Small Cap Value Report (Thu 18 July 2024) - KBT, NIOX, TM17, GNS, ALU, CRW, FRAS

Good morning from Paul amp; Graham!
I spent a bit of time last night going through the accounts again for Renold (LON:RNO, in particular trying to unravel the accounting treatment of share options and employee benefit trust. I've figured it out now, so will write up a shortish section on that later.

Explanatory notes -
A quick reminder that we don’t recommend any shares. We aim to review trading updates amp; results of the day and offer our opinions on them as possible candidates for further research if they interest you. Our opinions will sometimes turn out to be right, and sometimes wrong, because it's anybody's guess what direction market sentiment will take amp; nobody can predict the future with certainty. We are analysing the company fundamentals, not trying to predict market sentiment.
We stick to companies that have issued news on the day, with market caps (usually) between £10m and £1bn. We usually avoid the smallest, and most speculative companies, and also avoid a few specialist sectors (e.g. natural resources, pharma/biotech, investment cos). Although if something is newsworthy and interesting, we'll try to comment on it. Please bear in mind the "list of companies reporting" is precisely that -...