Trustpilot - Post 1H23 Consensus Update

At its 1H23 results, published a month ago, Trustpilot maintained current guidance for mid-teens constant currency revenue growth YoY for FY23 but again forecast adjusted EBITDA to be above then consensus expectations. That has flowed into revised forecasts with the consensus mean forecast for adjusted EBITDA increased by c25% for 2023-25, a hike in forecasts for free cash flow and with minor changes to expectations for bookings and revenue. Estimates for EPS have turned positive for FY23 and in

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: AZN, PFC, GRG, ECOR, TRST, & IHC.

Trustpilot - 1H23 Results Update

Trustpilot reported results in line with the interim update apart from a further beat to expectations for adjusted EBITDA, notwithstanding the increase in consensus estimates following the update. Guidance for mid-teens constant currency revenue growth for FY23 was maintained but Trustpilot again expects adjusted EBITDA for FY23 to exceed recent upwardly revised expectations which are for a mean of US$6.2m with a high of US$6.6m. For the first time, the company flagged the potential for a return

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: KGF, HL., OCDO, FGP, RSW, TRST, AVCT, ACSO, & SQZ.

Trustpilot - Post 1H23 trading statement consensus update

Further to the positive 1H23 trading update published a month ago, most brokers have now revised their forecasts. With the update, Trustpilot reiterated guidance of mid-teens constant currency revenue growth but advised like-for-like full year adjusted EBITDA would be above the top end of the range of market expectations which then stood at US$4.0m with a mean of US$2.9m. That has prompted modest percentage increases in forecasts for mean bookings and revenue but a more than doubling in the mean

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: ENT, DEC, LXI, TRST, SERE, RQIH, & AAZ.

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: BDEV, EXPN, DCC, DOM, DOCS, WOSG, DPLM, SPT, TRST, ARIX, RWI, AAZ, POLR, & FCAP.

Trustpilot - Post FY22 results consensus update

Trustpilot recently reported a strong set of FY22 results, comfortably bettering consensus expectations for Adjusted EBITDA. However, in the outlook management guided to YoY revenue growth in the mid-teens percentage at constant currency but with the company moving to Adjusted EBITDA profitability and positive adjusted free cash flow (FCF) in FY23. Following the results, this guidance has been reflected in amendments to broker forecasts. The average revenue forecast has been cut by 5% for FY23 a

Trustpilot - Strong FY22 results, positive guidance; CEO transition

Following the positive trading update published in January, Trustpilot reported a near halving of the EBITDA deficit YoY to $8.6m for the year to December 2022. Adjusted EBITDA was a $(4.4)m loss although the company generated positive Adjusted EBITDA in 2H22 of $1m. Reported financials were negatively impacted by the strength of the dollar but operating metrics were strong, as previously disclosed. Management expects to move to adjusted EBITDA profitability and positive adjusted free cash flow

Trustpilot - FY22 Trading Update Note

On 12th January Trustpilot released a brief trading update for the year to 31st December 2022, which showed 20% growth in annual recurring revenue and 100% net dollar retention – as well as adjusted EBITDA that came in ahead of consensus and zero cash burn in H2. This is impressive and demonstrates resilience in the face of uncertainty and the imminence of breakeven adjusted EBITDA and cash flow. It was well received by the market, and deservedly so.

Trustpilot Initiation Note - Sep 2022

We are delighted to initiate coverage of Trustpilot today. Trustpilot is a market leader in the high-growth global online review market: it's an open, high-trust, consumer-led review platform that's free for consumers and freemium for businesses. The market opportunity is significant, at an estimated $50bn TAM (ex. China). Crucially, businesses can't choose which reviews to publish or hide, and thus Trustpilot provides the most complete picture of consumer experiences. It has renewed its commi

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: SHEL, RSW, WIX, THG, AVAP, TRST, INCE, UOG, & GRE.

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: OCDO, FUTR, TRST, PDL, HEIQ, KAV, DELT, MTW, TRR & TM17.

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: BDEV, AAL, SONG, TRST, GFRD, HLCL, APP, SOLG, TM17, IQG, POLR, BRK, & BOOM.

Sondrel Holdings - Siemens Holding

Following the news on Friday 1 December that Siemens has, subject to completion, disposed of its 11.2% holding in Sondrel at 6p per share, we see a significant buying opportunity. We believe the sale was for Siemens AG organisational convenience rather than in relation to Sondrel’s fundamentals. We have summarised the history of the relationship, our view on the rationale for the sale and touch on the latest industry outlook. We reiterate our 1-year price target of 74p which is just shy of the h

Intercede - Record contract win

Intercede has secured a major contract win with a large US Federal Agency, $6.6m of which represents licence fee for immediate recognition, with a further $1.4m in maintenance and support. The contract win lifts FY24 forecasts substantially higher, on the back of a previous upgrade last month, by +31% in revenue and +186% in EBITDA, with further improvement in FY25 and FY26 from associated support and maintenance. The order for Intercede’s MyID Credential Management Solutions came after a rigoro

CML Microsystems+ (CML, House Stock at 388p) - Growth in new and existing markets

LIBERUM: Cerillion: Learnings from the CMD

iomart - Solid interims demonstrate stability

iomart has delivered interims to September in line with unchanged expectations, alongside a small vertical focused acquisition, demonstrating the benefit of organic and acquired growth. 18% group revenue growth included cloud services growth of 20%, which comprised modest organic growth, price adjustments after last year’s strong energy price movements, and some slowdown in organic non-recurring revenue, before the benefit of the Concepta (August 2022) and Extrinsica (June 2023) acquisitions, ad

Morning Note – 4 December 2023

Morning Note – 5 December 2023

PROGRESSIVE: CML Microsystems: The unusually reliable semis co delivers, again

CML’s interim results to 30 September show that, despite challenging markets, the group continues to make progress. Revenue improved by 5% to £10.6m, up from £10.1m in H1 FY23. Profit from operations was flat at £1.9m, prior to third-party acquisition related costs from the MwT transaction of £0.3m and share-based payments. Cash balances at the period-end were £20.95m (31 March: £22.26m), after significant expenditure on product development, share buybacks and the FY23 final dividend. With the M

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

TPXimpact 1H24 Interim Results

TPXimpact reported a strong 1H24 performance and maintains FY trading guidance; we make some small tweaks and overall retain our expectations.

Morning Note – 6 December 2023

Morning Note – 28 November 2023

CML Microsystems+ (CML, House Stock at 395p) - Board & Senior Management Appointments

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

Morning Note – 1 December 2023