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24th November 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 obj
Companies: MTC RUA TRAK IKA CORO BSFA TM17 MPL AURR
Hybridan
Companies: Mothercare plc
Cavendish
Today’s interims demonstrate the resilience that Mothercare has built into its business model with EBITDA (Adj.) rising 12% despite a 14% decline in franchisee system sales due mostly to a slow-down in key Middle Eastern markets, where geopolitical events are starting to add another dynamic to already changing consumer behaviour. Mothercare continues to explore refinancing solutions, the final piece of the long-running balance sheet reconstruction project. Lender Gordon Bros remains supportive,
22th September 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 ob
Companies: ARS SUH MTC UKOG KOD JNEO KAT KIBO
Mothercare’s FY23 results beat our upgraded forecasts, the full pension actuarial review has been completed, with the deficit shrinking to just £35m and pension contributions reducing by £38.8m to £34.9m over the next decade. The expensive Gordon Bros loan, which should be refinanced shortly, and the delayed ERP project should both start to help reduce costs from next year. There’s an increasing sense that five years of turmoil is coming to an end, with management becoming more outward and forwa
Companies: Crimson Tide Plc (TIDE:LON)Mothercare plc (MTC:LON)
Mothercare’s FY trading update reveals it has beaten our FY23E EBITDA forecast and it reiterated its medium-term forecast of +£10m of operating profit. However, current trading has been impacted by ongoing franchisee destocking as many markets have been considerably slower than the UK to exit COVID restrictions and see consumer confidence recover. The latest pension analysis suggests a further reduction in the deficit, the latest triennial pension scheme valuation has commenced, and we should le
Better than expected to date: The January trading update season has been better than expected, with the ratio of upgrades to downgrades running at 26:16 out of the 101 trading updates that we have analysed. It’s a surprisingly positive start to the New Year which reflects (1) realistic expectations captured in consensus forecasts, (2) consumers’ determination to enjoy Christmas and protect important areas of personal expenditure and (3) a reduction in supply as competitors exit.
Companies: MORE LGRS MPE MRK MTC RBG MEX ZAM
Dish of the day Joiners: One Health Group plc (AQSE: OHGR), joins the Apex segment of the AQSE Growth Market. The group provides medical services, in the form of elective surgical care, to support the NHS in the management of patients, through a growing network of community-based outreach clinics and independent hospitals. Market Cap on admission £15.05m. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Kistos Holdings plc, intends to join AIM. The Company was incorporated to act
Companies: SCE SAR CNSL MTC HRN HUW CHRT COG
Companies: SCE MTC CNSL
The loss of Russia as a key market is, of course, painful but there is much to commend in Mothercare’s interims: the business remain profitable, underlying retail sales were +15%, the new product pipeline is pregnant with new ideas, the pension deficit continues to shrink, and it has successfully refinanced. Mothercare is becoming more outward looking after a long period of introspection; it has barely scratched the surface of opportunities available to it and the new CEO, who joins in the New Y
Fulham Shore’s Franco Manca value-for-money brand is perfect for current market conditions in our view, despite pizza being a crowded segment. Pizza travels well, allowing the business to flex to delivery and take-out according to market conditions. The combination of high gross margins, net cash on the balance sheet and excellent FCF generation should allow it to cope with tougher market conditions AND still protect its expansion capex plans to increase EBITDA by +55% over the next three years.
Mothercare’s FY22 results are at the top end of expectations and current trading, ex Russia, is ahead of last year. Mothercare continues to strengthen its balance sheet and FCF should remain positive, despite the loss of half of group EBITDA from the exit from Russia. The pension deficit continues to shrink and a revised contribution plan reduces payments by £30m over the next five years. Mothercare has also extended the Gordon Bros loan by 12 months, albeit on slightly worse terms, but it is a
Companies: MTC STM BOOM
Research Tree provides access to ongoing research coverage, media content and regulatory news on Mothercare plc. We currently have 0 research reports from 4 professional analysts.
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.
Companies: Surface Transforms PLC
We note the regulatory announcement this morning from Surface Transforms and withdraw our estimates and valuation, pending conversations with management.
Zeus Capital
Companies: BILN ELCO NXQ CUSN ATG
Companies: Nexteq PLC
Canaccord Genuity
Surface has issued a brief Q1 update. Production will ramp-up this year as final new equipment is installed, and manufacturing teething problems recede.
Companies: UTL ASC DNLM BWNG MONY DFS BOO
Shore Capital
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
Companies: IP BILN SAR GATC ASTO PHE SHOE CCS IP CUSN
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.
Companies: Dowlais Group PLC
Edison
Companies: SCE HVO VLG
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
Companies: GHH PHC GETB DEC LORD GELN
Companies: CPH2 ITM CNA AFC DRX IKA CWR CHAR IES AT/ HE1 ATOM
Liberum
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
Companies: ARS TIDE SCE SNX ECK CNS TST SPEC SSTY
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
Companies: FOG TND BVXP ACC HDD
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