Hybridan Small Cap Feast: 19/07/2023

Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** 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. Expected Admission 21 July 2023. Blackpoint Biotech plc, a medical cannabinoids company established to fulfil gaps in the medical

Morning Note – 19 July 2023

Audioboom Group - Record H1 KPIs highlight the platform’s potential

In today’s H1 results, Audioboom has reported H1 revenue of $31.8m, adjusted EBITDA of $0.3m, and record KPIs. Operationally, the platform is in its strongest ever position, with record monthly downloads of 135.2m in May 2023, a record brand advertiser count of 8,786 in June 2023, and record available advertising impressions +25% yoy to 5.1bn in H1 23. However, weaker advertiser demand vs 2021-22 has impacted profitability, as lower revenue vs expectations has led to a limited number of premium

Hybridan Small Cap Feast - 23 Jun 23

23rd June 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 objecti

Morning Note – 23 June 2023

Hybridan Small Cap Feast - 19 Apr 23

19 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 objectiv

Morning Note – 19 April 2023

Audioboom Group - Strengthening and scaling the platform through Q1

In today’s Q1 update, Audioboom has reported flat yoy revenue growth excluding Morbid and global monthly downloads +13% to 125m after 111m in Q4 22, and confirmed that it expects to outperform the wider podcast market for the eighth consecutive year in FY23. We reiterate our FY23 and FY24 forecasts, and expect the platform’s growth will accelerate through FY23, as: the advertising market is showing promising signs of recovery; the new sales focus on larger brands has already scaled the Q1 brand

Morning Note – 17 April 2023

Hybridan Small Cap Feast - 23 Mar 23

23 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

Morning Note – 23 March 2023

Audioboom Group - Robust FY22 results, maiden 8p dividend planned for FY23

In today’s FY22 results, Audioboom has reported adjusted EBITDA and net cash in line with the January trading update, highlighted an encouraging start to FY23, and announced plans to pay a maiden FY23 dividend. FY22 revenue growth of +24% yoy to $74.9m has been driven by +16% growth from core premium sales, +70% growth from Showcase, and +37% yoy growth from Sonic, and enabled Audioboom to outperform the wider podcast industry for the sixth consecutive year. A tight control on cost drove adjuste

Morning Note – 22 March 2023

Hybridan Small Cap Feast - 23 Jan 23

23 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

Morning Note – 23 January 2023

Record H1'23 with continued momentum into H2

Journeo - Strong H1/23A Interim Results

Journeo has released a strong set of interim results in-line with the prior trading update and our recently upwardly revised expectations. Revenue increased 146% YoY to £21.8m and PBT similarly increased substantially to £1.7m driven by organic growth in all divisions and the new contribution from the Infotec acquisition. We leave forecasts unchanged following the two recent upgrades. Journeo looks compelling on an FY24E Adj P/E of 10.1x vs peers on 13.2x, and we reiterate our 1-year price targe

Allenby Capital TMT Update - 25.09.23 - SPSY.L, BIRD.L, TRAK.L, ENET.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.

Hybridan Small Cap Feast - 26 Sep 23

26th 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

Acquisition of MNA and PCS

National World has announced the acquisitions of Midland News Association (MNA) and Press Computer Systems (PCS) for £11m in cash and we raise our 2024 EPS estimate by +16%.

Zeus: Video Games Sector Quarterly review - October 2023

Subsector price performance: In the quarter to 30 September 2023, all four subsectors saw mean average share price declines. UK PC and Console focused subsector was again the worst performing (-20.6%).

A cheap call option on landing whales

Taking the Upper Brand: Brands Sector Overview

The earliest dated brand has long been contested; the majority point to Kongō Gumi, a family run construction company that specialised in Buddhist temples in Japan; its documented record of ownership goes back to 578 AD. Like Kongō Gumi, several different brands have withstood the test of time, albeit without then same degree of longevity. The term brand originates from the 1500s and means "to burn" in Ancient Norse and was initially used to mark cattle for ownership. This practice can be consid

Artificial intelligence in UK biopharma and healthcare 11/09/2023

Artificial intelligence (AI) continues to accelerate at full speed, first by imitating the workings of a human brain and now it is drawing concepts of evolution, sometimes with synthetic data, artificially manufactured for training purposes or for privacy protection, and sometimes not even with human intervention. In this note, we examine how AI is being developed and applied by the NHS and UK mid/small cap companies for the benefit of human health and wellbeing. AI in drug discovery and devel

Morning Note – 26 September 2023

Morning Note – 27 September 2023

Hybridan Small Cap Feast - 29 Sep 23

29th 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

tinyBuild (TBLD LN) - H1: Declining profits and cash

H1 revenue fell 19%, gross margin narrowed by 18 percentage points and Adj EBITDA fell to -$1.2m from $9.9m a year ago. The company impaired $27.2m of development costs and intangible assets.

Hybridan Small Cap Feast - 28 Sep 23

28th 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

Pennant International - Benefitting from complexity; positive H1's and growth / margin agenda

H1 results from PEN today reflect further progress with its agenda of growing the business across a range of activities, with software a key component and complex work for global OEM's continuing to contribute meaningfully, given the technical nature and complexity of assets and the requirement to manage through-life costs. PEN provides software / integrated product support solutions to an extensive client list of OEM's and governments, while also supplying complex training products to a prestig