I’ve made some changes during the last month or so and I figured it is worth noting these here. In alphabethical order Sold out of Advanced Medical Solutions(AMS). Waited for a couple of weeks to see what if there are any other bidders and then sold at 281p BTG(not much happening, so would rather reinvest […]
LANTERN delivered according to the company. The primary analysis estimated a 40% relative reduction in 30-day surgical site infections and met the trial’s prespecified Bayesian criterion for treatment benefit across 5,188 patients, with no treatment-related serious safety concerns identified. That comfortably clears the double-digit bar I set at initiation. Context matters here. HCA is not […]
Original initiation published May 2026. The Quick Take Company: MTI Wireless Edge (AIM: MWE) — Israeli antenna, water-control and RF distribution group Revised thesis: A genuinely diversified compounder, not a defence pure-play. The half just gone was carried by the water business, not by antennas or defence Valuation: 68p vs my fair value of 100p […]
Hi everyone, apologies for the radio silence, but I have been away for the last 4 weeks on holidays. Luckily with the exception of a few small trading updates, not much has happened(at least related to the stocks I invest in). Expect some more activity from the start of Sept(including some backlog commentary.
Well another of my holdings goes via a takeover. Decent premium, a bit of a share I reduced the position several months back, but still happy with the outcome. Almost struggling to come up with ideas faster than shares are being taken out. I have a hunch that Volex might also be on this path […]
I thought the results were reasonable and was very surprised when the shares dropped by 10-13% this morning. I used this as an opportunity to top up and this is now one of my top 3 holdings. This statement reinforced a view I had that there is a likelihood that MSI is taken over at […]
MS International (AIM: MSI), one of my top holdings, published its results this morning for the year to 30 April 2026. The headline numbers were soft, as pre-flagged: revenue held steady at £115.0m, but pre-tax profit fell 25% to £15.1m and EPS dropped to 67.4p — a cost story, not a demand one; gross margin […]
Seven weeks after an AGM statement that merely reaffirmed guidance, Keller has issued an unscheduled upgrade: full-year 2026 revenue and underlying operating profit are now expected to be materially ahead of market expectations (consensus £3,150m and £223m respectively). North America is doing the heavy lifting — materially outperforming, with data centre and infrastructure demand the […]
If Q1 was about keeping my head down through a broad-based sell-off, Q2 was the rebound I’d been waiting for. The portfolio returned +14.9% on a total-return basis over the quarter, comfortably ahead of the FTSE AIM All-Share at +8.3% and effectively level with the S&P 500’s +15.2%. After a first quarter where almost nothing […]
So this morning H.B. Fuller announced a firm 285p cash bid for AMS which was also endorsed by the management of AMS. Unsurprisingly(and as stated in my initiation note), a trade buyer can extract a lot more synergies and value out of AMS compared to a private equity buyer who just play the financial leg […]