Tortilla Mexican Grill - Cracking on

Notwithstanding its sector ‘sweet spot’ (a healthy, customisable product at a competitive price), Tortilla Mexican Grill (Tortilla) has taken the opportunity of a change in management to refine its strategy to address challenges since its successful IPO in 2021 as well as expedite growth. Significant benefit is expected from a new delivery structure to mitigate commission charges in an important part of the business (c 30% of sales), from enhanced marketing to tackle surprisingly low brand aware

LIBERUM: Tortilla Mexican Grill: Prioritising profitability over roll-out

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

Small Cap Feast 08 Mar 24

8th March 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: Belvoir Group Plc (BLV.L) has left AIM What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: Change of Market: Banquet Buffet*** Coinsilium Group 2.9p £3m (AQSE:COIN) An investor, advisor and venture builder at the forefront

Hybridan Small Cap Feast - 22 Feb 24

22st February 2024 @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 obj

LIBERUM: Tortilla Mexican Grill: Handing over the burrito baton

Hybridan Small Cap Feast - 15 Feb 24

15th February 2024 @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 obj

LIBERUM: The Liberum Leisure Digest: Festive cheer, optimistic new year

LIBERUM: Tortilla Mexican Grill: Challenging end to FY23, a reset to expecations but laying the foundations for growth

LIBERUM: The Liberum Leisure Digest: Encouraging updates, falling markets

Hybridan Small Cap Feast - 03 Oct 23

3rd October 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

Tortilla Mexican Grill - Interim results: work to do in H2

Top-line numbers are in line with the July trading update. It has continued its rollout with five new sites opened YTD and a further three expected by the end of the year. The statement confirms cost pressures are easing with utilities hedged until March 2024, and it expects FY23 EBITDA to be broadly in line with consensus expectations, with delivery expected to be driven by cost hedging, enhancements to evening trade and recent resilient trading performance. Tortilla works hard to be positive b

LIBERUM: Tortilla Mexican Grill: Forecasts held, margins rebuilding

Hybridan Small Cap Feast - 17 Jul 23

17th July 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 objecti

PROGRESSIVE: Zoo Digital: Recovery continues as pipeline accelerates

This morning’s trading statement from ZOO confirms that customer demand has continued to recover following the end to the industry-wide strikes of last year, with FY24 expected to be ‘at least’ in line with current market consensus. We maintain our FY24 estimates, which we increased slightly at the recent March update, with revenue at $39.9m and an adjusted EBITDA loss of $13.4m. New productions are translating into a healthy order pipeline, with market commentators forecasting a return to 2022

Allenby Capital TMT Update - 13.05.24 - MIRI.L, MBT.L, PPS.L, CSFS.L, LST.L, DNM.L

Please find below our weekly update covering themes that we feel that are of interest to investors and participants in the small and mid-cap TMT sector as well as commentary on recent newsflow.

Cornerstone FS+ (CSFS, House Stock at 40p) - FY23A results beat, further upgrades

Hardman & Co Healthcare Index: 2023 – Capital demands dent performance

The Hardman & Co Healthcare Index (HHI) has been running since 2009. Its main function is to highlight the attractions of life sciences investments over the long term. For the second year running, apart from global economic influences affecting world markets, performance in 2023 was dented by the capital-intensive nature of the sector. The HHI fell 3.7%, to 483.8, underperforming the main London markets – FTSE 100 (+3.8%) and FTSE All-Share (3.8%) but outperforming the FTSE AIM All-Share Index (

easyJet remains optimistic about the new FY, despite the Q1 challenges

easyJet’s FY23 results were broadly in line with the preliminary figures and the market’s expectations. The group is resuming a regular dividend distribution and expects to raise the pay-out next year. It continues to believe in a positive outlook for the FY, despite the Q1 net loss affected by the conflicts in the Middle East. No major changes are expected to our current estimates.

Allenby Capital - Nightcap plc - Interims

Nightcap’s interims for the 6m to end December 2023 were in line with expectations, as such, we make no changes to our forecasts. The number of bars at the period end was 46 up from 36 a year earlier – the expansion driven by the June 2023 acquisition of Dirty Martini. The portfolio expansion led to a year-on-year revenue increase of 42% to £33.4m and 5% growth in underlying EBITDA (IAS 17) to £2.1m. Post period end the Company announced the acquisition of Piano Works funded by a £1m equity rais

Re-run of the value screen and 10 focus stocks

We have completed another periodic refresh of our value screen, first established in our inaugural quant/screening note of 26 May 2015. As usual the screen selected the 25 stocks exhibiting the most extreme value characteristics (based on 2016 consensus P/E and latest price to tangible book ratio) from our universe, and we have chosen 10 stocks to focus on. Since inception last year the screen has outperformed the main small-cap and micro-cap indices (by about 8pp and 3pp respectively) and has p

Initial Equity Trading Comments - 11 May 2023

Initial Equity Trading Comments - 19 February 2024

Morning Note – 29 April 2024

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.

“All day” success, all year round

Loungers has announced record FY24 Sales of £353.5m, up 24.7% and 22.2% excluding the 53rd week. This exceptional performance was 2.7% ahead of our estimate as FY24 LFL sales growth of 7.5% was maintained into the final 21 weeks, outperforming the industry again. Even more impressively, FY23/FY24 new sites contributed c.15% to revenue growth as Loungers’ unique all-day café-bar model continues to attract new customers nationwide, ranging from coastal towns to mixed use retail / leisure schemes.

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.

Topps Group (TPT LN) - Initiation: Market leader trading at cyclical lows

Topps Group is the UK’s largest specialist supplier and distributor of tiles and associated products to the UK’s domestic and commercial markets. Each of the last three years the Group has successfully achieved record revenue in a market that’s seen recent volume declines and regional peers enter administration. Following the right sizing of its business, Topps Group is now well positioned to capitalise on the economic recovery and continue taking share from competitors, supported by its global

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