Top Picks for 2023 - 2022 review and outlook for 2023

On 10 January last year, we set out our ten top stock picks for 2022, in what turned out to be a very poor twelve months for global equities, due to war, accelerating inflation, political instability and recession fears. Between 7 January 2022 and 31 December 2022, the AIM All-Share Index declined 30.0%, whilst the average performance of our ten top picks was -24.7%, a modest relative outperformance. In this note we discuss the performance of our 2022 top picks, equities trends in 2022, and our

Morning Note – 26 January 2023

Good end to FY22, EBITDA target upgraded

Entain reported Q4/FY22 growth in line with estimates. Importantly, the online segment returned to growth, after four consecutive quarters of decline. The firm now expects FY22 EBITDA to come in at £985–995m (5%/3% ahead of consensus/AV, respectively). BetMGM continued to outperform expectations and is on track for EBITDA break-even in H2 23. We will be upgrading our estimates by low-to-mid single-digits to factor in the FY22 EBITDA upgrade as well as the stronger trajectory of BetMGM.

SHORE CAPITAL - XP Factory+ (XPF, House Stock at 16p)

Hybridan Small Cap Feast - 23 Jan 23

23 January 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment object

Hybridan Small Cap Feast - 19 Jan 23

19 January 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment object

SHORE CAPITAL - ScS Group+ (ScS) - House Stock, 222p - Highly reassuring trading update

Hybridan Small Cap Feast - 01 Feb 23

01 February 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objec

Spring is finally coming

The market reacted positively to easyJet’s Q1 trading update as the meaningful pricing tailwind and the continued restoration of load factors allowed for consensus-beating results and guidance. The buoyancy was further fuelled by the low-cost rivals’ promising stance on summer activities. We expect an upgrade in the consensus and to our valuation.

SHORE CAPITAL - Motorpoint Group+ (MOTR) - House Stock at 145p

Terminating coverage

BOTB - Beats forecasts, £6.275m return of capital announced

BOTB prelims were slightly ahead of our forecasts, which we recently raised post the May trading statement. Trading continues to normalise despite the uncertain consumer outlook, driven by constant fine-tuning to changing market conditions. BOTB also declared a 6p/share (£0.565k) final dividend and a £6.275m return of capital via tender offer, equivalent to 66.7p/share; and 72.7p and £6.84m combined. We have increased our EPS (Dil. Adj.) forecasts by 23% to 53.9p from 43.9p for FY23E, and by 21%

Tintra plc Initiation

Tintra plc (TNT.L) has an ambitious strategy to build new global banking infrastructure. This will be distinct from existing banks and fintechs, as it is specifically designed to finance growth in cross-border trade for emerging economies. The group identified issues in ways that existing banks serve these markets, which often put their customers at a disadvantage vs developed economy equivalents. Tintra believes that only an entirely new global network of regulated financial services providers

BOTB - Board strengthening and new forecasts

The group has announced a broadening and strengthening of the board through two new appointments. We introduce an additional two years of forecast and raise our target price to £31.

Cenkos: One Media iP Group Plc -- Trading Update

One Media iP Group has provided a positive trading update for the year ended 31 October 2022 (FY22E), with the core business of music exploitation performing in line with expectations. The company expects to deliver revenues of £5.1m (+16% YoY), slightly ahead of our previous forecast, and an Adj EBITDA of £1.8m. Having previously explored external funding options, One Media iP now plans to retain its anti-piracy subsidiary, TCAT Ltd and fund the next stage of growth from internal resources in o