STEMMER IMAGING - Short-term profits hit for future gain

The two acquisitions completed since the IPO in February 2018 contributed to a 7% year-on-year revenue growth during H119, even though the German machine vision market was flat. The recent acquisition of French competitor ELVITEC depressed gross margins, resulting in a 10% dip in adjusted EBITDA. However, management expects purchasing and other synergies to kick in during H219, improving margins and potentially delivering year-on-year profit growth.

STEMMER IMAGING - Record maiden full year results

STEMMER IMAGING (SI) started its life as a listed company by posting the highest full-year revenues in its history. We expect further improvement as SI benefits from its broad product portfolio, customisation expertise and extensive customer base across many markets to take advantage of double-digit growth in the machine vision industry. This organic growth is being supplemented with acquisitions, as management has allocated half of the €51m (gross) raised at the IPO in February for expansion.

STEMMER IMAGING - Record half-year results

STEMMER IMAGING (SI) started its life as a listed company by posting the highest half-year results in its history. We expect further improvement as SI benefits from its broad product portfolio, customisation expertise and extensive customer base across many industries to take advantage of double-digit growth in the machine vision industry. We expect this organic growth to be supplemented with acquisitions, as management has allocated half of the €51m (gross) raised at the IPO in February for thi

STEMMER IMAGING - Vision. Right. Now.

STEMMER IMAGING (SI) presents an opportunity to benefit from rising demand for machine vision components. This is driven by a shift in the industrial landscape to a highly automated world where machines communicate with each other using imaging information as key decision-making data. This shift is not restricted to any one industry, but is being widely adopted as a way of achieving better quality control and higher efficiency rates.

Surface Transforms - New guidance – forecasts under review

Surface Transforms has issued new revenue guidance for FY24, with the company now expecting revenues in the range £17.5-22m. We are withdrawing our previous forecasts for FY24 and withdrawing our price target while we review the impact of the new guidance.

Surface Transforms plc (SCE LN) - Forecasts and valuation withdrawn

We note the regulatory announcement this morning from Surface Transforms and withdraw our estimates and valuation, pending conversations with management.

Morning Note – 16 April 2024

Robust margin and cash performance

Surface Transforms (SCE LN) - Obstacles removed for higher production

Surface has issued a brief Q1 update. Production will ramp-up this year as final new equipment is installed, and manufacturing teething problems recede.

Initial Equity Trading Comments - 19 February 2024

Hybridan Small Cap Feast - 16/04/2024

16th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radical Limited for

Dowlais Group - Motoring forward

Dowlais Group’s first set of results were ahead of our expectations, with positive cash generation a highlight despite restructuring and demerger costs. Softer automotive markets will limit margin progress in FY24 towards the double-digit target. Despite this, margins of c 6.5% are still ahead of automotive peers, although the shares trade at a significant discount to our implied generic peer-based valuation.

Morning Note – 9 April 2024

Zeus Top Picks for 2024 - 2023 review and outlook for 2024

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

Morning Note – 4 April 2024

LIBERUM: New Energy Nuggets: Hydrogen - the future is green

Hybridan Small Cap Feast - 17 April 24

17th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi

Nexteq - FY23 adj EBITDA +4% ahead, FY24E upgrades of +1-10%

Nexteq’s FY23 results show adjusted EBITDA +4% ahead of the +6% upgrade at the January trading update, record FY23 EFCF of $17.4m, and a confident outlook that leads us to reiterate our FY24E revenue and upgrade FY24E gross profit, adj EBITDA, and EFCF by +1-10%. The strategic focus on higher-margin products and customers reducing elevated inventory levels led FY23 group revenue -5% yoy to $114.3m, with Quixant 6% lower at $69.3m and Densitron 2% lower at $45.1m. Effective supply-chain managemen

Morning Note – 25 March 2024