Ansys Inc.: Network Effects & Sources Of Competitive Advantage, Financial Forecasts, DCF & Comparables Valuation, ESG & Other Risks (05/22)

Ansys witnessed a strong ACV growth in the recent quarterly result and its performance was good. The company’s strategy to make simulation pervasive all over the life cycle of a product, its multi-physics product leadership, and its robust customer relationships, combined with continued investment in R&D of consumers, are driving demand for the multi-physics solution of Ansys. Ground and automotive transportation sectors, defense, aerospace, semiconductor, and high-tech are the largest contribut

ANSYS Inc.: Financial & Price Forecasts, DCF Valuation, ESG & Other Risks (03/22)

Engineering and software provider, Ansys delivered another decent result with a 21% increase in the top-line, driven by sturdy performance in the semiconductor and high tech verticals. The backlog and deferred revenues of the company have grown 2.2% to $899.5 million, rendering foreseeability to its future. The company has seen a strong growth in revenues over the past five years with a consistently high operating margin, often above the 40% threshold. It is worth highlighting that Ansys has a s

Ansys vs. Cadence Design: Which Design Software Player Is A More Robust Investment? (12/2021)

In the new metaverse era, there is a definite scope for software companies that have the ability to bridge the gap between the digital and the real world. This presents an excellent macro-economic scenario for computer aided design and simulation companies like Ansys and Cadence. Both these players have progressed leaps and bounds from a technological standpoint and have given rival, Autodesk a run for its money. It will be interesting to compare their financial metrics side by side in order to

Ansys Inc. - Investment Thesis, Key Drivers, Financial & Price Forecasts, DCF Valuation 11/09

Engineering software provider, Ansys delivered a decent result with a 21% increase in the top-line driven by a strong performance in the high tech and semiconductor verticals. The company has a particularly strong base of small and medium-sized customers which has revived post the impact of the Covid-19 and this economic revival is a tailwind for Ansys. The company also saw its deferred revenues and backlog grow 2.2% to $899.5 million rendering a foreseeability to its future. Apart from technolo

Ansys Inc. - Investment Thesis, Key Drivers, Financial & Price Forecasts, DCF Valuation 9/21

Ansys has reached the target price from our last report as the company was comfortably able to beat its financial guidance across all its key metrics in the recent Q2 result. Its total revenue for Q2 rose by nearly 16% in constant currency and a major green flag was the ACV (Average Contract Value) of $430.5 million increased year-over-year by a staggering 25% (and 23% in constant currency). The company currently has a balance of GAAP deferred revenue and backlog of $927.1 million, a 10% increas

Cenkos: Healthcare Sector - Ward Round

Weekly round-up of AIM-listed healthcare news. Venture Life Group, GENinCode, Kromek, Alliance Pharma, Polarean Imaging, Benchmark Holdings, Ondine Biomedical, Verici Dx, Faron Pharmaceuticals, Avacta Group, Abingdon Health, Open Orphan, Belluscura, Hutchmed (China), Oxford Biodynamics

LIBERUM: Bango* - Agreement signed with global player

Capital Markets Day feedback

Cambridge Cognition held a very impressive CMD yesterday which showcased the group's Science and Technology capabilities.

Hybridan Small Cap Feast 28/06/2022

Joiners: No Joiners Today. Leavers: Raven Property Group has left the Main Market. What’s cooking in the IPO kitchen? Immediate acquisitions (IME.L) is to re-join AIM via a Reverse Takeover of Fiinu Holdings Limited. Once complete the Company is proposing to change its name to Fiinu Group plc. Fiinu intends to be a provider of a consumer banking product, the Plugin Overdraft ®, which is designed to provide customers with an overdraft facility without having to change their current account or req

Contract Cancellation

Actual Experience has been notified by a Channel Partner that one of its customers, a leading energy supplier, will terminate its contract as of 18th August 2022. The contract was valued at £1m over 3 years, with £0.2m recognised in FY Sep21. ACT says that its continuing viability “will depend on securing more sales, the timing of which cannot be forecast with any certainty”. It continues to access the impact on the company and will make a further announcement when appropriate.

Contract wins and trading update

Tribal has today announced multiple contract wins (both with new and existing customers) and as well, a positive interim update for FY22, highlighting that - driven by this sales momentum and stronger than expected implementations – revenue now expected to be “marginally ahead”. EBITDA meanwhile has been temporarily held back by a customer specific factor, though this is set to recover in H2 and hence management are guiding to unchanged EBITDA expectations for the full-year. We therefore upgrade

Hybridan Small Cap Feast 30/06/2022

Dish of the day Joiners: Visum Technologies has joined the AQSE Growth Market. The Company's business is to own and operate an "on-ride" video and photographic camera system that it sells and/or licenses to customers (being theme parks, ride manufacturers, souvenir imaging providers, and other leisure operators). Leavers: No Leavers Today. What’s cooking in the IPO kitchen? Immediate acquisitions (IME.L) is to re-join AIM via a Reverse Takeover of Fiinu Holdings Limited. Once complete the Compan

Upgrading estimates following material contract win

Hybridan Small Cap Feast 27/06/22

Joiners: No Joiners Today. Leavers: No Leavers Today. What’s cooking in the IPO kitchen? Immediate acquisitions (IME.L) is to re-join AIM via a Reverse Takeover of Fiinu Holdings Limited. Once complete the Company is proposing to change its name to Fiinu Group plc. Fiinu intends to be a provider of a consumer banking product, the Plugin Overdraft ®, which is designed to provide customers with an overdraft facility without having to change their current account or request an overdraft from their

Morning Note – 29 June 2022

Morning Note – 28 June 2022

Cenkos: Ingenta Plc -- Solid results, with increasing profitability

Ingenta, the provider of software technology and supporting services to content providers and publishers around the world, released FY21 results today with revenue and adjusted EBITDA at £10.1m and £1.5m respectively, in line with our forecasts. Ingenta enjoys a stable, high level of recurring revenue, with FY21 recurring revenues 88% of total (FY20: 86%). Profit margins have also improved, with gross margin of 46.5% (FY20: 43%) and operating margin of 7.9% (FY20: 4.9%). Cash generation was also

Immotion Group (IMMO) – AGM update; YTD revenue at the core LBE estate +127% after the first 5-months

On the back of the update, we leave our 3-year forecasts unchanged – FY 2022E Revenue £9.5m, EBITDA £1.5m, Net cash £0.7m, FY 2023E Revenue £11.5m, EBITDA £2.4m, Net cash £1.3m, FY 2024E Revenue £13.5m, EBITDA £3.2m, Net Cash £2.7m. With the decision to deploy the group's resources entirely to meet the demand in the core LBE business, which provides a 12-18-month payback, the investment case for Immotion is clear; 1) The roll out of headsets at new partner sites – we are forecasting 120 per annu

SHORE CAPITAL - Glantus Holdings+ (GLAN) - House Stock at 52p

Profitable cybersec growth story, undervalued