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

Vianet Group: FY24 trading update, strategic contract win

Vianet has published a positive trading update for FY24 with turnover up 7.6% to £15.18m, a 3.5 percentage point increase in gross margin YoY, and adjusted EBITA ahead of market expectations. Net debt continues to fall and closed FY24 at £1.52m (£2.1m at 30 September 2023), demonstrating strong free cash flow generation, even without the benefit of the £0.9m tax receipt received in 1H24, which augers well for a final dividend. The company reported a new contract with Wilcomatic Wash Systems, the

Morning Note – 25 April 2024

Vianet - FY24 ahead, strategic forecourt customer win

Vianet’s FY24 trading update shows FY24 revenue +1% ahead of our previous forecast, adjusted EBITA +2% ahead, EFCF and net debt +£0.6m ahead, and a strategic new customer win with prominent forecourt operator Wilcomatic. A robust FY25 pipeline and outlook leads us to reiterate our FY25E forecasts at this point, with the update highlighting: strong progress renewing and winning new customers on 3-5 year contracts as they migrate from 3G to Vianet’s advanced 4G LTE solutions; the successful integr

Vianet Group - 1HFY24 results - As expected, 2HFY24 stronger

Vianet has published interim results to 30 September, reporting adjusted pre-tax profit of £29k (1HFY23 loss of £107k), excluding BMI post-acquisition costs. The results were in line with management's expectations while guidance that the results are on track to meet expectations for the full year was reiterated. That implies a stronger 2HFY24, aided by further contract wins and a pick up in business, particularly as the switch over from 3G to 4G gathers pace. The balance sheet was strengthened w

Morning Note – 12 December 2023

Vianet - H1 progress highlights the platform’s growth potential

Vianet’s H1 results show adjusted EBITA growth of +7% yoy to £1.3m, a strong improvement in net debt to £2.1m from £3.4m at FY23, and promising progress across both divisions. H1 revenue of £7.2m is +0.2% yoy and 87% recurring revenue, with Smart Zones delivering a resilient £4.1m, and Smart Machines +1% yoy to £3.1m, as customers initially delayed H1 orders to plan for the 3G mobile network switch off from 2024. Gross profit grew +8% yoy to £5.0m as gross margin increased to 69% vs 64% in H1 23

Vianet Group - 1HFY24 trading update - positive outlook

Vianet has issued a trading statement ahead of publication of the 1H24 results scheduled for 12 December. Revenue for the half was £7.19m with an increase in recurring revenue to 87% and a jump in gross margin to 69%. Vianet was profitable in the half, excluding £0.2m in support for the recently acquired Beverage Metrics business in the US. The results were in line with management's expectations and are expected to pick up significantly in 2H24 as a result of new contract wins, and an accelerati

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: WEIR, GSK, AML, WG., PDL, ASC, TKO, ARIX, VNET, UOG, & ANIC.

Morning Note – 1 November 2023

The Joy of Techs - Cavendish Technology quarterly sector note

£23.3bn in enterprise value has been returned to AIM technology shareholders over the past six years in the form of 51 public to private takeouts, including 10 in 2023 alone with the takeovers of Smoove* and Tribal announced in early October. With UK valuations appearing cheap and looking more attractive to potential acquirers, we take a moment to reflect on the trends of corporate and private equity bidders targeting AIM-listed technology companies going back to 2017, through the uncertainties

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: RIO, AHT, CLDN, MEN, TIFS, ECOR, CRW, SRC, & VNET.

Vianet Group - FY23 Results

Vianet has published results for the year to March 2023, confirming the strong performance flagged in the trading statement issued in May. Revenue increased 6.8% YoY to £14.1m, earning a gross margin of 66.4% and generating adjusted operating profit of £3.1m, up 31.4% YoY. Cash conversion was strong at 102.8% of EBITDA, returning to pre-pandemic levels. Management characterised the performance as a year of gathering momentum with strong prospects which was underscored by the reinstatement of the

Vianet - Strong FY23 results, robust momentum in FY24

In today’s FY23 results, Vianet has reported revenue and EBITA in line with the trading update, reintroduction of the dividend at 0.5p, and strong momentum into FY24, with a breakthrough expected in new verticals in H1. FY23 revenue growth of +7% to £14.1m reflects a near return to pre-pandemic levels in H2, with Smart Zones and Smart Machines delivering FY23 growth of +4% and +11%. Numerous product launches and upgrades are continuing to resonate with customers, including wins at vending indust

Cenkos: Vianet Group Plc - Positive FY23 results

Vianet has announced a strong set of FY March 2023 results with building momentum, in-line with the update on 2 May 2023 and our forecasts, as well as an upbeat outlook statement. We raise our fair value from 110p to 135p and maintain a BUY rating.

Supreme (SUP LN) - Record performance, EBITDA ~doubled

Supreme’s FY24 trading update confirms a record performance in the 12 months to 31 March 2024. Organic revenue and profit growth across all four divisions has driven Group revenue +45% YOY to £225m, with FY24 adj. EBITDA almost doubling to ‘at least £38m’, driving record levels of cash generation. Supreme is actively exploring complementary M&A, supported by a debt free balance sheet. Trading on an undemanding FY25 PE of just 6.7x, with a 3.4% yield, we believe downside risks are more than price

Morning Note – 22 April 2024

Supreme+ (SUP, House Stock at 125p) - Supreme, Supreme!

SP Angel Spec Sits: FY Trading Update (LTHM)

Headlam Group - Strategy for growth in tougher market

Headlam Group has laid out an ambitious long-term revenue target of between £900m and £1bn, as it seeks to grow its share of the UK floor coverings distributor market. Despite a challenging backdrop due to the low level of residential housing transactions, management is seeking to expand each of its sales channels: Trade Counters, Larger Customers, Regional Distribution and Europe & Other. The FY23 results reflected the more challenging environment and the group trades at a discount to its long-

Renewi - Solid trading and better cash generation

Renewi’s FY24 trading update was in line with management’s expectations and its improved cash generation is reassuring for investors. Attention is now likely to turn the strategic review of the UK Municipals with management stating that they remain on track to update markets by the end of June. This could lead to an exit of key liabilities and leave Renewi as an attractive circular economy investment with strong market positions and organic growth plans, which should assist in generating value,

Norcros (NXR LN) - Sale of Johnson Tiles UK streamlines the business and improves operating margin

Norcros has announced the sale of its Johnson Tiles UK business to the current management team for a consideration of £1.0m, with a further modest earnout based on the equity value of the business, both payable in April 2028.

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

SP Angel Morning View: Copper prices hit $9,700/t as China smelts concentrates for zero charge Tc/Rc

Hybridan Small Cap Feast - 24 April 24

24th 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

LIBERUM: Ilika: CMD confirms operational progression

Norcros - Sale of Johnson Tiles UK agreed

Norcros’s disposal of Johnson Tiles is the latest strategic activity taken by management to better allocate capital to fit with priorities. Last year it closed its UK adhesives operation. Norcros has a compelling investment case, where its new product development initiatives, market positioning and self-help initiatives allow it to take market share in both the UK and South Africa. Its rating is low at 6.0x FY24e P/E, which is attractive, especially when compared to its yield of 5.4% on its well

LIBERUM: Gattaca: Resilient contract performance, perm tough

LIBERUM: CEO Video: Matt Wragg, Gattaca plc:

SP Angel Morning View: China likely to trump BHP offer for Anglo American