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 – 29 August 2023

Bigblu Broadband - Strong H1 progress, net cash upgrades of 4-5% in FY23 & FY24

In today’s results, H1 financials are slightly ahead of the June trading update, both divisions have delivered strong operational progress, and we upgrade our FY23 and FY24 net cash due to the focus on cost driving lower capex. H1 revenue of £15.0m reflects Australasia’s H1 growth being impacted by Starlink, and we expect a strong rebound in H2 and FY24, as SkyMesh leverages new NBN Co tariffs from June, selectively increases prices, and begins scaling through new reseller agreements for fixed w

Morning Note – 5 June 2023

Bigblu Broadband - Strong progress in H1, FY23 & FY24 EBITDA upgrades of +3%

BBB has delivered strong operational progress in today’s H1 trading update, and while we revise our revenue forecasts due to Australia and FX, we upgrade our adjusted EBITDA, EFCF, and net cash, as management continues to generate efficiencies and focuses on realising shareholder value. H1 revenue of £14.9m reflects Australasia’s H1 growth being impacted by Starlink, and we expect a strong rebound in H2 as SkyMesh leverages new NBN Co tariffs, which have received excellent feedback and substanti

Morning Note – 20 March 2023

Bigblu Broadband - Strong FY22 with EBITDA +2% ahead, focus on realising value

In today’s FY22 results, BBB has reported organic revenue growth of +12% to £31.2m, adjusted EBITDA +2% ahead of the trading update at £5.1m, and net cash in line at £4.2m. Australasia’s +14% organic growth to £26.5m has powered the group, while Nordic organic revenue growth was -13% due to the cyber-attack on ViaSat impacting BBB’s satellite customers, and the lapping of the decommissioning of c100 fixed wireless towers in FY21. Management’s focus on cost while selectively investing in growth h

Morning Note – 2 February 2023

Bigblu Broadband - Completion of accretive acquisition drives +6-8% upgrades

BBB has completed the acquisition of c5.9k satellite customers in Australia by acquiring the satellite operations of Harbour ISP, which is a subsidiary of the Uniti Group. The business is expected to generate annualised revenue of £2.5m, £0.7m of adjusted EBITDA, and be immediately accretive, and including the acquisition from today, we upgrade our FY23 revenue by +6% to £37.0m, adjusted EBITDA by +8% to £5.6m, and adjusted EPS by + 7% to 5.6p. The cash consideration of up to £2.9m has been fund

Morning Note – 12 December 2022

Bigblu Broadband - FY22 EBITDA +5% ahead and adjusted FCF of +£1.5m

BBB’s FY22 trading update highlights organic revenue growth of +13% to £31.2m, adjusted EBITDA +5% ahead at £5.0m, and net cash £0.5m ahead at £4.2m due to adjusted FCF of £1.5m. Australasia’s +19% organic growth to £26.5m has powered the group’s performance, and the focus on migrating customers to optimise ARPU will enable expansion towards the group’s target of 100k customers in 3 years, from 51.5k at FY22. The Nordics faced a challenging FY22 due to the cyber-attack on ViaSat impacting BBB’s

Morning Note – 5 December 2022

Morning Note – 30 August 2022

Bigblu Broadband - H1 22 organic revenue growth of +12% and positive EFCF

BBB’s H1 22 results demonstrate strong organic revenue growth of +12% to £14.9m, adjusted EBITDA of £2.0m, and adjusted EFCF of £0.4m. The group’s performance has continued to be driven by Australasia’s +16% organic revenue growth to £12.6m, with subscriber growth and upselling further boosted by the successful acquisition and integration of Clear to strengthen the division’s presence around Melbourne and in B2B. The Nordics faced a challenging H1 due to the cyber-attack on ViaSat impacting BBB’

Morning Note – 4 July 2022

CyanConnode (CYAN LN) - FY24 update: revenue materially ahead

CyanConnode exceeded FY24 revenue expectations and has high visibility into FY25, supported by strong deliveries and a growing backlog respectively.

BATM+ (BVC, House Stock at 18p) - New client Edgility contract

Hybridan Research: Sector Review: Artificial intelligence in UK cybersecurity: the human uplift 17/04/2024

Artificial intelligence (AI) is a double-edged sword in cybersecurity. Whilst new AI models, architectures, and innovations are emerging to protect the security posture of organisations, attackers are also benefiting from deepfakes, sophisticated phishing, and automation of malicious codes. To ensure the impact of AI on cybersecurity to be a net-positive, we need to pit good AI against bad AI. Point solutions enhanced with machine learning: Global cybersecurity has been built with point soluti

CyanConnode (CYAN LN) - The smart choice

CyanConnode provides end-to-end communications platforms that connect Internet of Things (IoT) devices such as smart meters to a utility's billing system. The company is a global player and a market leader in India, where a new government scheme, as set out below, has mandated the procurement of 250m meters by March 2025, a significant market opportunity for CyanConnode.

PROGRESSIVE: Gamma Communications: More happy returns

Gamma’s results for the year ended 31 December are in line with the expectations confirmed in the January trading update. Revenue of £521.7m is 8% ahead of FY22, with gross profit at £267.2m showing the same progress. Adjusted EBITDA grew by 9% and PBT by 10%, although the impact of higher tax rates was seen in the 5% increase in adjusted EPS. Cash generation was strong once again, with 108% adjusted cash conversion. Year-end cash of £134.8m is £42.3m above the year before, even after the £30.5m

Morning Note – 21 December 2023

Cyanconnode (CYAN): Smart meter breadth and depth

CyanConnode has steadily been making progress in India, where the national smart meter programme has been gathering pace. In July 2022, the company crossed the one million mark for meters connected to its RF network across nine Indian states. This is the aggregate RF device number in India connected since 2014 and represents market share of 22%. The latest update from the company states an order book of 2.6m RF nodes for India. Performance of smart meters is a critical aspect of the Indian progr

CyanConnode (CYAN LN) - Large Letter of Award for Omnimesh Cellular Modules

CyanConnode has received a large Letter of Award (LOA) for Omnimesh Cellular Modules (CNICs) from a Thai customer.

BATM+ (BVC, House Stock at 19p) - Cyber, a quantum perspective - Cyber, a quantum perspective

Morning Note – 3 April 2024

Hybridan Small Cap Feast - 18 April 24

18th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radical Limited for

CyanConnode (CYAN LN) - H1 FY24: On track

CyanConnode’s H1 results position the company to meet our full year forecasts. The company does not need to grow revenue yoy in H2 in order to meet full year estimates. The Indian smart metering programme appears on track, with 98m smart meters already awarded to prime bidders and these orders should soon filter down to competitively well positioned subcontractors such as CyanConnode. These market drivers position the company well to grow revenue 39% in FY24 and 111% in FY25 and for a £1.9m of o

Filtronic - H1/24 Riding the EM-waves across land, sea and space

Filtronic has reported results in-line with management expectations for H1/24, and now expects to perform ahead of our forecasts for FY24E and FY25E in terms of revenue and profit. We are raising our revenue forecasts for FY24E and FY25E by 14.6% and 6.2% respectively, and our EBITDA forecasts by 85.2% and 28.0% respectively. The increase in expectation is driven by a strong recent acceleration in order flow, including a £7.8m order announced today. In this report we present a detailed review of

CyanConnode (CYAN LN) - FY23 results: Solid outlook

Revenue grew 23% in FY23 with limited contribution from Indian RDSS contracts

Filtronic - Expecting 10% pa compound revenue growth to FY24

As revealed in last week’s interim update, strong demand continued through 1H23 and into 2H23, fuelled by demand for backhaul modules in the ongoing 5G rollout, newly won defence contracts and a post-COVID recovery in critical coms. This led to solid +5% yoy growth in 1H revenue and a current record order book of £17m – a full year’s worth of business for the group. The update also revealed that shortages and the resulting price hikes on specific components led to FTC delaying some 2H23 producti