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Companies: 88E CNC FTC TRCS HEIQ CREO ZAM
Cavendish
Please find below our weekly update covering themes that we feel that are of interest to investors and participants in the small and mid-cap TMT sector as well as commentary on recent newsflow.
Companies: SKL ENET CHSS
Allenby Capital
Cordel has issued a short but positive update for the quarter to the end of March. The Group is making good progress with the contract pipeline and reiterated revenue guidance for the full year. Key relationships with Amtrak, Angel Trains and Network Rail are growing, and Cordel continues to ramp-up business development activity in new and existing markets. Selective hiring to complete the build-out of the team and platform has continued but is nearly complete; operational gearing is now high. T
Companies: Cordel Group PLC
Zeus Capital
Pinewood Technologies’ results for the 13 months to 31 January 2024 confirmed good growth in user numbers, revenue and operating profit for the continuing automotive software business. Our unchanged forecasts (see 6 March research) show strong revenue growth, high margins, and good cash generation over the period to FY26 as the Group executes its accelerated growth plan. As of Tuesday this week, Pinewood’s shares are ex-dividend and a 1-for-20 share consolidation is effective, meaning our discou
Companies: Pinewood Technologies Group PLC
Companies: CML Microsystems Plc
Shore Capital
Cordel’s Q324 update shows progress towards the group’s FY24 revenue expectation and other objectives, supporting our forecasts. Doubling the customer base by year-end is a key milestone, which encouragingly looks set to come in part from tier-one US railroads, offering the greatest scope for large seven-figure contracts from its target markets. Developments with Amtrak, as Cordel moves to the five-year service phase, and Angel Trains in the UK provide positive indicators for stable recurring re
Edison
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
Progressive Equity Research
Dillistone, a supplier of software to the international recruitment industry, has announced a solid set of full year results that, in our view, pave the way for rapid YoY earnings progression from FY2024. For FY2023, against a small, anticipated YoY decrease in sales, adjusted EBITDA exhibited substantial growth of 38.5% to £1.3m (FY2022: £0.9m), ahead of our £1.2m estimate, and with a welcome return to profitability, PBTA of £0.1m (FY2022: loss £0.3m) in-line with our expectation. Our cautious
Companies: Dillistone Group Plc
WHIreland
Companies: 1Spatial Plc
Liberum
Informa’s FY23 results were strong, slightly ahead of guidance at January’s update. Underlying revenues grew 30.4% and adjusted operating margin expanded from 21.9% to 26.8%, with all four operating segments posting underlying revenue progress. The momentum has continued into FY24, and formal guidance has been edged ahead. The group generates significant amounts of cash, and leverage at end FY23 of 1.4x was below the guided range of 1.5–2.5x. With modest investment requirements and M&A opportuni
Companies: Informa Plc
Pinewood’s transition to a pure-play automotive SaaS business is now largely complete. Today we introduce summary forecasts out to FY26 and reiterate the investment case. We see significant opportunity for Pinewood to grow its user base in the UK and internationally whilst generating high EBITDA margins and cash conversion. With a 24.5p special dividend embedded in the current price (payable Q1/Q2), the effective price today is 12.3p. Based on the Group’s FY27 target of £27m EBITDA, we estimate
Companies: Gaming Realms PLC
Canaccord Genuity
Companies: SWG DUKE LORD CLX
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
Companies: Intelligent Ultrasound Group Plc
Altitude’s interim results show continued strong trading and operational progress, with a positive outlook for the remainder of the year. FY24 revenue and adjusted EBITDA is expected to be in line with market expectations. The Group’s pipeline for university campus stores (Gear Shops) remains healthy and growing, with further contract announcements expected between March and June next year. Our average valuation estimate is now 57.8p per share (previously 57.6p), but material Gear Shop contract
Companies: Altitude Group plc
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