Small Cap Value Report - Mon 25 July 2022 - EQLS, CARD, WINE, JDG, EBQ, VLG

Good morning!

Agenda -

Paul's Section:

Equals (LON:EQLS) - finally! Guilt overcame me on Sunday, so I prepared some notes on this interesting growth company. Looks good to me, but I don't understand the sector.

Card Factory (LON:CARD) - is ditching its CFO, after 5 years service, which is bound to worry some investors. An in line with expectations trading update is buried in today's news. It's a potentially interesting turnaround, but the weak balance sheet still puts me off, despite a bank funding agreement that has greatly reduced the risk of an emergency placing. Could be good, we'll keep an eye on it.

Naked Wines (LON:WINE) [no section below] - another CFO leaving, "by mutual agreement", effective last Friday, so no transition period. Although the RNS strangely says there has been a "smooth transition" - I wonder if that just means, here are the passwords, bye!? This one sounds like a falling out, since it's happened with immediate effect. The old CFO (2015-2020) is resuming that role on an interim basis.  I've never been keen on this share, and think wine subscription services are not a good place to be right now. I was unimpressed with the FY 3/2022 results,