LIBERUM: Loungers: LFLs consistent as ever, on the path to pre-Covid margins

Topps Tiles - Early delivery

Topps Tiles’ (TPT’s) FY23 results confirm the strong progress made, with its focus on growing profitable market share by developing and diversifying its operations. The success is shown in record revenue for the Topps Tiles branded stores and the group as a whole, aided by the achievement of its ‘1 in 5 by 2025’ market share goal two years earlier than predicted. An improving cost environment has translated into an underlying improvement in gross margin through the year, as expected by manageme

Strong momentum & execution continues

Momentum at XP Factory has remained strong leading to a positive H1 update. This has been driven by high double-digit LFL performance from both brands and margin progress. New openings are on track, July has been strong and H2 corporate / group bookings are at record levels. This underpins confidence in meeting FY market expectations. We maintain our forecasts and believe the update provides further proof points to XPF’s attractions. Management is executing well, consumer trends remain in favour

Assessing the key investment & valuation dynamics

We view XP Factory as a genuine growth stock. In this detailed note we show how it is capitalising on the secular themes driving the competitive socialising sector and generating superior site returns, organic growth and customer reviews. This is further enhanced by a strong set of interims, with an acceleration of LFL over the summer and no change to FY Dec’23 expectations. Prospects of a healthy future is backed by our base case 3-year EBITDA CAGR of 44% on steady state expansion, which rises

Initial Equity Trading Comments - 1 December 2023

HeiQ - Reorganising, right sizing and re-focusing

HeiQ has published its FY22 and H1/23 accounts, noting difficult market conditions for its revenue generating businesses, which has impacted revenue growth in these periods. In light of the market deterioration, the company has taken steps to restructure the group to be more efficient, while implementing expense containment measures. The sudden market disruption in H1/23A saw HeiQ move into a net debt position of $2.1m. While we model the company becoming operating cash flow positive in FY24E, o

LIBERUM: The Liberum Leisure Digest: Encouraging updates, falling markets

Hybridan Small Cap Feast - 30 Oct 23

30th October 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 obje

Market share gains and efficiency drive cash flow

Results confirm 24.8% sales growth to £53.9m in H1, and despite lower EBITDA margins, Marks Electrical converted 145% of operating profit into cash (vs. 118% for the whole of FY2023), enabling a 0.30p unchanged interim dividend. Margins, as expected, were reduced by the strategic decision to add integrated gas, electrical and television installation services to its next day delivery service, and increased wages for the company’s drivers. As a result, EBITDA margins were two percentage points lo

Inchcape (INCH LN) - Solid overall performance

The main themes from the interim results continued throughout Inchcape’s third quarter, including progress on the integration of Derco, improving car supply, and strong margins.

Vertu Motors (VTU LN) - Expanding South West presence

Last week Vertu announced a complementary bolt-on acquisition of four sales outlets in the South West of England for an estimated cash consideration of £6.2m, further expanding its presence in the region. The Group is continuing its strategy of adding scale and strengthening brand partnerships. Today we make FY24 balance sheet and cash flow adjustments for the acquisition, reduce FY24 adjusted PBT by 1.5% due to the timing of the deal and acquisition costs, and add a small upgrade to adjusted PB

Initial Equity Trading Comments - 11 May 2023

Marks & Spencer+ (MKS, House Stock, 233p) -“Significant” H1 FY24F growth expected– further upgrade potential

Marks & Spencer+ (MKS, House Stock at 255p) - Appalling Gove further burdens court system

Cenkos: Healthcare Sector -- Ward Round

Weekly round-up of AIM-listed healthcare news. Agronomics, Eden Research, IXICO, HeiQ, Trellus Health, NetScientific, Circassia, 4basebio, Fusion Antibodies, Surgical Innovations Group, Yourgene Health, Abingdon Health, Verici Dx, Poolbeg Pharma, Omega Diagnostics