Hybridan Small Cap Feast - 18 July 2024

18th July 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced, or it is a rumour Dish of the day Admissions: None Delistings: None What’s baking in the oven? ** Potential**** Initial Public Offerings: ITF announced: 8th July 2024: Rome Resources: The Canada-based early-stage resource exploration Company has announced its intention to IPO on AIM in order to co

A compounder, delivering excess cash returns

A compounder, delivering excess cash returns

Silver linings

Successful five-year contract extension

Hybridan Small Cap Feast - 06 Mar 24

6th 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 objecti

On autopilot, time to kick back and relax

While no company can ever be complacent enough ‘to announce victory’ we believe Netcall inspires a level of confidence to think several years ahead – way beyond its current £30m ACV, thanks to the business’ impressive and consistent growth (u/l Cloud ACV +28% y/y) which is being cleverly carved from a highly defined (but large) target market, whereby both existing and prospective customers still offer material growth potential. Indeed in conjunction with an accelerating product roadmap (empoweri

Steady interim progress

A safe haven is worth a premium

In a business/macro environment that’s far from benign, Netcall stands out through its consistent and compounding growth - 1H24 again a good example, as u/l ACV has continued to grow strongly: +18%, driven by Cloud products: +28%. Total ACV now £30.1m. We attribute this success to market tailwinds (shifting spending patterns in NET’s favour) and also through smart execution and product design, as through a targeted approach, the company is able to better serve customers (and so out-compete large

Strong Skores across the board

All on track

Hybridan Small Cap Feast - 20 Nov 23

20th November 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 obj

Going out with a Bang

Not afraid to take a long-term view

FYJun23 results are in line and confirm a very strong year: sales +18% y/y (recurring +32%, now 72%/sales), while ACV is up strongly too: +15% y/y (or 20% u/l) driven by a noticeable uptick in new biz and also 122% NRR. All these metrics scream ‘quality business, doing well’and so given this, a c.7% FCF yield doesn’t stack up. We sense that the market is either hung up on NET’s contract renegotiation and/or market risks. This note address both these points and how these concerns are over-done an

Investing for growth

Cloud demand continues