Cenkos: Smart Metering Systems Plc -- FY22 trading update –another upgrade

Smart Metering Systems (SMS) has announced a FY22 trading update indicating a strong operating and financial performance during FY22, with underlying EBITDA expected to be marginally ahead of expectations and adjusted PBT materially ahead of expectations. The smart meter rollout programme continued to accelerate, with H2/22 seeing an average of 45,000 meters per month being installed. The battery storage portfolio increased to 760MW, with 140MW now live and trading significantly ahead of initial

Cenkos: Smart Metering Systems Plc -- Strong H1/22 – FY23E forecast upgrade

Smart Metering Systems (SMS) has announced strong interim results, underlining the resilience of and visibility within the business model. The smart meter rollout programme is accelerating, with over 40,000 meter per month being installed and c70% of SMS SMETS1 portfolio meters now enrolled on the DCC platform. The battery storage portfolio has grown to 760MW, with the first 50MW project trading ahead of initial expectations. SMS is especially well placed to absorb inflationary pressure, with H1

Cenkos: Tech Download for the Week -- LBG Media, DotDigital, Solid State, XL Media, Smart Metering Systems, Arqit Quantum, Brave Bison, Clean Power Hydrogen

Enclosed is our weekly download of technology news and updates from technology-focussed UK companies.

Cenkos: Smart Metering Systems Plc -- Robust trading ahead of forecasts

SMS has announced a solid trading update, with underlying EBITDA and PBT marginally ahead of forecasts, mainly driven by a “well ahead of Board expectations” performance of the Burwell grid-scale battery project and the annual meter rental RPI indexation on 1 April 2022 (4.3%). The battery pipeline has also increased to 760MW. ILARR has increased 8.4% over H1/22 to £93.1m, with the smart meter portfolio increased to 1.9m meters. The current meter installation pipeline is 2.42m including a new 0.

Hybridan Small Cap Feast 21/06/2022

Joiners: No Joiners Today. Leavers: No Leavers Today. What’s cooking in the IPO kitchen? Visum Technologies seeking admission to The AQSE Growth Market. The Company's business is to own and operate an "on-ride" video and photographic camera system that it sells and/or licenses to customers (being theme parks, ride manufacturers, souvenir imaging providers, and other leisure operators). Due 30 June. LifeSafe Holdings, a fire safety technology business with innovative fire safety products, intends

Cenkos: Smart Metering Systems Plc -- Accelerating CaRe asset strategy

SMS has announced two strategically important investments this morning, in line with the strategy presented during the CMD in June 2021 (DOWNLOAD). The first investment is to acquire an initial 25% holding in Clenergy EV, a software business with a Charge Point Operator platform and the second to acquire 100% of n3rgy Data, a data software business providing direct access to smart meter consumption data from the DCC. Total consideration for these investments is an initial £3.4m. Clenergy enables

Cenkos: Smart Metering Systems Plc - Continued strong momentum

SMS released an AGM update this morning confirming that it is currently trading in line with the Board's expectations, with solid growth in index linked annualised recurring revenues (ILARR) to £91.4m, continued strengthening in the meter installation run-rate (with further improvement expected throughout the year), strong performance of the first 50MW of batteries and further expansion of the grid-scale battery pipeline to 710MW. The balance sheet remains strong with £63.3m cash and £420m undra

Cenkos: Smart Metering Systems Plc -- Robust results with strong outlook

FY21 results showed a strong performance given the headwinds caused by Covid in H1/21 and the energy market turmoil in H2/21 (which has had a negligible impact on the SMS pipeline). ILARR was up 11.6% to £85.9m (£86.8m at end February 2022 and increasing by 4.3% RPI in April 2022), with underlying PBT up 20.4% to £18.3m. The growing installation run-rate reached over c30,000 per month in H2/21 (SMS is currently installing 9.4% of all new UK smart meters). The Initial 50MW grid-scale battery stor

Cenkos: Smart Metering Systems Plc -- Valuation disconnect opportunity

SMS has confirmed in a trading update that FY21 underlying PBT is expected to be marginally ahead of consensus (despite an upgrade in September) and ILARR has grown 11.6% to £85.9m. The meter installation run-rate has averaged 30,000 per month since June 2021 and is expected to increase during 2022. SMS also remains confident in the FY22 outlook. We have therefore made no changes to forecasts and believe that the continued weakness in the share price, caused by uncertainty in the energy supply m

Cenkos: Smart Metering Systems Plc -- Expanded grid-scale battery pipeline

This morning, SMS noted the considerable turbulence within the UK energy supply market and confirmed it remains comfortable with previous guidance on the contracted smart meter order pipeline (2.75m by FY26). SMS also stated that current FY21 trading remains in line with expectations. Continued weakness in the SMS share price caused by uncertainty in the energy supply market looks overdone to us and we maintain that, in the long term, downside risk for SMS is limited. SMS pays an attractive fore

Cenkos: Smart Metering Systems Plc -- Unique exposure to energy transition

Recent weakness in the SMS share price caused by uncertainty in the energy supply market is unwarranted and we see very limited downside risk for SMS. This presents a strong opportunity that should not be missed by investors in our view. On 13 September SMS announced strong interim results, a revised £420m RCF facility and a £175m equity raise. This revised capital structure, with internal cash generation, provides all the necessary funding for currently visible contracted growth, which will req

Cenkos: Smart Metering Systems Plc - New meter contract and increase in grid-scale battery storage pipeline

SMS has announced a contract win with a large energy supplier where SMS will fund and provide MAP services for at least 400,000 domestic smart meters, taking the contracted pipeline to 2.75m. A further 50MW grid-scale battery project (commencing installation Q4/22) has also been secured from the 470MW pipeline, taking the secured pipeline to 240MW. We estimate that the combined current contracted metering and secured battery pipelines should add c£75m EBITDA alone upon completion, an increase of

Cenkos: Smart Metering Systems -- In-line trading with strong run-rate recovery

In a trading update this morning, SMS confirmed it is trading in line with Board expectations, with ILARR at end H1/21 up 9.3% from £77.0m at FY20. Meter installation activity has recovered strongly post COVID restrictions and strong progress continues to be made with grid-scale battery projects. The combined current metering and battery pipelines alone, providing good visibility, are forecast to add a further £70m EBITDA upon completion, an increase of over 140% versus the £49.9m at FY20. SMS h

Small Cap Feast: 28/07/21

Joiners: Big Technologies (BIG.L) has joined AIM. Big Technologies plc provides products and services to the remote and personal monitoring industry under a number of brand and trading names, with 'Buddi' being the most well known and used in respect of activities within the core criminal justice market. The Company's criminal justice solution involves proprietary monitoring software combined with modular monitoring hardware being used to accurately track the location of tag wearers. Alongside

Cenkos: Smart Metering Systems Plc -- Central to the energy revolution

SMS held a virtual CME on 23 June providing detailed insight into the next stage of growth. The significant scale of the market opportunity is evident but what has become increasingly clear to us is the competitive advantage SMS has developed and its preparedness to participate at scale within the energy revolution.

Heading for record 2023 deliveries

Top Picks for 2023 - 2022 review and outlook for 2023

On 10 January last year, we set out our ten top stock picks for 2022, in what turned out to be a very poor twelve months for global equities, due to war, accelerating inflation, political instability and recession fears. Between 7 January 2022 and 31 December 2022, the AIM All-Share Index declined 30.0%, whilst the average performance of our ten top picks was -24.7%, a modest relative outperformance. In this note we discuss the performance of our 2022 top picks, equities trends in 2022, and our

Terminating coverage

Setting up a breakthrough year - Correction

ITM Power (ITM LN) - Trading update

• ITM has released a trading update, reporting on progress of the detailed review being carried out under its new CEO. This includes a profit warning, with FY 2023 results now expected to exhibit lower revenue and a higher EBITDA loss than previous guidance (existing guidance was to be at the lower end of the range on output of 48-65MW and £23-28m revenue, and was also for EBITDA loss of £45-50m), with the difference described as “material”. This has been driven by several factors: losses on cus

QuotedData’s Real Estate Monthly Roundup – January 2023

Performance - 2022 ended with another difficult month for property companies as the sector continues to get to grips with the impact of higher interest rates. There were several funds that performed well during December, however, with secondary shopping centre landlord Capital & Regional top of the pile. For a second month on the trot Home REIT saw its share price tank after it came under attack from a short seller in November. Valuation moves - It was a mixed bag for valuations, with six-month

This Week's AIM Highlights 20th January 2023

LIBERUM: Yü Group* - Yet more upgrades

Strix (KETL LN) - Full year trading update

Strix have issued a full year trading update indicating profit after tax will be c. £23.0m, in line with updated guidance provided in the 30 November 2022 trading update following completion of the Billi acquisition. Year-end net debt came in at £87.0m, slightly ahead of Zeus forecasts, leaving the company well placed to bring net debt / EBITDA materially below 2.0x during FY23. Profitability being in line provides confidence that the Zeus FY22 revenue forecast of £110.0m will be achieved, imply

Q4 & FY22 Trading Update

Capital Limited (LSE: CAPD) this morning provided its Q4 & FY2022 trading update. The Company has continued to perform strongly in 2022 with Q4 revenue 8.2% higher QoQ and 18.9% higher YoY. The full year of revenue has once again exceeded the revised guidance (albeit marginally) and our estimates.

Invinity Energy Systems - Reassuring Update And New Sale

We see Invinity’s update as reassuring and the new commercial sale adds to this especially as it is a second sale through an existing partner. Year-end cash of £5.1m and £7.5m of further potential convertible funding aligns with a strong order backlog and pipeline growth to give comfort for FY 23 and beyond in our view.

Powerhouse Energy - Progress In Poland

Powerhouse is making progress in Poland. This is potentially a major opportunity for Powerhouse, and establishing a project here using its technology could open a potentially strong market in our view.

Cautious optimism for FY23

SP Angel Spec Sits: YUG Follow-on Update - A Record-Breaking Year

YUG announced a post-year-end trading update ahead of already revised expectations. Given the Group's expected strong cash generation and growth prospects, the Board has declared its intent to pay a modest dividend this year.

LIBERUM: Kier Group - Trading in line, with better cash expected in H2