New Forecasts: breaking through

With FY22 in line and no changes to our existing FY23 forecasts, our focus is on the introduction of new forecasts for FY24 and FY25. We model Clareti recurring revenue growth of 17% and 18% resp. With Clareti having broken through to positive cash EBITDA for the first time in its history in FY22, we expect operating leverage to drive significant margin expansion over the next three years and beyond (Gresham guides to 40% of ARR dropping through to cash EBITDA). We model cash EBITDA margins of 1

Hybridan Small Cap Feast - 06 Mar 23

6 March 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 objective

Hybridan Small Cap Feast - 23 Mar 23

23 March 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 objectiv

ARR guidance lifted; IFRS15 revenue adjustment

FY'22 was a formative year, as Bango's compelling platform licensing revenue model achieved meaningful scale and the execution began on the transformational DoCoMo deal. Platform Licensing Exit ARR rose to $5.0m (FY'21: $1.1m), whilst a record number of new merchants landed in the year (44, inc. McAfee, HBO, Paramount and others). Valuation materially understates the synergistic potential available from the DoCoMo deal in our view, whilst also overlooking value in the rapidly growing licensing b

Altitude Group (ALT LN) - New major contracts and FY23 ahead of expectations

Altitude has announced multiple new contracts in its Adjacent Markets Programmes (AMP) that are expected to have a significant impact on Group revenue. Zeus adjusted EBITDA forecasts are upgraded 11.9% in FY24 and 24.2% in FY25 to reflect this. The Group has also guided that FY23 adjusted EBITDA is expected to be above expectations (£1.70m), so we upgrade by 8.8% to £1.85m. Today’s contract wins and confident outlook statement provide further positive momentum. Altitude shares trade below our up

Sopheon - Results: Introducing InnovationOps

FY results to December 2022 are in line with the January trading update indicating exciting prospects. The significant strategic shift to SaaS for all new customers will lead to greater visibility and quality of earnings, and forecasts are unchanged save for changes to US tax assumptions in FY24. $24.3m of ARR at FY22 (+17% vs FY21 ) represents 64% of FY23 revenue expectations; total visibility of FY23 revenue stands at $28.4m, equivalent to 75% of FY expectations (this time last year was $25.1m

Morning Note – 27 March 2023

Hybridan Small Cap Feast - 21 Mar 23

21 March 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 objectiv

Hybridan Small Cap Feast - 24 Mar 23

24 March 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 objectiv

Looking through the fog

Tribal has provided a useful NTU update, suggesting that the two parties are working towards winding the contract down, albeit negotiations are still ongoing. While this is clearly not an optimal outcome, it nevertheless reduces uncertainty surrounding the stock and so should enable investors to focus on the core business, which continues to perform strongly – delivering +10% u/l ARR growth (despite the NTU loss). With a strong and sticky core market position and an increasingly international pr

NTU update and change of reporting date

We learn today that Tribal has received notification that NTU has terminated its contract and reserved its rights to claim damages. Tribal meanwhile rejects this right to terminate and is considering its next steps. Furthermore - to accommodate this update, the company now expects to report results on 24th March. We therefore consider it is most appropriate to temporarily withdraw forecasts until we regain clarity over this situation and the most likely financial impact.

Hybridan Small Cap Feast - 20 Mar 23

20 March 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 objectiv

Hybridan Small Cap Feast - 16 Mar 23

16 March 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 objectiv

Blackbird plc - Finals

Blackbird plc has reported strong full-year results, with record revenue growth driven by its first ‘Powered by Blackbird’ (PBB) licencing deal with EVS, a €300m market-cap media group. EVS launched IPD-VIA Create in December 2022, its new web application developed in collaboration with Blackbird, which has already been deployed by a US broadcaster on a major global sporting event. This, and the continued roll-out by EVS, will translate into additional revenue for Blackbird through its revenue-s

Hybridan Small Cap Feast - 13 Mar 23

13 March 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 objectiv