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Please find below our weekly update covering themes that we feel that are of interest to investors and participants in the small and mid-cap TMT sector as well as commentary on recent newsflow.
Companies: TXG CPX SSIT TXG BVC MWE CHSS
Allenby Capital
Companies: 1Spatial Plc
Liberum
Companies: TClarke plc (CTO:LON)Audioboom Group PLC (BOOM:LON)
Cavendish
Beeks interim results sparkle with: (i) 25% Y/Y growth in Annualised Committed Monthly Recurring Revenue, (ii) PBT +121% Y/Y, and (iii) operating cash flow +27% Y/Y, marking a decisive turn in cash generation. The strength of the business is reflected in 87% recurring revenue (H1 FY23: 93%), the low 0.5% attrition rate (H1 FY23: 0.8%), and improving operational leverage (underlying EBITDA 35.6% margin, +110bps Y/Y). The print is ‘significantly ahead of prior expectations’ and Exchange Cloud is a
Companies: Beeks Financial Cloud Group Plc
Progressive Equity Research
18th March 2024 @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
Companies: TXG SEE OHG Z29 TXG ENSI MTL POS PYC TUNE CMCL SENX AEE
Hybridan
Big Technologies expects to deliver 2023 results in line with expectations. However, the company expects its Colombia contract to end in H1 2024. The impact of this contract loss is expected to be partly offset by a number of recent contract wins. In addition, Big Technologies has begun to invest in the high potential US market, which will reduce profits in 2024 but accelerate sales over the medium term. Overall, we lower 2024 revenue by 17% from £61.7m to £51.0m and lower Adj EBITDA by 22% from
Companies: Big Technologies PLC
Zeus Capital
Idox’s results for the year to 31 October are in line with the November trading update. Revenue grew 11% to £73.3m (FY22: £66.2m), with the principal driver being growth in the LP&PP division. Adjusted EBITDA improved 9% to £24.5m with a margin of 33%, vs £22.5m and 34% for FY22, respectively. With free cashflow generation of £9.1m (FY22: £7.2m), net debt at the year-end was £14.7m (FY22: £6.7m). The outlook statement is confident, but we have revised our forecasts to reflect increased spending
Companies: Idox plc
Following receipt of the £58.8m second tranche from the Samsung litigation on 24 January, Nanoco plans to return £30m to shareholders via a tender offer (c 38.5% of outstanding shares), alongside a £3m share buyback. After completing this £33m return and repaying c £5m outstanding debt, Nanoco expects to have c £23m cash to accelerate commercial production of nanomaterials at scale. With its validated technology, robust pipeline and strong financial position, we believe the group is positioned t
Companies: Nanoco Group PLC
Edison
Fonix’s H1 results show gross profit growth of +18% yoy to £9.2m, adjusted EBITDA growth of +18% yoy to £7.3m, and a confident outlook that leads us to conservatively reiterate our FY24E and FY25E forecasts, after we upgraded by +3-4% at the January trading update. A record month of commercial trading in both the UK and International operations in December drove H1 TPV +15% yoy to £158m, with the growth rate partially reflecting the lower H1 23 following HM The Queen’s death in September 2022. G
Companies: Fonix Mobile PLC
We are reiterating our Buy rating, $32.50 price target and projections for Guess? with the company announcing 4QFY24 (January) results after the close on Wednesday. We believe management remained conservative in their 4Q projections, already incorporating a tough domestic environment, which should allow the company to achieve top and bottom line results in their projected range. Further, we expect Guess? to incorporate multiple positive drivers in their initial FY25 guidance, including the recen
Companies: PVH LULU URBN ROST AEO TPR AEO TJX GES ROST TPR LULU GES TJX PVH URBN
Small Cap Consumer Research LLC
Trustpilot has announced another beat to expectations and the implementation of a £20m share buyback programme. The company has guided to full year revenue of US$176m, with annual recurring revenue of US$197m and total bookings of US$195m. Trustpilot expects to report adjusted EBITDA above the US$14.1m top end of the range of market expectations. This was another strong performance from Trustpilot with revenue growth coming in a little better than guidance at the interims and further operational
Companies: Trustpilot Group Plc
Capital Access Group
On 9 January last year, we set out our ten top stock picks for 2023, for what turned out to be another relatively poor twelve months for UK equities due to two wars, stubbornly high inflation and further tightening of monetary policy. This was even as other major markets, such as the US, largely recovered in the year. In the 2023 calendar year, the AIM All-Share index fell 8.2% and is still 42% off its 2021 high. From the release of our 2023 top picks note, the average total return (assuming div
Companies: PTAL GHH IGP MSLH PINE NXQ EQLS NXR AXL
…positions Idox well for FY 2021 and beyond
Idox’s results for the year to 31 October 2021 were released this morning. The company has delivered three things during the year: material progress on all financial metrics, a major refocus through both acquisitions and disposals, and a number of clear steps forward in terms of organisational structure and maturity. We make no material changes to FY22 or FY23 estimates, and introduce estimates for FY24.
Idox’s results for the year ended 31 October 2022, released on Thursday 26 January, showed a strong performance in line with guidance given in the November trading update. Revenue of £66.2m was an increase of 6% on FY21, driven by strong growth in the public sector business; within this, recurring revenues grew by 12% to £40.5m. Adjusted EBITDA of £22.5m, up by 15% from £19.5m in FY21, was at an improved 34% margin (FY21: 31%) driven by operational improvements, acquisitions and mix. Year-end
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