Current analyst assessments
On this page you will find current analyst assessments of renowned research houses, which make their assessments on the business development of listed companies available for publication and distribution via our content partner EQS-Newswire.
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29 July 2025 09:30AM
growing where it wants to
Hardman & Co publication on Arbuthnot Banking Group (ARBB):
1H’25 results: growing where it wants to
From ABG’s 1H’25 results, we note i) strong growth in low-capital-intensity businesses (deposits, wealth management) and high risk-adjusted-return specialist lending (most notably RAF and leasing businesses) ‒ ABG is not competing for busine...
Hardman & Co Research
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10 July 2025 09:45AM
Profitable even in tough markets
Hardman & Co Initiation of Coverage:
Cavendish plc (CAV) - Profitable even in tough markets
Cavendish reported a return to profitability in the year to March 2025. Revenue was up 3% on a comparable basis – against a still tricky background for UK smaller companies – and adjusted pre-tax profit was £3.7m against a loss of £1.8m in the year t...
Hardman & Co Research
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08 July 2025 11:15AM
Landing the big one
Hardman & Co Research on Chesnara plc (CSN): Landing the big one
After a longer wait than planned, Chesnara has announced a large acquisition, HSBC Life (UK). At a cost of £260m, it is over 70% of Chesnara’s pre-announcement market capitalisation and will be funded by a mixture of equity, existing cash resources (primarily from the earlier Ti...
Hardman & Co Research
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02 July 2025 08:10AM
Investor seminar 2025 - resilience and growth
Hardman & Co Research on ICG Enterprise Trust plc (ICGT):
Investor seminar 2025 – resilience and growth
The key takeaways from ICGT’s investor seminar on 18 June 2025 (see here) were on slide 33. PE remains a structurally attractive asset class, and ICGT has i) a unique portfolio of profitable, cash-generative, private companies ‒ nearly im...
Hardman & Co Research
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24 June 2025 01:30PM
Volatility put into context
Hardman & Co Research on Volta Finance Limited (VTAS):
Volatility put into context
In this report we review Volta’s volatility during recent “crisis” periods (2025 tariff uncertainty, Russia’s 2022 invasion of Ukraine, early COVID-19 experience). In one of these events, Volta’s share price showed more volatility than that of equity markets...
Hardman & Co Research
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17 June 2025 08:15AM
Hardman Talks Videos | ICG Enterprise Trust ‘Your questions answered – Interviews 1 and 2’
Hardman Talks Video Interviews | ICG Enterprise Trust ‘Your questions answered' (two-part series)
In this two-part Hardman Talks series Keith Hiscock, CEO of Hardman & Co, meets with Colm Walsh, Managing Director of ICG Enterprise Trust, to answer readers' questions across a range of topics. Due to the volume of questions received we have spli...
Hardman & Co Research
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21 May 2025 01:30PM
Investing in resilience, delivering growth
Hardman & Co Research on ICG Enterprise Trust plc (ICGT):
Investing in resilience, delivering growth
The key message from ICGT’s FY’25 results (to January) is the continued strength of the operating companies, which delivered, on average, 15% LTM EBITDA growth. Margins have widened by ca.4% (average revenue growth 11%), which should help al...
Hardman & Co Research
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20 May 2025 12:30PM
Real Estate Credit Investments (RECI) - Meeting any potential macro challenges head on
Hardman & Co Research on Real Estate Credit Investments (RECI):
Meeting any potential macro challenges head on
In our view, there remains great uncertainty over the effects of tariffs and whether the US/global economies will fall into a recession. Over the past six years, we have written many times on RECI’s resilient model. In this note,...
Hardman & Co Research
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16 May 2025 09:45AM
30 new venue contracts and pipeline remains strong
Hardman & Co Research on accesso Technology Group:
30 new venue contracts and pipeline remains strong
FY24 results, released last month, were in line with its January trading update. Revenues grew by 5.3%, when excluding discontinued components, while cash EBITDA eased by 3.4% to $22.8m to reflect a margin of 15.0%. Management is cautious o...
Hardman & Co Research
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12 May 2025 04:25PM
2024 - short-term noise over long-term growth
Hardman & Co Research on NB Private Equity Partners (NBPE):
2024 - short-term noise over long-term growth
Like many in the PE space, NBPE’s 2024 total $ NAV return (1.5%) was below the five-year average (11.0%), driven by falling valuations of listed holdings and forex. The private company growth (6.9% constant currency) was also below av...
Hardman & Co Research
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07 April 2025 03:20PM
Showing good operational progress
Hardman & Co Research on Chesnara plc (CSN):
Showing good operational progress
Chesnara announced its 2024 results, which showed positive progress compared with 2023. The main features were positive market returns, offset by some mixed operational experience. Economic Value profit of £69.1m represented a 17% increase on the £59.1m in 2023...
Hardman & Co Research
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04 April 2025 05:00PM
franchise growing through the noise
Hardman & Co Research on Arbuthnot Banking Group (ARBB):
2024 results: franchise growing through the noise
The core of any successful, long-term business lies in offering clients the products they want so that they give you more business and, in turn, you attract new customers. The 2024 results show how ABG has achieved this, with growth ...
Hardman & Co Research
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02 April 2025 12:39PM
Jam yesterday, and tomorrow, but not today
Hardman & Co Research on Apax Global Alpha (APAX):
Jam yesterday, and tomorrow, but not today
AGA was transparent in that 2024 was a below-average year for the company, with a total NAV return of 0.8% (-3.0% constant currency, including a 4Q total NAV return of 2.6% (-1.8% cc). By comparison, the five-year total NAV CAGR return was 8.3%. ...
Hardman & Co Research
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20 March 2025 08:00AM
reasons to be cheerful 1, 2, 3, 4 and 5
Hardman & Co Research on H&T (HAT):
2024 results: reasons to be cheerful 1, 2, 3, 4 and 5
H&T’s 2024 results were reassuringly in line with expectations, delivering 10% PBT growth, with the pledge book capital value up 26%, retail sales up 27% and forex profits up 11%. The outlook remains positive, with i) strong demand in the core...
Hardman & Co Research
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18 March 2025 02:10PM
NAV, capital, Trump and interest rates
Hardman & Co Research on NB Private Equity Partners (NBPE):
Update on: NAV, capital, Trump and interest rates
We highlighted our capital markets day takeaways in CM day: 6 November fireworks; notably, i) positive market trends, ii) NB’s platform unique benefits, and iii) multiple levers for value creation. In this note, we update investor...
Hardman & Co Research
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27 February 2025 12:30PM
Private credit momentum in the RECI context
Analyst interview | Diversified Financial Services
Q&A on Real Estate Credit Investments | Private credit momentum in the RECI context
Private credit is booming, with market size soaring from $1 trillion in 2020 to an expected $2.8 trillion by 2028. What does this mean for Real Estate Credit Investments (LON:RECI)?
Hardman & Co’s Ma...
Hardman & Co Research
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26 February 2025 01:20PM
Can 2025 outshine a stellar 2024 performance?
Analyst interview | Investment Companies
Q&A on Volta Finance Ltd | Can 2025 outshine a stellar 2024 performance?
Volta Finance Ltd (LON:VTA,VTAS) delivered impressive returns in 2024, significantly outperforming comparable asset classes. In this interview, Mark Thomas, analyst at Hardman & Co, highlights the key drivers behind Volta...
Hardman & Co Research
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20 February 2025 01:30PM
threats and opportunities
Hardman & Co Research on Real Estate Credit Investments (RECI):
The rise of private credit: threats and opportunities
One of the key trends in global financing markets has been the rise of private credit. In this report, we consider the implications for RECI. On the upside, we note i) the disintermediation of banks reconfirms the drivers to...
Hardman & Co Research
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18 February 2025 05:05PM
We expect revenue growth to accelerate
Hardman & Co Research on accesso Technology Group (ACSO):
We expect revenue growth to accelerate
In this note, we review the prospects for accesso ahead of the final results in April. The January update was reassuring, with revenue of ca.$152m ahead of our $150m forecast and the ca.15% cash EBITDA margin well ahead of the 13.2% forecast. C...
Hardman & Co Research
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17 February 2025 03:30PM
Exits surge as market demand rebounds
Analyst interview | Investment Companies
Q&A on Apax Global Alpha (APAX) | Exits surge as market demand rebounds
The tide is turning for Apax Global Alpha (LON:APAX). With deal activity accelerating and exits ramping up, Hardman & Co’s latest report, AGA Past Inflection Point, highlights why the stock of exitable businesses is growin...
Hardman & Co Research
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17 February 2025 08:15AM
2024 experience bodes well for 2025
Hardman & Co Research | Closed End Investments
Volta Finance Limited (VTAS) | 2024 experience bodes well for 2025
Volta has delivered +21.2% 2024 total NAV return, outperforming i) B-rated CLO tranches (+19.2%), ii) US high yield (+8.2%), iii) Euro high yield (+8.6%), and iv) global loans (+7.3%). Its performance reflects positive markets ...
Hardman & Co Research
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14 February 2025 11:17AM
How a unique capital strategy drives long-term investor gains
Analyst interview | Investment Companies
Q&A on ICG Enterprise Trust (ICGT) | How a unique capital strategy drives long-term investor gains
ICG Enterprise Trust (ICGT) is the topic of conversation when Hardman & Co analyst Mark Thomas joins DirectorsTalk Interviews.
ICGT stands out in the private equity space with its distinctive approac...
Hardman & Co Research
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30 January 2025 04:40PM
AGA passed inflexion point with deal activity rising
Hardman & Co Research on Apax Global Alpha (APAX):
AGA passed inflexion point with deal activity rising
As noted in our reports, CM day: further proof of value added by Apax and 1H’24: deal activity coming back strongly, the stock of exit-able businesses is rebuilding at a time when market demand is returning. Apax Funds appear to have tu...
Hardman & Co Research
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28 January 2025 12:40PM
Unique approach to capital allocation
Hardman & Co Research on ICG Enterprise Trust plc:
Unique approach to capital allocation
In this note we examine how shareholders benefit from ICGT’s unique approach to capital allocation (first discussed on page 11 of our 16 May 2024 note FY’24: portfolio companies performing strongly). We have in previous notes highlighted how ICGT’s de...
Hardman & Co Research
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09 January 2025 10:20AM
Happy new acquisition
Hardman & Co Research on Chesnara plc: Happy new acquisition
After an interval of 18 months, Chesnara announced a new acquisition just before Christmas. Although relatively small, it is another positive step for the company. The deal is a further acquisition from Canada Life UK, this time a portfolio of unit-linked bonds and legacy pension bu...
Hardman & Co Research
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03 December 2024 12:50PM
Key takeaways from Capital Markets Day
Hardman & Co analyst interview | Closed End Investments
Q&A on NB Private Equity Partners (NBPE) | Key takeaways from Capital Markets Day
NB Private Equity Partners (NBPE) is the topic of conversation when Mark Thomas, analyst at Hardman & Co, joins DirectorsTalk Interviews.
In this interview, Mark discusses the key points from the r...
Hardman & Co Research
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20 November 2024 02:55PM
Good momentum, modest risk
Hardman & Co Investor Forum Research on
Custodian Property Income REIT (CREI): Good momentum, modest risk
The structure and investment remit of the real estate investment trust (REIT) have been proven to be resilient and position it strongly for the short- and medium-term future. The investment return emphasis is on income, which is generated...
Hardman & Co Research
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20 November 2024 11:30AM
Equity raise and third-party capital update
Analyst interview | Financials
Q&A on Duke Capital (DUKE) | Equity raise and third-party capital update
Duke Capital (DUKE) is the topic of conversation when Hardman & Co Analyst Mark Thomas joins DirectorsTalk.
In this interview, Mark discusses recent developments at Duke Capital, touching on key topics such as their equity raise and p...
Hardman & Co Research
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19 November 2024 01:45PM
High-growth maritime artificial intelligence play
Hardman & Co Investor Forum Research on Windward (WNWD):
High-growth maritime artificial intelligence play
Windward is a fast-growing predictive analytics company that is focused on digitalising the global maritime industry. Windward’s AI-powered decision platform offers a wide-ranging view of the maritime ecosystem and enables stakeholders...
Hardman & Co Research
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18 November 2024 02:20PM
Taking Duke Capital to the next level
Hardman & Co Research on Duke Capital (DUKE): Taking Duke Capital to the next level
In our April 2024 initiation, we highlighted that DUKE, by optimising the best of equity and debt, aimed to achieve equity-type returns with debt levels of risk. We highlighted four pillars of returns, namely: i) term credit; ii) participating preference sha...
Hardman & Co Research
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13 November 2024 12:25PM
6 November fireworks
Hardman & Co Research on 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 correlation between operating company EBITDA growth and NAV growth, ii) NB’s platform brings unique benefits: accessing deal...
Hardman & Co Research
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12 November 2024 01:15PM
Operating companies’ widening margins and strong EBITDA growth
Analyst interview | Investment Companies
Q&A on ICG Enterprise Trust (ICGT) | Operating companies’ widening margins and strong EBITDA growth
ICG Enterprise Trust (ICGT) is the topic of conversation when Hardman & Co analyst Mark Thomas joins DirectorsTalk Interviews.
Mark Thomas discusses the recent performance and strategic direction o...
Hardman & Co Research
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12 November 2024 11:33AM
EDX Medical (EDX) Investor Forum
GB00BNDMJS47
Hardman & Co Video Event | EDX Medical (EDX)
Investor Forum
We are delighted to announce that EDX Medical (EDX) will be presenting at Hardman & Co's upcoming Investor Forum at 3:00pm this Thursday 14 November 2024. Register for the event to secure your place and submit questions.
EDX Medical Group plc, listed on the Apex Segment of the A...
Hardman & Co Research
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11 November 2024 03:00PM
Shield Therapeutics (STX) Investor Forum
Hardman & Co Video Event | Shield Therapeutics (STX)
Investor Forum
We are delighted to announce that Shield Therapeutics (STX) will be presenting at Hardman & Co's upcoming Investor Forum at 3:00pm this Thursday 14 November 2024. Register for the event to secure your place and submit questions.
A commercial-stage pharmaceutical company,...
Hardman & Co Research
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11 November 2024 02:10PM
Hardman Talks Video | Polar Capital Technology Trust Interview
GB00BR3YV268
Hardman Talks Video | Polar Capital Technology Trust
Interview
In this Hardman Talks Keith Hiscock, CEO of Hardman & Co, talks to Alastair Unwin, Deputy Manager of Polar Capital Technology Trust. Despite the explosion of coverage and interest in the technology sector at the moment, Polar Capital Technology Trust is one of just three investmen...
Hardman & Co Research
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05 November 2024 02:50PM
Custodian Property Income REIT (CREI) Investor Forum
Hardman & Co Video Event | Custodian Property Income REIT (CREI)
Investor Forum
We are delighted to announce that Custodian Property Income REIT (CREI) will be presenting at Hardman & Co's upcoming Investor Forum at 3:00pm on Thursday 14 November 2024. Register for the event to secure your place and submit questions.
Custodian is well po...
Hardman & Co Research
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04 November 2024 02:15PM
Windward (WNWD) Investor Forum
Hardman & Co Video Event | Windward (WNWD)
Investor Forum
We are delighted to announce that Windward (WNWD) will be presenting at Hardman & Co's upcoming Investor Forum at 3:00pm on Thursday 14 November 2024. Register for the event to secure your place and submit questions.
Windward is an exciting UK-listed AI company with an innovative ...
Hardman & Co Research
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01 November 2024 01:00PM
Understanding the discount, its rise, and future prospects
Hardman & Co analyst interview | Diversified Financial Services
Q&A on Real Estate Credit Investments (RECI) | Understanding the discount, its rise, and future prospects
Real Estate Credit Investments (RECI) Plc is the topic of conversation when Hardman & Co analyst Mark Thomas joins DirectorsTalk Interviews.
In this interview, Mark ...
Hardman & Co Research
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28 October 2024 12:30PM
The unique value of co-investment in private equity
Hardman & Co analyst interview | Closed End Investments
Q&A on NB Private Equity Partners (NBPE) | The unique value of co-investment in private equity
NB Private Equity Partners (NBPE) is the topic of conversation when Mark Thomas, analyst at Hardman & Co joins DirectorsTalk Interviews.
In this discussion, Mark outlines how NB Privat...
Hardman & Co Research
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23 October 2024 08:30AM
14% EBITDA growth + widening margins
Hardman & Co Research on ICG Enterprise Trust plc: Portfolio:
14% EBITDA growth + widening margins
The key message from ICGT’s 1HFY’25 results (to July) is the continued strength of the operating companies, which delivered an average 14% LTM EBITDA growth. Margins have widened by ca.5% (average revenue growth 9.4%), which should help alla...
Hardman & Co Research
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15 October 2024 04:25PM
Why the discount has been closing and its outlook
Hardman & Co Research on Real Estate Credit Investments (RECI):
Why the discount has been closing and its outlook
RECI’s discount has halved over the past six months. We believe this is due to both actions taken by the trust (with an active buyback programme, changing asset mix and enhanced disclosure of highest-risk positions) and more f...
Hardman & Co Research
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15 October 2024 11:05AM
1H24 deal activity rebounding
Hardman & Co analyst interview | Closed-ended investments
Q&A on Apax Global Alpha (APAX) | 1H24 deal activity rebounding
Apax Global Alpha (APAX) is the topic of conversation when Mark Thomas, analyst at Hardman & Co joins DirectorsTalk Interviews.
In this interview, key insights are provided on Apax Global Alpha’s performance du...
Hardman & Co Research
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14 October 2024 11:05AM
Estimates suspended
Hardman & Co Research on Surface Transforms (SCE): Estimates suspended
Interim results released on 30 September showed revenue up 58%. The loss before tax widened to £7.6m from £5.6m 1H23. Operationally, the volume ramp-up is continuing but at a rate below target, with yields improving (but also below target), and ongoing downstream process...
Hardman & Co Research
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11 October 2024 10:50AM
2024 interim results a steady performance
Hardman & Co analyst interview | Life assurance
Q&A on Chesnara plc (CSN) | 2024 interim results a steady performance
Chesnara plc is the topic of conversation when Hardman & Co analyst, Brian Moretta joins DirectorsTalk.
In this interview with Brian, key insights are provided on Chesnara plc following the release of its 2024 interim...
Hardman & Co Research
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08 October 2024 02:10PM
adding value in attractive co-investment sector
Hardman & Co Research on NB Private Equity Partners (NBPE):
NB: adding value in attractive co-investment sector
In our initiation, we highlighted that NBPE is uniquely focused in the co-investment sector of PE. Our report underlined why this sector has especially appealing return, cashflow, asset selection, risk management, and GP access ...
Hardman & Co Research
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07 October 2024 04:15PM
17 consecutive months of positive returns
Hardman & Co analyst interview | Closed End Investments
Q&A on Volta Finance (VTAS) | 17 consecutive months of positive returns
Volta Finance plc is the topic of discuss when Hardman & Co analyst Mark Thomas joins DirectorsTalk Interviews.
Mark discusses the recent performance of Volta Finance, highlighting the company’s impressive 1...
Hardman & Co Research
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02 October 2024 08:45AM
Good fund performance and solid results
Hardman & Co Research on City of London Investment Group (CLIG):
Good fund performance and solid results
City of London has announced its full-year results for 2024. As stated in the trading statement, FUM was $10.24bn, a 9% increase over the year. While market performance offset net outflows, there was a significant improvement in the la...
Hardman & Co Research
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01 October 2024 12:30PM
Presentation and Q&A with Management
Hardman Talks Video | Chesnara (CSN)
Presentation and Q&A with Management
In this episode of Hardman Talks, our Financials analyst Brian Moretta introduces Chesnara‘s CEO Steve Murray and CFO Tom Howard to discuss Chesnara’s recent interim results. Watch it here: https://youtu.be/jGY1iJSR7IQ
Steve presents an overview of Chesnara's strong pe...
Hardman & Co Research
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