Morning Note – 17 August 2023

Tremor - $65m of cost synergies realised, Q2 net revenue +13% yoy

In a challenging environment, Tremor has announced Q2 net revenue growth of +13% yoy to $80.2m, adjusted EBITDA of $21.0m, and the successful realisation of $65m of annualised cost synergies following the Amobee acquisition in September 2022. Q2 Programmatic net revenue has increased +26% yoy or +22% qoq to $76.3m, with CTV net revenue increasing +17% yoy to $45.9m in H1. Today’s release confirms that the tech integration of Amobee is now largely complete, with the April launch of the cross-plat

Morning Note – 30 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 – 27 April 2023

Morning Note – 7 March 2023

Tremor - Strong Q4 revenue of +16% yoy or +59% qoq, $115m net cash

Tremor has reported Q4 net revenue +16% yoy or +59% qoq to $103m, adjusted EBITDA of $36.9m, and FY22 net cash of $115m. Q4 revenue and adjusted EBITDA reflect the platform capitalising upon Tremor’s exclusive ad monetisation opportunities around the FIFA World Cup, and the Q4 results are in line with guidance and consensus. For FY23, the challenging environment has led to revised guidance for revenue of $400m and adjusted EBITDA of $140-145m, and we move our forecasts in line with guidance. Thr

Morning Note – 14 November 2022

Tremor - Strong synergies in a challenging Q3 market

In a challenging environment, Tremor has reported net revenue of $64.9m, adjusted EBITDA of $30.1m, and already realised the initially anticipated $50m of annualised cost synergies following the Amobee acquisition on 13 September. The current macro conditions have led to Q3 22 net revenue c9% light of consensus of $71.5m, and while adjusted EBITDA is also c9% light of consensus of $33.3m, it already includes a positive contribution from Amobee after a -$22m EBITDA loss in the 12 months to 30 Jun

Tremor - Completion of the $239m Amobee acquisition

Tremor has announced the completion of the attractive acquisition of Amobee for $239m, and updated its guidance to include the acquisition in FY22. We increase our FY22 revenue by +14% to move in line with guidance of $330m, and although Amobee generated -$22m of adjusted EBITDA in the 12 months to 30 June 2022, we importantly increase our FY22 adjusted EBITDA by +3% or $5m to $160m, which reflects Tremor quickly realising synergies and benefitting from the seasonally stronger trading in Q4. We

Hybridan Small Cap Feast 13/09/2022

Dish of the day Joiners: No joiners today. Leavers: Avast Plc has left the Premium Segment of the Main Market. What’s cooking in the IPO kitchen?** Fintech Asia, an investment company established to acquire businesses in the Fintech sector, primarily targeting the Asia-Pacific region, intends to join the Standard Segment of the Main Market. The Company has raised £1.455m through the placing of 3,010,000 ordinary shares of no par value, with net proceeds of £841,845. Expected 15 September. Ikigai

Morning Note – 13 September 2022

Morning Note – 18 August 2022

Morning Note – 16 August 2022

Tremor - Record Q2 EBITDA in a challenging market

In a challenging environment, Tremor has reported net revenue of $70.8m, a record Q2 22 adjusted EBITDA of $39.1m at an industry-leading margin of 55%, and net cash of $361m including $45m of buyback. The current macro conditions, and Tremor’s focus on scaling higher-margin self-serve and PMP revenue, have led to Q2 22 net revenue c8% light of consensus of $76.8m. Adjusted EBITDA is only c2% light of consensus of $39.8m, as management has focused on effectively controlling the cost base while in

CentralNic (trading as Team Internet Group) (TIG LN) - Diversified, integrated, global

CentralNic Group plc announced yesterday a rebranding to Team Internet Group, AIM:TIG (which will be followed by a legal name change once approval at a general meeting has been received). Team Internet Group hosted a capital markets event yesterday in to provide a deep dive into its business segments and growth drivers. Team Internet has become a trusted, value-add partner in digital advertising and ecommerce. To continue the Group’s impressive growth trajectory, Team Internet has strategic ini

Interim results

S4 Capital has released interims that are in line with the July Trading Update though the group cautions that trading has become more challenging and it lowers its LFL guidance from +2-4% to ‘likely down' and EBITDA margin from 14.5-15.5% to 12.0-13.5%.

On a MISSION to grow

LIBERUM: M&C Saatchi: Tough 1H but in Zillah we trust

Eagle Eye+ (EYE, House Stock at 565p) - FY23A: Smarter, Faster, Better, Stronger

Hybridan Small Cap Feast - 07 Sep 23

7th September 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 obj

CentralNic (CNIC LN) - H1: Returning value to shareholders

The company grew EBITDA strongly and expanded Adjusted EBITDA/ Gross profit margin through operating leverage.

Hybridan Small Cap Feast - 19 Sep 23

19th September 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 ob

LBG Media (LBG LN) - Impressive strategic progress

LBG’s resilient H1 performance reflects positive momentum across key metrics, with a significant increase in global audience, content views and brief pitch to order conversion. Revenue growth combined with effective action on costs, has delivered a rebound in profitability. On track to meet full year expectations with H2 revenue and profitability reflecting typical seasonality.

SpaceandPeople (SAL LN) - Solid H1, encouraging outlook

For well reported reasons, the UK and European retail consumer backdrop remains challenging. That said, Space is trading well, offering flexible and low entry risk promotional services for retailers, and utilising vacant retail space for property owners and managers

Team Internet Group - More diverse, international, integrated

Team Internet (previously CentralNic) marked its 10-year anniversary of being listed with a name change and a capital markets day. Both reinforced the company’s transformation into a diversified digital marketing platform group. The group consists of a network of people, technologies and tier one partners focused on creating successful connections between consumers and companies online. We believe that this strategy and platform provide a resilient foundation for Team Internet to continue to gen

Hybridan Small Cap Feast 15-09-2023

Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Announced ITF 12 July: Substrate Artificial Intelligence, an artificial intelligence company based in Spain that creates, buys and scales companies around AI in diverse sectors such as fintech, agritech, energy, human resources, and health, intends to join the Access Segment of the AQSE Growth Market. Admission delayed. Announced ITF 6 July: Blackpoint Biotech plc, a medical cannabinoids co

Eagle Eye+ (EYE, House Stock at 543p) - Chair Malcolm Wall to stepdown…

Cenkos: Consumer Q1/23

Key Observations Despite a second successive decline in CPI during the quarter, inflation remained at one of the highest levels in 40 years (10.5% in December) contributing to a winter of discontent, with each day in December facing some form of industrial action. The industrial action materially impacted the consumer sector and provided an insight into the simmering frustration around the decline in real wages of the UK population. There were multiple examples of consumer corporate failures d

Cenkos: XLMedia Plc -- Transformation Well Under Way

XLMedia has released a comprehensive interim trading update and remains in-line with our expectations. It covers a number of strategy updates regarding new and improved revenue streams such as revenue share agreements, new websites, and new product offerings. A focus on efficiencies and the principal business has seen cost reductions and disposals of non-core assets. XLM trades on an FY1 Adj EV/EBITDA multiple of 1.4x, which is a significant discount to UK media peers on 6.2x.