NFON AG (NFN GR) - FY ’23 prelims: Another beat on the bottom-line

NFON released FY ’23 prelims, which show moderate top-line growth but strong profitability improvements as well as another guidance beat. The FY24 guidance points towards further ARR growth and an improving profitability.

NFON (NFN GR) - Recent weakness should be a clear BUYing opp.

NFON shares have been heavily under pressure YTD, which is not justified in our view given the compelling operational performance in 2023 thus far. Preliminary figures on March 7th could act as a catalyst.

NFON (NFN GR) - Operational turnaround in full swing – Added to Alpha List; chg.

While the company performed a remarkable operational turnaround including two guidance upgrades in 2023, NFON's shares are trading even slightly below Jan '23 levels, thus offering an attractive entry opportunity in our view.

NFON (NFN GR) - Strong Q3 bottom-line leads to another upgrade; chg.

NFON released Q3 results, which came in significantly stronger than expected on the bottom line as efficiency measures kicked in quicker than anticipated. As a result, the adj. EBITDA guidance was lifted again.

NFON (NFN GR) - Q3e: Cost savings continue to bear fruit ; chg.

NFON looks set to release a reassuring set of Q3 results next week, as we expect slight top-line growth in a challenging environment paired ongoing margin expansion.

NFON - Cloud calling

NFON is a pan-European provider of business telephony services via the internet. The rising adoption of IP-based, cloud-hosted switching systems (cloud PBX) is driving rapid sales growth and, with penetration still at low levels, this trend is expected to continue. From a strong base in Germany, it aims to expand into Europe and believes the combination of its scale, in-house IP and balance sheet will enable it to execute this strategy.

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

LIBERUM: Cirata plc: Cirata from the flames

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

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.

Synectics + (SNX, House Stock at 185p) - Strong FY23A profit growth to continue

Maintel - Strong FY23 year-end TU continues trend of over-delivery

Maintel has reported a trading update for the year ending December 2023, indicating revenue in of at least £101m and adj EBITDA of “in excess of £9m”, compared with respective forecasts of £98m and £8.6m. Net debt of £18.1m also outperforms our expected year-end net debt of £18.6m. The group is continuing the trend established with the reintroduction of forecasts in April 2023, where growing confidence in delivery led to upgraded forecasts in both August and September, and still achieving outper

Eleco - FY23E EBITDA +3% ahead, FY24-26E EBITDA & EFCF reiterated

Eleco’s FY23 trading update highlights record recurring revenue growth of +22% to £20.7m, strong profitability that leads us to expect FY23E adjusted EBITDA +3% ahead of our previous forecast, and a confident outlook that leads us to reiterate our FY24-26E EBITDA and EFCF. Across the group, excellent execution of the SaaS transition has driven recurring revenue to 74% of group revenue from 64% in FY22, and ARR is +24% yoy to £22.6m (£19.7m at H1), including c£2m of ARR from the successful acquis

Morning Note – 4 April 2024

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).

Intelligent Ultrasound Group - GE Healthcare launches new Voluson Signature with

GE Healthcare has announced the launch of the Voluson Signature 20 and 18 ultrasound systems, with the related press release noting these systems ‘comprehensively integrate artificial intelligence’ to improve the ultrasound procedure for clinicians and the women being scanned. These ultrasound systems include SonoLyst, the AI which incorporates Intelligent Ultrasound’s ScanNav Assist and ScanNav AutoCapture AI software. The launch of additional Voluson systems including the SonoLyst suite of AI