SHORE CAPITAL - Kape Technologies (KAPE, House Stock at 299p)

Kape: Charging forward into 2023

Kape’s trading update for the year ended 31 December 2022, issued today, shows that it has been a year of considerable progress and achievement at both operational and financial levels. Pro forma Adjusted EBITDA is expected to be ahead of guidance, with revenue at the top end of guidance. ExpressVPN integration has also exceeded expectations. With a restructured balance sheet and considerable financial firepower, Kape looks set to continue its growth charge forward into FY23 and beyond.

SHORE CAPITAL - Share & share alike

SHORE CAPITAL - Kape Technologies+ (KAPE) - House Stock at 250p – Key takeaways from Digital Privacy Event Online

SHORE CAPITAL - Kape Technologies (KAPE, House Stock at 241p)

SHORE CAPITAL - Kape Technologies+ (KAPE) - House Stock at 223p

SHORE CAPITAL - Kape Technologies+ (KAPE) - House Stock at 270p

SHORE CAPITAL - Kape Technologies+ (KAPE, House Stock at 278p) Updated forecasts and valuation following recent equity raise

Kape: The growth charge continues

Kape’s Interim Results for the 6 months to 30 June published today follow the Trading Update in July and are comfortably in line with full-year expectations. Strong cash generation, coupled with revenue growth of 217% and 210% pro forma Adj EBITDA growth, is consistent with the update, and management remains confident of full-year results in line with market expectations. We are towards the lower end of the range and continue to see risk to forecasts on the upside.

SHORE CAPITAL - Kape Technologies+ (KAPE) - House Stock at 260p - Expressive interims... EBITDA +210%

Execution strong; FCF uplift coming through

Kape’s interims confirm strong progress highlighted in the July update. Core Digital Privacy sales grew +19% y/y (proforma) to $253.5m, whilst smaller Digital Security and Content revenues grew +16% and +25% on a proforma basis respectively. H1 Revenues rose +217% y/y to $302.4m (inc ExpressVPN acquisition) with adj proforma EBITDA up +210% y/y to $88.9m. New today: critically cash generation has sharply improved, with adj FCF of $75m delivered (SCMe: $52m; H1'21: $10m). The material uptick in c

Kape: Trading update – more (and more) positive news

Today’s trading update for the six months to 30 June shows FY22 has started well, with expected H1 revenues of c.$301.6m (H1 FY21 $95.5m) and proforma adjusted EBITDA of c.$88.5m (H1 FY21 $28.7m), up 19% and 17% respectively on a pro forma basis. Kape now has approximately 7m paying subscribers (vs 6.6m at end FY21). Management is confident that the group will deliver full-year results in line with market expectations. We are well within the quoted range, and will wait for the full H1 detail in

SHORE CAPITAL - Kape Technologies+ (KAPE) - House Stock at 272p

Double-digit growth in all segments

Kape delivers a strong H1 update, highlighting proforma revenue growth of +19% y/y to $301.6m (SCMe: $304.2m). All segments have performed well on a pro forma basis (Privacy: +19% y/y; Security: +12%; Content: +25%), supported by a rising number of paying subscribers (now c7m; Dec’21: 6.6m). We are particularly encouraged by Digital Privacy performance where organic growth has reaccelerated in H1’22 - this reacceleration aligns with our view that demand for core digital privacy offerings remains

Hybridan Small Cap Feast - 14 Mar 23

14 March 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 objectiv

Hybridan Small Cap Feast - 21 Mar 23

21 March 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 objectiv

4imprint - Dazzling results, plus €90m distribution to shareholders

Excellent FY results this morning saw $US350m (+45%) added to the revenue line during FY22A while holding the margin, resulting in very strong profit generation, with profits, up 246% (PBT), again coming in ahead of our forecasts. With revenue per marketing dollar now standing at $8.86 (+44% YoY), sales have soared on the back of marketing spend practically unchanged YoY, reflecting the company's proactive actions in recent years in developing further the already successful marketing model. FO

LIBERUM: 4imprint Group* - 1% increase in marketing costs and 45% revenue growth

SHORE CAPITAL - The Mission Group+ (TMG, House Stock at 53p)

Morning Note – 15 March 2023

SHORE CAPITAL - Pebble Group^ (PEBB, Buy at 109p)

SpaceandPeople PLC (SAL LN) - Positive trading update

SpaceandPeople secures, sells, and manages flexible space for brand experiences, short term promotions and retailing in high footfall venues for its customers, including in shopping centres and travel hubs. The macro context remains challenging for everyone. UK and European retail demand is weak for well reported reasons, and the outlook for the sector is generally negative. That said, SpaceandPeople is trading well, offering flexible and low risk services for retail customers, and utilising vac

CentralNic (CNIC LN) - Growth opportunities ahead

CentralNic delivered 2022 results slightly ahead of our upgraded estimates and expects to surpass expectations for the year ahead. Strong gross margins indicate that signs of increased competition or pricing pressure in the Online Marketing division are limited. Indeed, the division’s organic growth accelerated to 86% from 65% in 2021. The company’s strong growth appears set to continue, particularly with a new management team that is more focused on developing new growth opportunities. We belie

Pebble Group - FY22 ‘at least’ in line

The Pebble Group’s end-FY22 trading update discloses that both of its operations, Facilisgroup and Brand Addition, have traded well and that the group results will be ‘at least’ in line with market expectations. Facilisgroup is growing its Partner base and increasing spend per Partner, with its new Commercio all-in-one e-commerce solution ramping up to over 100 customers by the year-end. Brand Addition’s revenues were up 12%, on increased gross margin, despite supply chain disruption. Group year

Halloween heralds trick or treat season?

All Hallows’ Eve could well herald both trick and treat. We have the likelihood of an increase in interest rates for the first time in more than a decade, a scary thought for some. In the last few weeks, we have also seen two sides to the market, with both a significant increase in secondary fund raisings across a range of sectors, as well as the market’s unforgiving nature to any downbeat news. Most indices have retained their progress year to date in the last fortnight. In Share News & Views,

Hybridan Small Cap Feast 20/05/22

Dish of the day Joiners: No Joiners Today. Leavers: No Leavers Today. What’s cooking in the IPO kitchen? Psych Capital PLC, intends to list on the AQSE Growth Market. Psych operates the Psych Platform (a business-to-business networking platform), that is developing the Blossom Database pursuant to a third party licensing arrangement. The Company also has an investment of 426,000 common shares in Awakn, a Canadian NEO Exchange listed psychedelics research and clinical group, with operations in th

Hybridan Small Cap Feast - 12 Jan 23

12 January 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 object

Hybridan Small Cap Feast - 27 Feb 23

27 February 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

Cenkos: XLMedia Plc -- Hitting Expectations

XLMedia released a full-year trading update to 31 December 2022 in-line with our expectations. FY22E revenues came in at $73.7m and Adj EBITDA c$16.1-16.6m. The Group has continued to successfully pivot its focus from European Gaming to US sports to take advantage of the significant expansion opportunities. European Gaming revenues have notably stabilised in H2/22E and could once again provide a source of growth. XLMedia trades on an FY2 Adj EV/EBITDA multiple of 2.7x, which is a significant dis