Hybridan Small Cap Feast - 10 May 24

10th May 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: European Metals Holdings (EMH.L) has delisted from AIM, and then relisted as the re-domiciliation to Australia represents a re-admission to AIM. Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: 7th May: Time To ACT plc, an engineering busi

Morning Note – 10 May 2024

Hybridan Small Cap Feast - 24 Nov 23

24th November 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 obj

Morning Note – 24 November 2023

Mothercare - Resilient performance

Today’s interims demonstrate the resilience that Mothercare has built into its business model with EBITDA (Adj.) rising 12% despite a 14% decline in franchisee system sales due mostly to a slow-down in key Middle Eastern markets, where geopolitical events are starting to add another dynamic to already changing consumer behaviour. Mothercare continues to explore refinancing solutions, the final piece of the long-running balance sheet reconstruction project. Lender Gordon Bros remains supportive,

Hybridan Small Cap Feast - 22 Sep 23

22th September 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 ob

Morning Note – 22 September 2023

Mothercare - Pension review completion boosts cashflow

Mothercare’s FY23 results beat our upgraded forecasts, the full pension actuarial review has been completed, with the deficit shrinking to just £35m and pension contributions reducing by £38.8m to £34.9m over the next decade. The expensive Gordon Bros loan, which should be refinanced shortly, and the delayed ERP project should both start to help reduce costs from next year. There’s an increasing sense that five years of turmoil is coming to an end, with management becoming more outward and forwa

Morning Note – 4 May 2023

Mothercare - FY23 trading update: many positives, a few transitory issues

Mothercare’s FY trading update reveals it has beaten our FY23E EBITDA forecast and it reiterated its medium-term forecast of +£10m of operating profit. However, current trading has been impacted by ongoing franchisee destocking as many markets have been considerably slower than the UK to exit COVID restrictions and see consumer confidence recover. The latest pension analysis suggests a further reduction in the deficit, the latest triennial pension scheme valuation has commenced, and we should le

Shopping Trolley - finnCap Consumer quarterly sector note

Better than expected to date: The January trading update season has been better than expected, with the ratio of upgrades to downgrades running at 26:16 out of the 101 trading updates that we have analysed. It’s a surprisingly positive start to the New Year which reflects (1) realistic expectations captured in consensus forecasts, (2) consumers’ determination to enjoy Christmas and protect important areas of personal expenditure and (3) a reduction in supply as competitors exit.

Hybridan Small Cap Feast 24/11/2022

Dish of the day Joiners: One Health Group plc (AQSE: OHGR), joins the Apex segment of the AQSE Growth Market. The group provides medical services, in the form of elective surgical care, to support the NHS in the management of patients, through a growing network of community-based outreach clinics and independent hospitals. Market Cap on admission £15.05m. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Kistos Holdings plc, intends to join AIM. The Company was incorporated to act

Morning Note – 24 November 2022

Mothercare - More outward looking

The loss of Russia as a key market is, of course, painful but there is much to commend in Mothercare’s interims: the business remain profitable, underlying retail sales were +15%, the new product pipeline is pregnant with new ideas, the pension deficit continues to shrink, and it has successfully refinanced. Mothercare is becoming more outward looking after a long period of introspection; it has barely scratched the surface of opportunities available to it and the new CEO, who joins in the New Y

Shopping Trolley - finnCap Consumer quarterly sector note

Fulham Shore’s Franco Manca value-for-money brand is perfect for current market conditions in our view, despite pizza being a crowded segment. Pizza travels well, allowing the business to flex to delivery and take-out according to market conditions. The combination of high gross margins, net cash on the balance sheet and excellent FCF generation should allow it to cope with tougher market conditions AND still protect its expansion capex plans to increase EBITDA by +55% over the next three years.

Morning Note – 8 October 2024

Games Workshop Group - Sigmar the fourth

Games Workshop Group (GAW) is the global leader for tabletop miniature gaming, which has enjoyed impressive growth, with core revenue and total operating profit CAGRs of 17% and 19%, respectively, since FY15. A combination of improved product innovation, engagement with customers, geographic expansion of its distribution and licensing its intellectual property (IP) to third parties have driven its growth. Its vertical integration and control of its IP contribute to enviable returns on capital of

Gooch & Housego - Year-end update: H2 growth delivered and trading in line

The group’s year-end update highlights that trading in H2 has been stronger than H1 and confirms that both revenue and profits for FY24 are expected to be in line with existing market expectations. Cash generation has been good, with bank debt about £6.0m better than expected. The order book has shown a 5% decline, but positive signs are the ending of medical diagnostic destocking, and a strong increase in A&D orders. No change to profit forecasts and we reiterate our existing 680p target price.

Revolution Beauty (REVB LN) - Laying foundations

Growth in core ranges accelerated: Revenue from the Group’s core range of SKUs was +6% YoY in H1, with growth accelerating to +16% in Q2, implying solid underlying demand for these continuing ranges. Under its ‘Reigniting the Revolution’ plan, set out in February, the Group is rationalising its offer and refocusing on the Revolution Masterbrand, core product categories (complexion, lip, eye, skincare) and key regions (UK, USA, Aus/NZ, and Germany).

PANMURE LIBERUM: Revolution Beauty: Lots of noise in H1; strategy is on track delivering a positve outlook

Telematics and fleet management: Microlise vs. Quartix Technologies

The UK AIM market has three quoted commercial vehicle tracking businesses: Microlise Group (SAAS), Quartix Technologies (QTX); and Trakm8 Holdings (TRAK). This note focusses on the larger two, Microlise and Quartix, initiating research coverage on each and comparing respective business models, strategy, growth opportunities and valuation. Whilst the businesses generally target different parts of the market, our conclusion is that Quartix offers better near-term value, cash returns and ROCE, whil

Allenby Capital TMT Update - 07.10.24 - SPSY.L, CHSS.L, ELEG.L, SEEN.L

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.

Morning Note – 30 September 2024

N Brown Group+ (BWNG, House Stock, 28p) - Strong margin progress - guidance maintained

Morning Note – 3 October 2024

Hybridan Small Cap Feast - 7 October 2024

* A corporate client of Hybridan LLP ** Potential means Intention to Float (ITF) has been announced, or it is a rumour ***Arranged by type of listing and date of announcement ****Alphabetically arranged Share prices and market capitalisations taken from the current price on the day of publication Dish of the day Admissions: None Delistings: None What’s baking in the oven? ITF announced:*** Potential** Initial Public Offerings: 30th September 2024: Applied Nutrition, the sports nutrition, health

Hybridan Small Cap Feast - 10 October 2024

* A corporate client of Hybridan LLP ** Potential means Intention to Float (ITF) has been announced, or it is a rumour ***Arranged by type of listing and date of announcement ****Alphabetically arranged Share prices and market capitalisations taken from the current price on the day of publication Dish of the day Admissions: None Delistings: None What’s baking in the oven? ITF announced:*** Potential** Initial Public Offerings: 30th September 2024: Applied Nutrition, the sports nutrition, health

Morning Note – 29 August 2024

Spectra Systems (SPSY LN) - Momentum continuing to build

Following on from the major new contract announcement from SPSY eight weeks ago, this morning’s results show more than half the forecast FY24 profits already achieved in H1 and confirmation of ongoing momentum including new polymer opportunities. SPSY is an established world leader in providing security technology that includes software and advanced materials for use in banknotes, product authentication, security printing and gaming. The 96% YoY lift to revenues in part reflects the impact of th

Allenby Capital - Spectra Systems - Interims

Interims from Spectra Systems reflect the first full contribution from Cartor Security Printers (announced in December) and initial revenue recognition from the sensor manufacturing contract signed with its central bank customer (announced in July), that resulted in substantial profit upgrades. FY24 P&L forecasts are heavily underpinned at the leader in machine-readable high speed bank note authentication, brand protection technologies, security printing and gaming software. The sensor contract,