Hybridan Small Cap Feast 17/06/2022

*A corporate client of Hybridan LLP Dish of the day Joiners: No Joiners Today. Leavers: No Leavers Today. What’s cooking in the IPO kitchen? Visum Technologies seeking admission to 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). Due 30 June. LifeSafe Holdings, a fire safety

Still going strong

Future today released an update highlighting FY’20E adj EBITDA which is trading towards the top-end of consensus (£86.3m-£91.0m; N1Se: £88.5m). Strong performance has been supported by acceleration of the consumer shift to digital, positive cost control and cost synergy extraction from the TI Media acquisition (c.£9m annualised savings delivered so far). Migration of TI Media sites to the Group’s Vanilla platform are underway, whilst Hawk (price comparison platform) has been successfully deploye

Digital transition accelerates

Future’s H1 results highlight the benefits of the Group’s diverse revenue model. Group sales grew 33% y/y to £144.3m (organic: +11%; N1Se: £145.0m), with AOP up 77% to £39.9m (organic: +40%; N1Se: £38.7m). Organic Media sales growth of +21% y/y reflects strong online user growth, with H1 average monthly online users up +26% to 253m, driving eCommerce sales up +68% organic. Online audience growth rapidly accelerated post lockdown (+66% y/y in March) supported by gaming and Live Sciences verticals

TI Media completion and Covid-19 update

Future has completed the acquisition of TI Media (the Group’s largest acquisition to date), following clearance from the Competition and Markets Authority (‘CMA’) and disposal of four small TI Media assets to satisfy competition remedies. The acquisition incorporates 38 new brands strengthening Future’s position in some segments whilst also helping to diversify the Group’s portfolio and offering new online audience creation avenues. Alongside the announcement the Group provides an update on Covi

H1’20 pre-close: cash ahead

Future has announced a pre-close trading update for H1’20 highlighting continued strong online audience growth which is further driving eCommerce and digital advertising revenue streams. Recent weeks have been unprecedented, however the Group continues to see limited impact to online consumer behavioural trends (Feb audience traffic: +2% month on month per ComScore), whilst in Magazine y/y growth in Grocers is partly offsetting declines in travel outlets. Key metrics are holding up well, and the

TI Media CMA update: progressing as expected

Future has announced an update regarding the acquisition of TI Media. The Competition and Markets Authority (‘CMA’) has found that the acquisition of TI Media does not raise competitive concerns subject to the sale of 3 closely competing products. The Group is now in discussions with the CMA on potential remedies to mitigate competitive issues and proceed with the transaction as soon as practicable. The update is in line with our expectations, with a prudent £10m revenue adjustment and no procee

Minimal Covid-19 impact expected

Future Group has announced the outcome of a management review into the potential impact from Covid-19 on forecasts. As we would expect, the conclusion is that there will be no impact to profits in FY’20E or FY’21E, with Covid19 not showing signs of disrupting strong Group underlying online fundamentals. The Group’s events revenue stream (6% of Group revenues, c.2% of profits) has seen two near-term events rescheduled, although these are still forecast to land in the current financial year (July

CMD flags strong near-term opportunities

We take the opportunity after last week’s Capital Markets Day to review key themes touched on by management, and the impact on likely future performance. Takeaways impacting organic growth are: 1) The speed at which migrations/ launches occur with Vanilla is faster than previously expected; 2) Video Content and Intent Marketing opportunities open up new streams; and 3) The Group has more potential to generate value from back catalogue content than previously thought. Organic Media sales growth o

Capital Markets Day – a Future view

Future’s Capital Markets Day yesterday highlighted the Group’s continued success in identifying, developing and monetising new audiences and content and driving strong organic growth. The CTO’s run through of the tech stack presented a platform in complete alignment with Group strategy, able to spin-up new sites impressively quickly, fully integrated with Ecom and Adtech back-ends. The walk-through of an example article life-cycle also shows the strength of RoI potential for individual editorial

On a MISSION to grow

Hybridan Small Cap Feast - 26 Sep 23

26th September 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 ob

Hybridan Small Cap Feast - 07 Sep 23

7th September 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 obj

Eagle Eye+ (EYE, House Stock at 565p) - FY23A: Smarter, Faster, Better, Stronger

XLMedia - Healthy H1/23A Interim Results

XLMedia continue to make good progress in refocusing the business, and the outlook remains positive for state openings and the new NFL season. We maintain our FY23 forecasts for Adj EBITDA and Adj PAT targets at $16m and $7.9m respectively. We expect them to be achieved with lower revenue and lower costs given a higher margin revenue mix and lower OpEx. XLM looks compelling on an FY1 EV/EBITDA multiple of 1.4x vs peers on 5.4x, and we iterate a 1-year price target of 29p.

Morning Note – 28 September 2023

Hybridan Small Cap Feast 15-09-2023

Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Announced ITF 12 July: Substrate Artificial Intelligence, an artificial intelligence company based in Spain that creates, buys and scales companies around AI in diverse sectors such as fintech, agritech, energy, human resources, and health, intends to join the Access Segment of the AQSE Growth Market. Admission delayed. Announced ITF 6 July: Blackpoint Biotech plc, a medical cannabinoids co

SpaceandPeople (SAL LN) - Solid H1, encouraging outlook

For well reported reasons, the UK and European retail consumer backdrop remains challenging. That said, Space is trading well, offering flexible and low entry risk promotional services for retailers, and utilising vacant retail space for property owners and managers

Headwinds persist, yet green-shoots emerge

Headline trading to 23rd April was in-line with expectations and highlights continuation of existing trends, with weak industry-wide digital advertising spend partially offset by resilient performance in Print. Group revenues fell 6% y/y, with Digital down -15%. In Digital, alongside the weaker advertising spend backdrop, a shift by Facebook towards short-form video/ reels and away from digital news has impacted traffic referrals to Reach we continue to see some muted structural risk to traffic

Brave Bison - Underlying Performance Reassuringly In-line

Brave Bison has released its interim results for the period ending June 2023. The update shows the SocialChain integration has been materially completed, with synergies mostly realised and new client wins taking place as a combined business. Gross revenue increased 15% YoY to £16.9m and net revenue increased 23% to £10m, both driven primarily by the new contribution from SocialChain. Adj EBITDA increased by 20% to £1.9m and Adj PBT increased 16% to £1.5m, both in-line with expectations. We have

LIBERUM: SAS UK SMID Monthly: Should we expect a rally in retail stocks?

Momentum screen refresh + 7 highlighted stocks

We report on the performance of our momentum style screen since the last refresh three months ago and present the 25 new constituents. The screen underperformed small-cap and microcap indices modestly, though our previous focus stocks did significantly better. While momentum (as we express it) has outperformed smallcap significantly since inception of the screen in July 2016, this has arisen in shorter periods and appears to only coincide with a steadily rising small-cap index. We therefore cons

FY'22: Controlling the controllable

Reachs prelims are consistent with the January update, with revenues of £601m (-2% y/y) and AOP of £106m (-27% y/y). Positive underlying progress was offset by programmatic headwinds in 2022; a trend reflected across global ad leaders where growth decelerated by 15-40pps y/y. This, coupled with anomalous energy/Print material costs and wage inflation put pressure on the content industry as a whole. In this context, a stable top-line and profit margins of 18% (FY21: 24%; FY18: 20%) look resilient

AIM MARKET UPDATE June, July, August 2018

AIM showed no signs of a summer slowdown with three strong months with regards to total funds raised (new and further issues). June, July and August averaged over £700m per month, boosted by a particularly strong June which delivered 14 IPOs (historically AIM has 5-6 new joiners per month). Through the end of August 2018, the total amount raised (new and further issues) of £4.80bn is +15% on the same period in 2017 which itself was the best year since 2007.

Initial Equity Trading Comments - 16 May 2023