B90 Holdings (B90 LN) - Successful transition, outlook unchanged

2023 revenue is expected to be in line with expectations. Adjusted EBITDA loss is expected to be higher than we expected.

Hybridan Small Cap Feast - 08 Nov 23

8th 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 obje

B90 Holdings (B90 LN) - H1: Repositioning to scale

H1 was a period of investment and restructuring that has positioned the company for strong future growth. B90 recorded an extraordinary loss of €0.8m, whilst it fully replaced its management team, but by the end of the half the company returned to investment, from which it expects to begin benefiting in the current quarter. Moreover, the company has embarked on an ambitious buy-and-build strategy that takes advantage of attractive opportunities in the fragmented online gaming sector. B90 raised

Hybridan Small Cap Feast 15-09-2023

Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Announced ITF 12 July: Substrate Artificial Intelligence, an artificial intelligence company based in Spain that creates, buys and scales companies around AI in diverse sectors such as fintech, agritech, energy, human resources, and health, intends to join the Access Segment of the AQSE Growth Market. Admission delayed. Announced ITF 6 July: Blackpoint Biotech plc, a medical cannabinoids co

B90 Holdings (B90 LN) - Initiation: All in on B90

B90 operates online gaming sites and manages sites and services that provide leads and customers to other online gaming operators. The company adapts this hybrid strategy for mature and emerging markets to optimise costs and returns. The company is led by a proven management team and is sourcing accretive acquisitions to consolidate the fragmented online gaming sector. Our DCF analysis points to a valuation of 8.8p per share, indicating c. 53% potential upside.

B90 Holdings* - Upping the Ante

Upping the Ante

Small Cap Feast: 23/08/21

While we were away…. ….Joiners 5 new ones over last 3 weeks: Yooma Wellness Inc (AQSE: YOOM), a global vertically integrated wellness platform that develops and markets a portfolio of CBD and wellness brands, announces it has joined the AQSE Growth Market. Yooma, together with its European deal coordinator, Chrystal Capital Partners LLP, have raised gross proceeds of GBP7.5m , at a price of C$0.90 (£0.5232) per share. Lorne Abony, Chairman of Yooma, said: "Yooma's listing on the AQSE provides

Small Cap Feast

MAST Energy Developments (MED) is to IPO on the Standard List on 14th April 2021 under the ticker MAST. The company has raised £5m giving a market capitalisation on listing of c. £23m. MED is currently a 100% subsidiary company of AIM quoted, Kibo Energy*. MED was established to acquire and develop a portfolio of flexible power plants in the UK and become a multi-asset operator in the rapidly growing Reserve Power market. PensionBee has confirmed its intention to float on the High Growth Se

Small Cap Feast

Caerus Mineral Resources (CMRS.L) a London based exploration and resource development company focused on developing mineral resources in Europe, recently announced the acquisition of New Cyprus Copper P.A. Ltd and today completed its IPO onto the Standard List. The NCC Acquisition provides Caerus with access to copper - gold exploration licences in the Republic of Cyprus. The company has raised circa £2.25m by way of placing and subscription. Market Cap £5m.

Small Cap Feast

Small Cap Feast

Renold plc—a leading international supplier of industrial chains and related power transmission products, announced that it will cancel the listing of the Company from the premium segment and apply for admission on AIM. Expected 06 June 2019. Alumasc Group plc, the premium building products, systems and solutions group, has announced its intention to move from the Premium Segment of the main market to AIM. Expected market cap of £33.4m. Expected 25 June 2019

Interims to June 2018

Interims shows revenue +40% YoY to €8.9m (€6.4m), EBITDA +5% YoY to €4m, as higher marketing costs +60% to €2.8m (€1.8m) and higher admin costs muted profit growth. Cash at half year was €1.0m, which improved slightly to €1.2m as at 21 Sept and a further €0.3m expected from Altair for September. Receivables at 21 Sept was €10.7m, small improvement since half year at €11.5m. On track to launch own regulated financial brand in the 4Q18. Renegotiating payment terms in marketing vertical from 90days

Betsson contract extention, receivables update, own financial trading brand on track for 4Q18 launch

VLTY announces that it has extended its marketing contract with Betsson (sports & casino) for a further three years to May 2021. Management reference that progress is being made with receivables, and on track to launch own regulated financial trading brand in the 4Q18. Cash has improved since July to currently €1.3m a further c. €0.65m expected before the end of August, management expects to take cash to c. €1.8m at the end of August.

Trading Update – positive news on dated receivable

Revenue in the 1H18 is in line with management expectations, with revenues from marketing activities in online financial trading ahead of expectations. Bet90 continues to achieve good growth and the Board is looking to accelerate investment in marketing Bet90, including the rollout into the South American market. The result is increased costs in the 1H18 where EBITDA is expected to be marginally below budget in the 1H18. Cash as at the end of June 2018 was €1m.

Well positioned for future success

Strong performance against tough market conditions

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

Initial Equity Trading Comments - 19 February 2024

Pinewood Technologies (PINE LN) - Driving growth in automotive software

Pinewood’s transition to a pure-play automotive SaaS business is now largely complete. Today we introduce summary forecasts out to FY26 and reiterate the investment case. We see significant opportunity for Pinewood to grow its user base in the UK and internationally whilst generating high EBITDA margins and cash conversion. With a 24.5p special dividend embedded in the current price (payable Q1/Q2), the effective price today is 12.3p. Based on the Group’s FY27 target of £27m EBITDA, we estimate

Domino's Pizza - Growing the base

Domino’s Pizza Group’s (DOM’s) new CEO has set an ambitious long-term growth target, including an acceleration in its net store opening programme. With better alignment between the company and its franchisees, management believes DOM should be capable of generating improved profit growth, versus that achieved in recent years, and potential higher returns.

Marks & Spencer+ (MKS, House Stock at 255p) - 7Y FS HSBC UK tie-up– another brick in the wall

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

PROGRESSIVE: Vertu Motors: Traction control

Vertu is the fourth largest automotive retailer in the UK, with 188 sales outlets and a track record of cross-cycle growth, principally through businesses it has acquired, funded by equity, debt and most importantly cash generation. Vertu operates across the entire vehicle lifecycle, including new and used vehicle sales, and vehicle servicing, repair and parts. Service and repair is a 40+% gross margin repeating business. With economic headwinds, the transition to electric vehicles, recent overs

LIBERUM: Safestay: First management contract opens up new revenue stream

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

React Inititation of Coverage

React Group is a well-managed, growing UK services business with a high degree of recurring revenues (c87%).

SSP Group+ (SSPG, House Stock at 218p) - Further progress expected in H1

PROGRESSIVE: Zoo Digital: Recovery underway and a significant contract

Today’s trading statement from ZOO highlights a ramp-up in demand following the end to the industry-wide strikes of last year. ZOO struck a note of caution in its January update regarding the timing of orders. However new productions are starting to translate into a healthy order pipeline, with a good recovery in revenue anticipated in H1 FY25. The update guides to revenue of at least $40m for the year to March 2024, ahead of our estimate at $36.8m. We have improved our adjusted EBITDA loss marg

ME Group - Modernising and growing the estate driving growth

During 2023, ME Group commenced the deployment of its next generation photobooths, which are integrated with the group’s newly developed proprietary software, gained market leadership in the Japanese photobooth market with an acquisition, continued to roll out laundry units with existing and new location partners, commenced a share buyback programme and gained entry into the FTSE 250. 2023 was a year of significant strategic and financial progress, with sales up 15%, EPS up 31% and net cash main