Hybridan Small Cap Feast - 18 Mar 24

18th 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

Allenby Capital TMT Update - 04.03.24 - ENSI.L, MIRI.L, BIRD.L, PPS.L, CHSS.L, ENET.L, SEEN.L

Please find below our weekly update covering themes that we feel that are of interest to investors and participants in the small and mid-cap TMT sector as well as commentary on recent newsflow.

Hybridan Small Cap Feast - 28 Feb 24

28th February 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 obj

Hybridan Small Cap Feast - 26 Feb 24

26th February 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 obj

Allenby Capital: EnSilica plc - Interims

Interims to the end of November 2023 were in-line: growth in the topline; margins maintained; and cash reduction modest considering loan repayments of £0.4m. The period also included new contract wins to help fuel future growth with positive announcements continuing post period end. EnSilica now has seven chips in the Design stage that will in time join the three in the Supply stage generating recurring revenues. Whilst growth and pipeline development continue apace, the Company has flagged timi

Hybridan Small Cap Feast - 05 Feb 2024

5th February 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 obje

Hybridan Small Cap Feast - 12 Jan 24

12th January 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 obje

Hybridan Small Cap Feast - 14 Dec 23

14th December 2023 Small Cap Team will take a break until Monday 8 January 2024 after this Friday 15th December. Merry Christmas to all our readers. @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

Allenby Capital TMT Update - 16.10.23 - ENSI.L, SPSY.L

Please find below our weekly update covering themes that we feel that are of interest to investors and participants in the small and mid-cap TMT sector as well as commentary on recent newsflow.

Hybridan Small Cap Feast - 10 Oct 23

10th October 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 obje

Allenby Capital: EnSilica plc - Finals

EnSilica Plc (ENSI.L) has reported FY 2023 results for the 12m ended May 2023 marginally ahead of our previously upgraded forecasts. The results confirm a strong first year as an AIM listed company. Revenue of £20.5m (+34% yoy) came in 3% ahead of our forecasts and underlying EBITDA of £1.64m (+58% yoy) was 11% ahead. Major developments in the period included EnSilica’s automotive ASIC entering commercial production and the winning of an industrial ASIC contract with a major European OEM. Moment

Allenby Capital TMT Update - 18.09.23 - ENSI.L, SEEN.L, PPS.L

Please find below our weekly update covering themes that we feel that are of interest to investors and participants in the small and mid-cap TMT sector as well as commentary on recent newsflow.

Hybridan Small Cap Feast - 13 Sep 23

13th September 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 ob

Allenby Capital: EnSilica plc

EnSilica has won a further large Design & Supply contract, underpinning our forecasts and adding to the diversification of EnSilica’s revenue streams. The $7m Design & Supply contract win comes in the e-mobility market, a sector projected to grow at a compound annual growth rate of over 14% from 2023 to 2030. The contract follows a recent €2.5m win in the Satellite Broadband space and also a high-end consultancy win worth $2.5m. We make no changes to our forecasts but note that the recent wins a

Allenby Capital TMT Update - 10.07.23 - TRAK.L, ENSI.L, CNC.L, SOLI.L, KOO.L

Morning Note – 24 April 2024

CML Microsystems+ (CML, House Stock at 373p) - Inventory correction holds back core business

PROGRESSIVE: CML Microsystems: Ripples not waves – still on growth course

The trading update confirms revenues in line with our expectations. Excess inventory flow through and market softness in China have impacted CML’s core business, but Microwave Technologies Inc (MwT) is performing ahead of expectations. The net effect, along with MwT acquisition related costs, is that Reported PBT and EBITDA are to be lower than expectations, but not substantially so. The long-term investment case is founded upon the opportunity in next-generation wireless and, with £18m cash and

Record revenue and profitability, FY24 on track

LIBERUM: 1Spatial: Walk the talk and get SaaSy

Cordel Group - Positive steps towards ambitious FY24 goals

Cordel’s Q324 update shows progress towards the group’s FY24 revenue expectation and other objectives, supporting our forecasts. Doubling the customer base by year-end is a key milestone, which encouragingly looks set to come in part from tier-one US railroads, offering the greatest scope for large seven-figure contracts from its target markets. Developments with Amtrak, as Cordel moves to the five-year service phase, and Angel Trains in the UK provide positive indicators for stable recurring re

Pinewood Technologies (PINE LN) - Strong results, growth ahead

Pinewood Technologies’ results for the 13 months to 31 January 2024 confirmed good growth in user numbers, revenue and operating profit for the continuing automotive software business. Our unchanged forecasts (see 6 March research) show strong revenue growth, high margins, and good cash generation over the period to FY26 as the Group executes its accelerated growth plan. As of Tuesday this week, Pinewood’s shares are ex-dividend and a 1-for-20 share consolidation is effective, meaning our discou

Dillistone Group - FY2023 results in-line, solid start to 2024, earnings recovery set to gain momentum

Dillistone, a supplier of software to the international recruitment industry, has announced a solid set of full year results that, in our view, pave the way for rapid YoY earnings progression from FY2024. For FY2023, against a small, anticipated YoY decrease in sales, adjusted EBITDA exhibited substantial growth of 38.5% to £1.3m (FY2022: £0.9m), ahead of our £1.2m estimate, and with a welcome return to profitability, PBTA of £0.1m (FY2022: loss £0.3m) in-line with our expectation. Our cautious

Steady interim progress

Access Intelligence - Confidence restored

Access Intelligence has delivered interims to May 2022 in line with the June trading update and unchanged expectations. EBITDA of £0.3m was delivered from revenue of £32.7m, yielding a strong interim net cash balance of £9.3m after positive working capital movement despite a period of investment. The important elements to visibility are the regional ARR movements: within EMEA and North America, ARR grew £1.2m (+14% vs 1H21); while in the acquired APAC business, Isentia, ARR decline slowed to £0.

Fonix Mobile - Robust H1 with +18% gross profit growth, forecasts reiterated

Fonix’s H1 results show gross profit growth of +18% yoy to £9.2m, adjusted EBITDA growth of +18% yoy to £7.3m, and a confident outlook that leads us to conservatively reiterate our FY24E and FY25E forecasts, after we upgraded by +3-4% at the January trading update. A record month of commercial trading in both the UK and International operations in December drove H1 TPV +15% yoy to £158m, with the growth rate partially reflecting the lower H1 23 following HM The Queen’s death in September 2022. G

Morning Note – 12 March 2024

Journeo - Record Annual Results Continues Upward Journey

Journeo has confirmed record results for FY23A, in-line with recent upgraded expectations across the board. FY23A revenue increased significantly by 118% to £46.1m (including 20% organic growth) and Adj PBT increased 270% to £4m, representing a near doubling of the Adj PBT margin. Journeo has positioned itself for a period of sustained growth following the transformational Infotec acquisition, the bolt-on MultiQ acquisition and ongoing R&D in the existing business. Journeo looks compelling on an

Morning Note – 26 March 2024

Morning Note – 15 April 2024