SP Angel Healthcare Conditions

Cello Health (CLL.L): Recommended Cash offer

Small Cap Feast

Calisen Group. Potential Intention to Float. Owner and manager of essential energy infrastructure assets through its subsidiaries Calvin Capital and Lowri Beck . Consolidated FY Dec 18 revenue £162.1m and operating profit £25.4m. Raising up to £300m in primary plus partial vendor sale. Expected Admission February 2020 The Global Sustainable Farmland Income Trust will invest in a diversified portfolio of operational farmland assets located in major agricultural markets including the United States

Small Cap Feast

Small Cap Feast

Induction Healthcare Group plc—a healthcare technology company focused on streamlining the delivery of care by Healthcare Professionals looking to join AIM. Expected raise of £14.58m at 115p, market cap of £34.07m. Expected 22 May 2019. SDX Energy plc—a North Africa focused oil and gas company, announces its intention to complete a Canadian plan of arrangement under section 192 of the Canada Business Corporations Act and will have shares de-listed from the TSX-V and admitted to trading on AIM

Building in caution

We have adjusted our forecasts to reflect strength in Health growth and medium term investment support for the unit. We have also taken down our Signal assumptions given the increasing likelihood of Brexit caution related impact. The net effect is that while 2018 EPS only falls 1.4%, 2019 and 2020 EPS fall 7.1% and 7.4% respectively. Earnings growth is now an uninspiring 2.3% for 2019. We cut out Target Price to 136p resulting in a Hold rating (cut from Buy). Long term investors interested in He

Morning Song

Cello Health (CLL LN) Building in caution | Earthport (EPO LN) Board changes | Hargreaves Services (HSP LN) Completion of Brockwell Energy Disposal

Morning Song

accesso Technology (ACSO LN) Positive first half, full year expected to be in line | Cello Health (CLL LN) Health driving performance | Eckoh (ECK LN) A good start to the year | EKF Diagnostics (EKF LN) Interims slightly ahead, outlook positive | Elektron Technology (EKT LN) H1 19 in line with recently upgraded forecasts | Ergomed (ERGO LN) H1 results: in line with June trading update | Futura Medical (FUM LN) Business update highlights increased focus on MED2002 | ReNeuron Group (RENE LN) Excl

Small Cap Breakfast

Team17 Group -video games label and creative partner for independent developers. Since 2014, delivered a revenue CAGR of 69% (31 December 2015 to 31 December 2017), with revenues of £29.6m and Adjusted EBITDA of £12.9m. Offer TBA Serinus Energy -international upstream oil and gas exploration and production company. Its principal assets are located in Romania (development phase) and Tunisia (production phase). Raising c.£10m. Offer TBA. Due mid May.

Morning Song

Cello Health (CLL LN) AGM | Gresham Technologies (GHT LN) Clareti win with global tier 1 bank | IFG Group (IFP LN) Q1 update shows some progress, cost review in progress | Microsaic Systems (MSYS LN) 3rd small molecule agreement signed this year | Renishaw (RSW LN) Strong Q3 update with modest increase in guidance

Morning Song

Cello Group (CLL LN) Health forging ahead | CVS Group (CVSG LN) Positive H1 update allays LFL uncertainty | Halfords Group (HFD LN) Stand-out growth in Cycling but dilutive margin effect due to mix | PROACTIS Holdings (PHD LN) Tender offer for remaining 21% of Hubwoo | Stadium Group (SDM LN) Trading in line with revised expectations | Vectura Group (VEC LN) Forecast changes post trading update: downgrade to Hold |

Health forging ahead

Cello has seen a strong performance from Health total growth over 25% and LFL of over 9%. This implies the unit has achieved £60m of revenues. The outlook is good with bookings running well and with the business having invested in capacity there appears no logical block to another strong year at the top-line (5% seems like a soft assumption). Profits have also done well despite the slightly softer margin due to the capacity investment. Signal (-6% on LFL revenue) has seen profits rebound with Pu

Tremor - Strong Q4 revenue of +16% yoy or +59% qoq, $115m net cash

Tremor has reported Q4 net revenue +16% yoy or +59% qoq to $103m, adjusted EBITDA of $36.9m, and FY22 net cash of $115m. Q4 revenue and adjusted EBITDA reflect the platform capitalising upon Tremor’s exclusive ad monetisation opportunities around the FIFA World Cup, and the Q4 results are in line with guidance and consensus. For FY23, the challenging environment has led to revised guidance for revenue of $400m and adjusted EBITDA of $140-145m, and we move our forecasts in line with guidance. Thr

Morning Note – 7 March 2023

Hybridan Small Cap Feast - 27 Feb 23

27 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

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: 4imprint Group* - 1% increase in marketing costs and 45% revenue growth

4imprint - Dazzling results, plus €90m distribution to shareholders

Excellent FY results this morning saw $US350m (+45%) added to the revenue line during FY22A while holding the margin, resulting in very strong profit generation, with profits, up 246% (PBT), again coming in ahead of our forecasts. With revenue per marketing dollar now standing at $8.86 (+44% YoY), sales have soared on the back of marketing spend practically unchanged YoY, reflecting the company's proactive actions in recent years in developing further the already successful marketing model. FO

Positive momentum confirmed

Centaurs FY22 once again demonstrates managements positive underlying operational execution to date, with prelims confirming continued top-line growth and strong H2 margin expansion despite the uncertain market backdrop. Revenues grew +6% y/y to £41.6m (SCMe: £41.1m) with EBITDA margins of 20.4% (adj EBITDA: 19.5%). Net cash of £16.0m at the full year outturn (+22% y/y) reflects continued strong cash conversion (99%), with FCF of £5.1m delivered in the period. Balance sheet strength and further

SHORE CAPITAL - Eagle Eye+ (EYE) - House Stock at 573p - Strong H1 FY23F, further upgrades!

4imprint - Market share gains driven by a clear, flexible, scalable model

4imprint has reported an exceptionally strong set of FY 2022 results, with sales up +45% (in a market that increased +11%) and PBT up +243%. A step change in the productivity of the marketing mix supported operating margins of 9.0% up from 3.9% in 2021, significantly ahead of the pre-pandemic high of 6.9%. The strong cash-generating characteristics of the model were once again evidenced, with net cash increasing from US$42m to US$87m. This strong financial performance, the predominantly organic

LIBERUM: 4imprint Group* - 1% increase in marketing costs and 45% revenue growth

Morning Note – 15 March 2023

SHORE CAPITAL - STV Group+ (STVG) - House Stock at 307p - Record profits and strategic progress

SHORE CAPITAL - Pebble Group^ (PEBB, Buy at 109p)

Hybridan Small Cap Feast - 15 Mar 23

15 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

SHORE CAPITAL - Kape Technologies (KAPE, House Stock at 299p)