Hybridan Small Cap Feast - 31 Jan 23

31 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

Vector Capital (VCAP) – Corporate – Year-end trading update, revenue growth marginally ahead

Vector Capital is an established commercial lending group, specialising in secured short-term and bridging loans to SMEs, principally focused in the property sector. The group has this morning provided a full year trading update pointing to revenue being marginally ahead of our forecast at £5.9m (WHI est: £5.8m), representing a 12% YoY increase on FY21. As flagged previously, the year-end value of Vector's aggregate loan book increased to £53.4m as at 31 December 2022 (30 June 2022 £

Vector Capital (VCAP) – Year-end loan book illustrates continued growth

Vector Capital is an established commercial lending group, specialising in secured short-term and bridging loans to SMEs, principally focused in the property sector. The group has this morning provided a positive update on the year-end value of its aggregate loan book, which increased 15.4% YoY to £53.4m as at 31 December 2022 (30 June 2022 £51.6m, 31 December 2021 £46.3m), reflecting resilient demand despite rising base rates and inflationary pressures. Against the present macro outlook, Vector

WH Ireland: Vector capital (VCAP) - Year-end update – positive demand continues; £200k provision to be taken in FY 2022E

Vector Capital is an established commercial lending group, specialising in secured short-term and bridging loans to SMEs, principally focused in the property sector. The group has this morning released a trading update for the year ending 31 December 2022 pointing to the revenue and the loan book outturn being in line with market expectations, while a £200k provision is expected to be taken in FY 2022E against potential doubtful debts following a review of its existing loan book and reflecting t

WH Ireland: Vector Capital (VCAP) - Interim results in line; positioned well against macro headwinds

Vector Capital is an established commercial lending group, specialising in secured short-term and bridging loans to SMEs, principally focused in the property sector. The group has this morning released a positive set of interim results for the six months to 30 June 2022, reflecting strong growth in its loan book of 27.1% to £51.6m and resulting in PBT +19.9% to £1.6m. Vector has developed a strong track record over the last 20+ years with an extremely low level of defaults, in part as a result o

Vector Capital (VCAP) - AGM update illustrates further growth in the loan book and trading in line with expectations

Vector Capital's business model and growth dynamics are simple – equity from Vector's own balance sheet supports the drawdown on lending facilities from wholesale banking facilities and co-lenders, enabling growth in the loan book. Despite a weakening macro-economic environment, Vector benefits from its proven loan management systems and conservative average loan to value discipline. We estimate the current size of Vector's loan book will generate a return on equity of 9.7% and free cash p.a. of

WH Ireland: Vector Capital (VCAP) - A strong track record of delivering secured returns

Vector Capital (Vector) is an established commercial lending group, specialising in secured short-term and bridging loans to SMEs, principally focused in the property sector. The business was established more than 20 years ago and has developed an enviable track record within the space. Its core secured lending product is typically for a period of 12 months, with committed lending facilities totalling £35m in place from wholesale banking providers. A structured loan-to-value (LTV) range of betwe

On track to achieve lending targets

The interims confirm that Vector Capital (VCAP.L) is on track to meet full year forecasts. It reported 15.8% y-o-y growth in revenue and 3.2% in PBT to £1.3m. An interim dividend of 0.95p per share underpins a projected 4.8% FY21e yield. We have maintained our forecasts, but the components are in place to grow operations materially over the next 18-24 months and we regard the current 10.6x FY21e EPS as very attractive relative to the potential and inherent scalability. Underlying growth is refle

Small Cap Feast: 11/05/21

Dish of the day Glantus Holdings GLAN.L, a provider of accounts payable automation and analytics solutions, has joined AIM. It is focusing on three product areas; Active AP Discovery, Intelligent AP Automation and Advanced AP Analytics, it utilises its internally developed data platform to offer an integrated solution for the finance function, accounts payable in particular. These solutions are offered to over 300 customers, more than 50 of which Glantus classifies as large enterprises. From 20

Fundraising to accelerate new lending & marketing

Vector Capital plc (VCAP.L) has raised £1.5m (gross) via an issue of c 3.19m new ordinary shares at 47p. The funds will be used to accelerate new marketing initiatives designed to build its profile in its target markets and add momentum to loan book growth. The sharesrepresent approximately 7.1% of the group’s enlarged share capital and were placed with new and existing investors. Management sees an ongoing strategy to broaden the investor base and improve underlying equity liquidity as fundamen

Q1 growth on track, strong new business pipeline

The key takeaway from the recent Q1 trading update was that successful deployment of the IPO funds has underpinned a successful start to the year. The end March 2021 loan book at £38.6m is well on track to meet our £40m end FY21 target. Growth isn’t necessarily linear; that target also includes regular redemptions due over the remaining nine months, and quarter end data won’t necessarily reflect the underlying trend. However, VCAP confirms a healthy new business pipeline which supports our proje

Recent IPO to build upon positive FY20 performance

VCAP listed at the end of December 2020, so these results don’t reflect the benefit of an enlarged capital base post its £3.06m (gross) fundraise. It reported an 8.3% y-o-y increase in its loan book, to £36.4m, ahead of our forecast despite a pandemic inspired three-month suspension in new lending. It also reported 20% higher PBT despite certain expensed IPO costs and grew its gross margin, which we attribute to the intrinsic operational gearing in a readily scalable business. The current infras

Small Cap Feast

Supreme, a leading manufacturer, supplier and brand owner of fast moving consumer products, announces the successful pricing of its initial public offering at 134 pence per share with institutional investors, to raise gross proceeds of £67.5 million. It is expected that dealings in the Shares will commence at 8.00 a.m. on 1 February 2021 on AIM It is expected that dealings in the Shares will commence at 8.00 a.m. on 1 February 2021NQ Minerals, the base and precious metals producer from its

Well-established, profitable secured lender

Vector Capital provides fully secured, business-to-business loans to SMEs based in England and Wales. It operates a well-tested, mature lending model, is profitable and pays dividends. Despite recent strong growth, the group has a minimal share of an enormous potential market. It raised £3.06m in a December IPO, which will build its equity base and help it to capitalise upon the opportunity to scale its loan book and profitability, and a pipeline of attractive new proposals well above its curren

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.

Very strong CY22 - CY23 upgraded 10%

LIBERUM: Alpha Group International* - Highly attractive global growth opportunity

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

LIBERUM: Real Estate Investors* - Profitable sales drive valuation increase and NTA outperformance

Equals Group (EQLS LN) - Platform for growth

Revenue rose 59% to £69.7m (consensus: £66.2m; Zeus forecast £65.0m); revenue per day rose 60% to £279k Equals Group’s 2022 results and 1Q trading update reaffirm our view on Equals’ valuation. It has made two bolt-on acquisitions, subject to regulatory approval, which add clear value. Organic growth remains strong: “revenues per working day so far in 2023 were £342k” up 52% yoy and up 13% on 4Q 2022.

Belvoir Group - Debt free, entrepreneurial and diverse

2022 followed on from the strongest year for property in recent history, but Belvoir has, nevertheless, reported a robust set of full-year results further evidencing the power of its franchised model and strategy. FY 2022 revenue was up +14% (+2% like-for-like), gross profit up +6% and adj. PBT down -1% as the resilient Lettings income and expanding Financial Services business continued to grow (both +4% LFL), while housing Sales fell (-15% LFL) as market conditions weakened and administrative c

Morning Note – 27 March 2023

LIBERUM: Aquis Exchange* - Delivering on growth

Encouraging CY22 result

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

LIBERUM: Pollen Street * - Clear fundraising momentum

Cenkos: Personal Group Holdings Plc -- Momentum building

Personal Group's FY22 results show good underlying growth in both API and ARR, with significant HoH EBITDA expansion also delivered in H2. The growth in its insurance book and increased levels of ARR provides high levels of visibility into 2023. Retention rates are high, the group has added 101 new clients and its expansion into the SME market is growing rapidly. Today's results demonstrate the clear benefits of the diversification of the model since 2019 and the ongoing relevance of its offerin

NAHL Group - Finals

NAHL generated growth in both its Personal Injury (PI) and Critical Care divisions, the former despite a continuation of subdued market conditions – hence market share gains. Results were in line with our forecasts but with a significant reduction in net debt which is especially welcome in the current high interest rate environment. Group strategy remains intact and in PI that means building the embedded value of future cash flows in NAL while flexing enquiry placements to maximise cash generati

Hybridan Small Cap Feast - 27 Mar 23

27 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