Alliance News: US President Donald Trump said he had “very good” talks with an unidentified Iranian official after abruptly shelving plans for fresh attacks, even as Israel vowed to continue strikes on the Islamic republic. The White House told the BBC that plans for talks with Iran remain “fluid”, cautioning that any speculation “should not be deemed as final”. Tehran denied Trump’s account and accused him of manipulating energy markets. The comments came ahead of a Monday night deadline set by Trump for Iran to reopen the Strait of Hormuz or face US threats to “obliterate” its power plants.
Comment: Given the way that the Iranians have denied talking to President Trump, one wonders who he has been talking to. Perhaps he got the wrong number and was speaking to Sadaf in Westbourne Grove, one of the finest Persian restaurants in West London.
EKF Diagnostics (EKF): A broker fest today, and the result is the shares are down 4.88%. Sorry. Should have asked me to comment.
Singer Capital Markets view: In our view shares remain attractively valued, trading on just 7x FY26 EV/EBITDA, given the robust cash generation, and the strong platform for growth in FY26 and beyond. Forecast changes can be found overleaf. Mechanistically the TP falls to 35p because of higher tax (based on 2.5x EV/Sales, 12x EV/EBITDA, and a DCF), but we remain firmly at Buy.
Panmure Liberum view: EKF results show a modest improvement to revenue growth rate and continuing step up in margins as the changes which are being implemented through the five-year plan begin to have an influence. The company remains undervalued compared to peers on the core business alone (ex-fermentation) and the shares are well positioned to outperform. Buy.
Stifel view: The outlook for FY26 remains in line with expectations, and we leave our forecasts largely unchanged. In our view, the core indicators for growth are positive and valuation remains highly compelling at 6.6x EV/EBITDA, below 3-year average at 8.5x. We reiterate our Buy rating.
M&A Focus: Capricorn Energy (CNE)
On March 11 CNE said it is seeking “clarity” about the funding arrangements of a potential bidder for the company, Alamadiyaf al-Masiyyah for Trading LLC and had received multiple unsolicited non-binding proposals” from Alamadiyaf al-Masiyyah, a member of the Cafani Group, regarding a possible all cash offer. Since then the oil price has soared, the CNE share has not, and we are rather left in the dark. Sources who allege they are familiar with the situation suggest that CNE has another bidder ( for instance, the likes of Dragon Oil have been mentioned) in the frame, and presumably is not announcing this as it is either too early or feels that the March 11 announcement sufficiently puts it in the frame from a M&A perspective. One would suggest that whatever the position is, the downside is limited for the stock
S4 Capital (SFOR) rose 15% after saying clients are likely to remain cautious in the near term, with first-quarter revenue set to decline due to the Middle East conflict. However, it expects 2026 like-for-like net revenue to be in line with current analyst consensus.
Comment: While SFOR has been something of a value / recovery / falling knife trap of late, there are signs that the metrics, or at least some of them are improving. For instance, debt, and free cash flow. However, we still wonder how far this will take any share price recovery.
KEFI (KEFI), a gold and copper exploration and development company focused on the Arabian Nubian Shield with a pipeline of projects in the Federal Democratic Republic of Ethiopia, and the Kingdom of Saudi Arabia, announced on 19 March 2026 the launch of a fundraising comprising a Firm Placing, a Conditional Placing and a Conditional Subscription in conjunction with a RetailBook Offer. The Company announce that the RetailBook Offer successfully completed and closed at 4.30 p.m. on 23 March 2026 and that it has conditionally raised approximately £941,574 in the RetailBook Offer through the issue of 78,464,474 new Ordinary Shares at the Issue Price of 1.2 pence per share.
Comment: One can contrast the excellence in business / leadership that Executive Chairman Harry Anagnostaras-Adams is regarded with in Africa, with the jibes from the usual suspect small cap bloggers / clickbait merchants who continue to try and throw stones even though the company is well above the clouds. Being fully funded, fully backed and in a massive bull market for copper and gold all suggests that the share price dip on the fundraise can be regarded as an unexpected gift.
M.P. Evans Group PLC (MPE), a producer of sustainable Indonesian palm oil, announced its results for the year ended 31 December 2025. The Group has, once again, achieved record-breaking results during the year. Pricing for the Group’s key products, crude palm oil and palm kernels, remained strong during 2025, and the Group focused on processing a greater proportion of its own, high-quality crop, benefiting margins. Planted hectarage under management increased during the year, now exceeding 70,000 hectares.
Comment: One of the most consistent performers on the London market, with the only quibble perhaps being that more people / investors are not familiar with the company. The prospect of further acquisitions is a decent driver for the share price even from present levels.
MobilityOne (MBO), the e-commerce infrastructure payment solutions and platform provider, notes that a definitive proxy statement and prospectus has been filed by Technology & Telecommunication Acquisition Corporation and Tete Technologies Inc., a wholly owned subsidiary of TETE, on 23 March 2026 (the “TETE Proxy Filings”). The TETE Proxy Filings are available for viewing on the United States Securities and Exchange Commission’s website (“SEC”). The Company also noted that TETE informed the Company on 23 March 2026 that they had received a Notice of Effectiveness from the SEC, filed with the SEC on 20 March 2026, which is an official notification declaring that the proxy statement and prospectus has been approved by the SEC.
Comment: It is pleasant to see a listed company and its management do something ambitious with the listing, rather than just sit back and enjoy the salary. Shares of MBO have rocketed since the start of the year, and deservedly so.
Personal Group Holdings Plc (PGH), the workforce benefits and insurance provider, announced its preliminary results for the year ended 31 December 2025. Group revenue up 11% to £48.4m (2024: £43.8m), with growth across all divisions. Annualised recurring revenue streams (ARR) up 12% to £48.6m as at 31 December 2025 (31 December 2024: £43.4m), with over 90% of reported revenue for 2025 deriving from the recurring revenue sources of insurance and SaaS subscriptions. Adjusted EBITDA up 22% to £12.1m (2024: £10.0m), ahead of market expectations.
Comment: No one likes a show off, but this is precisely what PGH is currently able to do, and in the wake of the new insurance partnership announced yesterday. As stated yesterday, it is a shame this is a relatively low profile company as far as most investors are concerned.
Neo Energy (NEO), the medium-term, low-cost uranium developer, announced a number of operational and corporate updates as it continues to progress development of the Company’s strategy for development of the New Beisa Project. Executive Management is currently negotiating an Access to Site Agreement with Sibanye-Stillwater Limited to secure unrestricted access to the New Beisa Complex site, enabling certain preparatory work to commence, while the Section 11 approval process is being implemented. Security contractors have been engaged by the Company and are liaising directly with Sibanye-Stillwater’s management. In parallel, mineral rights specialists appointed by the Company are working closely with Sibanye-Stillwater to support the smooth and successful implementation of the Section 11 process.
Comment: Ordinarily one would have thought that mentioning Sibanye-Stillwater in an RNS when you are a microcap would be a rocket launcher for the share price. Alas, so far this is not the case. Perhaps the company has previously overhyped its prospects, hence the relatively flat response today?
Hardide plc (HDD), the provider of advanced surface coating technology, will be holding its AGM at 11.30am today, at which the Chair will provide the following update on trading for the financial year ending 30 September 2026. Following the award of an aerospace contract, announced in December 2024, the Group has now commenced of production work to coat cargo door components for freight aircraft, which is expected to benefit the second half of the year. In parallel, Hardide recently received its first repeat order to coat turbine blades for the power generation sector, following successful field trials, with delivery scheduled for H2 FY26.
Comment: Shares of HDD were up over 2x last year, and are up 81% so far in 2026. Indeed, one does not have to be Warren Buffett to realise that the company has taken itself to the next level and should be one of the year’s small cap highlights on the London market. Chart wise it seems fair to look for 50p by the end of May on this situation, while we hold 30p.
NIOX Group plc (NIOX), a medical device company focused on point-of-care FeNO testing for the diagnosis, monitoring and management of asthma and COPD, today announced its results for the year ended 31 December 2025. Revenue growth of 17% (15% on a constant currency basis) to £48.7m (2024: £41.8m). Clinical revenue growth of 7% (6% on a constant currency basis) to £38.6m (2024: £36.1m).
Comment: Given my encyclopaedic knowledge of the stock market, and the dwindling universe of companies, due to cost and red tape, it is almost impossible for me not to have heard of a listed company. NIOX is one of the few, which is a shame given what a great prospect it could be, and the way the shares have tanked so far in 2026.
TMT Investments Plc (TMT), the venture capital company investing in high-growth technology companies, announced its audited final results for the year ended 31 December 2025. TMT said “In 2025, TMT’s net asset value increased 8.9%, mainly as a result of the significant positive currency exchange impact on the Company’s Pound Sterling and Euro-denominated investments and the continued growth of TMT’s investment in Scentbird. This was a period of continuing macroeconomic and political instability, as well as of subdued venture capital, IPO, and M&A activity outside the AI segment.”
Comment: TMT is one of the few investment companies in tech on the London stock market which has not made a fool of itself / shot itself in the foot, and hurt shareholders. Instead we have a consistent performer in terms of the portfolio, if not the share price, which currently provides a value opportunity.
Bluebird Mining Ventures Ltd (BMV), the gold streaming, mining and treasury company, confirmed that Frank Amato and Hernán M. Yellati have been appointed to the Board as Non-Executive Directors with immediate effect. Frank Amato will serve as Chair of the Audit Committee, while Hernán M. Yellati has been appointed Chair of the Remuneration and Nomination Committee. Frank Amato will be joined by Board Advisors Darron Giddens and John Webb, who will attend Audit Committee meetings. The Company has also established a Conflicts Committee, which will be chaired by John Webb. BMV said “I look forward to working closely with them and our Advisory Board to further strengthen governance, enhance strategic oversight and drive the business forward. Their leadership of the Audit Committee and the Remuneration and Nomination Committee respectively will play an important role in supporting the Company’s long-term objectives and delivering value for shareholders.”
Comment: We have a business as usual update from BMV, which is all the more interesting given the mudslinger / mud racking the company has been subject to. Perhaps the key concept here is the acknowledgement of moves to strengthen governance.
Author
