Allenby Capital TMT Update

Mirada FY Pre-Close Update

FY trading update from Mirada plc, the leading provider of integrated software for digital TV operators and broadcasters, indicates that FY22 will be similar to FY21 with revenue of $11.0m (ACLe: $12.1m, FY21: $11.1m) and adj. EBITDA is expected to be $1.6m (ACLe: $1.7m, FY21: $1.7m). FY22 included very strong growth in licence revenue from existing customers (+54% over FY21) and this helped to offset a reduction in professional services and the delays to new contracts.

Allenby Capital TMT Update - 06.12.21 - TERN.L, MIRA.L, BIRD.L, MBT.L

Tern plc* (TERN.L, 14.35p/£50.5m) Portfolio update: Strategic investment for Device Authority from global player (02.12.21) | Mirada plc* (MIRA.L, 74p/£6.6m) Interims: Return to growth; expansion of sales pipeline (02.12.21) | Blackbird plc* (BIRD.L, 28.75p/£96.9m) Update: Additional US TV stations secured (03.12.21) | Mobile Tornado plc* (MBT.L, 1.875p/£7.1m) Update: Notice from customer (01.12.21)

Return to growth; expansion of sales pipeline

Interims from Mirada, the leading provider of integrated software for digital TV operators and broadcasters, saw a return to revenue growth (+10% to $6.0m) as the deployment of Android TV set top boxes (STBs) at izzi Telecom accelerated. Coupled with good cost control, adj. EBITDA increased 96% to $1.1m. izzi remains Mirada’s core customer but it is progressing opportunities in Latin America and Southeast Asia, has embraced a new reseller sales model, and recently increased its North American an

Allenby Capital TMT Update - 04.10.21 - CPX.L, MWE.L, MIRA.L, MBT.L

CAP-XX Ltd* (CPX.L, 5.8p/£29.5m) Finals: Sales order book up more than 160% (29.09.21) | MTI Wireless Edge Ltd* (MWE.L, 70p/£62.0m) Contract win: MTI Summit secures multi-year customer agreement (30.09.21) | Mirada plc* (MIRA.L, 65p/£5.8m) Finals: Considerable pipeline of sales opportunities (29.09.21)

Considerable pipeline of sales opportunities

Finals from Mirada, the leading provider of integrated software for digital TV operators and broadcasters, were in line with expectations with revenue down 15% to $11.1m (ACLe: $11.5m) as COVID-19 delayed both existing deployments plus investment decisions. Adj. EBITDA fell 30% to $1.75m but was better than forecast (ACLe: $1.3m). H2 saw some revenue growth over H1 and management is optimistic for the outlook with a considerable pipeline of new sales opportunities, partly a function of a new res

Small Cap Feast: 05/05/21

Boanerges Limited, announces an application of admission onto the Aquis Stock Exchange. The Directors believe that an opportunity exists to acquire and consolidate holdings in SMEs operating in the technology sector, with the intention of creating value for Shareholders. Initially, the Company's focus will be searching for companies which are based in the UK or Europe where there may be a number of opportunities to acquire interests in undervalued or pre-commercialisation technologies, or curren

Allenby Capital TMT Update - 10.05.21 - TERN.L, CPX.L, MIRA.L

Tern plc* (TERN.L, 14.9p/£49m) Portfolio update: Good commercial progress on multiple fronts (04.05.21) | CAP-XX Ltd* (CPX.L, 8.7p/£38.5m) Contract win: Windscreen damage detection application (04.05.21) | Mirada plc* (MIRA.L, 82.5p/£7.3m) FY pre-close: In line and growth in H2 (05.05.21)

Allenby Capital TMT Update - 07.12.20 - MIRA.L, TERN.L

Mirada plc* (MIRA.L, 80p/£7.1m) | Tern plc* (TERN.L, 7.45p/£22.4m)

H1 FY21: Super-aggregator opportunity

Mirada, the leading provider of integrated software for digital TV operators and broadcasters, saw H1 revenue from core operations decrease 4.5% to $5.5m as COVID19 delayed some deployments and investment decisions. Reduced operating costs meant EBITDA more than doubled to $0.6m, however. The izzi Telecom roll out continues but this has been supplemented by the commercial launches at ATNi and Zapi (PMO). The launch of Mirada’s Android TV Operator Tier with custom launcher, integrated with premiu

Allenby Capital TMT Update - 23.11.20 - MIRA.L, TSI.L

Mirada plc* (MIRA.L, 85p/£7.6m) | Two Shields Investments/BrandShield plc (TSI.L, 0.11p/£4.9m - pre-proposed placing, acquisition and share consolidation)

Allenby Capital TMT Update - 26.10.20 - MIRA.L

Mirada plc* (MIRA.L, 65p/£5.8m)

Allenby Capital TMT Update - 05.10.20 - MIRA.L, OSI.L, CNS.L, TERN.L

Mirada plc* (MIRA.L, 72.5p/£6.5m) | Osirium Technologies plc (OSI.L 19p/£3.7m) | Corero Network Security plc (CNS.L, 11.0p/£54.7m) | Tern plc* (TERN.L, 7.7p/£23.2m)

Allenby Capital TMT Update - 20.07.20 - BIRD.L MWE.L MIRA.L BBSN.L

Blackbird plc* (BIRD.L, 17.5p/£58.8m) | MTI Wireless Edge Ltd* (MWE.L, 31.5p/£27.7m) | Mirada plc* (MIRA.L, 90.0p/£8.0m) | Brave Bison plc* (BBSN.L, 1.375p/£8.4m)

FY20: Progress on multiple fronts

Mirada, the leading provider of end-to-end multiscreen, multiplatform software for Digital TV operators and broadcasters, saw progress on the financial, commercial and functional fronts in FY20. Reported revenue increased 7% to $13.2m. Stripping out the non-core Mirada Connect business (sold in July), revenue was +13% to $13.0m. Adj. EBITDA more than trebled to $2.5m plus a $1.7m gain on disposal. The roll out at izzi Telecom continues but this was supplemented with deployments with other custom

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

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

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

Cenkos: Brave Bison Group Plc -- The Next Link in the Chain

Brave Bison has raised £4.75m of equity capital at 2.3p, to help fund an acquisition of a complementary business, called Social Chain. The target will bring significant brand recognition and cross-selling opportunities to blue-chip clients. We forecast an increase in FY23E revenues of £12.4m to £42.9m, a £1.0m increase in Adj EBITDA to £4.1m and an 11% increase in Adj EPS from 0.22p to 0.25p. Post-acquisition, Brave Bison would trade on a discount to the peer group median across EV/Sales, EV/EBI

FY22 solid ARR and strong FCF growth

Microlise has delivered FY22 EBITDA slightly ahead of our forecast £8.0m (we assume £8.1m) and FCF substantially ahead (£5.5m vs. SCMe £3.0m). ARR growth of 10% is in line and we suspect recurring revenue growth is similar. This is despite a shortfall in lower margin hardware revenues of some £2m in H2 as supply chain issues continued to weigh. On the back of a record order book Microlise is confident about the FY23 outlook, if indeed expecting supply chain issues to persist for a few more month

SHORE CAPITAL - FireAngel Safety Technology Group+ (FA) - House Stock at 8p