- Unbending

Card Factory is a deep value retailer, offering a core product at 99p that retails for twice that at high street competitors. Despite the wide price gap, management is adamant that it does not need to raise prices to maintain profitability, with a range of actions in progress to optimise both top line and cost structure. The share price has fallen steeply, but this could present an opportunity as there are a number of potential catalysts.

Morning Note – 26 January 2023

Good end to FY22, EBITDA target upgraded

Entain reported Q4/FY22 growth in line with estimates. Importantly, the online segment returned to growth, after four consecutive quarters of decline. The firm now expects FY22 EBITDA to come in at £985–995m (5%/3% ahead of consensus/AV, respectively). BetMGM continued to outperform expectations and is on track for EBITDA break-even in H2 23. We will be upgrading our estimates by low-to-mid single-digits to factor in the FY22 EBITDA upgrade as well as the stronger trajectory of BetMGM.

SHORE CAPITAL - XP Factory+ (XPF, House Stock at 16p)

Hybridan Small Cap Feast - 23 Jan 23

23 January 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 object

SHORE CAPITAL - ScS Group+ (ScS) - House Stock, 222p - Highly reassuring trading update

Terminating coverage

Hybridan Small Cap Feast - 01 Feb 23

01 February 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 objec

BOTB - Beats forecasts, £6.275m return of capital announced

BOTB prelims were slightly ahead of our forecasts, which we recently raised post the May trading statement. Trading continues to normalise despite the uncertain consumer outlook, driven by constant fine-tuning to changing market conditions. BOTB also declared a 6p/share (£0.565k) final dividend and a £6.275m return of capital via tender offer, equivalent to 66.7p/share; and 72.7p and £6.84m combined. We have increased our EPS (Dil. Adj.) forecasts by 23% to 53.9p from 43.9p for FY23E, and by 21%

Strong update; further upgrades to FY'22e

Zinc Media provides a further strong FY22e update, with revenues now guided to be ahead of recently upgraded market expectations. Healthy organic growth momentum has continued through Q4 and has been further augmented by The Edge acquisition, which is now performing ahead of initial expectations per management. Zincs organic revenue growth (25%-30% y/y) reflects an attractive demand backdrop for high quality content, as OTT streaming platforms and other media channels compete for traffic. Zinc M

Tintra plc Initiation

Tintra plc (TNT.L) has an ambitious strategy to build new global banking infrastructure. This will be distinct from existing banks and fintechs, as it is specifically designed to finance growth in cross-border trade for emerging economies. The group identified issues in ways that existing banks serve these markets, which often put their customers at a disadvantage vs developed economy equivalents. Tintra believes that only an entirely new global network of regulated financial services providers

BOTB - Board strengthening and new forecasts

The group has announced a broadening and strengthening of the board through two new appointments. We introduce an additional two years of forecast and raise our target price to £31.

Strong conclusion to FY22; Record Q1 performance

Reacts final results were well flagged in the year end update, reporting adj. EBITDA of £1.0m (FY21: £0.8m, SCMe: £1.0m) and adj. PBT of £0.7m (FY21: £0.7m, SCMe: £0.8m), in line with expectations. 2022 was a year of significant progress for React, with the acquisition of LaddersFree in May 2022 the most notable event. This acquisition materially enhances the Groups earnings and, alongside strong recent contract win momentum, supports significant expected earnings growth in FY23. Strong momentum

Cenkos: One Media iP Group Plc -- Trading Update

One Media iP Group has provided a positive trading update for the year ended 31 October 2022 (FY22E), with the core business of music exploitation performing in line with expectations. The company expects to deliver revenues of £5.1m (+16% YoY), slightly ahead of our previous forecast, and an Adj EBITDA of £1.8m. Having previously explored external funding options, One Media iP now plans to retain its anti-piracy subsidiary, TCAT Ltd and fund the next stage of growth from internal resources in o

Morning Note – 17 January 2023

Cenkos: Consumer Q1/23

Key Observations Despite a second successive decline in CPI during the quarter, inflation remained at one of the highest levels in 40 years (10.5% in December) contributing to a winter of discontent, with each day in December facing some form of industrial action. The industrial action materially impacted the consumer sector and provided an insight into the simmering frustration around the decline in real wages of the UK population. There were multiple examples of consumer corporate failures d