Brave Bison - Growth Stampede Continues at Brave Bison

Brave Bison has released its FY23A results which are in-line with the upgraded expectations at the recent trading update. The acquisition of SocialChain has transformed The Group’s offering in the fast-growing social and influencer segment of the market leaving it well-positioned for the expected pick-up in marketing spend in 2024. Management have continued to drive operational efficiencies in The Group, for example rolling out an advanced resource planning tool, which has contributed to Adj EPS

Morning Note – 22 April 2024

LIBERUM: The Liberum Leisure Digest: NLW increase - pricing power is key

Hybridan Small Cap Feast - 22 April 2024

22nd 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

LBG Media (LBG LN) - Strong momentum into FY24

Resilient growth in core markets: Revenue of £67.5m is +7.5% YOY (FY22: £62.8m) and +0.7% vs. Zeus estimate of £67.0m, with growth across Direct and Indirect divisions benefitting from increased activity with new and existing clients.

S4 Capital - Extension of recovery horizon

S4 Capital had a difficult FY23, as flagged, with reduced client confidence and spend, particularly from those clients in the tech sector, and on larger transformation projects. Management is cautious in the short term, with no substantive changes likely in H124, but sees conditions likely to improve in H224 as economic pressures ease. The group’s longer-term prospects should be buoyed by its positioning across data and digital marketing and, in particular, in incorporating AI into hyper-persona

LIBERUM: Time Out: Expanding the Markets pipeline

Team Internet Group - Growth and returns, acquisition bolsters outlook

Team Internet’s FY23 results exceeded our forecasts and consensus on revenue and EBITDA. Online Marketing was driven by increased consumer engagement, reflecting investment in delivering more targeted ads across a wider array of channels. The group’s latest acquisition, Shinez, strengthens Online Marketing via diversification of publishers and is earnings accretive with scope for further synergies. Online Presence returned to strong revenue growth, driven by demand for exotic domains, pricing op

Next 15 Group - Baked in AI opportunities

Next 15 Group's net revenues grew 2.5% in the year to January, despite difficult markets. Adjusted operating margin rose from 20.2% to 21.0%, helped by head office cost savings. In common with much of the sector, spending by tech clients was soft, down 17% like-for-like. The group did well, though, in growing spend from non-tech clients, up 11%, making for a strong overall performance in a market beset by ongoing macro uncertainty. Next 15 has been building its AI capabilities for some time and

STV Group+ (STVG, House Stock at 235p) - Recent news extends positive momentum

Next 15 Group PLC

While 2.5% revenue growth and 6.1% EBIT growth is relatively pedestrian by Next 15’s historic track record, we see the last year as one of the most impressive reported by Next 15. Revenue growth and margin expansion has been delivered in the face of a significant slowdown in demand from the group’s historic core technology sector clients. We believe a number of factors are in play here, not least the growing diversity of Next 15’s client and business mix as a result of M&A over the last th

Brave Bison - Underlying Performance Reassuringly In-line

Brave Bison has released its interim results for the period ending June 2023. The update shows the SocialChain integration has been materially completed, with synergies mostly realised and new client wins taking place as a combined business. Gross revenue increased 15% YoY to £16.9m and net revenue increased 23% to £10m, both driven primarily by the new contribution from SocialChain. Adj EBITDA increased by 20% to £1.9m and Adj PBT increased 16% to £1.5m, both in-line with expectations. We have

Team Internet Group (TIG LN) - Record results

Team Internet’s FY23 results confirmed another strong year of trading from its Online Marketing and Online Presence businesses. Both revenue and EBITDA growth remained in double digits, margins on net revenue continued to improve, and cash conversion remained strong. We continue to believe that the Group has substantial long-term growth opportunities including international expansion, new partner development, and vertical integration. In our view, Team Internet’s strong track record, cash genera

Data Driven Marketing

Jaywing is a UK marketing services company with a clearly differentiated market position in data science. Core, is the delivery of behavioural insights and algorithms to enhance the roi of clients marketing and customer experience programmes and, in a highly personalised way. The acquisition of search marketing specialist Epiphany in March 2014 was strategically transformative, giving Jaywing a profitable growth platform as well as consolidating its leading position in digital data and online m

Cenkos: Brave Bison Group Plc -- The Next Link in the Chain

Brave Bison has raised £4.75m of equity capital at 2.3p, to help fund an acquisition of a complementary business, called Social Chain. The target will bring significant brand recognition and cross-selling opportunities to blue-chip clients. We forecast an increase in FY23E revenues of £12.4m to £42.9m, a £1.0m increase in Adj EBITDA to £4.1m and an 11% increase in Adj EPS from 0.22p to 0.25p. Post-acquisition, Brave Bison would trade on a discount to the peer group median across EV/Sales, EV/EBI