Hybridan Small Cap Feast - 15 Mar 23

15 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

Centaur Media - Good cash conversion funds further special dividend

Centaur’s FY22 results have come in slightly better than indicated at the year-end update, showing good revenue growth of 6% and a notable step-up in adjusted EBITDA margin, from 16% to 20%, as the group focuses on its higher-quality repeat and recurring revenue streams. The ‘new’ news is of an additional special dividend of 2.0p, coming soon after the 3.0p special dividend paid in February, reflecting the accumulation of cash on the balance sheet beyond the level needed to support the existing

Positive momentum confirmed

Centaurs FY22 once again demonstrates managements positive underlying operational execution to date, with prelims confirming continued top-line growth and strong H2 margin expansion despite the uncertain market backdrop. Revenues grew +6% y/y to £41.6m (SCMe: £41.1m) with EBITDA margins of 20.4% (adj EBITDA: 19.5%). Net cash of £16.0m at the full year outturn (+22% y/y) reflects continued strong cash conversion (99%), with FCF of £5.1m delivered in the period. Balance sheet strength and further

Centaur Media - Strong cash performance and special dividend

Centaur’s year-end trading update indicates revenue of at least £41m and an EBITDA margin of more than 19.5%. Our FY22e EBITDA, PBT and EPS numbers are unchanged, showing strong growth over the prior year, albeit with a slower H222. Notwithstanding the reduced momentum, Centaur should still meet its FY23 MAP23 targets of £45m in revenue and an EBITDA margin of 23%. Given the strong cash performance, with year-end net cash of £16.0m (excluding lease debt), management has announced the payment of

MAP23 still on track

Centaurs FY22e update once again demonstrates positive underlying business momentum delivering continued top-line growth and strong H2 margin expansion despite the uncertain macro backdrop. Revenues are guided to be at least £41m (+5% y/y; SCMe: £42.1m) with margins of 19.5% implying £8.0m adj EBITDA (+25% y/y; SCMe: £8.0m). Net cash of £16.0m was well ahead of forecasts (£15.3m) implying cash conversion remains strong given balance sheet strength, management are to return £4.4m (equivalent to 3

Centaur Media - Flagship 4 showing their strengths

Centaur has posted good H122 figures, with revenues ahead by 8% on H121 and an uplift in EBITDA margin from 12% to 17%, well on the way to achieving the 23% targeted within management’s MAP23 objectives. The emphasis on driving higher-quality revenues from premium content, marketing services and training and advisory is giving the group a resilient earnings base. High subscription renewal levels indicate the utility to clients, with continued investment in content and products ensuring that thes

H1'22: Continues to deliver

Centaur Media posts another half of strong progress as the Group progresses further towards its transformational MAP23 goals (FY’23e revenues and EBITDA margin of >£45m and 23%). Revenues grew +8% y/y to £19.8m (SCMe: £19.8m), supported by continued strong MW Mini MBA performance (+16% y/y; est H1 Mini MBA revs: c£5m), and steady ‘The Lawyer’ growth (+6% y/y to £3.7m; SCMe: £3.8m). Adjusted EBITDA margins expanded +5pp y/y to 17% benefitting from enhanced scale and strong management cost control

Centaur Media - Targeted connectivity

Centaur’s FY21 results are ahead of our forecasts, showing 21% revenue growth and adjusted EBITDA margin of 16.4%. This constitutes good progress towards management’s MAP23 goals for FY23 revenues of £45m and adjusted EBITDA margins of 23%, both of which should be achieved under our modelled scenario, despite potential headwinds of rising costs. Iterative improvements in the client offering and a greater emphasis on cross-selling underpin the forecast top-line growth, funded from the cash-positi

FY'21: Tracking ahead

Centaur Media continues to execute successfully on its MAP23 strategy. FY’21 revenues grew +21% y/y to £39.1m (SCMe: £38.5m), marginally ahead of SCMe forecasts and benefitting from strong renewal rates, positive momentum in eLearning and recovery in events. Adj EBITDA grew +68% y/y to £6.4m (SCMe: £6.1m) supported margins expanding to 16.4% (+470bps y/y), tracking ahead of forecasts and remaining on track for MAP23 (>£45m revs and 23% EBITDA margin). Top-line momentum is underpinned by continue

Strong Q4 update

Positive Centaur Media trading momentum has continued into Q4, with both revenues and EBITDA outperforming market expectations. Group FY’21e revenues are now guided to be £38.5m (SCM: £37.1m), growing +19% y/y as Flagship 4 brands continue to deliver. The increasing proportion of higher-quality premium content, elearning and subscription revenues continues to support margin expansion, driving EBITDA margins to >15% EBITDA (SCMe: 14.9%). Implied EBITDA outperformance (c£0.5m) and strong cash cont

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 - 21 Mar 23

21 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

4imprint - Dazzling results, plus €90m distribution to shareholders

Excellent FY results this morning saw $US350m (+45%) added to the revenue line during FY22A while holding the margin, resulting in very strong profit generation, with profits, up 246% (PBT), again coming in ahead of our forecasts. With revenue per marketing dollar now standing at $8.86 (+44% YoY), sales have soared on the back of marketing spend practically unchanged YoY, reflecting the company's proactive actions in recent years in developing further the already successful marketing model. FO

LIBERUM: 4imprint Group* - 1% increase in marketing costs and 45% revenue growth

SHORE CAPITAL - The Mission Group+ (TMG, House Stock at 53p)

Morning Note – 15 March 2023

SHORE CAPITAL - Pebble Group^ (PEBB, Buy at 109p)

SpaceandPeople PLC (SAL LN) - Positive trading update

SpaceandPeople secures, sells, and manages flexible space for brand experiences, short term promotions and retailing in high footfall venues for its customers, including in shopping centres and travel hubs. The macro context remains challenging for everyone. UK and European retail demand is weak for well reported reasons, and the outlook for the sector is generally negative. That said, SpaceandPeople is trading well, offering flexible and low risk services for retail customers, and utilising vac

CentralNic (CNIC LN) - Growth opportunities ahead

CentralNic delivered 2022 results slightly ahead of our upgraded estimates and expects to surpass expectations for the year ahead. Strong gross margins indicate that signs of increased competition or pricing pressure in the Online Marketing division are limited. Indeed, the division’s organic growth accelerated to 86% from 65% in 2021. The company’s strong growth appears set to continue, particularly with a new management team that is more focused on developing new growth opportunities. We belie

SHORE CAPITAL - Kape Technologies (KAPE, House Stock at 299p)

Pebble Group - FY22 ‘at least’ in line

The Pebble Group’s end-FY22 trading update discloses that both of its operations, Facilisgroup and Brand Addition, have traded well and that the group results will be ‘at least’ in line with market expectations. Facilisgroup is growing its Partner base and increasing spend per Partner, with its new Commercio all-in-one e-commerce solution ramping up to over 100 customers by the year-end. Brand Addition’s revenues were up 12%, on increased gross margin, despite supply chain disruption. Group year

Halloween heralds trick or treat season?

All Hallows’ Eve could well herald both trick and treat. We have the likelihood of an increase in interest rates for the first time in more than a decade, a scary thought for some. In the last few weeks, we have also seen two sides to the market, with both a significant increase in secondary fund raisings across a range of sectors, as well as the market’s unforgiving nature to any downbeat news. Most indices have retained their progress year to date in the last fortnight. In Share News & Views,

Hybridan Small Cap Feast 20/05/22

Dish of the day Joiners: No Joiners Today. Leavers: No Leavers Today. What’s cooking in the IPO kitchen? Psych Capital PLC, intends to list on the AQSE Growth Market. Psych operates the Psych Platform (a business-to-business networking platform), that is developing the Blossom Database pursuant to a third party licensing arrangement. The Company also has an investment of 426,000 common shares in Awakn, a Canadian NEO Exchange listed psychedelics research and clinical group, with operations in th

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

Cenkos: XLMedia Plc -- Hitting Expectations

XLMedia released a full-year trading update to 31 December 2022 in-line with our expectations. FY22E revenues came in at $73.7m and Adj EBITDA c$16.1-16.6m. The Group has continued to successfully pivot its focus from European Gaming to US sports to take advantage of the significant expansion opportunities. European Gaming revenues have notably stabilised in H2/22E and could once again provide a source of growth. XLMedia trades on an FY2 Adj EV/EBITDA multiple of 2.7x, which is a significant dis