Hybridan Small Cap Feast - 9 September 2024

9th September 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, or it is a rumour Dish of the day Admissions: None Delistings: None What’s baking in the oven? Our daily digest of news from UK Small Caps If you would like to unsubscribe, please email enquiries@hybridan.com with “unsubscribe me”. Hybridan Chefs research@hybridan.com Banquet Buffet*** Brave B

Morning Note – 9 September 2024

Brave Bison - Bullish Set of Results – Upgrade to Forecasts

Brave Bison has released strong H1/24A results. Innovative AI-driven solutions have helped win a record number of new client engagements and the careful management of staff utilisation through automated resource planning systems has driven Adj PBT/net revenue margins to within the medium-term target range of 18-20%. The encouraging performance has led us to upgrade our FY24E Adj EPS forecast by 15%. We have released our FY25E forecasts which show the sixth consecutive year of profitable growth w

Hybridan Small Cap Feast - 22 July 24

22nd July 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, or it is a rumour Dish of the day Admissions: None Delistings: None What’s baking in the oven? ** Potential**** Initial Public Offerings: ITF announced: 8th July 2024: Rome Resources: The Canada-based early-stage resource exploration Company has announced its intention to IPO on AIM in order to co

Brave Bison - Positive H1/24E Trading Update

Brave Bison has released a positive H1/24E trading update that shows the SocialChain acquisition continues to add value to the business. Adj PBT increased 20% to £1.8m, which also represents a 3pp increase in Adj PBT/net revenue margin to 18%. We conservatively leave forecasts unchanged for now, but note that the Group has achieved over 50% of the FY24E Adj PBT and H2/24E should benefit from the typical seasonality of advertising expenditure. Brave Bison’s valuation looks compelling given it tra

Morning Note – 19 June 2024

Hybridan Small Cap Feast - 22 April 2024

22nd April 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: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi

Morning Note – 22 April 2024

Brave Bison - Growth Stampede Continues at Brave Bison

Brave Bison has released its FY23A results which are in-line with the upgraded expectations at the recent trading update. The acquisition of SocialChain has transformed The Group’s offering in the fast-growing social and influencer segment of the market leaving it well-positioned for the expected pick-up in marketing spend in 2024. Management have continued to drive operational efficiencies in The Group, for example rolling out an advanced resource planning tool, which has contributed to Adj EPS

Morning Note – 23 January 2024

Hybridan Small Cap Feast 13/11/2023

Dish of the day Joiners: No joiners today. Leavers: IOG PLC (IOG.L) has left AIM. What’s cooking in the IPO kitchen?** 9 November: Chapel Down Group ITF: England's leading and largest wine producer with an award-winning range of sparkling and still wines, under the Chapel Down brand. The Company owns, leases and sources from 1,023 acres of vineyards in South East England announces its Admission to AIM after its transfer from the Aquis Apex market. The Company will not be raising new capital or p

The Joy of Techs - Cavendish Technology quarterly sector note

£23.3bn in enterprise value has been returned to AIM technology shareholders over the past six years in the form of 51 public to private takeouts, including 10 in 2023 alone with the takeovers of Smoove* and Tribal announced in early October. With UK valuations appearing cheap and looking more attractive to potential acquirers, we take a moment to reflect on the trends of corporate and private equity bidders targeting AIM-listed technology companies going back to 2017, through the uncertainties

Brave Bison - Underlying Performance Reassuringly In-line

Brave Bison has released its interim results for the period ending June 2023. The update shows the SocialChain integration has been materially completed, with synergies mostly realised and new client wins taking place as a combined business. Gross revenue increased 15% YoY to £16.9m and net revenue increased 23% to £10m, both driven primarily by the new contribution from SocialChain. Adj EBITDA increased by 20% to £1.9m and Adj PBT increased 16% to £1.5m, both in-line with expectations. We have

Morning Note – 13 September 2023

Morning Note – 30 September 2024

Allenby Capital TMT Update - 30.09.24 - MWE.L, CHSS.L, MIRI.L, ENET.L, ELEG.L, MBT.L, PPS.L, ITIM.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.

PROGRESSIVE: STV Group - Encouraging update on pensions

STV has reached agreement with pension trustees on its latest triennial valuation and funding plan, including a near halving in the actuarial deficit position, a slight reduction in cash payments and a maintained expectation of full funding by October 2030. As noted by STV, this provides the group with additional flexibility ‘across the full spectrum of capital allocation’.

STV Group+ (STVG, House Stock at 244p) - Pension funding agreement

Eagle Eye+ (EYE, House Stock at 465p) - New alliance to increase market penetration

XLMedia - Interim Results

XLMedia has released interim results in-line with its prior trading update. The Group continues to transition its operations to being right-sized and solely focused on the North American market. H1/24A Adj EBITDA was $0.9m with the year expected to be second half weighted. This is supported by H2 including four months of the NFL season compared to one month in H1, the peak period for betting operator spending. XLM currently has a market cap of c.$35m, a FY24E net cash of $19m (excluding any shar

PANMURE LIBERUM: The Pebble Group: Increasingly a software company

The Pebble Group - Improved operational readiness

Pebble’s H124 results put it on track to meet FY24 EBITDA market forecasts, set against continuing cautious industry sentiment. Management has been strengthening operations, including appointing a chief product officer at Facilisgroup and a global marketing director at Brand Addition. Client retention remains strong and forward indicators are positive at Facilisgroup. At Brand Addition, macro uncertainties mean clients remain circumspect, but financial performance is helped by better gross margi

LBG Media (LBG LN) - Record H1, strong momentum

Record H1 revenue, strong organic growth: Revenue of £42.3m +55.2% YOY (H1 23: £27.2m) driven by organic growth +29% YOY, and contribution from Betches, acquired Oct 23. Significant step-up in profitability delivered, with Adj. EBITDA +240% to £10.2m (H1 23: £3.0m) and adj. PBT +353% to £7.2m (H1 23: £1.6m) due to higher revenue, restructuring of ANZ business and the accretive impact of the Betches acquisition. Highly cash generative H1, with adj. cash conversion of 152% and period end net cash

PROGRESSIVE: STV Group: Further significant commission wins

Despite a continuing tough market for new programme commissioning, STV has announced several further new wins, ranging from a second series of major drama Criminal Record for Apple TV+ to new competition format Game of Wool for More4. We make no changes to forecasts at this point, but see further underpinning for STV’s ambitious target of £140m of revenues from Studios by 2026. We look forward to a more detailed update with interim results due on 3 September.

Bright Mountain Media Inc. (BMTM), an AI-enabled digital media and advertising services platform

Headquartered in Florida, Bright Mountain Media, Inc. (OTC: BMTM) is a holding company providing end-to-end digital media and advertising services. The company acts as a “one stop shop” for all advertising, marketing, technology, and media services. The company via its subsidiaries offers AI-enabled digital media and advertising services platform that links brands with specific consumer demographics. BMTM operates via four brands – Big Village, Deep Focus, Wild Sky media and BrightStream.