AIM Breakfast

TMT Investments * (TMT.L) | Milestone Group * (MSG.L) | Venn Life Sciences* (VENN.L) | AB Dynamics (ABDP.L) | Vela Technologies (VELA.L) | Digital Globe Services (DGS.L) |Watkin Jones (WJG.L) | easyHotel (EZH.L) | Finn Aust Mining (FAM.L) | Volga Gas (VGAS.L)

Hybridan - Small Cap Wrap

7DIG Trading Update, ALSP* Loan Draw Down, AAU Placing, COG* Contract Win, CHAL New York Wheel, CBUY Contract Win, CGNR* New Gold Zones, DGS Trading Update, MSG* JV, NET Trading Update, OPTI* New Patent, SEE Trading Update, TPG Contract Win

Board appointment

DGS has appointed Simon Lee as a new Non-Executive Director in the company, replacing Amit Basak who will now be fully devoting his time in a separate company. Simon is currently an International Advisor with Fairfax Financial, Chairman of Osirium Ltd, Non-Executive Director of TIA Technology and Chairman of Hospice in the Weald. Simon has extensive experience in international finance services with 17 years with the National Westminster Bank Group and until Dec 2013, was Group CEO of RSA Insuran

Positive AGM Statement; Capital Markets Day

DGS announced today that the strong trading momentum as reported in the full year results (FY ending June 2015) has continued through the first quarter of the new financial year. Adjusted EBITDA margin in Q1’16 continued to improve vs. that achieved in H2’15. We are not making any changes to our forecasts and are highly encouraged by the trajectory not only within its principal clients but also in new markets. At 6.8x EV/EBITDA Jun’16 (10x P/E), supported by a 4% dividend yield, we believe there

Morning Song

ATTRAQT GROUP PLC (ATQT LN) Proposed placing, capital to accelerate further growth | DIGITAL GLOBE SERVICES LTD (DGS LN) Positive AGM Statement; Capital Markets Day | EASYHOTEL PLC (EZH LN) | HALFORDS GROUP (HFD LN) Cycling market intact, reinvestment hits FY17 but capital to be returned | RESTAURANT GROUP PLC (RTN LN) Satisfactory trading update and positive news re supply growth | SAFESTAY PLC (SSTY LN) | SNOOZEBOX HLDGS PLC (ZZZ LN) | Microcap - Uncovered gems - Niche Hotels Update on our r

Back on track

DGS has a strong track record of delivery, using its technology and online assets to convert new leads and drive revenue for its clients in the telecom, cable, satellite, high-speed internet and higher education industries. These clients, the majority of which are some of the largest enterprises in the world, trust DGS with their brand. We believe these customers are once again turning to DGS to help drive growth after a period of merger distraction. Combined with DGS’s efforts to develop new ar

Morning Song

Abzena (ABZA LN) AGM update: strong momentum in services revenue and licensing | Carador Income Fund (CIFU LN) August lull proves a tough month for US CLO equity | Digital Globe Services (DGS LN) Strong recovery; dividend + buyback | IQE (IQE LN) Progress continues | Summit Therapeutics (SUMM LN) Positive pre-clinical data on SMT19969

Strong recovery; dividend + buyback

DGS’s full year results should go a long way to rebuild confidence in the group’s delivery and future prospects. Revenues and adjusted EBITDA showed a strong recovery in H2 vs. H1, the Board is recommending a $1.15m dividend (c.5% dividend yield) alongside a $0.5m share buyback and the group is confident of profitable growth for the year ahead. We made no changes to our 2016 and 2017 forecasts at this stage but our confidence in their achievability has grown. Valuation is compelling at 8.5x Jun’

Morning Song

Digital Globe Services (DGS LN) Reassuring trading update | Immunodiagnostic Systems Holdings (IDH LN) Prelims in line – outlook remains challenging | MJ Gleeson (GLE LN) Finishing FY15 with a flourish | Thorntons (THT LN) 145p recommended offer is a satisfactory exit for shareholders

Reassuring trading update

DGS issued a trading update confirming it is on track to deliver adjusted EBITDA for the year ending 30 June 2015 in line with market expectations (N+1Se: $2.56m). We believe having been heavily impacted by client merger talks in H1’15, DGS is starting to see some stability in its core cable customer base and is also making progress against its strategic objectives of diversifying into other verticals and geographies. There is room for a significant re-rating once investor confidence returns – t

LIBERUM: M&C Saatchi: Brutal Simplicity of Operations

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

S4 Capital - Extension of recovery horizon

S4 Capital had a difficult FY23, as flagged, with reduced client confidence and spend, particularly from those clients in the tech sector, and on larger transformation projects. Management is cautious in the short term, with no substantive changes likely in H124, but sees conditions likely to improve in H224 as economic pressures ease. The group’s longer-term prospects should be buoyed by its positioning across data and digital marketing and, in particular, in incorporating AI into hyper-persona

Team Internet Group - Growth and returns, acquisition bolsters outlook

Team Internet’s FY23 results exceeded our forecasts and consensus on revenue and EBITDA. Online Marketing was driven by increased consumer engagement, reflecting investment in delivering more targeted ads across a wider array of channels. The group’s latest acquisition, Shinez, strengthens Online Marketing via diversification of publishers and is earnings accretive with scope for further synergies. Online Presence returned to strong revenue growth, driven by demand for exotic domains, pricing op

LIBERUM: Agents of change: Evolving for modern demands

Nexxen - Q4 results +2-4% ahead of cons, FY24E forecasts +3-4% ahead

Nexxen has announced Q4 net revenue +2% ahead of consensus, Q4 adjusted EBITDA +4% ahead of consensus, and FY24 guidance that leads our FY24E revenue and EBITDA to be +3% and +4% ahead of consensus. Q4 net revenue of $90.5m is +2% ahead of Q4 consensus of $88.5m, with the Programmatic division’s $86.0m of net revenue delivering 95% of group net revenue. After successfully realising $65m of annualised synergies from the Amobee acquisition at Q2 23 results, strong cost control has driven Q4 adjust

LBG Media (LBG LN) - Solid core trading, new APAC operating model to drive efficiency

Pre-close trading update sees FY23E revenue growth of ~7% to £67m with Adj. EBITDA to be at least +8% to £17m. Followers are +20% to 440m, with new blue-chip client wins secured. Challenges in APAC have driven implementation of a new, lower-cost, operating model, leveraging LBG’s core UK business and a new strategic partnership with Australia’s largest online media publisher.

Morning Note – 6 March 2024

Next 15 - FY24 Full Year update

If one focused solely on the share price chart, it would appear Next 15 had experienced a near death experience in 2023 with multiple, and extensive downgrades. The reality has been somewhat different. Next 15 will exit FY24 delivering both top line growth and year on year margin progression.

LIBERUM: M&C Saatchi: Efficiency programme delivering

Team Internet Group (TIG LN) - Record results

Team Internet’s FY23 results confirmed another strong year of trading from its Online Marketing and Online Presence businesses. Both revenue and EBITDA growth remained in double digits, margins on net revenue continued to improve, and cash conversion remained strong. We continue to believe that the Group has substantial long-term growth opportunities including international expansion, new partner development, and vertical integration. In our view, Team Internet’s strong track record, cash genera

Team Internet Group (TIG LN) - Online Marketing bolt-on

Following the record FY23 results announced yesterday, Team Internet announced an accretive bolt-on acquisition for an initial consideration of $42m. The Group is continuing its strategy of making accretive bolt-on acquisitions, aiming to diversify its revenue model and expand its traffic monetisation options and capabilities. The deal is expected to complete in late May 2024, at which point we will incorporate the impact into our forecasts. We continue to believe that Team Internet’s strong tra

Initial Equity Trading Comments - 16 May 2023

Eagle Eye+ (EYE, House Stock at 570p) - All I Do Is Win. Capitalising on a dynamic market.

STV Group+ (STVG, House Stock at 235p) - Recent news extends positive momentum