Morning Note – 26 March 2024

Morning Note – 25 January 2024

Time Finance - Time to celebrate another strong set of interims

Time Finance has released a strong set of interim results to the period ending 30 November 2023. The origination capabilities were firing away with 29% YoY growth to £47m, taking the gross lending book to a new record of £189m. The quality of the book remains uncompromisingly high with invoice and hard-asset financing now making up over 70% of the book and arrears flat at 6%. Revenues increased 19% to £15.7m and PBT increased 35% to £2.7m, reflecting the operational gearing from the organic top-

Morning Note – 19 December 2023

Morning Note – 9 November 2023

Time Finance - Trading Ahead of Expectations (Again)

Time Finance has released an RNS announcing it is trading ahead of expectations. The business has continued to demonstrate its ability to grow the gross book through the market cycle, reaching £180m at the end of October, and bodes well for the longevity of the growth story. Management continues to prioritise the high-quality growth in secured lending resulting in arrears remaining flat. The board now believe that FY24E PBT will be not less than £5.4m compared to our current forecasts of £5m, an

Morning Note – 26 September 2023

Time Finance - Timed to Perfection

Time has released a positive set of FY23A annual results and a Q1/24A quarterly statement. They both show the business continues to perform well with strong loan book expansion, profit growth and falling arrears. FY23A revenue was up 17% to £27.6m, PBT was up 281% to £4.2m which was slightly ahead of prior guidance of £4.1m. In Q1/24A, the gross book hit a new record high of £175.8m. Time looks extremely cheap given it is trading on an FY25E PE of just 5.6x. We derive our 1-year price target of

Hybridan Small Cap Feast - 19 Sep 23

19th 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

Cenkos: Time Finance plc -- Outperforming Time and Time Again

Time Finance released a full year trading update exceeding expectations with revenue of £27.4m (£26m forecast) and PBT of £4.1m (£3.6m forecast). We have upgraded FY24E PBT by 9% to £5.0m and released FY25E forecasts which show 10% YoY revenue growth to £33.1m and over 25% PBT growth to £6.3m. The valuation remains compelling with an FY23E P/TNAV of 0.7x and an FY25E PE of 5.1x.

Cenkos: Time Finance plc -- A New Quarter, a New Upgrade

Time Finance has released a positive Q3/23A update for the period ending 28 February 2023. It follows a strong first half and shows continued momentum in the business. We are upgrading our FY23E revenue forecasts from £25.7m to £26m and FY23E PBT from £3.2m to £3.6m. Time's valuation looks deeply discounted on an FY24E P/E ratio of 5.8x and P/TNAV of 0.6x. We expect a material re-rating as management continue to deliver profitable growth and we believe upside risks to forecasts remain dominant.

Cenkos: Time Finance plc -- Upgrade to Forecasts

Time Finance has released its interim results for the period ending 30 November 2022, in-line with its December trading update. As previously highlighted, the half was incredibly strong for the group and has given them a great platform for growth in the coming quarters. We are upgrading our FY23E revenue forecast by 3% from £25m to £25.7m and FY23E PBT by 16% from £2.8m to £3.2m. The percentage increases show the desirable operational gearing in the business with c60% gross margins and no additi

Cenkos: Time Finance plc -- Core Book Strategy Building Well

Time Finance has released a trading update for the half-year ending 30 November 2022, showing another robust set of results. Following the restructuring during FY22A, FY23E is shaping up to be a strong year for the business. The strategy of focusing on its core book, and in particular the secured lending divisions, is reaping dividends in terms of both book size and quality of the book. Time remains on track to hit our full-year estimates and we leave forecasts unchanged. Time's valuation looks

Hybridan Small Cap Feast 19/10/22

Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Ithaca Energy, a UK independent exploration and production company focused on the UK North Sea, intends to join the Premium Segment of the Main Market. Ithaca Energy is one of the largest independent oil and gas companies in the UKCS, ranking 2nd by resources and 3rd by production. During the six months ended 30 June 2022, Ithaca Energy's average daily production (oil and gas) on a net work

hVIVO - Introducing 2025E; HSD sales grth/margin expansion expected

Post further analysis of the FY 2023 results on 9 April 2024, we are establishing FY 2025 forecasts, as well as modifying our forecast adjusted net profit/EPS figures for 2024 and 2025 to reflect the accounting of the deferred tax asset. Our 2025 forecast calls for 9% growth in customer revenues, stable other operating income (largely R&D tax credits) vs 2024, EBITDA margins going back to the 23% level (after a slight contraction in 2024 to reflect 3 facilities being run in parallel for part of

Bioventix - Laying out the longer-term opportunity in Alzheimer’s Disease

The clinical diagnosis of Alzheimer’s Disease (AD) continues to be a highly challenging endeavour and existing gold standard diagnostic techniques (PET scans, CSF analysis) are limited by their cost, lack of access and perceived invasiveness. As the therapeutic landscape of AD evolves so too are the tools being developed to diagnose and monitor AD in clinical practice and blood-based AD tests represent potentially more sustainable, scalable and economically viable approaches to future AD managem

Elixirr - Outperforming competitors and the global Consulting market

Elixirr offers investors exposure to the long-term growth trends in the global Consulting market (including digitisation and the ongoing technology revolution, demand for innovation, efficiency and specialised expertise) all turbo charged by the group’s ‘challenger’ strategy driving market share gain from a low base. FY 2023 results showed the power of Elixirr’s differentiated model with revenue up +20% and adj. EPS up +22% in a market subdued by global uncertainty. With net cash of £18m, a posi

Morning Note – 22 April 2024

City of London Investment Group (CLIG LN) - 3Q IMS: return to growth

CLIG’s 3Q IMS reveals 5.5% rise in FuM in the first three months to March 2024 to US$10.1 billion. In the quarter performance added US$302m and group net inflows were US$224m.

Morning Note – 25 April 2024

Hardman & Co Insight: 2023 was an annus horribilis for Quoted UK Infrastructure and Renewable Energy

The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no

Solid close to FY24

LIBERUM: Science Group: The Science of shareholder value

SP Angel Morning View: Gold prices slide following profit taking as traders look to US data

LIBERUM: MindGym: Delivering on the controllables

hVIVO - FY 2023 results, revenue in-line, margin better, future is bright

hVIVO has delivered FY 2023A results in-line with the 30 January 2024 TU, with total customer revenues of £56m, growth of 16% versus 2022A. Other income related to tax credits added another £2.6m. 2024 revenue guidance of £62m has been reiterated, representing 11% growth over 2023A, and ahead of the £60m that we had previously forecast. The company has good visibility with the 2024 figure, with 90% already being covered by the existing orderbook (stands at £80m at the end of 2023), as well as in

Malvern International - Positive results confirm turnaround on track; cash-generative and a strong bid pipeline

A positive trading trajectory for MLVN has continued to emerge strongly in this morning's results, with FY23A revenues standing at £12.2m (FY22A: £6.3m / +79%) and £0.2m PBT profit as against a £1.1m PBT loss the year before (excluding a £94k fair value movement / loan write back). MLVN provides education services including (1) a range of university-related courses for overseas students, (2) adult ELT and (3) summer schools for juniors. MLVN's contract with the University of East London (UEL) st

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

Hybridan Small Cap Feast - 25 April 2024

25th 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: Smart Metering Systems (SMS.L) has delisted from the AIM market 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