Hybridan Small Cap Feast - 26 Sep 23

26th 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

Morning Note – 26 September 2023

Journeo - Strong H1/23A Interim Results

Journeo has released a strong set of interim results in-line with the prior trading update and our recently upwardly revised expectations. Revenue increased 146% YoY to £21.8m and PBT similarly increased substantially to £1.7m driven by organic growth in all divisions and the new contribution from the Infotec acquisition. We leave forecasts unchanged following the two recent upgrades. Journeo looks compelling on an FY24E Adj P/E of 10.1x vs peers on 13.2x, and we reiterate our 1-year price targe

Hybridan Small Cap Feast - 22 Sep 23

22th 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

Morning Note – 20 September 2023

Journeo - New Acquisition Gives MultiQle Growth Opportunities

Journeo has announced the acquisition of MultiQ, a leading Denmark-based provider of information systems and technical services to transport operators and local authorities. The Acquisition fits nicely with Journeo’s existing business and provides a number of benefits including a greater Scandinavian footprint, cross-selling opportunities and cost synergies. The €2.5m purchase is entirely cash-funded using existing balance sheet cash and therefore EPS-accretive. In FY24E we have upgraded our PAT

Hybridan Small Cap Feast - 11 Sep 23

11th 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

LSE AIM - Market Screener (31 August 2023)

 The market capitalization of 790 AIM companies was £81.6bn as of 30 August 2023. FTSE AIM All Share Index was down 10.74% YTD to 741.2 as of 30 August 2023. Among the top YTD winners, were Amur Minerals (up 360%, MktCap £1.4m), Plexus Holdings (+358% YTD on major contract value increase, Mkt Cap of £8.7m), Glantus Holdings (+249% on acquisition offer, £16.5mn MktCap), RTC Group (+215% on strong financials, £7.8mn), Empire Metals (+213% on a positive titanium grade update, £25.4mn). Among the

Cenkos: Journeo Plc -- Journeying to New Heights

Journeo has released a strong interim trading update for the period ending 30 June 2023 and is ahead of our expectations. H1/23E revenues increased 145% to £21.8m compared to H1/22A and PBT similarly increased substantially to £1.7m. We have upgraded FY23E revenues by 24% to £41m and PAT by 7% to £3m and released FY24E forecasts, which show a 10% YoY increase in PAT to £3.3m. Journeo's valuation looks attractive given it trades on a FY24E P/E of just 8.6x compared to peers on 13.1x.

Hybridan Small Cap Feast: 15/05/2023

Joiners: No joiners today Leavers: Ince Group has left AIM. What’s cooking in the IPO kitchen?** The kitchen is empty. Our daily digest of news from UK listed Small and Mid caps Banquet Buffet*** Arrow Exploration 19.75p £46.6m (AXL.L) The high-growth operator with a portfolio of assets across key Colombian hydrocarbon basins, provides an update on the drilling of Carrizales Norte 1 (CN-1), an exploration well on the Tapir Block in the Llanos Basin of Colombia. The CN-1 well was spud on May 1, 2

Hybridan Small Cap Feast - 28 Mar 23

28 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

Cenkos: Journeo Plc -- Displaying Animated Growth

Journeo has released FY22A results in-line with the trading update last month. The year was another transformational one for the business which saw the SaaS platform connections scale-up dramatically by 150%, revenue grow 35% to £21.1m and net profit more than double to £0.9m. The outlook for FY23E shows growth continuing following strong activity in the core business as well as in the newly acquired Infotec subsidiary. Journeo's valuation looks attractive given it trades on a FY23E EV/EBITDA of

Hybridan Small Cap Feast - 10 Mar 23

10 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

Hybridan Small Cap Feast 08/03/22

What’s cooking in the IPO kitchen?** Fadel Partners, a developer of cloud based brand compliance and rights and royalty management software, working with some of the world's leading licensors and licensees across media, entertainment, publishing, consumer brands and hi-tech/gaming companies intends to join the AIM market. FADEL has two solutions, being IPM Suite and Brand Vision. Expected Admission date is late March 2023. Onward Opportunities Limited intends to join the AIM market. The Company'

Cenkos: Journeo Plc - Positive Trading Update

Journeo has released a positive trading update for the full-year ending December 2022. FY22E revenues are ahead of expectations at £21.1m and PAT is in-line with expectations at £0.9m (which is more than double what was achieved in FY21A). FY23E is expected to be another strong year of growth supported by a large order intake during FY22E, a 150% increase in SaaS connections to 10,000 and significant demand for the products of Infotec following the recently completed acquisition. Journeo's valua

Success in US market delivers strong H1

Bango has reported strong H1’23 results with 88% revenue growth (we estimate c.25%+ organic), ARR increasing 63% yoy, and a further $8m of annualised cost savings executed with Bango on track to deliver a transformational H2 profit performance. Bango’s Digital Vending Machine (‘DVM’) secured 2 new US wins, including 1 of the top 5 US operators (now working with 3 of the 5), providing access to 200m+ US consumers. Given these operators are currently on the bottom tier of license revenue (we estim

Record H1'23 with continued momentum into H2

Allenby Capital TMT Update - 25.09.23 - SPSY.L, BIRD.L, TRAK.L, ENET.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.

Taking the Upper Brand: Brands Sector Overview

The earliest dated brand has long been contested; the majority point to Kongō Gumi, a family run construction company that specialised in Buddhist temples in Japan; its documented record of ownership goes back to 578 AD. Like Kongō Gumi, several different brands have withstood the test of time, albeit without then same degree of longevity. The term brand originates from the 1500s and means "to burn" in Ancient Norse and was initially used to mark cattle for ownership. This practice can be consid

Artificial intelligence in UK biopharma and healthcare 11/09/2023

Artificial intelligence (AI) continues to accelerate at full speed, first by imitating the workings of a human brain and now it is drawing concepts of evolution, sometimes with synthetic data, artificially manufactured for training purposes or for privacy protection, and sometimes not even with human intervention. In this note, we examine how AI is being developed and applied by the NHS and UK mid/small cap companies for the benefit of human health and wellbeing. AI in drug discovery and devel

Acquisition of MNA and PCS

National World has announced the acquisitions of Midland News Association (MNA) and Press Computer Systems (PCS) for £11m in cash and we raise our 2024 EPS estimate by +16%.

Morning Note – 27 September 2023

Fonix Mobile - Robust progress in FY23, EFCF and DPS +6% and +3% ahead

In today’s FY23 results, Fonix has announced gross profit and adjusted EBITDA in line with the +4-5% upgrades at the trading update in July, underlying EFCF +6% ahead of our previous forecast, FY23 DPS +3% ahead, and FY24 trading in line with expectations. FY23 TPV of £268.1m reflects robust double-digit yoy growth from commercial customers, and gross profit as a % of TPV has increased to 5.6% from 5.1% in FY22. New customer wins include Channel 4, Bauer Ireland, RTÉ and Wireless Radio Ireland,

Hybridan Small Cap Feast - 12 Sep 23

12th 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

tinyBuild (TBLD LN) - H1: Declining profits and cash

H1 revenue fell 19%, gross margin narrowed by 18 percentage points and Adj EBITDA fell to -$1.2m from $9.9m a year ago. The company impaired $27.2m of development costs and intangible assets.

Pennant International - Benefitting from complexity; positive H1's and growth / margin agenda

H1 results from PEN today reflect further progress with its agenda of growing the business across a range of activities, with software a key component and complex work for global OEM's continuing to contribute meaningfully, given the technical nature and complexity of assets and the requirement to manage through-life costs. PEN provides software / integrated product support solutions to an extensive client list of OEM's and governments, while also supplying complex training products to a prestig

IQGeo Group - H1 organic growth of +83%, 4-5% revenue & EBITDA upgrades

In today’s H1 results, IQGeo has announced H1 revenue growth of +124% yoy to £20.5m, adjusted EBITDA of £2.7m, and EFCF of +£0.3m. Excellent execution of the land and expand strategy scaled exit ARR +64% yoy to £16.9m, net recurring revenue retention increased to 114% from 108% in FY22, and recurring revenue grew +61% yoy to £7.2m. The +122% yoy growth in services revenue to £8.8m reflects vigorous demand from customers to implement and leverage the differentiated solutions, and as customers ext

Wet summer slowed the pace of recovery

Asos published weaker-than-expected year-end trading. The wet weather in July and August across many of the group’s markets, most notably the UK, has resulted in weaker sales and impacted the year-end cash flow. However, the group’s inventory level reduced 30% yoy and order profitability has improved by over 35%; both give the new financial year a favourable start. We are still waiting for more evidence on profit improvement.

Interim results

Cambridge Cognition has reported interims which are in line with expectations and, after a challenging H1, expects a reacceleration of growth in H2 that, combined with cost savings, lays the foundation for the group to turn EBITDA positive next year.

Morning Note – 25 September 2023