Hybridan Small Cap Feast - 28 Mar 23

28 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

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

Cenkos: TMT Investments Plc -- Final Results Update

TMT Investments, the specialist investment company focussed on private companies in core technology sectors around the world, has released FY22A final results, with period-end NAV at $201.7m, or $6.41/share. The top three investments, Backblaze, Bolt and PandaDoc represented 51.4% of FY22A NAV and 124.8% of the current share price of $2.64 cents, now at a 58.8% discount to the $6.41 FY22A NAV. TMT has a highly experienced investment team with a strong track record focussed on companies already d

Hybridan Small Cap Feast 13/12/2022

Dish of the day Joiners: Savannah Energy’s (SAVE.L) shares have been re-introduced following a reverse take over in connection with the acquisition of Exxon Mobil Corporation's entire upstream and midstream asset portfolio in Chad and Cameroon. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Celsius Resources intends to join AIM. Currently ASX listed, Celsius is a natural resources exploration and development company principally seeking to explore and develop potential world-clas

Hybridan Research: 12/12/2022: TMT Investments plc: Sustainability through digital transformation

We have published research on TMT Investments plc, which is attached and a snapshot of the research is below. TMT unveiled its ESG policy in its 2021 annual report and its intention to invest in technology that results in tangible benefits in terms of productivity, user experience, efficiency, positive impact in specific sectors, profitability or other desired objectives. As such, the Company has made a number of investments in ESG-focused companies that also meet TMT’s investment criteria. A

Hybridan Small Cap Feast 19/08/22

Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Unigel Group, intends to join the Aquis Growth Market. Unigel Group is a pioneer in the field of thixotropic gels for the fibre optic cable industry. The Company is also a supplier of laminated steel tapes to the fibre optic cable industry in the US. Thixotropic gels and laminated steel tapes are essential components to the rapidly growing global fibre optic cable market. The Group exports

Hybridan Small Cap Feast 16/08/22

Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Unigel Group, intends to join the Aquis Growth Market. Unigel Group is a pioneer in the field of thixotropic gels for the fibre optic cable industry. The Company is also a supplier of laminated steel tapes to the fibre optic cable industry in the US. Thixotropic gels and laminated steel tapes are essential components to the rapidly growing global fibre optic cable market. The Group exports to over 40 count

Hybridan Research: 16/08/22: TMT Investments plc: Cautious optimism amid macro uncertainties

TMT Investments announced its interim results for the six months ended 30 June 2022. Portfolio NAV declined 25.8% to US$210.1m from US$283.1m as of 31 December 2021. This translates to NAV per share of US$6.68 (compared to US$9.00 as of 31 December 2021), mainly due to downward revaluations of Backblaze by 69% and Bolt by 28%. Administrative expenses decreased by 4% year-on-year to £772k, reflecting a lower level of investment and business development activities during the period. No bonus was

Cenkos: TMT Investments Plc -- Interim Results

TMT Investments, the specialist investment company focussed on private companies in core technology sectors around the world, has released interim results, showing an anticipated decline in NAV per share to US$6.68 following the recent technology sector sell off, a good performance during a volatile period economically and in the market. Several portfolio companies raised further equity capital at increased valuations during the period, despite the market volatility, validating these business mo

Hybridan Small Cap Feast 25/03/22

Joiners: Beacon Rise Holdings (BRS.L) joins the Main Market. The Company was formed to undertake acquisitions of UK or EU businesses or assets with operations in the primary and secondary segment of the education technology sector. The Company does not have any specific acquisitions under consideration at present and does not expect to engage in substantive negotiations with any target business or asset until after Admission. Leavers: No Leavers Today. What’s cooking in the IPO kitchen? Asimilar

Cenkos: TMT Investments Plc -- FY21 Finals – Deep discount to NAV

TMT Investments, the specialist investment company focussed on private companies in core technology sectors around the world, has released FY21 final results showing a further strong increase in NAV to US$9.00 (FY20 US$6.10), up 47.5% and over double the current price. This increase has been driven by numerous capital raising events with portfolio companies at higher valuations. TMT has built a diversified investment portfolio of over 50 companies, with emphasis on big data/cloud, e-commerce, Sa

Hybridan Research: 25/03/22: TMT Investments PLC: 47.5% NAV/Share growth & strong outlook reflects portfolio diversity & robust investment process

TMT Investments plc today announced final results for the year ended 31 December 2021.We have published research on this which is attached and a snapshot of the research is below. The venture capital Company investing in high-growth technology companies has reported final results for FY December 2021. In another outstanding performance, the Company’s NAV per share increased by 47.5% in 2021 to US$9.00 (from US$6.10 as of 31 December 2020), mainly as a result of the significant upward revaluatio

Hybridan Research: TMT Investments plc: 11/01/2022: €628m fundraise by Bolt represents $37.2m uplift in TMT’s holding

The venture capital company investing in high-growth technology companies has updated on developments in the Company’s portfolio, since the publication of the Company’s previous portfolio update on 19 October 2021. The most substantial revaluation relates to TMT’s portfolio company Bolt, a leading international ride-hailing and food delivery company (www.bolt.eu), which announced today that it had successfully raised €628m (approx. US$711m) in a new equity finance round led by Fidelity, Sequoia

Hybridan Small Cap Feast 11-01-2022

Joiners: Electric Guitar (ELEG.L) was established in 2021 through the issue of shares to the founders as a special purpose acquisition vehicle which will seek an acquisition target in the digital media sector. The Company intends to act as a consolidator and operator in the digital advertising market. The Company has today joined the Main Market. £1.2m raise. Mkt cap £1.74m. Leavers: Amryt Pharma has left AIM. Its American Depositary Shares remain trading on NASDAQ. What’s cooking in the IPO kit

Cenkos: TMT Investments Plc -- Strong portfolio progress

TMT Investments, the specialist investment company focussed on private companies in core technology sectors around the world, has announced a portfolio update with several significant revaluation events leading to a gross US$1.29 per share increase in NAV. Bolt, the international ride-handling and food delivery business, has announced today that it has successfully raised €628m (cUS$711m) valuing the company at €7.4bn and providing a US$37.2m uplift to the value of TMT's holding to US$103.4m (up

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

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

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