SHORE CAPITAL - BATM+ (BVC, House Stock, 21p) Trading update: Progress, contract delay impacts FY22

Morning Note – 5 December 2022

This Week's AIM Highlights 18th November 2022

Morning Note – 9 November 2022

Focusrite - Uptempo

Focusrite’s revenue has been driven by acquisitions against a period of tough comparatives for the core brands. Current trading looks more encouraging for the majority of the brands, which is leading to gross margin improvements and a better outlook for EBITDA margin. We upgrade EBITDA forecasts for FY20e and FY21e by c 7%, but a higher tax rate in FY21 limits EPS upgrades in that year. For FY20e, an EV/EBITDA of 15.4x and a P/E of 24.9x are above long-term averages.

Filtronic - Third consecutive year of EBITDA growth

Filtronic’s FY22 results show revenues growing by 10% while adjusted EBITDA jumped by 58% despite the challenges posed by global supply chain shortages. Our estimates look for continued revenue growth in FY23 as the group executes on its strategy of expanding into adjacent markets where its specialist radio frequency (RF) skills command a premium.

Morning Note – 14 November 2022

Hybridan Small Cap Feast 08/12/2022

Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Savannah Energy, the AIM-quoted energy company is undergoing a reverse transaction in connection with the acquisition of Exxon Mobil Corporation's entire upstream and midstream asset portfolio in Chad and Cameroon. No capital to be raised on Admission. Anticipated market cap £323m. Expected 13 December. Celsius Resources, intends to join AIM. Currently ASX listed, Celsius is a natural resou

A bland trading update

A bland trading update with Q1 service revenues up by 2.5% yoy and lfl (vs+ 2.5% in Q4). We maintain our opinion at Buy. The stock is currently around the 130p level. We are still waiting for a catalyst to boost the stock which remains discounted to its peers due to the scepticism and mistrust towards its CEO (under fire after missing opportunities in Italy, Spain and with Vantage).

Buying opportunity after a market-sanctioned H1 release

A disappointing H1 report with EBITDAaL down by 2.6% and a downward revision to the EBITDA and FCF guidance. However things are now moving and we can credit the CEO for making the recent Vantage deal and the combination with Three. Missing opportunities in Italy with Iliad could also evolve as Niel bought a 2.5% stake in Vodafone last September. This disappointing release and the sell off in the stock market this morning is an opportunity to invest in the stock.

Allenby Capital TMT Update