Equity Research Focusing on the Consumer Sector, Small Cap Consumer Research

Small Cap Consumer Research

Equity Research Focusing on the Consumer Sector

Small Cap Consumer Research, LLC is a leading company-sponsored equity research provider focusing on the consumer sector (apparel, brand licensing and specialty retailing segments).

Equity Bottom-Up

Build-A-Bear Workshop, Inc. is an interactive, entertainment mall-based retailer that invites guests to create their own customized stuffed animals through a bear-making process.  The Company operates various locations in the United States and other countries.

<ul><li>We are reiterating our Buy rating, projections and $65 price target for Build-A-Bear Workshop after visiting stores in Connecticut and Long Island.</li><li> Build-A-Bear is in full Holidays selling season, with “furry friends” both large (Giant sized) and small (Mini Beans) and an impressive assortment, highlighted by the 10th Anniversary version of Glisten.</li><li> Further, for the consumer looking for last minute shopping, gift cards are a material driver and will historically ensure the post-Xmas season is also strong.</li></ul>

We are reiterating our Buy rating, projections and $65 price target for Build-A-Bear Workshop after visiting stores in Connecticut and Long Island. Build-A-Bear is in full Holidays selling season, with “furry friends” both large (Giant sized) and small (Mini Beans) and an impressive assortment, highlighted by the 10th Anniversary version of Glisten. Further, for the consumer looking for last minute shopping, gift cards are a material driver and will historically ensure the post-Xmas season is also strong.

BBW: Snapping the Store: Spreading Holiday Cheer; Reiterate Buy, $65 PT

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Van Elle Holdings PLC provides piling and ground engineering solutions. The Company offers foundation testing, ground anchoring and soil nailing, rotary bored piling, and rock bolts and netting services. Van Elle Holdings serves customers in the United Kingdom.

<ul><li>15th December 2025 @HybridanLLP Our daily digest of news from UK Small Caps * A corporate client of Hybridan LLP.</li><li>** Potential means Intention to Float (ITF) or similar announcement has been made.</li><li>***Arranged by type of listing and date of announcement.</li></ul>

15th December 2025 @HybridanLLP Our daily digest of news from UK Small Caps * A corporate client of Hybridan LLP.** Potential means Intention to Float (ITF) or similar announcement has been made.***Arranged by type of listing and date of announcement.

Van Elle Holdings PLC - Friday Take Away: 15 December 2025

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ECO Animal Health Group plc manufactures, supplies, and markets pharmaceutical products for the animal health markets worldwide. The company offers Aivlosin, a macrolide antibiotic for the treatment of respiratory and enteric diseases in pigs and poultry. It also provides generic drugs, such as Ecomectin, Ecoheart, Ecotraz, and Ecomintic, which are endectocides and other antiparasitics for the treatment and prevention of parasites in cattle, sheep, pigs, horses, and dogs; and Chlortet and Oxytet for the treatment of bacterial infections in pigs, poultry, and cattle. The company was founded in 1972 and is headquartered in New Malden, the United Kingdom.

<ul><li>ECO Animal Health Group has announced that the European Commission has adopted the decision granting EU marketing authorisation (MA) for ECOVAXXIN® MS, the poultry vaccine against Mycoplasma synoviae.</li><li>This important authorisation is key to commercialisation of this, the first of several major products under development to receive approval.</li><li> As the Group notes, the MA has been issued over a month earlier than anticipated.</li></ul>

ECO Animal Health Group has announced that the European Commission has adopted the decision granting EU marketing authorisation (MA) for ECOVAXXIN® MS, the poultry vaccine against Mycoplasma synoviae.This important authorisation is key to commercialisation of this, the first of several major products under development to receive approval. As the Group notes, the MA has been issued over a month earlier than anticipated.

Early EU authorisation for ECOVAXXIN® MS

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Unilever PLC manufactures personal care products. The Company offers consumer goods, food, detergents, fragrances, beauty, home, and personal care products. Unilever serves customers worldwide.

<ul><li>Unilever (UL) spun off the Magnum Ice Cream Company (MICC) on December 8, 2025.</li><li>Shareholders and ADS holders received one Magnum Share for every five Unilever Shares or Unilever ADS.</li><li>The stock opened at $14.50 and has performed surprisingly well in its first couple weeks of trading.</li></ul>

Unilever (UL) spun off the Magnum Ice Cream Company (MICC) on December 8, 2025.Shareholders and ADS holders received one Magnum Share for every five Unilever Shares or Unilever ADS.The stock opened at $14.50 and has performed surprisingly well in its first couple weeks of trading.

Aurrigo International  / Equity Bottom-Up

Aurrigo International PLC provides transport technology solutions. The Company designs, engineers, manufactures, and supplies OEM products and autonomous vehicles to the automotive, aviation, and transport industries with consulting solutions. Aurrigo International serves clients worldwide.

<ul>
<li>The launch of the ‘Hub strategy’ programme will accelerate global commercialisation and licensing income from this manufacturer of autonomous airport vehicles.</li>
<li>The 'Hub strategy' is designed to align local partnerships, funding, operations and manufacturing with Aurrigo's proprietary technology platform.</li>
<li>The Hub partners and JVs will be at a local/subsidiary level to established regional ground operations and manufacturing capacity, to reduce risk, capital requirements and time to market. </li>
</ul>


The launch of the ‘Hub strategy’ programme will accelerate global commercialisation and licensing income from this manufacturer of autonomous airport vehicles.
The 'Hub strategy' is designed to align local partnerships, funding, operations and manufacturing with Aurrigo's proprietary technology platform.
The Hub partners and JVs will be at a local/subsidiary level to established regional ground operations and manufacturing capacity, to reduce risk, capital requirements and time to market. 


United Kingdom
Insights on United Kingdom

BBW: Snapping the Store: Spreading Holiday Cheer; Reiterate Buy, $65 PT

We are reiterating our Buy rating, projections and $65 price target for Build-A-Bear Workshop after visiting stores in Connecticut and Long...

Small Cap Consumer Research

Van Elle Holdings PLC - Friday Take Away: 15 December 2025

15th December 2025 @HybridanLLP Our daily digest of news from UK Small Caps * A corporate...

Hybridan

Early EU authorisation for ECOVAXXIN® MS

ECO Animal Health Group has announced that the European Commission has adopted the decision granting EU marketing authorisation (MA) for...

Equity Development

Weekly Update (MICC, 3134, 441A)

Unilever (UL) spun off the Magnum Ice Cream Company (MICC) on December 8, 2025. Shareholders and ADS holders received one Magnum Share...

Richard Howe

Friday Take Away: 12 December 2025

The launch of the ‘Hub strategy’ programme will accelerate global commercialisation and licensing income from this manufacturer of autonomous...

Hybridan