Hybridan Small Cap Feast - 30 Jan 23

30 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

Sopheon: Getting in step for the SaaS jump forward

Sopheon’s trading update for the year ended 31 December 2022, issued today, shows a strong performance at the revenue level, in line with market expectations, and adjusted EBITDA comfortably above expectations. Net cash of $21m is in line with our estimate, down on last year principally because of the currency movements on Euro and Sterling deposits and the extended payment terms on the US Navy contract announced in July, as well as M&A payments. ARR at the year-end is expected to have been $24.

Morning Note – 30 January 2023

Morning Note – 1 September 2022

Sopheon: New clients, channels, products – new rating_

H1 2022 figures, released today, show strong underlying progress being made. SaaS ARR is up 22% year on year – 26% in constant currency terms. The recent acquisitions are also contributing, with new clients won and new cloud products due for release in H2. The recently announced US Navy deal reminds us that Sopheon is a serious enterprise software business, able to service the largest and most demanding of clients.

Morning Note – 24 August 2022

Sopheon - Interims: everyone loves a sailor

Interims show consistent delivery of growth in near- and mid-term visibility with the combined effects of SaaS licence growth, and a large licence-based contract win. The $11.2m contract win with the US Navy disclosed last week, the group’s largest ever, reiterates the potential: significant contract size, for high quality, demanding customers – a top reference for product quality. Near-term visibility ($34.1m including the Navy contract) of FY22 revenue covers 92% of unchanged FY22 expectations

Hybridan Small Cap Feast 16/08/22

Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Unigel Group, intends to join the Aquis Growth Market. Unigel Group is a pioneer in the field of thixotropic gels for the fibre optic cable industry. The Company is also a supplier of laminated steel tapes to the fibre optic cable industry in the US. Thixotropic gels and laminated steel tapes are essential components to the rapidly growing global fibre optic cable market. The Group exports to over 40 count

Morning Note – 16 August 2022

Morning Note – 9 June 2022

Sopheon: Strong start to another year of progress

Sopheon’s AGM Statement, issued today, provides a reflection upon a busy FY2021 and looks forward to what has already started as a year of progress in FY2022. In FY2021, Sopheon grew recognised revenues and annual recurring revenues by 15%, beating market expectations in the process. The year also saw a new CEO and a reinforcement of the management team, along with the acquisition of ROI Blueprints. FY2022 appears to have started well, with six new customer wins (all SaaS based) already, compare

Solverboard acquisition speeds SaaS transition

Sopheon has today announced the acquisition of the business and assets of Solverboard, a UK-based SaaS software business that provides innovation management software focused on the early stages of product development. This is an interesting transaction that should speed up Sopheon’s transition to a full SaaS business. Solverboard is an early-stage business with relatively low costs, and we are not adjusting our estimates at present.

Morning Note – 18 May 2022

Morning Note – 24 March 2022

Sopheon - Back to the future

Sopheon has successfully navigated another COVID year with revenue of £34.4m, 4% ahead of original expectations and 14% ahead of the prior year. EBITDA guidance in January had been lifted 35%, with a further 2% revealed today, due in part to involuntary restraint on spending due to tight labour markets, but boosting free cash flow to $4.6m including expanded capitalised R&D at $4.7m (vs $4.0m in FY20). With growth now restored after the lockdown effects in 2020, the investment case is back to fo

Top Picks for 2023 - 2022 review and outlook for 2023

On 10 January last year, we set out our ten top stock picks for 2022, in what turned out to be a very poor twelve months for global equities, due to war, accelerating inflation, political instability and recession fears. Between 7 January 2022 and 31 December 2022, the AIM All-Share Index declined 30.0%, whilst the average performance of our ten top picks was -24.7%, a modest relative outperformance. In this note we discuss the performance of our 2022 top picks, equities trends in 2022, and our

LIBERUM: Bango* - Transformational 2022

Morning Note – 26 January 2023

Upgrades on the horizon

Hybridan Small Cap Feast - 25 Jan 23

25 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

Encouraging signs

H1 numbers convince us that cons. numbers are likely to get gently nudged up over the coming 12 months. H1 revs growth of 9% compares to cons. FYJun23 forecasts of 8%. H1 adj. PBT is tracking in line at present but FCF looks ahead. DOTD expresses confidence in H2 demand and strategic direction. We suspect H222 was the nadir. Buy. PT 115p.

Trading Update

TPXimpact has announced a Q3 update which indicates that trading was below expectations and it has lowered its guidance for the full year.

Hybridan Small Cap Feast - 17 Jan 23

17 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

FY22 Trading Update

Cambridge Cognition has released a strong FY22 update which indicates that revenues were ahead of expectations and from this higher base we raise our FY23 revenue forecast by +6%.

Record FY22 revenues despite supply chain challenges

FireAngels year end update highlights record revenues of £57.4m (+32%, 2021: £43.5m), with an adj. LBT of £3.5m (2021: £3.5m), which is in line with our forecasts. The result would have been higher at £2.1m had the Group not incurred £1.4m of additional procurement costs due to supply chain challenges. Related to this, longer lead times resulted in a higher year end stock position, increasing net debt to £4.8m pre-leases (SCME: £3.6m). Encouragingly, there are early signs of supply chain challen

FY22 Trading Update

National World has reported a strong Trading Update, we increase our PBT/EPS estimates by +11% for FY22 and +7% in 2023, with higher interest income, digital revenue & cost estimates.

Hybridan Small Cap Feast - 23 Jan 23

23 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

Morning Note – 27 January 2023

Hybridan Small Cap Feast - 19 Jan 23

19 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

Hybridan Small Cap Feast - 26 Jan 23

26 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