Successful restart of MyAgency achieved

MyAgency’s revenue was above our initial expectations. The matching application (MyHotelMatch) will start its tests in the coming weeks.

A good performance from My Agency in H1 22

My Agency’s revenue (acquired in 2022) was back on track in H1 22, having returned to its pre-crisis levels. MHM’s hotel matching application development is underway.

Taking into account the share consolidation.

The Shareholders’ Meeting approved the 2021 annual financial statements and the development of the MyHotelMatch application. A 100:1 consolidation of the shares was also approved.

H1 20 figures; a bit late indeed

The company just released its H1 20 report, closing 30 June 2020. A bit late indeed. Valuation stands between zero and “something”.

In a surprise move, FIPP has deprived FPN shareholders of control over PAMIER SARL.

FIPP has taken full control of FPN’s only asset, depriving FPN’s shareholders of the recovery potential linked to building refurbishment or a full redevelopment. This may trigger a long and bitter legal battle between FIPP and OTT Group unless a negotiation takes place between the parties.

Reference shareholder transferred its risk in FY 19

FY 19 consolidated accounts demonstrated an increasing risk level. On the other hand, FY 19 annual report didn’t mentioned the FPN’s warrants supposedly neutralised in H1 20.

Update for fiscal year 2019 (Foncière Paris Nord)

Update for fiscal year 2019 TARGET CHANGE CHANGE IN TARGET PRICE€ 0.05 vs 0.06 -2.95% Following the late release of FY 19 consolidated accounts, we update the 2019 fiscal year without changing our forecasts materially.

Reference shareholder will ensure FY 20 liquidity

In a late statement, FPN has announced its FY 19 earnings. Negotiations are still ongoing with potential buyers of the plot the company owns in Le Blanc-Mesnil (northern Paris suburb). The legal disputes are gradually being resolved although the main proceedings remain outstanding. The reference shareholder (FIPP, Duménil Group) has announced that it will provide operational financing until December 2020.

Uncertain outlook comes as no surprise

We take a positive view of Legal & General’s FY 22 results. Despite the tough environment, the Group managed to outperform expectations – something which was hardly a given for such a large asset manager. With L&G being widely exposed to the UK economy, it might be a call one does not want to make but the firm’s business remains one of spreads – as long as a default does not occur. We remain positive but concede that L&G embeds more risk than we had assumed.

Cooled by the distribution policy

Strong FY 22 results reported by Aviva, and another layer of distribution, but doubts around the soft guidance provided. We confirm our case that Aviva is an M&A opportunity to offer scale while having a much less complex structure.

Ambitious winds of change

M&G’s FY 22 results were strong. It was also the opportunity for new CEO Andrea Rossi to depict clearly his strategy for the upcoming months. While the impetus is clear and the objectives are ambitious, we rather believe in a structural improvement of the business (driven by the higher rates environment) than a commercial one.

Sentiment is changing

Interims show continued progress, as Made Tech has built on its FY22 break-out performance (sales: +120%) by growing sales a further 75% in 1H23. An exceptional feat, achieved through a strong b/f backlog (+133% y/y) and excellent sales execution in 1H23. This second point is pertinent, as it highlights how (notwithstanding macro headwinds) Made Tech has been able to land nine new customers in H1 (and more in Q3) such achieving >£60m bookings YTD. This achievement materially de-risks FY23&24 exp

Hybridan Small Cap Feast - 06 Mar 23

6 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 objective

Cenkos: Time Finance plc -- A New Quarter, a New Upgrade

Time Finance has released a positive Q3/23A update for the period ending 28 February 2023. It follows a strong first half and shows continued momentum in the business. We are upgrading our FY23E revenue forecasts from £25.7m to £26m and FY23E PBT from £3.2m to £3.6m. Time's valuation looks deeply discounted on an FY24E P/E ratio of 5.8x and P/TNAV of 0.6x. We expect a material re-rating as management continue to deliver profitable growth and we believe upside risks to forecasts remain dominant.

TVL highlighted as strategic component of the UK’s critical minerals sector

Alkemy and its 100%-owned subsidiary Tees Valley Lithium (TVL) report that TVL’s planned lithium hydroxide refining facility at the Teesside Freeport, UK has been featured extensively in a new paper entitled “Midstream Processing and Refining: Unlocking Security of Supply”. The paper was published by the Critical Minerals Association United Kingdom (CMA UK) which aims to support the development of critical mineral supply chains in the UK.

Hybridan Small Cap Feast - 07 Mar 23

7 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 objective

Hybridan Small Cap Feast - 09 Mar 23

9 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 objective

LIBERUM: Harworth* - Resilient performance in a rapidly changing property market

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 - 01 Mar 23

01 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

PCI Pal - 1H sees accelerating revenue growth as TACV builds

The interims confirm acceleration in the already rapid revenue growth (+29% yoy in 1Q and now +33% yoy across 1H23), keeping the LBITDA in line with last year despite increased investment in product development and sales and marketing to seize new market opportunities (notably in Canada and Australia). PCIP remains on track for FY forecasts, which remain unchanged. Investment in the channel sales strategy is paying off with continued strong new customer sales; a record number of new contracts we

H&T (initiation of coverage): Pawnbroking royalty, with strong, profitable growth

Founded in 1897, H&T is the UK’s leading pawnbroker, with 269 stores, and it has gained a strong pawnbroking market share in recent years. While it is growing ancillary gold buying and forex products, its core is pawnbroking and related retail services. As other small-sum, short-term lenders have withdrawn, H&T’s well-capitalised, low-risk proposition has unique growth opportunities, with the pledge book up over 50% in 2022. The lessening of legitimate competition at a time of heightened demand

FLASH: Pre-close update indicates a beat to our forecasts