FactSet Research Systems Inc.: Collaboration On Continuus Technologies & Other Developments, DCF & Comparables Valuation, ESG & Other Risks (04/23)

FactSet Research Systems delivered a mixed set of results for the last quarter. Despite its high single-digit organic ASV growth and double-digit revenue growth , the company failed to meet the revenue expectation of Wall Street though it did manage an earnings beat. The company's organic ASV plus professional services growth increased by 9.1% year over year, driven by solid client growth and its sales team's effective implementation of its pricing increase in the Americas. In the quarter, they

FactSet Research Systems: Alternative Data Services & Other Drivers, Financial Forecasts, DCF & Comparables Valuation, ESG & Other Risks (10/22)

After many quarters of consistently beating Wall Street expectations on all counts, FactSet delivered a mixed result in the last quarter exceeded revenue expectations of analysts but missing out on earnings. The company finished fiscal 2022 with organic ASV plus professional services growth of $158 million, accelerating by approximately 200 basis points year over year to over 9%. Their goal of becoming the top open content and analytics platform is resonating with customers and sustaining their

FactSet Research Systems Inc.: Defensive Business Model & Key Drivers, Major Competitive Threats & Other Risks, Financial Forecasts, DCF & Comparables Valuation, ESG & Other Risks (07/22)

FactSet has a fundamentally solid business model and its business has not been significantly affected despite the bearish trends in the S&P500. The company does face significantly high competitive threats from the likes of Refinitiv, Bloomberg, and S&P which has increased its armory of offerings after the IHS Markit merger. However, FactSet’s performance in Q3 was reasonable as its organic ASV plus professional services growth accelerated to 10%, with strength across all workflow solutions and g

FactSet Research Systems Inc.: Financial & Price Forecasts, DCF Valuation, ESG & Other Risks (04/22)

FactSet delivered a good set of financial results, as it completed its pipeline and continued to build on its strong momentum from the previous fiscal. In the latest quarter, its organic ASV plus professional services growth accelerated to 9%, owing to increases in workstations and portfolio analytics, as well as higher price increases in the Americas. The company also saw several large renewals, confirming the strength of their offering and product and content investments. Moreover, their strat

FactSet Research: Capitalizing On The Heavy Demand For Research & Analytics (12/2021)

FactSet delivered strong fourth quarter result justifying its bull run for the past months. The company delivered a record organic ASV plus professional services growth of $68 million, crossing the $100 million annual ASV threshold for the first time and outperforming their own guidance. FactSet’s outperformance was driven by two years of planned accelerated investments in content and technology, which are already paying off. It is worth highlighting that the company's goal of becoming the leadi

FactSet Research Systems - Investment Thesis, Key Drivers, Financial & Price Forecasts, DCF Valuation

actSet is a well-established financial platform and analytics solutions provider catering to institutional investors, banks, and other financial institutions. The company provides a holistic set of offerings for its core base of buy-side clients that account for nearly 84% of its revenues and has worked towards meeting all their needs given the changing nature of financial markets for the past two decades. FactSet’s stock has survived through multiple financial crises without much volatility giv

Audioboom Group - Q1 24 revenue growth of +11%, FY24E forecasts reiterated

Audioboom’s FY23 results and Q1 trading update show Q1 24 revenue growth of +11% yoy, $6.7m of March 2024 revenue marking the platform’s highest revenue month since May 2022, and a confident outlook that leads us to reiterate our FY24E forecasts. Following the focus on new initiatives through FY23, the platform is now in its strongest ever operational position, with a record 1.1bn monthly ad impressions created in March 2024, record global audience reach of 38.6m unique global listeners in Janua

Morning Note – 16 April 2024

Alphawave Semi: FY23 trading update, amended forward guidance

Alphawave Semi has reduced guidance for FY23 and prospectively citing lower revenues from China, changes in expected revenue recognition from long-term contracts, and continuing investment in R&D. The share price has reacted negatively, giving up most of the gains since the trading statement at the end of January. Current consensus, which is a good match for pre-existing guidance, should be reduced, most likely following release of the FY23 results and full 1Q24 trading update due on 23 April. H

Soft growth patch

Morning Note – 15 April 2024

Checkit - New product launch and contract wins

Checkit has won contracts with two customers worth at least £417k over the three-year lives of the contracts, confirming its ability to upsell to its existing customer base and supporting our forecasts. Having trialled the new technology with multiple customers, Checkit has launched its Asset Intelligence module, which uses advanced analytics and machine learning to enhance customer sustainability, reduce costs and increase revenue.

Auction Technology Group - H1/24 Trading update

ATG’s H1/24 trading statement indicates revenue for the six-month period to 31 March 2024 was $86m, a 6% increase on H1/23 (1% organic growth), helped by the addition of the EstateSales.Net (ESN) marketplace last year, which performed well in the period. Total marketplace revenue increased 2% (organic), driven by growth in value-added services (VAS) and event fees, offsetting a decline in commission revenue (mainly through lower asset prices).

Engage XR Holdings - Expanding from FY23, FY24E forecasts reiterated

ENGAGE XR’s FY23 results show revenue and net cash in line with the February trading update, EBITDA ahead at -€4.0m vs -€4.5m due to the split of cash outflow between opex and working capital, and a confident outlook that leads us to reiterate our FY24E forecasts. FY23 revenue for the core ENGAGE platform was unchanged vs FY22 at €3.3m, as H2 23 revenue was impacted by the record seven-figure contract announced in February shifting to 2024, and several enterprise customers scaling back renewals

FY23 results in line – and a flying start to FY24

ENGAGE XR has published its FY23 full year results, the headlines of which reflect the details provided in February’s post close trading update in terms of revenue, EBITDA loss and net cash. ENGAGE XR has signed a rapidly growing number of strategic and commercial partnership agreements with companies invested in promoting the VR medium and the development of corporate metaverses.

It’s not what you sell, it’s the way that you sell it

This report is intended to help UK small- and mid-cap investors gain a better understanding of software companies’ routes to market, and to highlight how one of the most important facets of the way in which they grow and deliver value is routinely ignored.  We examine sales processes for six UK-listed companies and one that has recently been taken over, and consider why they have followed their respective paths.

Hybridan Small Cap Feast - 15 April 24

15th 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: Change of Market: TheWorks (WRKS.L) a multi-channel value retailers of books, arts and crafts, stationery, toys and games, offering customers a differentiated propositio

CML Microsystems+ (CML, House Stock at 395p) - Board & Senior Management Appointments

PROGRESSIVE: CML Microsystems: Ripples not waves – still on growth course

The trading update confirms revenues in line with our expectations. Excess inventory flow through and market softness in China have impacted CML’s core business, but Microwave Technologies Inc (MwT) is performing ahead of expectations. The net effect, along with MwT acquisition related costs, is that Reported PBT and EBITDA are to be lower than expectations, but not substantially so. The long-term investment case is founded upon the opportunity in next-generation wireless and, with £18m cash and

Morning Note – 8 April 2024

iomart - FY24 trading update

The March FY24 trading update reports revenue broadly in line, and adj EBITDA in-line, with consensus. Revenue of £127m at +10% yoy (Cav: £129mE; consensus range £128.4m- £130.7mE) delivered adj EBITDA of £37.5m (Cav: £38.7mE, cons £37.4m-£38.7mE) and adj PBT of £15.0m (Cav: £16.0m, cons £14.3m-£16.0m). £25m net debt (Cav est after excluding IFRS16) was slightly better than our £26.2mE, with typically strong cash generation a feature of the model but consensus mangled by IFRS16 inclusion/exclusi