus on mid-life co-investments providing exposure to companies already in the value-creation phase).</li></ul>

NBPE’s key takeaways from its 2025 Capital Markets day were i) high-quality portfolio (strong underlying operating performance, particularly among larger positions), ii) well positioned for improving exits (mature portfolio with a number of exit-ready companies), iii) balance sheet strength (flexibility to increase investment in attractive new opportunities in addition to returning capital to shareholders, iv) optimal access via co-investments (NB’s differentiated co-investment platform provides efficient access to attractive opportunities alongside high-quality managers), and v) attractive investment pipeline (focus on mid-life co-investments providing exposure to companies already in the value-creation phase).

NB Private Equity Partners (NBPE): 2025 CMD: good returns from low-risk PE model

<ul><li>In our view, NBPE’s 1H’25 results may be characterised as turning the corner.</li><li>There has been a modest improvement in financial performance, the outlook for exits (with expected uplifts to carrying values) has improved, and the pipeline of new investments is strong.</li><li>NBPE’s balance sheet has ample liquidity to take advantage of these opportunities, and its recent focus on mid-life deals means that value creation from these new investments has been rapid.</li></ul>

In our view, NBPE’s 1H’25 results may be characterised as turning the corner.There has been a modest improvement in financial performance, the outlook for exits (with expected uplifts to carrying values) has improved, and the pipeline of new investments is strong.NBPE’s balance sheet has ample liquidity to take advantage of these opportunities, and its recent focus on mid-life deals means that value creation from these new investments has been rapid.

NB Private Equity Partners (NBPE): 1H’25 results: turning the corner

Thematic (Sector/Industry)

<ul>
<li>The global food system has been, and continues to, undergo a structural transformation driven by population growth, climate change and the rise of a larger, wealthier global population.</li>
<li>The global middle-class population is projected to increase from 4.1bn currently to just over 5bn by 2035.</li>
<li>By 2050, global food demand is expected to increase significantly as population rises and diets shift from staple grains to higher-value proteins and dairy products ‒ a change that exponentially increases the strain on land, water and feedstock systems worldwide.</li>
</ul>


The global food system has been, and continues to, undergo a structural transformation driven by population growth, climate change and the rise of a larger, wealthier global population.
The global middle-class population is projected to increase from 4.1bn currently to just over 5bn by 2035.
By 2050, global food demand is expected to increase significantly as population rises and diets shift from staple grains to higher-value proteins and dairy products ‒ a change that exponentially increases the strain on land, water and feedstock systems worldwide.


Hardman and Co Insight: Feeding the future

<ul>
<li>Feature article: Feeding the future The case for food system investment Megatrends, at a very basic level, dictate the “direction of travel” for economic, social and political activity; investments made on this basis will receive powerful trend support.</li>
<li>Today, the transformation of the global food system represents one such structural force.</li>
<li>As demographic expansion, rising income and growing climate pressure converge, food sustainability as a strategic, long-term investment theme is no longer a forward-looking concept but a current market reality.</li>
</ul>


Feature article: Feeding the future The case for food system investment Megatrends, at a very basic level, dictate the “direction of travel” for economic, social and political activity; investments made on this basis will receive powerful trend support.
Today, the transformation of the global food system represents one such structural force.
As demographic expansion, rising income and growing climate pressure converge, food sustainability as a strategic, long-term investment theme is no longer a forward-looking concept but a current market reality.


Cavendish PLC provides investment banking services. The Company offers financial advisory, corporate consulting, debt funding, merger and acquisitions, and capital raising services. Cavendish serves clients worldwide.

<ul><li>Cavendish reported PBT of £1.1m for the half-year to September 2025.</li><li>Revenue was up 3% on a comparable basis – against a still tricky background for UK smaller companies – and adjusted pre-tax profit was £2.0m, marginally ahead of the same period last year.</li><li>The result was an indication of the strength of the diversified revenue stream – with both private and public divisions healthily profitable – and a strong control on costs, which fell over the period.</li></ul>

Cavendish reported PBT of £1.1m for the half-year to September 2025.Revenue was up 3% on a comparable basis – against a still tricky background for UK smaller companies – and adjusted pre-tax profit was £2.0m, marginally ahead of the same period last year.The result was an indication of the strength of the diversified revenue stream – with both private and public divisions healthily profitable – and a strong control on costs, which fell over the period.

Cavendish plc (CAV): Steadily profitable in continuingly tough markets

Hardman & Co has a long established reputation for high quality and independent research on small and mid cap quoted companies. Our industry analysts are all highly experienced, with an average of 23 years researching companies for investors. In addition to providing in-depth company coverage, we work closely with our clients in an advisory capacity, providing market intelligence, advice on corporate transactions and in constructing marketing programmes targeted at both retail and institutional investors. 
 
The research we produce is published in both hard and soft copy through a variety of channels, including our bespoke global distribution list, Bloomberg, Thomson Reuters, RNS-Reach and FactSet. 

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