2396: The Exchange with Gervais Williams of Premier Miton

The episode opens with Gervais Williams highlighting the macro backdrop—geopolitical tension, energy price spikes, and a lingering concentration in mega‑cap tech. He argues that UK small and mid‑cap equities are dramatically under‑priced relative to global peers, offering diversification and equity‑income potential. This optimism is anchored in cheap valuations, strong USPs, and the expectation that these firms will out‑perform broader indices as investors rotate out of high‑beta mega‑caps.

Williams then drills into four high‑conviction ideas. U‑Group, a digital‑by‑default B2B energy supplier, is scaling from 3.5% to 7‑9% market share while sitting on net cash and leveraging Shell’s hedging balance sheet—an organic growth story with a PE around eight. Europa Oil & Gas targets a near‑certain well in Equatorial Guinea, where a 40% stake could multiply a £19 million market cap if the P50 forecast materialises. Tungsten West revives a Devon tungsten mine, poised to become one of the world’s lowest‑cost producers; its market cap could surge from a few tens of millions to hundreds. Each case blends commodity tailwinds, cash strength, and outsized upside.

The final segment shifts to health‑tech. NIOX’s asthma and COPD diagnostic platform, already generating £12 million profit on £50 million sales, offers a 2‑3% dividend and a sub‑5% market penetration that could expand several‑fold, especially with a home‑use device on the horizon. BioVentix, a niche antibody reagent supplier, delivers an 8.8% yield and solid cash, positioning it for growth in vitamin‑D and Alzheimer’s diagnostics. Together, these themes illustrate why Williams remains bullish on UK small‑cap resilience, sector‑specific catalysts, and the attractive risk‑reward profile for sophisticated investors.