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Companies: Netcall plc
Canaccord Genuity
6th March 2024 @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 objecti
Companies: NET BRH SIS BOOM LIKE HARL
Hybridan
While no company can ever be complacent enough ‘to announce victory’ we believe Netcall inspires a level of confidence to think several years ahead – way beyond its current £30m ACV, thanks to the business’ impressive and consistent growth (u/l Cloud ACV +28% y/y) which is being cleverly carved from a highly defined (but large) target market, whereby both existing and prospective customers still offer material growth potential. Indeed in conjunction with an accelerating product roadmap (empoweri
Singer Capital Markets
In a business/macro environment that’s far from benign, Netcall stands out through its consistent and compounding growth - 1H24 again a good example, as u/l ACV has continued to grow strongly: +18%, driven by Cloud products: +28%. Total ACV now £30.1m. We attribute this success to market tailwinds (shifting spending patterns in NET’s favour) and also through smart execution and product design, as through a targeted approach, the company is able to better serve customers (and so out-compete large
20th November 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 obj
Companies: NET ORR BMN MMAG EQT MWE
FYJun23 results are in line and confirm a very strong year: sales +18% y/y (recurring +32%, now 72%/sales), while ACV is up strongly too: +15% y/y (or 20% u/l) driven by a noticeable uptick in new biz and also 122% NRR. All these metrics scream ‘quality business, doing well’and so given this, a c.7% FCF yield doesn’t stack up. We sense that the market is either hung up on NET’s contract renegotiation and/or market risks. This note address both these points and how these concerns are over-done an
FYJun23 sales and EBITDA are both line at £36.0m (+18% y/y) and £8.0m (+25% y/y), while y/e net cash is materially a/h at £24.8m, such implying very strong FCF of c.£8.5m (~145% conversion) and considerably a/h of our £3.9mE. Y/e ACV: £27.9m ~+15% y/y, but 6% shy of our forecast, as Netcall has not benefitted from the anticipated growth of a key account and rather this contract has been renegotiated (from $7m pa. to $4m) albeit now with a longer duration: running for a further 5 years, not 2. Th
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'
Companies: NET CAM JNEO BREE BDRX SOM
Research Tree provides access to ongoing research coverage, media content and regulatory news on Netcall plc. We currently have 0 research reports from 7 professional analysts.
Made Tech is a leading provider of digital, data, and technology services to the UK public sector. The Group was founded in 2008 by Rory MacDonald (CEO), who remains its main shareholder with 28% of the equity, and IPO’d in 2021. The Group is entirely exposed to the UK public sector and we believe this represents a large structural growth opportunity as the shift to digital services is likely to accelerate. Moreover, we believe Made Tech will continue to benefit from the transition away from UK
Companies: Made Tech Group PLC
H2 Radnor
17th May 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: Scirocco Energy (SCIR.L) has left AIM. UK Commercial Property REIT (UKCM.L) has left the Premium Segment of the Main Market. What’s baking in the oven? ** Potential**** Initial Public Offerings: 7th May: Time To ACT plc, an engineering business focused on tech
Companies: PIP RNO ORCP HUM CNR UKOG ENET
Nanoco is a world leading technology provider enabling next-generation electronic sensors and displays with commercial programmes including a production contract with a global tier-one player. The company has a strong balance sheet position to support the next phases of its growth journey, and with addressable markets exceeding £100m across multiple customer verticals. We initiate coverage with a target price of 60.2p.
Companies: Nanoco Group PLC
Cavendish
The Great Correction of 2022 saw the share prices of streamers plunge after market leader Netflix reported a slowdown/fall in subscriber growth. Having formerly been seduced by hectic subscriber growth rates, investors quickly refocused, this time on fundamental metrics such as revenue, margins, profits and cashflow. Since then, streamers have continued to take a steadily greater share of viewing while linear TV continues to decline. But growth in streaming subscribers in the US and UK is now a
Companies: AMZN DIS WBD NFLX NFLX ITV STVG PARA AMZN DIS
Hardman & Co
9th May 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: E-Therapeutics (ETX.L) has left AIM. Advanced Oncotherapy (AVO.L) has left AIM. What’s baking in the oven? ** Potential**** Initial Public Offerings: 7th May: Time To ACT plc, an engineering business focused on technology for the energy transition sector, has a
Companies: ARV BIRD CCT ECK FDEV WATR AREC AEE
Touchstar is a supplier of mobile data computing solutions and managed services to a variety of industrial sectors. This morning's full year results reflect the outcome of a multi-year strategy coming to fruition for the group, with recurring revenue growth of 8.7% delivering overall revenue growth of 7.1% and in turn a 60% increase in PBT to £0.7m. Over the past few years, Touchstar has focused on enhancing the returns from their product offering through a shift towards recurring software licen
Companies: Touchstar plc
WHIreland
Redcentric continues to iron out the final wrinkles in the integration process in anticipation of the unchanged expectation of a clean FY25, while still achieving revenue growth. Management focus has remained on organic growth, integration of the acquired businesses, and energy cost minimisation. Organic growth in recurring revenue (excl Sungard short-term contracts) exceeded 8%, including a very healthy level of new logos; and non-recurring revenue grew 38%, with no detriment to gross margin. M
Companies: Redcentric Plc
Companies: CPH2 TIDE MRL JNEO
Companies: FOG PEB KBT EMR TIME GETB JNEO
Companies: 88E CNC FTC TRCS HEIQ CREO ZAM
Concurrent Technologies delivered a record £31.7m revenue and a substantial increase in profitability in FY23. Management has successfully navigated through the challenging period of worldwide component supply problems that characterised FY22 and delivered a strong recovery in FY23. The business has been completely transformed since the new management team started in 2021 and the focused strategy is delivering. With revenue from the increased number of design-in wins secured in FY23 starting to
Companies: Concurrent Technologies Plc
Companies: Redcentric Plc (RCN:LON)Auction Technology Group PLC (ATG:LON)
Nanoco has announced that a sequence of purchase orders from several existing customers for development work and validation materials means that FY23 revenues are likely to be 20% higher than FY22 rather than at a similar level. We adjust our estimates accordingly, noting that these still exclude any revenues from potential production orders, the value of which will depend on the initial use case and ramp-up timing.
Edison
Boku reported H122 revenue and adjusted EBITDA in line with its July trading update. During H122, payments made via local payment methods (LPMs) grew significantly y-o-y and, since the end of H1, the company has signed a multi-year contract with Amazon for its LPM services and rolled out eWallets in China for another major merchant. We maintain our forecasts and highlight that underlying growth for the business remains strong, despite currency headwinds.
Companies: BOKU, Inc.
2016 got off to a rocky start. Not long into January, after just a few trading days, global equity markets lost more than US$4tn of value due to investor sentiment towards China’s economic slowdown and depreciating currency. This was immediately followed by a slump in the oil price. By the third week of January, Brent Crude hit its year low at $27.10 a barrel causing an immediate sell off in the energy sector. Once the Q1 dust had settled, attention turned to the UK’s vote on whether to remain a
Companies: GOT FRAN ECP TMO CER PMI MXCT
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