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NAGA reported strong FY23 prelims. Further, the company has announced already last year a planned business combination with Capex.com that is not yet reflected in our est, but expected synergy effects should bode well for the company
Companies: Naga Group AG
NuWays
NAGA finally reported its audited FY22 figures, which reflect a particularly challenging year for the company. While 2023 can be seen as a transition year, NAGA should return to growth from FY24e onwards.
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Edison
The NAGA Group is a fintech start-up in social trading with a flagship product (Naga Trader) and supplementary services. Headquartered in Hamburg, the company’s operating subsidiary, Naga Markets, is located in Limassol, Cyprus.
NAGA Group continues to benefit from retail investor activity and volatility in financial markets, further underpinned by its social trading functionalities (trade copy feature in particular). Consequently, after completing its restructuring in FY19, NAGA posted a positive EBITDA and a small net profit in FY20, with management now guiding to robust FY21 sales of €50–52m (€24.5m was already generated in H121) and EBITDA of €13–15m. Recently, it also secured further funding through convertible bon
NAGA recorded strong growth in sales and EBITDA in H120 as it benefited from high market volatility triggered by the COVID-19 pandemic. Management confirmed the full-year guidance it had released in late July 2020, which assumes sales of €22–24m (vs €6.2m in FY19) and EBITDA of €5.5–6.0m (vs a loss of €9.2m in FY19). In the coming months, NAGA aims to increase marketing to improve brand awareness and enter new countries (most notably Australia), which it plans to finance with €4.6m raised throug
NAGA recorded a heavy EBITDA loss in FY19, affected by adverse market conditions and a significant decline in revenues from services from Naga Development Association (NDAL). Preliminary Q120 figures show solid growth in sales and net income as the company benefited from high market volatility triggered by the COVID-19 pandemic and a lower operating cost base following the completion of group restructuring. The focus is now on expansion outside Europe, which it plans to finance with proceeds fro
NAGA Group has largely completed its restructuring (initiated in April 2019) aimed at cost savings and increased focus on its only profitable product, Naga Trader. Restructuring costs, coupled with market and regulatory headwinds, resulted in weak H119 results. Despite the above, NAGA has maintained its FY19 guidance and expects to see the benefits of its repositioning in FY20. Meanwhile, Fosun Group (NAGA’s major shareholder) has agreed to inject €5m new funding into the company.
NAGA Group initiated a restructuring process in April 2019 and will now focus on its only profitable product, Naga Trader. For FY19, the company guides to a substantial decrease in revenues from advisory services to Naga Development Association (NDAL). This is accompanied by a €1.8m value adjustment on receivables from NDAL in FY18. This is the result of weak market conditions (particularly in cryptocurrencies), according to the company. Consequently, the targeted expansion of a complete NAGA ec
Premium
NAGA Group continues to ramp up volumes on its NAGA Trader platform, while eliminating commission expenses through the acquisition of Hanseatic Brokerhouse (HBS). Recent developments in the NAGA ecosystem include the introduction of an AI-based robo-advisor, the launch of the beta version of NAGA Exchange (together with an analytical tool called NAGA Guard), as well as the introduction of NAGA Card. The business remains in its early stage with the majority of products (except NAGA Trader) yet to
NAGA Group (N4G) moved to positive EBITDA of €2.9m in FY17 on the back of higher brokerage fees and one-off ICO-related advisory fees. Management expects to double trading volumes in 2018. However, the business is still in its early stages, and future profitability will depend on the number and activity of brokerage clients, the success of recently launched products, as well as the sentiment towards cryptocurrencies in the aftermath of the recent market crash.
NAGA saw 90% growth in pro forma revenue to €3.7m from trading activities and a 74% increase in total sales to €4.3m in H117, compared with H216. In Q417, management is planning to launch its second product, SWITEX (in-game items trading), and issue NAGA Coins (a cryptocurrency) for up to $400m, with 55% of the total offered to the public by working with a third party. The proceeds from the initial token sale (ITS) and the remaining 45% of the tokens will not be consolidated into NAGA’s balance
The NAGA Group is a fintech start-up with two products launched before the end of 2017: SwipeStox (securities trading and robo-advisory) and SWITEX (in-game items trading), a joint venture with Deutsche Börse AG. Named after NAGA, the strongest chili in the world, the group’s intention is to be disruptive; it believes that the open API module underpinning SwipeStox can quickly be duplicated on p2pfx (P2P FX/CFD trading) and Trafex (trading of bitcoin and real currencies) before early 2018. The I
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Bioventix has published its H1 2024 results to end December 2023, delivering a strong set of interims with continued growth in profitability and free cash flow generation. Revenues grew by 13% to £6.7m with the company’s continued healthy operating margins translating into adjusted EBITDA (ex. share-based payments) growth of 12% to £5.3m. In line with management’s policy of maintaining c.£5m cash on the balance sheet, an interim dividend of 68p was declared (+10%), with net cash at period end of
Companies: Bioventix Plc
Cavendish
Companies: FOG PEB KBT EMR TIME GETB JNEO
The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no
Companies: AEIT ROOF DGI9 INPP GSF SEIT USFP HICL ORIT BSIF TRIG NESF SEQI HEIT GRP GCP FSFL 3IN AERI PINT RNEW BBGI GSEO DORE TENT GRID CORD HGEN AEET
Hardman & Co
Companies: FOG TND BVXP ACC HDD
Companies: BILN IGP RBN SBTX
Companies: Inspired PLC
Liberum
Fintel’s 2023 results confirm the group is trading in line with its February update and reveal details of underlying growth, which is meeting management’s growth and profitability targets (see page 2).
Companies: Fintel PLC
Zeus Capital
The shares retreated 23% in response to an expected dip in full year revenue, but the medium-term outlook remains robust. Client decisions to move a number of planned events pushed back c. £2m of projected revenue into H2/FY25. We believe that the investment case remains attractive. AEO is on track to deliver near record H2 revenue and expects to report at least £19m of sales, £0.4m of PTP for FY24. It has completed the first three quarters of FY24, but typically generates c. 50% of annual sales
Companies: Aeorema Communications plc
Allenby Capital
26th March 2024 @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
Companies: BIRD MBH CHRT INSE KMK FNTL HDD JNEO CCS
Hybridan
Companies: BEM SML VRS KOD SBSW KMR SRX EST SVML
SP Angel
Braemar’s FY24 trading update was in line with expectations, with revenues of c £150m and underlying operating profit of c £18m. Underlying operations continue to expand and diversify and the company remains well-positioned to drive its future growth strategy. The trading outlook is promising and Braemar should be able to leverage its strong balance sheet in pursuit of strategic growth. We have maintained our underlying estimates for FY24 and FY25, but edge down the valuation based on the lower
Companies: Braemar PLC
25th March 2024 @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
Companies: JSE RTC GCM GDP ORR AEO I3E
The Hardman & Co Healthcare Index (HHI) has been running since 2009. Its main function is to highlight the attractions of life sciences investments over the long term. For the second year running, apart from global economic influences affecting world markets, performance in 2023 was dented by the capital-intensive nature of the sector. The HHI fell 3.7%, to 483.8, underperforming the main London markets – FTSE 100 (+3.8%) and FTSE All-Share (3.8%) but outperforming the FTSE AIM All-Share Index (
Companies: TXG NDVA TSVT BCOW Z29 TXG NCYT GNS SUN AMS OMG APH EKF EAH IMM AGL DEMG AGY TSTL IPO GDR ETX TRX HVO CTEC AVO OXB DEST VLG IXI VAL INDV AGR AVCT BAI 123F IMCR BCOW
Gym Group has accompanied confirmation of FY23 profit resilience and continued buoyancy (like-for-like revenue up 12% in the first two months of 2024) with a clear commitment ‘to accelerate, not reinvent the wheel.’ The latter is telling with new senior management endorsing Gym Group’s sweet spot as a low-cost operator in the long-term growth market of health and fitness. Its confidence in material scope for enhanced pricing and member acquisition and retention is complemented by expansion targe
Companies: Gym Group Plc
US Solar Fund (USF) is the only North American focussed solar closed-ended investment fund listed on the LSE. USF is a renewables fund which acquires, develops, and operates a portfolio of utility-scale solar power plants that generate electricity, which is sold to high, creditworthy offtakers under long-term power purchase agreements in the US. USF has a diversified portfolio with a total operational capacity of 443MWdc (329MWdc) comprised of 41 solar assets across four states (Utah, North Caro
Companies: US Solar Fund Plc
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