Wizard of Windsor

Added 68 new stock write-ups to the site (pt 1): @waterboystocks (updates) - $NUS, $SGA, $BRBR, $EDUC, $CVR, $JCTC, $MOS @CayucosCapital - $TAP @wizardofwindsor - $ASAI.L @KylerJohnson411 - $COH.AX (watchlist) @accrued_int - $VSNT (overview) @Valuehunter12 - $NNE (avoid)

@CindrigoH Write up on Cindrigo with some pro forma numbers... open.substack.com/pub/wizardswin…

📍 Lower risk. Lower cost. Same significant opportunity. A key takeaway from our latest #CINH Eich Resource update, is that EichGT-1 is now expected to target the Rotliegend formation at shallower depths than previously anticipated. londonstockexchange.com/news-article/C…

Cindrigo Holdings is a £15m company building out geothermal in Germany and a biomass plant in Finland. By the Wizard's maths. it's also printing as a 10x More here.... wizardswinners.substack.com/p/cindrigo-sho… CINH.L #CINH $CINH

TEKMAR GROUP TGP.L UPDATE - A £9bn tailwind from the East Hi Wizards, A quick update on our magical subsea cable microcap Tekmar Group (following the post: wizardswinners.substack.com/p/a-magical-su… There has been a Big New noteworthy Catalyst! UK + Japan Multibillion-Pound Offshore Wind Pact This was just announced yesterday (14 June 2026) after PM Starmer met Japanese PM Sanae Takaichi: Japanese investors committing up to £9 billion specifically into the UK’s offshore wind sector via a new Offshore Wind Compact with Great British Energy.This is on top of broader >£9bn Japanese commitments to UK infrastructure. The focus is unlocking 5.9 GW of floating offshore wind — projects like Ossian, Green Volt (Scotland East Coast), and Erebus (Celtic Sea). Once built, these alone will power ~8 million homes.Why this matters hugely for Tekmar: Tekmar is the clear UK-based market leader in subsea cable protection systems (CPS) — the critical “armour” that protects high-voltage export and array cables on the seabed. These floating wind projects are cable-intensive. Failures are catastrophically expensive → early specification in FEED stage gives Tekmar sticky, high-win-rate positions. This is direct, large-scale acceleration of the exact end-market Tekmar dominates. UK supply chain wins are coming. This is one of the strongest policy/investment tailwinds we’ve seen for the name in a while. It further de-risks multi-year revenue visibility for Tekmar. The Cable Protection element of these projects should they all go ahead might be worth in the £10s of millions. Recent Trading & Execution While things have been relatively quiet for the company on the RNS front, Tekmar purportedly continues to execute well under the current plan (Project Aurora / new leadership): Record order book built through 2025 (multiple updates showed strong intake, e.g. ~£29m new orders in one six-month stretch alone). Major contract wins including a >$9m UK offshore wind CPS award (Dec 2025) and a $10m Middle East deal. FY25 (ended 30 Sep 2025) delivered: £28.7m revenue, £0.1m Adj. EBITDA (breakeven, with clear H2 weighting and margin improvement to ~34% gross). Balance sheet strengthened (non-core property sale, debt management). The business is now in a much better position than 12–18 months ago: higher utilisation, better commercial execution, and operating leverage is kicking in as volumes rise. What to Expect from the Next Results Interim results for the six months ended 31 March 2026 are expected around 25 June 2026. Management guidance from the March 2026 Final Results: H1 FY26 performance expected to be ahead of H1 FY25. H1 FY25 had an Adj. EBITDA loss of ~£0.7m → so “ahead” points to a much improved (likely positive or near-breakeven) outcome. Continued strong momentum from the record order book, with revenue visibility into FY26 and FY27. Further evidence of operational gearing: higher volumes flowing through to better margins and cash conversion. What The Wizard is watching for: Order book / pipeline update (still the key leading indicator). H1 revenue trajectory and gross margin progression. Any commentary on the new UK-Japan investment momentum (even if early). Cash position and any further de-risking steps. FCF generation especially (FCF inflection to be confirmed) This should be another constructive update that keeps building the re-rating case. The Bottom Line The core thesis remains intact and is actually strengthening: Dominant position in a structurally growing, high-barrier niche (subsea cable protection for offshore wind). Record backlog + improving execution = visible path to sustained profitability and cash generation. New major catalyst in the core UK market via Japanese capital flooding into floating wind. At only £21m / 15p ps, the Risk/Reward here is very attractive. The market is nowhere near valuing the company close to what it is worth. I’ll be watching the interims closely in ~10 days and will update again post-release. Keep winning, Wizards!

This UK listed company has the sole rights to the Chinese lottery and the market hasn't noticed. It;'s a 6x from here wizardswinners.substack.com/p/this-uk-smal… $IIG.L $AC8.L Intuitive Investments

FULCRUM METALS UPDATE FMET.L Since publishing this piece last week (see below), Fulcrum has today announced that it has signed the contract for the Ontario Pilot Plant with Test Design Implement Solutions (TDI), supported by Extrakt and Bechtel. This is a significant de-risking event that does not alter the valuation maths, but does materially improve the probability of getting there. Here is why: The ‘Asset-Lite’ Thesis Validated: Recall the blue-sky question I posed about a scalable, asset-lite business model? This RNS confirms Fulcrum is executing exactly on that premise. Under the contract, TDI retains ownership of the equipment. Fulcrum is essentially leasing the pilot plant and paying for operational expertise, preserving shareholder capital and avoiding heavy infrastructure spend. So no hefty capex. Timeline De-Risked: The original timeline called for pilot construction in H2 2026. With TDI contracted, the site selected, and a 2.4 tonnes-per-day capacity locked in, the timeline to first commercial production in 2028 remains firmly on track. The 12-batch programme over four weeks will generate the engineering data needed for the commercial build. The Optionality Expands: Crucially, the RNS notes the pilot plant is a scalable platform designed to evaluate third-party mine waste. Fulcrum isn't just building a plant for Teck-Hughes; they are building a blueprint to roll out across the 70+ legacy sites in the Timmins and Kirkland Lake districts. This shows that the parties are setting up for a large scale rollout (far beyond Fulcrum’s initial resource) for the Extrakt technology. Bottom line for the DCF (upside): The numbers don't change—the £6m Yorkville funding was already modelling this pilot phase. However, by securing a capital-light, contractor-operated model, Fulcrum has removed execution risk from the pilot stage. The 4.5x upside and 3.8:1 asymmetry remain the base case, but the probability of bridging the 78% NAV discount just got a lot higher. The runway is clearing for takeoff. wizardswinners.substack.com/p/fulcrum-meta…

ASA International is a hugely mispriced Emerging Market cashflow juggernaut wizardswinners.substack.com/p/asa-internat… And now possibly the best bank in the world on key metrics

@CompoundingPath That rings true, thank you for adding

@WizardofWindsor Great insights from CEO "We almost have too much technology for the resources that we currently have. We have about 6 revenue streams potential" ~£4M market cap youtu.be/lM0hwKwd90E?is…

Wizard's Flash Update on Metir.... Metir... Meteor... Meteoric: Metir plc Flash Update - now printing as an 11x wizardswinners.substack.com/p/metir-meteor…

Following up on my May Substack deep-dive on Metir (MET.L) wizardswinners.substack.com/p/this-microca… We see a big step forward today in their RNS: :: First US sale of their PFAS detector to Nasdaq-listed Veralto :: UK field testing lined up with ProDecon :: Fresh AI MOU with Spain’s FIDCHEM to simplify the data, and full ownership of the core PFAS testing IP secured. This is promising and continues to validate the company's strategy in helping to provide pathogen-free water investegate.co.uk/announcement/r…

Fulcrum Metals #FMET FMET.L The modern-day alchemy play no one knows about wizardswinners.substack.com/p/fulcrum-meta…

@glr_1990 Thanks Garf!

@WizardofWindsor Ah I read this yesterday! Excellent post

#MKA My two cents List $MKAR which we are all quite excited about, then become a pure play NdFeB magnet company Boston Dynamics is going to likely IPO in 2028, this will be our SpaceX moment By that time we will be producing magnets in 3x continents, perhaps four We will be the greenest, cheapest, most downside protected NdFeB magnet producer on the planet, ready for a growing circular economy If between now and then we can prove our tech can recycle ‘robotics’ (which is highly likely) then we will be front and centre, a direct supplier and cost eliminator It’s also likely AI will be screaming out for robotic entities to showcase its talents by then also $CTH @CoTecCorp and $MKA.NE to considerably skyrocket in due course!

James Cropper: The Aerospace and Defence play no-one knows about wizardswinners.substack.com/p/james-croppe… #CRPR.L $CRPR.L

@ElkHunter78 Thank you Elk Hunter 🙏

Some critics say that the #MKA business is too complex to understand This piece does a great job at simpifying and then setting out the gargantuan value disconnect between current SP and risk adj valuation I.e. this is still a massive opportunity 💪🏼

wizardswinners.substack.com/p/mkango-mkang… #mka $mka mka.l mka.v

I'm at the Ministry of Injustice and Jokes in London. Henry Nowak was stabbed 5 times with 8 inch blade and his alleged attacker's charges are potentially being downgraded from "murder" to "manslaughter"!!! This is unconscionable and the perfect example of two-tier justice.

AltynGold is a 4x from here, and now bouncing back from its crazy low valuation #altn.l $altn.l wizardswinners.substack.com/p/altyngold-yo…