YOC - Termination of coverage

Edison Investment Research is terminating coverage on Mercia Asset Management (MERC), Bloc Ventures (unlisted), YOC (YOC.DE), Genuit Group (GEN), AlzeCure Pharma (ALZCUR), abrdn Latin American Income Fund (ALAI), Magforce (MF6), OPG Power Ventures (OPG) and paragon (PGN). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.

YOC - Improving margins as VIS.X performs

YOC’s H122 results show the positive impact on margins from the growth in its proprietary VIS.X platform. On revenues up by 26% on H121, EBITDA margin has stepped up from 9.5% to 11.5%. FY22 guidance is unchanged, implying growth at a similar pace in H222 as achieved in H122, with an EBITDA margin of around 18% (all from mid-points of guided range). Unlike most of the global adtech sector, YOC’s shares have performed very well year to date as the strength of its offering, marrying mobile program

YOC - Establishing a strong track record

YOC issued its FY22 guidance in its FY21 results, anticipating for accelerated revenue growth and margin improvements in the year. Performance will continue to be driven by its proprietary ad formats and high-margin VIS.X strategy, with both benefiting from planned developments in the year. In addition to strong revenue and profit growth, its FY21 results showed a significant improvement in its financial position.

YOC - VIS.X strategy driving momentum in FY22

YOC’s FY21 preliminary results were at the top end of December guidance, which was an uplift from the guidance it gave with its H121 results. VIS.X, its programmatic advertising platform, continues to be the primary growth driver, contributing to both the doubling of the group’s trading volume and margin expansion throughout FY21. YOC benefited from a strong Q421, which is typically its strongest quarter due to seasonal effects. Its balance sheet strengthened throughout the year and we anticipat

YOC - Expanding its European presence

YOC is expanding its presence in the European market by acquiring 100% of Zurich-based theINDUSTRY, an adtech company focusing on the development and distribution of high-impact ad formats. TheINDUSTRY’s ability to trade programmatically provides several synergies with YOC’s VIS.X platform, which we believe should provide YOC a platform to scale quickly in the region. Additionally, the acquisition highlights YOC’s success in establishing VIS.X in its core markets of Germany, Austria and Poland,

YOC - Raised guidance underpinned by VIS.X strategy

YOC has raised its revenue and profit guidance for FY21, underpinned by the evaluation of its order backlog for Q421 and reflecting the success of its VIS.X strategy and high-impact ad formats. Management’s latest collaborative study with Nielsen supports this, highlighting that YOC’s ad formats can provide far higher campaign effectiveness versus standard formats. Revenue is now expected to be in the range of €18.5–19m (previously €17–18m), representing year-on-year and quarter-on-quarter growt

YOC - Investments in platform paying off

YOC’s Q321 results were strong, highlighting the continuing success of its programmatic advertising platform, VIS.X. Both revenue and EBITDA increased by c 20% for the first nine months of the year (9M21), driven by 40% growth in trading volumes. Management now expects FY21 revenue and EBITDA to be at the top end of the guidance it provided in March 2021, representing year-on-year growth of 16% and 20% respectively, and in line with the expectations provided in our October initiation. Seasonal i

YOC - Improving the AdTech experience

YOC develops software for the digital advertising market, with the aim of optimising the advertising experience for advertisers, publishers and users of mobile internet and applications. Central to this is YOC's proprietary ad formats, as well as its VIS.X platform, launched in 2018 to create a scalable and automated exchange. The platform’s operating costs are largely fixed, providing scope for margin expansion as revenues build. YOC’s H121 results provide early evidence of this, where revenues

YOC - Improving the AdTech experience

YOC develops software for the digital advertising market, with the aim of optimising the advertising experience for advertisers, publishers and users of mobile internet and applications. Central to this is YOC's proprietary ad formats, as well as its VIS.X platform, launched in 2018 to create a scalable and automated exchange. The platform’s operating costs are largely fixed, providing scope for margin expansion as revenues build. YOC’s H121 results provide early evidence of this, where revenues

Initial Equity Trading Comments - 15 May 2023

Morning Note – 11 May 2023

FY22 full year results – and looking beyond

ENGAGE XR (formerly known as VR Education Holdings) has published its full year results for FY22, which were delayed following the successful and oversubscribed net equity raise of €9.9m in February 2023. ENGAGE XR has signed a rapidly growing number of strategic and commercial partnership agreements with companies invested in promoting the VR medium and the development of corporate metaverses.

Second half promises

No growth in sight, we cut top-line forecasts for 23/24e We have updated our forecasts for the seven European online retailers under our coverage, following the Q1 reporting season. At the start of the year, growth for online pure-plays was scarce. Current trading comments suggest this hadn''t changed in April/May. The outlook message across the sub-sector was consistent as almost all the retailers push top-line growth and profit expectations out to the second half of 23/24e. This report aligns

Reassuringly expensive

In the Flow

Industry flows - bond funds remain preferred over equities Risk appetite for equity funds remained subdued with last week seeing $4bn net outflows (negative in 8 of the last 9 weeks). Flows worsened sequentially for Asia/EM categories, but improved for US and European equities. Bond funds saw inflows for a 10th straight week (c.$8bn) with broad based inflows across US government, IG and HY funds. Listed asset managers flows - inflows into ETFs, outflows from mutual funds ETFs net inflows contin

Engage XR Holdings - FY22 results as expected, momentum building in 2023

Following the +40% yoy Q1 23 revenue growth at April’s trading update, ENGAGE XR has reported in line FY22 results, growth to over 200 customers, and we reiterate our FY23 and FY24 forecasts. Today’s announcement confirms that FY22 saw new customer wins and renewals from blue-chip customers including Pfizer, MTN, HSBC, KIA, Pearson, Lenovo, Kuehne & Nagel, 3M, KPMG, Meta, HTC, BHP, Adtalem Global Education, University of Miami, and Stanford University; and the momentum has continued into Q1 with

Hybridan Small Cap Feast - 19 May 23

19th 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

Allenby Capital TMT Update - 22.05.23 - MWE.L, SEEN.L, NWT.L, MIRA.L

Please find a link to our weekly update covering themes that we feel that are of interest to investors and participants in the small and mid-cap TMT sector as well as commentary on recent newsflow.

This Week's AIM Highlights 19th May

Key takeaways from Microlise transport conference

Microlise hosted its annual Transport Conference on Wednesday which was well-attended, and included a number of product demonstrations and customer presentations. The key themes of the conference were digital transformation (more data than ever before), regulatory compliance, and decarbonisation. Our key takeaway from the conference was the stickiness of Microlise’s software (churn was 0.4% in FY22) and the upsell potential within the existing customer base. We see opportunities for outperforman

On track

SP Angel Spec Sits: 2022 Financial Results (TEK LN)

TEK reported 2022 Financial Results with a revised net asset value of US$57.8m at 30 Nov 2022, down from US$68.1m in 2021, down 15% y/y. This downward valuation reflects the market backdrop, where share prices of Innovative Eyewear (LUCY.NQ) and Belluscura (BELL.LN) declined significantly y/y. Notably, the valuation of MicroSalt Inc. nearly doubled over the year.

Blowout on Gen-AI demand

Solid Q1 beat however Q2 guide was a blowout, with revenues guided +53% q/q. Co seeing a steep increase in Datacenter demand stemming from Generative AI. Demand has extended visibility and co has procured significant supply for H2, suggesting this run-rate is sustainable through year-end. FQ1 beat; FQ2 huge beat; Raising FY24-26 estimates 42-75%; Remain Neutral on valuation NVDA delivered a FQ1 revenues/EPS beat of 10-17% on the back of better Datacenter and Gaming demand. However, the star of

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