12/07/21

What’s cooking in the IPO kitchen? South West Brands the multi-brand cannabidiol consumer goods company intends to float on the Main Market (Standard). Raising funds to continue to develop its existing portfolio of brand IP and pursue its strategy of adding brand IP assets to the portfolio over the course of the first 24 months following Admission. The Company expects Admission to occur in July 2021. Timing and offer TBA. GENinCode to join AIM, a UK-incorporated company engaged in the risk ass

Small Cap Feast

Registration document approved for Helios Towers. The Group provides essential network services, flexible infrastructure solutions and reliable power supply to mobile network operators in five African growth economies. Revenue increased 7 per cent. year-on-year to US$191m (H1 2018: US$178m), with Adjusted EBITDA up 15 per cent. year-on-year at US$99m (H1 2018: US$86m) for the six months ended 30 June 2019. Pricing rumoured at 115p to 145p implying valuation of up to $1.8bn. Expected Oct 2019.

Small Cap Feast

SEC S.p.A. Re-introduction to AIM following a reverse takeover under Rule 14 by SEC S.p.A of Porta Communications plc, another AIM quoted company. No funds being raised. Due 4 September. Mkt cap c £9.9m. The merger will create a business with global fee income of around €80m and a host of PR agencies, including Newgate, Publicasity and Newington.

Small Cap Feast

Techniplas –global producer and support services company providing highly engineered and technically complex components, making the supply chain to original equipment manufacturers more efficient. FYDec17 rev $515m. Diaceutics, a data analytics and implementation services company which services the global pharmaceutical industry, is looking to join AIM late March, offer TBC.

Morning Song

Quiz (QUIZ LN) Set-back creates buying opportunity

Set-back creates buying opportunity

Quiz’s warning came as a shock, particularly so soon after a positive AGM update. Our post mortem reveals the revenue shortfall is almost entirely due to the erratic demand dynamics of its 3rd party online web partners. Each key partner appears to have experienced unrelated drops in growth beyond the unseasonal transition from summer to autumn. Rather than being Quiz led, whose own performance online and in-store has remained strong, these were factors outside its control. Downgrades of c35% now

Morning Song

Eckoh (ECK LN) Largest ever US Secure Payments contract win | iomart Group (IOM LN) Steady as she goes | Quiz (QUIZ LN) Assessment of key partner and sector newsflow (H1 pre-close 11 Oct)

Small Cap Breakfast

Green Man Gaming—pure play e-commerce and technology company in the digital video games industry. revenue CAGR growth of 26.7% in the last three years to £47.5m. Due late Sep. EBITDA Profitable. Offer TBA Crossword Cybersecurity PLC* (NEX:CCS)—the technology commercialisation company focusing exclusively on the cyber security sector is exploring its options in relation to a potential move to the AIM market of the London Stock Exchange which, if it were to proceed, would likely take place over

Morning Song

Anpario (ANP LN) Solid H1 results | Be Heard (BHRD LN) Board changes | Future (FUTR LN) Completion of Purch acquisition | Horizon Discovery Group (HZD LN) Downgrade to Hold pending further details of investment plans | Quiz (QUIZ LN) Positive 5 mth performance with continued growth across all channels | Xaar (XAR LN) Disappointing results; positive strategic progress

Morning Song

Quiz (QUIZ LN) Dressed for success | Raven Property Group Limited (RAV LN) Underlying progress offset by currency weakness

Dressed for success

Quiz is a fast growing multi-channel clothing brand with exciting expansion potential. It has a differentiated offer focused on glamorous occasion wear & dressy casual wear where it has broad age appeal. It trades from a highly flexible and expanding portfolio of stores (avg. lease <2½ years) and concessions, is growing rapidly online, and with overseas franchise partners. Through its low risk test & repeat buying model, Quiz has become a highly flexible fast-fashion brand, backing trends season

QUIZ - Fashion forward

In a sector where traditional offers are struggling, the market awards high valuations to operators that have demonstrated the creation and development of new markets. QUIZ, with its expanding presence in the 16-35 year-old fast fashion market, and only nine months after IPO, is still in the process of realising that promise. The latest indications suggest that it is succeeding, and argue for a re-rating.

Small Cap Breakfast

Avast, global cybersecurity provider with 435m users worldwide. In 2017, the Group's Adjusted Billings was $811 million, Adjusted Revenue was $780 million, Adjusted Cash EBITDA was $451 million. Seeking to raise $200m. Due in May. Fundamentum Supported Housing REIT. Raising £150m. Focussed on UK Social Housing assets. Due 2 May Vivo Energy—retailer and marketer of Shell-branded fuels and lubricants in Africa, Due in May. 100% secondary sell-down of existing Shares by Selling Shareholders, No n

Surface Transforms - New guidance – forecasts under review

Surface Transforms has issued new revenue guidance for FY24, with the company now expecting revenues in the range £17.5-22m. We are withdrawing our previous forecasts for FY24 and withdrawing our price target while we review the impact of the new guidance.

Surface Transforms plc (SCE LN) - Forecasts and valuation withdrawn

We note the regulatory announcement this morning from Surface Transforms and withdraw our estimates and valuation, pending conversations with management.

Morning Note – 16 April 2024

Robust margin and cash performance

Surface Transforms (SCE LN) - Obstacles removed for higher production

Surface has issued a brief Q1 update. Production will ramp-up this year as final new equipment is installed, and manufacturing teething problems recede.

Initial Equity Trading Comments - 19 February 2024

Hybridan Small Cap Feast - 16/04/2024

16th 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: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radical Limited for

Dowlais Group - Motoring forward

Dowlais Group’s first set of results were ahead of our expectations, with positive cash generation a highlight despite restructuring and demerger costs. Softer automotive markets will limit margin progress in FY24 towards the double-digit target. Despite this, margins of c 6.5% are still ahead of automotive peers, although the shares trade at a significant discount to our implied generic peer-based valuation.

Morning Note – 9 April 2024

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

Morning Note – 4 April 2024

LIBERUM: New Energy Nuggets: Hydrogen - the future is green

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

Gooch & Housego (GHH LN) - A chink of light

Gooch has issued a positive update for H1. Trading has started to recover with stocking levels normalising at industrial and medical devices customers. The outlook is positive with growth returning, and management has confirmed our full year estimates (adjusted for the disposal of EM4). The order book and order flow appear healthy, and net debt is comfortable. Gooch clearly still has plenty to do to lift operating margins from a lacklustre 8.1%, but the transformation plan appears to be back on

Nexteq - FY23 adj EBITDA +4% ahead, FY24E upgrades of +1-10%

Nexteq’s FY23 results show adjusted EBITDA +4% ahead of the +6% upgrade at the January trading update, record FY23 EFCF of $17.4m, and a confident outlook that leads us to reiterate our FY24E revenue and upgrade FY24E gross profit, adj EBITDA, and EFCF by +1-10%. The strategic focus on higher-margin products and customers reducing elevated inventory levels led FY23 group revenue -5% yoy to $114.3m, with Quixant 6% lower at $69.3m and Densitron 2% lower at $45.1m. Effective supply-chain managemen