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DP Poland’s Q1’24 update shows the strong momentum seen in FY23 has carried into FY24, with Poland LFL’s up 17.9% (19.4% comp) - led by excellent 14.8% volume growth. This further illustrates execution under the new CEO continues to be exemplary, and with Domino’s Group PLC now involved as a strategic partner, we have high conviction around future value creation. Management is targeting 200 stores (vs 116 presently) by FY26 and transition to a capital light / franchise led model. We understand g
Companies: DP Poland PLC
Singer Capital Markets
DP Poland is proposing a £20.5m equity raise to fund future growth which includes Domino’s Pizza Group planning to become a strategic investor (via a direct £11m subscription). Under a new leadership team, DPP has been transformed to capitalise on the market opportunity ahead. It is targeting 200 stores (vs 116 presently) by FY26 and transitioning to a capital light / franchise led model. Delivering on the plan will result in significantly higher profitability and market value. YTD trading is st
16th January 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 obje
Companies: BLOK IQE DPP BLOE EQLS KIBO
Hybridan
An excellent FY23 update today, and management is upbeat about 2024 prospects. LFL’s in Poland grew by a strong 20% with momentum accelerating to 27.5% in Q4. Crucially this was almost entirely volume driven, with average weekly order count up by a stellar 19% to >730. Per guidance, we make no change to our FY23 EBITDA estimate - inflection into positive profitability. We also keep FY24 numbers unchanged. The shares have had a strong run last 6m (+50%) but we remain upbeat on the back of today’s
Another positive update from DPP, reinforcing our conviction in the new CEO and direction of travel. Q3 LFL’s amounted to a strong 14% and accelerated to a standout 35% in October. Significantly, this is virtually all order-count driven and reflects favourably on the volume led strategy to drive store profitability. We make no forecast changes but view the update as supportive of our belief of a ramp up in EBITDA, FCF and transition to a franchise led model going forward. Overall, the update sho
Further positive news today - proposed appointment of a high calibre NED. Subject to normal due diligence, Stoffel Thijs is expected to join the board on 1st January 2024. This is another strong appointment and accretive to the investment case given Stoffel has 26 years of Domino’s experience via various leadership roles in different European markets. Notably, building a corporate Domino’s store base in the Netherlands, President of Domino’s France, and more recently, CEO of Domino’s Pizza in Ge
Interims show DPP is in good shape and responding positively to the new CEO’s actions. Order count is up (despite a soft macro backdrop), LFLs are strong and the proportion of stores transitioning to profitability is materially higher vs 12m ago. Strong summer trading in Poland and an easing of cost pressures underpin our decision to make no forecast changes FY23 being an inflection point in terms of moving into positive EBITDA (pre-IFRS16 basis). Overall, these interims are positive and support
Announced ITF 12 July: Substrate Artificial Intelligence, an artificial intelligence company based in Spain that creates, buys and scales companies around AI in diverse sectors such as fintech, agritech, energy, human resources, and health, intends to join the Access Segment of the AQSE Growth Market. Announced ITF 6 July: Blackpoint Biotech plc, a medical cannabinoids company established to fulfil gaps in the medical cannabis market by creating products that provide fast onset of action and acc
Companies: AFC DPP SIS SPEC SVML
*A corporate client of Hybridan LLP ** Arranged by most recent first *** Alphabetically arranged Dish of the day Joiners: No joiners today. Leavers: Star Phoenix Group (STA.L) has left AIM. What’s cooking in the IPO kitchen?** Substrate Artificial Intelligence, an artificial intelligence company based in Spain that creates, buys and scales companies around AI in diverse sectors such as fintech, agritech, energy, human resources, and health, intends to join the Access Segm
Companies: OHG FTC DPP THRU CNR RENX MWE PREM
Further evidence of improving fortunes at DP Poland in the form of a positive H1 trading update. LFL sales growth in the period was a strong 18%, led importantly by +11% order count. So further evidence of the new CEO executing on the top-line strategy to ultimately make the stores profitable and thus attractive to potential franchisees. The update also references easing of inflationary pressures and adding to the store footprint. We make no changes to current year forecasts but introduce FY24 e
A brief trading update from DPP today shows that the strong trading / LFL’s seen in Q1’23 has continued into April. We welcome this sustained momentum as well as further reference to inflationary costs around food and energy costs abating, albeit this is slightly tempered by no easing of labour cost pressures. Following the near end of the FY22 audit, management use today’s update to lower guidance for FY22 EBITDA. In absolute terms it amounts to a modest c.£0.6m as we lower our pre-IFRS16 EBITD
Today’s Q1 update signals a strong start to FY23 with the new CEO having a successful impact. This is best reflected in Poland LFL’s of 19.4% and Croatia 15.7% vs Q1’22. It is also encouraging to see some respite to high food cost inflation, with first signs of pressures reversing at the start of Q2. We expect good top line momentum to be sustained for the rest of FY23 but pull back our EBITDA forecast to better reflect a one-off TV campaign to support market share gains and a higher cost base e
The YE update shows that strong LFL and operational momentum was sustained in H2. Overall FY22 system sales grew by 20% and LFLs by 21%, led by volume/mix as the new CEOs actions begin to take effect. We make no forecast changes, but the positive H2 profitability trend cited is an important inflection point in the context of DPP now moving to sustainable profits. A well-capitalised balance sheet also means expansion is firmly on the agenda. The key point is that international evidence shows once
Interims show DPP has executed strongly in H1 (LFL sales +24%) and managed a tricky inflationary environment. The new CEO is already having a positive influence with LFL’s accelerating over July/Aug to >30% led by >15% volume growth. The upcoming FIFA World Cup is expected to be an added stimulus. Like many Leisure stocks, we temper FY22/FY23 EBITDA by £1.3m/£0.4m to reflect cost headwinds but also a conscious management decision to prioritise sales/market share growth. This should not detract f
Research Tree provides access to ongoing research coverage, media content and regulatory news on DP Poland PLC. We currently have 0 research reports from 4 professional analysts.
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
Market sentiment turned more cautious in the month of April, particularly regarding interest rates, with economic data producing mixed results. Despite housing transactions and net mortgage approvals continuing an upward trend, with the latter at an 18-month high and +20.1% YoY and +1.4% MoM to 61.3k (seasonally adjusted), Nationwide’s House Price Index dropped 0.4% MoM (seasonally adjusted) in April, below the +0.2% expected. This comes as mortgage lenders nudge rates up to factor in the potent
Companies: TPT EPWN VANL NXR LIKE
Zeus Capital
Domino’s Pizza Group’s (DOM’s) new CEO has set an ambitious long-term growth target, including an acceleration in its net store opening programme. With better alignment between the company and its franchisees, management believes DOM should be capable of generating improved profit growth, versus that achieved in recent years, and potential higher returns.
Companies: Domino's Pizza Group plc
Edison
The Hardman & Co Healthcare Index (HHI) has been running since 2009. Its main function is to highlight the attractions of life sciences investments over the long term. For the second year running, apart from global economic influences affecting world markets, performance in 2023 was dented by the capital-intensive nature of the sector. The HHI fell 3.7%, to 483.8, underperforming the main London markets – FTSE 100 (+3.8%) and FTSE All-Share (3.8%) but outperforming the FTSE AIM All-Share Index (
Companies: TXG NDVA TSVT BCOW Z29 TXG NCYT GNS SUN AMS OMG APH EKF EAH IMM AGL DEMG AGY TSTL IPO GDR ETX TRX HVO CTEC AVO OXB DEST VLG IXI VAL INDV AGR AVCT BAI 123F IMCR BCOW
Hardman & Co
Today’s trading statement from ZOO highlights a ramp-up in demand following the end to the industry-wide strikes of last year. ZOO struck a note of caution in its January update regarding the timing of orders. However new productions are starting to translate into a healthy order pipeline, with a good recovery in revenue anticipated in H1 FY25. The update guides to revenue of at least $40m for the year to March 2024, ahead of our estimate at $36.8m. We have improved our adjusted EBITDA loss marg
Companies: ZOO Digital Group plc
Progressive Equity Research
At its FY23 results in June 2023, G4M announced its intention to focus on product margins, overhead cost reduction, and efficiency ahead of revenue growth, along with further net debt reduction, in FY24. The FY24 year-end trading update confirms G4M has delivered on these rebalanced priorities, with gross margin rising and net debt almost halving compared with FY23. Cost savings achieved in FY24 and the continued development of higher-margin categories should deliver further upside in FY25E.
Companies: Gear4music (Holdings) PLC
One Media iP (OMiP) has released a robust FY21E trading update, with Adj EBITDA of £1.65m; slightly below our forecast of £1.8m, owing to it taking a little longer to deploy cash raised on acquisitions of new royalty assets, and adverse foreign exchange movements. The company ended the period with £0.7m of net cash (vs our forecast of £0.3m of net debt), leaving further financial resources available for acquisitions heading into FY22E. Applying a conservative 8x Net Publisher Share (NPS) multipl
Companies: One Media iP Group PLC
Cavendish
During 2023, ME Group commenced the deployment of its next generation photobooths, which are integrated with the group’s newly developed proprietary software, gained market leadership in the Japanese photobooth market with an acquisition, continued to roll out laundry units with existing and new location partners, commenced a share buyback programme and gained entry into the FTSE 250. 2023 was a year of significant strategic and financial progress, with sales up 15%, EPS up 31% and net cash main
Companies: ME Group International plc
OMiP has released a robust set of results for FY23A, with group revenue up 5% YoY to £5.4m and adj. EBITDA of £1.4m – in-line with our forecasts, albeit a reduction YoY (FY22A adj. EBITDA of £1.8m), as the group made important investments to enhance its anti-piracy software (TCAT). The company successfully deployed £1.4m of capital during the period on acquiring further royalty rights at an attractive multiple. We upgrade our FY24E forecasts (adj. diluted EPS raised by 46% to 0.24p) owing to eff
Companies: One Media iP Group PLC (OMIP:LON)Trinity Exploration & Production Plc (TRIN:LON)
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