Hybridan Small Cap Feast 15-11-2023

Dish of the day Joiners: No joiners today. Leavers: Wheelsure Holdings has left AQSE. What’s cooking in the IPO kitchen?** 9 November: Chapel Down Group ITF: England's leading and largest wine producer with an award-winning range of sparkling and still wines, under the Chapel Down brand. The Company owns, leases and sources from 1,023 acres of vineyards in South East England announces its Admission to AIM after its transfer from the Aquis Apex market. The Company will not be raising new capital

Morning Note – 15 November 2023

Morning Note – 9 November 2023

Morning Note – 2 November 2023

Morning Note – 16 October 2023

The Joy of Techs - Cavendish Technology quarterly sector note

£23.3bn in enterprise value has been returned to AIM technology shareholders over the past six years in the form of 51 public to private takeouts, including 10 in 2023 alone with the takeovers of Smoove* and Tribal announced in early October. With UK valuations appearing cheap and looking more attractive to potential acquirers, we take a moment to reflect on the trends of corporate and private equity bidders targeting AIM-listed technology companies going back to 2017, through the uncertainties

Hybridan Small Cap Feast: 19/07/2023

Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Substrate Artificial Intelligence, an artificial intelligence company based in Spain that creates, buys and scales companies around AI in diverse sectors such as fintech, agritech, energy, human resources, and health, intends to join the Access Segment of the AQSE Growth Market. Expected Admission 21 July 2023. Blackpoint Biotech plc, a medical cannabinoids company established to fulfil gaps in the medical

Morning Note – 19 July 2023

Audioboom Group - Record H1 KPIs highlight the platform’s potential

In today’s H1 results, Audioboom has reported H1 revenue of $31.8m, adjusted EBITDA of $0.3m, and record KPIs. Operationally, the platform is in its strongest ever position, with record monthly downloads of 135.2m in May 2023, a record brand advertiser count of 8,786 in June 2023, and record available advertising impressions +25% yoy to 5.1bn in H1 23. However, weaker advertiser demand vs 2021-22 has impacted profitability, as lower revenue vs expectations has led to a limited number of premium

Hybridan Small Cap Feast - 23 Jun 23

23rd June 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 objecti

Morning Note – 23 June 2023

Hybridan Small Cap Feast - 19 Apr 23

19 April 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

Morning Note – 19 April 2023

Audioboom Group - Strengthening and scaling the platform through Q1

In today’s Q1 update, Audioboom has reported flat yoy revenue growth excluding Morbid and global monthly downloads +13% to 125m after 111m in Q4 22, and confirmed that it expects to outperform the wider podcast market for the eighth consecutive year in FY23. We reiterate our FY23 and FY24 forecasts, and expect the platform’s growth will accelerate through FY23, as: the advertising market is showing promising signs of recovery; the new sales focus on larger brands has already scaled the Q1 brand

Morning Note – 17 April 2023

Ingenta - Firm interims –forecast upgrades

Ingenta, the provider of software technology and supporting services to content providers and publishers around the world, has released interim results for the period to 30 June 2023. Revenues were up 9% £5.7m (H1/22: £5.3m), 80% of revenues recurring in nature. Adjusted EBITDA of £1.6m was up 26% versus H1/22 (£1.3m). New contracts worth c£2m were won during H1/23, with further new business secured post period end and we have modestly upgraded revenue and adjusted EBITDA forecasts for FY23E and

Journeo - The Merry Journey Continues

Journeo has released a positive trading update following strong business activity in October and November. The company references strong trading in its core Fleet and Passenger Systems divisions, as well as the newly acquired Infotec and MultiQ divisions. We expect that the investment made in the Infotec factory to facilitate higher production speed has contributed to clearing the prior backlog and the ability to win new orders. We believe the positive trading momentum will continue into FY24E a

Hybridan Research: 01/12/2023: DXS International Plc: Innovate UK grant to advance precision medicine AI solution

DXS International yesterday announced its success in securing £409,000 of grant funding jointly with Health Innovation East from Innovate UK – the UK’s national innovation agency - for further Research and Development (R&D) of its Artificial Intelligence (AI) medicines optimisation prescribing solution, ExpertCare. The Innovate UK grant will enable DXS to accelerate its efforts in advancing ExpertCare, a product promising to revolutionise medicine optimisation. The funds channelled into intensi

Morning Note – 28 November 2023

Hybridan Small Cap Feast - 01/12/23

1st December 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

Positive tailwinds

Growth on the dot plot

New balance

dotDigital - Delivering organic and acquired growth expectations

Finals to June 2023 detail performance in line with expectations, but outperforming by +6% for adj PBT and adj dil. EPS: revenue of £69.2m (£69.1mE); adj EBITDA of £22.0m (£22.3mE); adj EBIT £14.3mE (£14.3m); adj. PBT of £15.4m; (vs £14.5mE with the benefit of interest); and adj dil EPS also +6%. £52.7m cash at 30th June enabled the £25m September acquisition (incl £18.9m cash consideration) of personalisation functionality provider Fresh Relevance, in line with the acquisition strategy and acce

Morning Note – 1 December 2023

Boku - Expanding the supply of Identity data

Boku has made material progress in signing contracts to access data for its Identity business. Building from the three countries covered when the business was acquired at the start of 2019, Identity now has connections to mobile operators in 51 countries. This is a major step forward in the process of attracting multi-national customers to sign up for mobile identity verification services from Boku.

WANdisco - Capital raising and Snowflake partnership

WANdisco has raised $42m (gross) at 446p, 7% above the undisturbed closing price. The proceeds will be used to accelerate the execution of its existing business plan and will bolster its balance sheet ahead of a potential US listing. It has also struck a partnership deal with Snowflake to help accelerate the migration of on-premise Hadoop data. FY21 sales guidance of ‘at least $35m’ (Edison estimate $37m) is reiterated. We make minor estimate changes to reflect the capital raising and updated co

WANdisco - All the pieces now in place

With headline figures already disclosed, the key feature of WANdisco’s FY20 results is the outlook. The commentary is largely unchanged from March (see Capital raising and Snowflake partnership). Following the integration of LiveData with leading cloud vendors and the recent signing of major partnership deals, all the pieces are now in place for a big acceleration in growth in FY21. The company reiterated FY21 sales guidance of ‘at least $35m’ and its focus is now on execution. We make no change

Q4 21: no doubt STMicro is undervalued

Though STMicroelectronics had already warned the market earlier in January that its sales would be 5% above guidance, both the profitability of the current quarter and the outlook are jaw-dropping. The nearly doubling of capex for FY22 suggests that the semiconductor shortage is far from over. An interesting entry point…

Strong growth tailwinds