LIBERUM: Time Out* - Breaking through

Hybridan Small Cap Feast 07/10/22

What’s cooking in the IPO kitchen?** Sondrel Holdings plc, a UK founded and headquartered fabless semiconductor business providing turnkey services in the design and delivery of complex, high end 'application specific integrated circuits' (ASICs) and 'system on chips' (SoCs) for leading global technology brand, intends to join AIM. Anticipated Mkt Cap £48.1m. £20m to be raised. Expected 21 October 2022. TECC Capital plc, to be renamed EDX Medical Group, intends to join the AQSE Growth Market. ED

Hybridan Small Cap Feast 19/05/22

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 the UK and Europe.

LIBERUM: Time Out* - Clouds lifting, recovery underway

LIBERUM: Time Out* - Back to business, change in CEO

Small Cap Feast

MAST Energy Developments (MED) is to IPO on the Standard List on 14th April 2021 under the ticker MAST. The company has raised £5m giving a market capitalisation on listing of c. £23m. MED is currently a 100% subsidiary company of AIM quoted, Kibo Energy*. MED was established to acquire and develop a portfolio of flexible power plants in the UK and become a multi-asset operator in the rapidly growing Reserve Power market. PensionBee has confirmed its intention to float on the High Growth Se

LIBERUM: Time Out* - Waiting time is almost over

LIBERUM: Time Out* - Evolving and adapting in uncertain times

LIBERUM: Time Out* - Trading update shows substantial progress before COVID-19 closures

Small Cap Feast

Abal Group (formerly on AIM) to relist as Supply@Me, a growing innovative "inventory monetisation" platform, having originated more than EUR300m of prospective "inventory monetisation deals" in its first six months of operating (to June 2018). In the first half of 2019, an additional prospective EUR300m was originated. As at the date of the publication of the Prospectus and Circular to Abal shareholders, dated 4 March 2020 , EUR972m of prospective contracts have been originated. Raising £2.2m. D

LIBERUM: Time Out* - Markets temporarily closed due to COVID-19 U/R

LIBERUM: Podcast: Best Idea of the Week - Time Out Market

LIBERUM: Time Out* - A pivotal year for Time Out Markets

LIBERUM: Time Out* - 3 Markets opened YTD and losses halved in Media

Small Cap Feast

Techniplas –global producer and support services company providing highly engineered and technically complex components, making the supply chain to original equipment manufacturers more efficient. FYDec17 rev $515m. Loungers plc—the operator of 146 café/bar/restaurants across England and Wales under the Lounge and Cosy Club brands, announces its intention to seek admission on AIM, offer TBC

CentralNic (CNIC LN) - Strong, resilient growth

CentralNic issued another positive trading update, leading us to upgrade Adjusted EBITDA again, this time by 4% in both 2022 and 2023. The company continues to grow rapidly (60% organic revenue growth) and margins continue to expand, demonstrating resilience to a slowing economy and online marketing sector. We conservatively raise our 2023 forecasts due solely to base effects, leaving revenue growth at only 6%. As a result, we see the potential for CentralNic’s upgrade cycle to continue into 202

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

This Week's AIM Highlights 3rd February 2023

Hybridan Small Cap Feast - 20 Jan 23

20 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

CentralNic Group - Unfazed by challenging environment

CentralNic’s FY22 update confirmed accelerating momentum towards the end of the year, with revenue and adjusted EBITDA ahead of our forecasts, which we raised on 21 December. Its ability to effectively match advertisers with high-intent consumers, alongside global market demand for privacy-safe customer targeting solutions, continues to drive Online Marketing. Economies of scale and acquisitions have strengthened its operating leverage, leading to improved profitability. CentralNic’s attractive

SHORE CAPITAL - Bonhill Group+ (BONH, House Stock at 7p)

Lower total advertising, growth at ITV Studios

In 9m 22, total advertising revenue decreased by 2% including a weak September 2022 (-14%). ITV Studios performed well with organic revenue up +13% in 9m 22. For 2022, total advertising revenue should decrease by -1/-1.5% given the broadcasting of the Football World Cup in Q4 22 and ITV Studios’ revenue should exceed the 2019 level. ITVX (AVOD/SVOD) is a key driver for digital revenue. The full launch of free content (>10,000 hours) is due on 8 December 2022.

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

The digital strategy is paying off

Pearson was up as much as 12% today after reporting better-than-expected H1 22 results. The company said that it will meet its FY25 guidance two years in advance, i.e. in FY23, thanks to £100m in cost savings identified (synergies and efficiencies from the recent reorganisation). Again, a very pleasant surprise.

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

Q3 22: Back-to-school in (almost) full force

Pearson is up as much as +10% today after issuing a reassuring 9-month 2022 trading update, stating that it is “confident of being able to navigate the challenging macro-economic environment”. The FY22e guidance was re-affirmed. After FY21, Q1 22, and H1 22 updates, this is the fourth publication that has been acclaimed by investors, giving increasing credibility to the group’s digital transformation.

The Big Book 2022 - Extended Coverage & Best Ideas

The Big Book 2022 includes our highest conviction Best Ideas for 2022. In 2021 our Best ideas outperformed by 24%, extending our track record (>10% outperformance on average over the past decade). We have again divided our coverage into six distinct themes to create our Matrix. We have added two new categories this year: ESG and Pricing Power, both of which will be fundamental investment themes for 2022. We look forward to discussing our ideas with you.

Circulation grows but advertising headwinds persist

Reach plc provides an update for FY22e which flags the persistence of advertising headwinds which have masked the positive underlying progress made during the year. Group revenues declined 2.3% y/y in-line with SCMe (-2.2% y/y), yet revenues were more weighted towards lower-margin Print circulation, leading to soft AOP margins (calculated guidance range: 17.3%-18.3%; SCMe: 18.8%). Management execution remains strong, yet whilst operational KPIs in Digital show continued positive underlying momen

Kape: Charging forward into 2023

Kape’s trading update for the year ended 31 December 2022, issued today, shows that it has been a year of considerable progress and achievement at both operational and financial levels. Pro forma Adjusted EBITDA is expected to be ahead of guidance, with revenue at the top end of guidance. ExpressVPN integration has also exceeded expectations. With a restructured balance sheet and considerable financial firepower, Kape looks set to continue its growth charge forward into FY23 and beyond.

FY22 Trading Update

S4 Capital has reported a very reassuring FY22 update that indicates LFL revenue growth was in line with expectations, EBITDA will be ‘at least' £120m and net debt will be at the lower end of guidance.