Hybridan Small Cap Feast - 14 Mar 23

14 March 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

Morning Note – 14 March 2023

PCI Pal - 1H sees accelerating revenue growth as TACV builds

The interims confirm acceleration in the already rapid revenue growth (+29% yoy in 1Q and now +33% yoy across 1H23), keeping the LBITDA in line with last year despite increased investment in product development and sales and marketing to seize new market opportunities (notably in Canada and Australia). PCIP remains on track for FY forecasts, which remain unchanged. Investment in the channel sales strategy is paying off with continued strong new customer sales; a record number of new contracts we

Morning Note – 2 February 2023

Morning Note – 27 October 2022

Hybridan Small Cap Feast 22/09/2022

*A corporate client of Hybridan LLP ** Arranged by most recent first *** Alphabetically arranged Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Streaks Gaming plc, a UK-based provider of conversational gaming products intends to join the Standard Segment of the Main Market this autumn. The flotation is expected to value Streaks at approximately £10.2m (pre-money) and will make it the first LSE-listed "pure-play" conversational gaming co

Morning Note – 22 September 2022

PCI Pal - Impressive FY22 results see PCIP on track for profit in FY24

The Finals are in line with the trading update released in July. The global provider of cloud-based secure payment solutions for business communications delivered an excellent performance in FY22, beating initial expectations and seeing upgrades despite the challenges of COVID and the distraction of an ongoing patent dispute with its competitor, Sycurio. The strong interims in March had already indicated trading success, but across the full-year its revenue rose 62% yoy, while TACV and ARR at YE

Morning Note – 27 July 2022

PCI Pal - Very positive YE update reveals FY22 beat market expectations

The global provider of cloud-based secure payment solutions for business communications has given a positive post-YE update for FY22. We had expected a good year after the strong interims, but sales rose a stunning +60% yoy, while TACV and ARR at YE both jumped c.40% yoy. The financials will beat current market expectations, leading us to upgrade our forecast revenue by 3% and reduce our forecast Adj. LBT by 7%. Cashflow seems to have been particularly positive, with YE net cash £0.7m ahead of e

Morning Note – 28 June 2022

The Joy of Techs - finnCap Technology quarterly sector note

In previous quarterlies, we have focused on valuations, considering our tech indices for stocks below £1.5bn market cap and their performance as a herd. This time we focus on individual “zeitgeist” stocks: the stocks which confront a current theme – the indices over the period since the beginning of the year (finnCap Tech 40: -18%; finnCap Next 50: -17%) have shown unfortunate decline, therefore stock picking is more important now than ever. Median P/Es have declined 29x to 22x for the larger fC

Morning Note – 26 April 2022

PCI Pal - 3Q update sees forecast upgrades and profit in FY24

PCIP has issued a positive 3Q update, revealing that the strong trading performance in 1H22 continues through 2H with all KPIs ahead of management expectations and net cash growing to £6.4m in March (Dec21: £5.5m). In response, we lift our FY22 and FY23 revenue forecasts and expect a significantly reduced loss this year; in FY23, the higher contribution will likely be offset by some rising overheads (wages and insurance). We also firm-up our previously tentative FY24 forecasts with significantly

Hybridan Small Cap Feast 22/03/22

Joiners: No Joiners Today. Leavers: No Leavers Today. What’s cooking in the IPO kitchen? According to Proactive Investors, SpectrumX Holdings Ltd, which is tapping the healthcare and commercial potential of hypochlorous acid, is considering a London listing. It is understood the group has submitted its prospectus to the London Stock Exchange ahead of a float in late spring, targeting a valuation of around £50m. Sources suggest that a £10m pre-IPO round is largely complete, with the group looking

Uncertain outlook comes as no surprise

We take a positive view of Legal & General’s FY 22 results. Despite the tough environment, the Group managed to outperform expectations – something which was hardly a given for such a large asset manager. With L&G being widely exposed to the UK economy, it might be a call one does not want to make but the firm’s business remains one of spreads – as long as a default does not occur. We remain positive but concede that L&G embeds more risk than we had assumed.

Very strong CY22 - CY23 upgraded 10%

LIBERUM: Alpha Group International* - Highly attractive global growth opportunity

Hybridan Small Cap Feast - 06 Mar 23

6 March 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 objective

LIBERUM: Real Estate Investors* - Profitable sales drive valuation increase and NTA outperformance

Equals Group (EQLS LN) - Platform for growth

Revenue rose 59% to £69.7m (consensus: £66.2m; Zeus forecast £65.0m); revenue per day rose 60% to £279k Equals Group’s 2022 results and 1Q trading update reaffirm our view on Equals’ valuation. It has made two bolt-on acquisitions, subject to regulatory approval, which add clear value. Organic growth remains strong: “revenues per working day so far in 2023 were £342k” up 52% yoy and up 13% on 4Q 2022.

Belvoir Group - Debt free, entrepreneurial and diverse

2022 followed on from the strongest year for property in recent history, but Belvoir has, nevertheless, reported a robust set of full-year results further evidencing the power of its franchised model and strategy. FY 2022 revenue was up +14% (+2% like-for-like), gross profit up +6% and adj. PBT down -1% as the resilient Lettings income and expanding Financial Services business continued to grow (both +4% LFL), while housing Sales fell (-15% LFL) as market conditions weakened and administrative c

Morning Note – 27 March 2023

LIBERUM: Aquis Exchange* - Delivering on growth

Encouraging CY22 result

LIBERUM: Pollen Street * - Clear fundraising momentum

Cenkos: Personal Group Holdings Plc -- Momentum building

Personal Group's FY22 results show good underlying growth in both API and ARR, with significant HoH EBITDA expansion also delivered in H2. The growth in its insurance book and increased levels of ARR provides high levels of visibility into 2023. Retention rates are high, the group has added 101 new clients and its expansion into the SME market is growing rapidly. Today's results demonstrate the clear benefits of the diversification of the model since 2019 and the ongoing relevance of its offerin

Hybridan Small Cap Feast - 27 Mar 23

27 March 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

NAHL Group - Finals

NAHL generated growth in both its Personal Injury (PI) and Critical Care divisions, the former despite a continuation of subdued market conditions – hence market share gains. Results were in line with our forecasts but with a significant reduction in net debt which is especially welcome in the current high interest rate environment. Group strategy remains intact and in PI that means building the embedded value of future cash flows in NAL while flexing enquiry placements to maximise cash generati

Hybridan Research: 28/03/2023: TMT Investments plc: Cautious optimism and a disciplined approach in early/mid-stage tech investment

TMT Investments today announces its final results for the year ended 31 December 2022. Total NAV was US$201.7m (down 28.7% from US$283.1m as of 31 December 2021). This translates to NAV per share of US$6.41 (compared to US$9.00 as of 31 December 2021), mainly due to downward revaluations of Backblaze by 64% and Bolt by 33% as a result of stock markets sell-off leading to reduced valuations for some start-ups. Administrative expenses were US$1.4m, down 25% and reflecting a reduced level of invest