N+1 Singer - Morning Song 29-11-2017

Brewin Dolphin Holdings (BRW LN) Solid FY17 outturn, positive strategic progress | Cineworld Group (CINE LN) Joining the sector consolidation | Clinigen Group (CLIN LN) Quantum to add multiple growth opportunities | Findel (FDL LN) Digital transformation gaining momentum | Futura Medical (FUM LN) Good progress in Eroxon® licensing discussions; PK trial underway | Photo-Me International (PHTM LN) Snap it up | Raven Russia Ltd (RUS LN) Completion of Sever logistics park acquisition | Redcentric

N+1 Singer - Cineworld Group - Joining the sector consolidation

Cineworld has responded to press speculation confirming that it is in advanced discussions with Regal Entertainment Group in the USA re a possible cash offer. The proposed price is $23 implying a market cap of c.$4bn - so effectively a reverse takeover. Funding will come via a mixture of debt and a “material equity raise by way of a rights issue”, with management (who own 28% of the equity) committed to invest in the fund raise. The deal would equate to a c.9x FY18 EV/EBITDA which is a c.5% disc

N+1 Singer - Cineworld Group - On track to deliver double-digit EPS growth for the year

As anticipated an in line trading update from Cineworld this morning, which should go some way to reassuring investors about the full year outcome given weak industry data for Q3. Sales growth YTD is reported at c11%, which is marginally below our full-year working assumption of 14%. However, management, like us, expect a strong final 6 weeks of the year given weak comps and a strong film slate which includes the top blockbuster – Star Wars VIII. Accordingly, it is guiding to no change to the fu

N+1 Singer - Morning Song 20-11-2017

Bagir Group (BAGR LN) Slow Q4 but positives on costs and partnership talks | boohoo.com (BOO LN) Shares oversold – upgrade to buy | Cineworld Group (CINE LN) Shares oversold - addressing recent concerns | Xaar (XAR LN) Lowered expectations due to Ceramics & Graphics

N+1 Singer - Cineworld Group - Shares oversold - addressing recent concerns

We expect a reassuring trading update from CINE this week. Post a weak industry Q3 we anticipate a strong start to Q4. The next 6 weeks are critical to the full year out-turn but the film slate is strong (including local movies in eastern Europe). The period culminates with the blockbuster Star Wars: The Last Jedi. We feel the weak Q3 is not indicative of a structural trend and fears around competitive threats are overdone. We are buyers ahead of the update on growth and cashflow considerations.

N+1 Singer - Cineworld Group - Blockbuster interims – upgrading back to Buy

An excellent set of interims from Cineworld this morning, encapsulated by a 4% EBITDA beat vs our forecast. Overall, the Group has delivered an impressive 21% uplift in EPS on 18% (12% cc) revenue growth and rewarded investors with a 15.4% DPS hike. The general tenor of the results is positive and whilst there is nothing fundamentally new this morning, we are encouraged by reference to strong July trading. Comps admittedly are stiff for the rest of Q3, but the H1 beat and expectation of a strong

Topps Group (TPT LN) - Initiation: Market leader trading at cyclical lows

Topps Group is the UK’s largest specialist supplier and distributor of tiles and associated products to the UK’s domestic and commercial markets. Each of the last three years the Group has successfully achieved record revenue in a market that’s seen recent volume declines and regional peers enter administration. Following the right sizing of its business, Topps Group is now well positioned to capitalise on the economic recovery and continue taking share from competitors, supported by its global

HeiQ - Forecast update and Ecolab contract

HeiQ reported its interim results for the 12-months to December 2023, a period characterised by challenging conditions in the markets in which the company currently operates. In-line with the recent trading update, the company reported revenues of $41.7m for FY23 and closed the period with a cash balance of c$10m and a net debt position of $2.2m. We have updated our forecasts to reflect the FY23 results and HeiQ’s outlook in 2024, leaving our revenue forecast unchanged but adjusting gross margin

Morning Note – 24 April 2024

LIBERUM: Tortilla Mexican Grill: Prioritising profitability over roll-out

Hybridan Small Cap Feast - 24 April 24

24th 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

PROGRESSIVE: Gear4music: FY24 trading in-line and debt reduction ahead of market expectations

At its FY23 results in June 2023, G4M announced its intention to focus on product margins, overhead cost reduction, and efficiency ahead of revenue growth, along with further net debt reduction, in FY24. The FY24 year-end trading update confirms G4M has delivered on these rebalanced priorities, with gross margin rising and net debt almost halving compared with FY23. Cost savings achieved in FY24 and the continued development of higher-margin categories should deliver further upside in FY25E.

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

Pinewood Technologies (PINE LN) - Driving growth in automotive software

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

PROGRESSIVE: Vertu Motors: Traction control

Vertu is the fourth largest automotive retailer in the UK, with 188 sales outlets and a track record of cross-cycle growth, principally through businesses it has acquired, funded by equity, debt and most importantly cash generation. Vertu operates across the entire vehicle lifecycle, including new and used vehicle sales, and vehicle servicing, repair and parts. Service and repair is a 40+% gross margin repeating business. With economic headwinds, the transition to electric vehicles, recent overs

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

AKA: Initiating Coverage of a.k.a. Brands with Buy and $14 PT: Upside Ahead

We are initiating coverage of a.k.a. Brands Holding Corp. ("a.k.a. Brands" or the "company"), a leading owner of primarily online apparel-based brands focused on Generation Z and Millennial consumers, with a Buy rating and $14.00 price target, or 10.9X our 2025 EBITDA projection of $20.2 million. The company's brands include: 1) Princess Polly, focusing on 15 to 25 year-old women; 2) Petal & Pup, which offers feminine styles for 25 to 34 year-old women; 3) Culture Kings, a street wear destinatio

Domino's Pizza - Growing the base

Domino’s Pizza Group’s (DOM’s) new CEO has set an ambitious long-term growth target, including an acceleration in its net store opening programme. With better alignment between the company and its franchisees, management believes DOM should be capable of generating improved profit growth, versus that achieved in recent years, and potential higher returns.

Borussia Dortmund - Helping itself

Borussia Dortmund’s progress to the semi-final of the Champions League brings a further upgrade to profit guidance for FY24. In addition to helping the financial results of the current year, the relative success of German teams against those of other nations in European competitions this season may ensure the club qualifies for the Champions League next season despite currently being outside the top four of the Bundesliga.

Hybridan Small Cap Feast - 17 April 24

17th 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

HeiQ - Acquisition, placing and trading update

HeiQ has announced the acquisition of a site in Portugal where the company intends to build a HeiQ AeoniQ production facility with a 3,000 tonne per year capacity. To support the acquisition, the company intends to raise c£2.44m via an equity placing, supported by the issue of a c£1.7m (€1.97m) convertible loan note (largely to management) that will convert upon completion of the raise. We see this as an important step in the development programme for HeiQ AeoniQ. Additionally, HeiQ has provided