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Undervalued, Under Researched Small Caps

16 June 2025

Undervalued, Under Researched Small Caps

The inaugural thematic report

Welcome to the first in a new series of thematic reports

We will be focusing on undervalued and under researched small caps across a range of sectors, reflecting the challenges and general market apathy.

We start with a general small cap growth theme. Further editions may focus on other sectors, in the pipeline, potentially, recruitment, and engineering. Last year we tackled AI, which is becoming ubiquitous, as well as cyber security. Both sectors  could feature in future editions.

The thesis that a portfolio of small caps will out-perform over the medium term is being challenged. It seems that elephants can gallop, unicorns can grow old without learning to walk and the medium-term is progressively ageing. Hard evidence of the under-performance is the acceleration of the number of companies delisting since 2024. In Hybridan’s Monthly Report, ‘The view from the brokers desk,’ is closely watching and commenting on various aspects of this depressing trend.

2024 Q2

17 April 2024 - Artificial intelligence in UK cybersecurity: the human uplift

2023 Q3

11 September 2023 - Artificial intelligence in UK biopharma and healthcare

2023 Q2

09 May 2023 Critical minerals for UK: mining and battery recycling - UK's footprint on virgin mining and urban mining of lithium

2022 Q1

03 February 2022 The Evolution of Fintech – Digitising more than just payments

2021 Q4

16 November 2021 – 50 Shades of Hydrogen

2020 Q2

29 May 2020- 5g and the Internet of Things, The Internet but not as you know it

2020 Q1

23rd January 2020 – Responsible Investing: ESG Demystified

2019 Q3

16th August 2019 – Food Tech Sector Piece

2019 Q2

2nd July 2019 – Where’s the Value?

23rd April 2019 – Personalised Medicine: This time, it’s personal!

17th April 2019 – Hybridan AIM Q1 2019 Review

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