Sector-leading growth and returns

XPF is a fast growing and exciting young company in the experiential leisure sweet spot. We like the structural themes and resilience driving this sub-sector and see XPF as uniquely positioned with two differentiated and growth orientated brands Boom Battle Bar and Escape Hunt. A low capex and opex model drives high returns and fast payback. XPF exited FY22 generating positive adj. EBITDA/FCF and Q1’23 trading is ahead of expectations. Expansion headroom is vast, backed by a favourable property

Hybridan Small Cap Feast - 23 Feb 23

23rd May 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

ME Group - Strong H1, forecasts upgraded

In a positive H1 update (to April 2023), ME Group has detailed that H1 sales were up more than 24% and PBT more than 35% on H1 2022 driven by a strong performance across key areas. FY 2023 guidance has been increased and we have upgraded FY 2023E sales by 9% and adj. EPS by 12%. With the FY 2022 results in March, management highlighted plans to roll out 10k next-generation photobooths by 2025 (current base 28k) and accelerate the installation of laundry units. This process is clearly going well,

Guidance lifted after strong H1

Morning Note – 1 June 2023

Marks & Spencer (MKS) - House Stock at 164p - FY23A preliminary results - smashing it...!

Positive FY23 trading; revised FY22 guidance

A brief trading update from DPP today shows that the strong trading / LFL’s seen in Q1’23 has continued into April. We welcome this sustained momentum as well as further reference to inflationary costs around food and energy costs abating, albeit this is slightly tempered by no easing of labour cost pressures. Following the near end of the FY22 audit, management use today’s update to lower guidance for FY22 EBITDA. In absolute terms it amounts to a modest c.£0.6m as we lower our pre-IFRS16 EBITD

Initial Equity Trading Comments - 10 May 2023

Hybridan Small Cap Feast - 22 Feb 23

22 February 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 objec

Q1 trading: momentum led by the UK & Ireland

Kingfisher’s Q1 trading performance was stronger than ours as well as the market’s expectations. The Group’s lfl sales of -3.3% yoy was 140bp ahead of the consensus, mainly attributable to the UK&I (-0.8% yoy; +150 bp vs consensus). The impact of the adverse weather conditions and strikes in France are non-structural issues. The management has announced a better-than-expected start to Q2 and has also stated that it is comfortable with the current profit consensus. We maintain our positive stock

LIBERUM: Tortilla Mexican Grill* - Costs under control, rollout on track

No surprises in the FY performance

Kingfisher’s FY22 performance was a mixed bag. The Group’s lfl sales declined by 2.1% yoy, with no surprises in the UK and France businesses. The adjusted PBT of £758m (-20.2% yoy) was 2.3% ahead of the market expectations. The FCF softness was a one-off in our opinion. We expect kingfisher to continue to gain market share in the core segments. The strategy to roll out compact store formats and monetize retail media opportunities are steps in the right direction. No major changes expected in ou

SHORE CAPITAL - ScS Group+ (SCS, House Stock at 180p)

LIBERUM: Ten Entertainment Group* - Value pricing and innovation driving higher sales density

Morning Note – 26 January 2023