Morning Note – 9 August 2024

Morning Note – 24 January 2024

Morning Note – 5 January 2024

Morning Note – 17 October 2023

Revolution Bars Group - FY23 results as expected

Revolution’s FY23 results are largely as expected, with revenue lower than forecast but adj. EBITDA (IAS17) and net debt slightly better. Trading in Peach Pubs has remained strong, with LFL sales up 14.1% in FY23 since acquisition, whilst the Revolution brand has been the most heavily affected by train strikes and cost-of-living pressures on its customers. One year on from the acquisition, Revolution has made its first addition to the Peach portfolio, and recent trading reaffirms our view that t

Morning Note – 26 July 2023

Revolution Bars Group - The present is in line, the future is peachy

Revolution Bars’ FY23 pre-close trading update is an endorsement of the Peach acquisition, which completed in October 2022. Overall group L4L sales were -8.7% versus pre-COVID FY19, but Peach L4L sales were +14% and have progressively strengthened since acquisition. FY23 EBITDA (Adj. IAS17) of £6.6m is £0.1m ahead of our forecast. Encouragingly, early Christmas bookings are running +25% ahead of last year. We leave our forecasts unchanged and retain our 15p target price, implying 156% upside.

Morning Note – 7 March 2023

Shopping Trolley - finnCap Consumer quarterly sector note

Better than expected to date: The January trading update season has been better than expected, with the ratio of upgrades to downgrades running at 26:16 out of the 101 trading updates that we have analysed. It’s a surprisingly positive start to the New Year which reflects (1) realistic expectations captured in consensus forecasts, (2) consumers’ determination to enjoy Christmas and protect important areas of personal expenditure and (3) a reduction in supply as competitors exit.

Morning Note – 17 January 2023

Morning Note – 9 November 2022

Revolution Bars Group - Peach – the apple of Revolution’s eye

There are two questions to ask when a company makes an acquisition: what’s the strategic rationale? And is the price sensible? Revolution’s (RBG) acquisition of Peach Pubs for £16.5m plus costs ticks both boxes. Peach Pubs gives it a third complementary division to grow, it diversifies and reduces risk, and it plays to the strengths of RBG’s management. RBG is funding the deal from existing resources without recourse to new equity. We expect Peach Pubs to exceed Revolution’s WACC by FY25. We rei

Shopping Trolley - finnCap Consumer quarterly sector note

Fulham Shore’s Franco Manca value-for-money brand is perfect for current market conditions in our view, despite pizza being a crowded segment. Pizza travels well, allowing the business to flex to delivery and take-out according to market conditions. The combination of high gross margins, net cash on the balance sheet and excellent FCF generation should allow it to cope with tougher market conditions AND still protect its expansion capex plans to increase EBITDA by +55% over the next three years.

Morning Note – 19 October 2022

LIBERUM: Loungers* - Outperforming with LFL, unit and margin growth

HeiQ - Trading update

HeiQ has published a trading update covering the 18-month period to June 2024, which will be the next period it reports on by the end of October 2024. The company notes ongoing challenging market conditions through the period, particularly due to weak consumer discretionary spending that has particularly impacted its Textile & Floorings and Antimicrobials business units. Through the period, HeiQ has aimed to balance the weaker revenue performance against investment in its growth opportunities, s

PANMURE LIBERUM: Loungers: More good stuff

Hybridan Small Cap Feast - 12 September 2024

12th September 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, or it is a rumour Dish of the day Admissions: None Delistings: None What’s baking in the oven? Our daily digest of news from UK Small Caps If you would like to unsubscribe, please email enquiries@hybridan.com with “unsubscribe me”. Hybridan Chefs research@hybridan.com Banquet Buffet*** Andrad

LIBERUM: Loungers* - Consistently outperforming, forecasts firmly underpinned

LIBERUM: SAS UK SMID Monthly: Should we expect a rally in retail stocks?

LIBERUM: Loungers* - Ready for the reawakening

LIBERUM: Loungers* - Streets ahead of the competition

LIBERUM: Loungers* - In a class of its own

LIBERUM: Loungers* - Proof is in the pudding

PANMURE: Loungers : Differentiated Leisure operator to thrive post COVID

LIBERUM: Loungers* - Best in class, LFL Sales +23.7% vs 2019

LIBERUM: Loungers* - LFL sales growth of 26.6% vs 2019 drives further upgrades

PANMURE: Loungers : Maintaining strong trading

Domino's Pizza: Sources of Competitive Advantage, Financial Forecasts, DCF & Comparables Valuation, ESG & Other Risks (08/22)

Given the impact of inflationary headwinds, Domino's has been working out ways to improve its consumer pricing architecture in the U.S. The management saw the average price rise close to 6% in the last quarter which helped the company surpass revenue expectations of Wall Street. However, it failed to meet earnings expectations. For interact with their customers, the management started various initiatives such as the carryout tips offer, which gave customers a $3 tip that could be used to pay for