SHORE CAPITAL - Kape Technologies+ (KAPE, House Stock at 278p) Updated forecasts and valuation following recent equity raise

Cenkos: XLMedia Plc -- US Sports Tailwinds Continue

XLMedia has released its interim results for the period ending 30 June 2022 and is in-line with the trading update released in July. US Sports remains the highlight for XLM and is making up an ever-increasing portion of revenues. We are taking the opportunity to conservatively adjust our forecasts to account for revenue mix from the media partnership model. XLM's valuation remains compelling, trading on an FY2 EV/EBITDA multiple of 5.1x versus peers on 6.0x.

SHORE CAPITAL - Kape Technologies+ (KAPE) - House Stock at 270p

Interim results update

S4 Capital has reported interims that were ahead of our lowered forecasts and reiterated guidance for LFL growth of +25% and Operational EBITDA of £120m for FY22.

Hybridan Small Cap Feast 28/09/22

Joiners: No joiners today. Leavers: Brewin Dolphin Holdings has left the Main Market. Caretech Holdings has left AIM. What’s cooking in the IPO kitchen?** Streaks Gaming plc, a UK-based provider of conversational gaming products intends to join the Standard Segment of the Main Market this autumn. The flotation is expected to value Streaks at approximately £10.2m (pre-money) and will make it the first LSE-listed "pure-play" conversational gaming company. Raising between £5-10m. Independent Living

Tremor - Completion of the $239m Amobee acquisition

Tremor has announced the completion of the attractive acquisition of Amobee for $239m, and updated its guidance to include the acquisition in FY22. We increase our FY22 revenue by +14% to move in line with guidance of $330m, and although Amobee generated -$22m of adjusted EBITDA in the 12 months to 30 June 2022, we importantly increase our FY22 adjusted EBITDA by +3% or $5m to $160m, which reflects Tremor quickly realising synergies and benefitting from the seasonally stronger trading in Q4. We

SHORE CAPITAL - Eagle Eye+ (EYE) - House Stock at 553p

Hybridan Small Cap Feast 21/09/2022

Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Independent Living REIT plc, intends to float on the Premium Segment of the Main Market. The Company's investment objective is to address the shortage of high-quality supported housing, delivering capital growth and inflation-linked income returns for its investors whilst providing a fair deal for society through savings for the UK taxpayer, and improved outcomes for residents. Raising £150

WH Ireland: Sector Comment - Dollar earner picks as sterling crumbles

Just over two months on from our “Sector Views” call to buy dollar earners on July 21th, this remains hugely topical with further significant £ weakness and the Bank of England at the time of writing on the back foot following last week's mini-budget. As the “world's currency”, the dollar remains at a multi-year high against a basket of major currencies and above parity with the euro. In terms of sterling, we recommended a selection of dollar buys two months ago when the sterling / dollar rat

CentralNic Group - Acquisition of Aporia for up to US$19m

As part of a broader vertical integration strategy, disintermediating its value chain to create a more efficient ecosystem, CentralNic has announced the acquisition of MA Aporia, a media and native advertising company. CentralNic is paying an initial cash consideration of US$11.2m, together with performance payments of up to US$7.8m for FY22–24. This implies an initial FY21 EV/EBITDA multiple of 5.6x. The acquisition will be immediately earnings accretive. As Aporia is already an exclusive suppl

SHORE CAPITAL - The Mission Group+ (TMG) - House Stock, 49p - Still on track - robust H1 performance

Mirriad Advertising - Termination of coverage

Edison Investment Research is terminating coverage on SandpiperCl (SANDPI), Mirriad Advertising (MIRI), Trackwise Designs (TWD), Lookers (LOOK) and BerGenBio (BGBIO). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.

Hybridan Small Cap Feast 11/08/22

Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Unigel Group, intends to join the Aquis Growth Market. Unigel Group is a pioneer in the field of thixotropic gels for the fibre optic cable industry. The Company is also a supplier of laminated steel tapes to the fibre optic cable industry in the US. Thixotropic gels and laminated steel tapes are essential components to the rapidly growing global fibre optic cable market. The Group exports

SpaceandPeople (SAL LN) - Solid H1s, full year estimates re-affirmed

SpaceandPeople secures, sells, and manages flexible space for brand experiences, short term promotions and retailing in high footfall venues for its customers, including in shopping centres and travel hubs. The macro context remains challenging for everyone. UK and European retail demand is weak for well reported reasons, and the outlook for the sector is generally negative. However, SpaceandPeople’s activity - offering flexible and low risk services for retail customers, utilising vacant retail

Strong advertising and activities in studios

Q1 22 was strong in each division. Total advertising revenue increased by +16% as expected and digital advertising surged by +27%. ITV Studios revenue grew by +24% at constant currency thanks to strong deliveries of programmes. Total advertising revenue growth is expected to be +5% in H1 22 due to a tough comparative in Q2 22. ITV Studios benefits from the high demand for content and is confident on its performance in 2022. The launch of ITVX is confirmed for Q4 22.