STV Group+ (STVG, House Stock, 252p) - Positive board level initiatives

PROGRESSIVE: STV Group: Continuing operational momentum

Several recent announcements highlight that STV is continuing to execute its diversification strategy effectively, even in a tough economy. We summarise the developments in this report, consider further possible newsflow to come from STV and recap the investment case. At 249p, current valuation is 7.3x EPS / 4.5% dividend yield (FY23E).

STV Group (STVG) - House Stock at 250p - Positive news continues

Hybridan Small Cap Feast - 07 Mar 23

7 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 objective

SHORE CAPITAL - STV Group+ (STVG) - House Stock at 307p - Record profits and strategic progress

SHORE CAPITAL - STV Group+ (STVG) - House Stock at 315p

PROGRESSIVE: STV Group: Resilience from diversification

STV Group’s FY22 results and FY23E outlook, announced this morning, are in line with expectations. The resilient performance through the economic downturn (adjusted PBT +2% in FY22 and we forecast -10% for FY23E) underlines improving earnings quality from STV as the group continues its diversification from broadcast to streaming and studios, which together should generate over half of group profits for the first time in FY23E. We forecast good aggregate growth prospects for the broadening portfo

PROGRESSIVE: STV Group Initiation Note: Towards streaming and content

STV continues to be viewed as a mature broadcaster, yet it is transforming into a growing streaming and production business. We see continued double-digit growth prospects in these areas, together with a resilient broadcast business, and calculate five-year growth of 7% pa in revenue / 10% pa in operating profit for the group (FY23E-FY28E). Near-term economic pressures are factored into current EPS estimates, but should also drive eyeballs towards STV’s free AVOD service. Current valuation (7.6x

SHORE CAPITAL - STV Group+ (STVG, House Stock at 265p)

SHORE CAPITAL - Share & share alike

SHORE CAPITAL - STV Group+ (STVG) - House Stock at 278p

SHORE CAPITAL - STV Group+ (STVG, House Stock at 258p)

SHORE CAPITAL - STV Group (STVG) - House Stock at 290p

SHORE CAPITAL - STV Group+ (STVG) - House Stock at 277p - Strong H1 performance, forecasts maintained

Initial Equity Trading Comments - 15 May 2023

Tremor - Q1 EBITDA +$2.5m ahead, FY23 & FY24 forecasts reiterated

Tremor has reported Q1 net revenue and adjusted EBITDA ahead of consensus, and reiterated the FY23 outlook. Q1 23 net revenue of $66.9m is +0.5% ahead of consensus at $66.5m, with the Programmatic division’s net revenue +6% yoy to $62.5m, including robust net revenue growth in CTV of +34% yoy to $21.3m. Q1 23 adjusted EBITDA of $8.9m is +$2.5m ahead of consensus, as management has focused on controlling cost while integrating the Amobee acquisition and delivering synergies, with the $65m annuali

Morning Note – 30 May 2023

Hybridan Small Cap Feast - 24 May 23

24th May 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

CentralNic (CNIC LN) - Broadening growth drivers

Q1 revenue, Adjusted EBITDA and cash were all in line with the Q1 trading update in April and the outlook indicates its strong start to the year has continued into Q2. We expect growth in the remainder of the year to be boosted by its new partnership with Bing, new margin enhancing products and geographic expansion. We also see margins expanding as revenues continue growing whilst expenses remain steady. We upgrade our revenue forecasts based on a strong Q1 but conservatively keep our Adjusted E

SpaceandPeople (SAL LN) - Focus turns to growth

UK and European consumer demand is weak for well reported reasons, and the outlook for the sector is quite negative.

Q1 Trading Update

S4 Capital has reported Q1 net revenues of £219m, slightly ahead of DCe £209m, with LFL growth of +7% (+8% ex-Mondelez) and has reiterated its FY guidance for 8-12% growth and EBITDA margins of 15-16%.

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 - 24 Apr 23

24th April 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

Software and Services Sector Quarterly review - May 2023

Deep Dive - Market reactions to SaaS transitions Our Deep Dive analysis indicates that the UK market is cautious on companies transitioning to SaaS business models. Investors have punished share prices of companies reporting declines in revenue growth and margins even though the declines are temporary and explained by the transition to SaaS. However, after the completion of SaaS transitions, companies are typically rewarded with high multiples for high recurring revenues and margins.

Growth Companies - Share & share alike Sell in May?

Support Group - finnCap Business Services quarterly sector note

Topic of the quarter: The Order Book Myth. Business Services has a range of companies with significant order books that should provide valuable visibility in these uncertain times. However, orders can be delayed or cancelled, definitions vary and delivering them profitably is an obvious challenge. We have screened the companies we keep an eye on in the wider sector for size of order book relative to sales, and then looked at their historic ability to deliver EPS at least in line with expectation

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 - 18 Jan 23

18 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

Initial Equity Trading Comments - 11 May 2023