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

Audience growth outperforming expectations

Future’s audience growth metrics have proved stronger than expected in the first 4-months of FY’20E. Management now forecast financial performance to be ‘materially’ ahead of current FY’20E market expectations. We upgrade our FY’20E sales by 4%, and with outperformance indicated to be in higher margin profile eCommerce and digital display advertising areas, we upgrade FY’20E EBITDA by 8%. Given current macro uncertainty we leave FY’21E and FY’22E forecasts broadly unchanged although we flag heig

A big, bold Future

Shareholders yesterday approved the net £140m proposed acquisition of TI Media Group (‘TI Media’). The acquisition will be funded through a mix of debt and equity, and presents a compelling opportunity for Future to leverage its digital platform, ecommerce and content expertise, and global reach (TI Media continuing sales: >70% magazine). Post removal of broker restrictions, we now update forecasts for both TI Media (assumes endApril’20 completion) and Barcroft Studios acquisitions, with an addi

FY’19 organic Media sales up 31% y/y

Future Plc’s FY results revealed the better than consensus growth noted in the trading update last week. Underlying group revenues grew 11% y/y, and 70% on a reported basis to reach £221.5m (FY’18: £130.1m), with organic Media revenue growth of 31% (reported: 134%) to £154.9m (FY’18: £66.3m). EBTIDA margins were 24.6% (FY’18: 15.9%) supported by increased scale and improving product mix. Regionally, US sales grew an organic 40% y/y with US ARPU still at a 38% discount to the UK (FY’18: 48%). EPS

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 - 21 Mar 23

21 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 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

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

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

SHORE CAPITAL - The Mission Group+ (TMG, House Stock at 53p)

Morning Note – 15 March 2023

SpaceandPeople PLC (SAL LN) - Positive trading update

SpaceandPeople secures, sells, and manages flexible space for brand experiences, short term promotions and retailing in high footfall venues for its customers, including in shopping centres and travel hubs. The macro context remains challenging for everyone. UK and European retail demand is weak for well reported reasons, and the outlook for the sector is generally negative. That said, SpaceandPeople is trading well, offering flexible and low risk services for retail customers, and utilising vac

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

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

Pebble Group - FY22 ‘at least’ in line

The Pebble Group’s end-FY22 trading update discloses that both of its operations, Facilisgroup and Brand Addition, have traded well and that the group results will be ‘at least’ in line with market expectations. Facilisgroup is growing its Partner base and increasing spend per Partner, with its new Commercio all-in-one e-commerce solution ramping up to over 100 customers by the year-end. Brand Addition’s revenues were up 12%, on increased gross margin, despite supply chain disruption. Group year

Hybridan Small Cap Feast - 12 Jan 23

12 January 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 object

Cenkos: XLMedia Plc -- Hitting Expectations

XLMedia released a full-year trading update to 31 December 2022 in-line with our expectations. FY22E revenues came in at $73.7m and Adj EBITDA c$16.1-16.6m. The Group has continued to successfully pivot its focus from European Gaming to US sports to take advantage of the significant expansion opportunities. European Gaming revenues have notably stabilised in H2/22E and could once again provide a source of growth. XLMedia trades on an FY2 Adj EV/EBITDA multiple of 2.7x, which is a significant dis

FY22 Trading Update

S4 Capital has reported a very reassuring FY22 update that indicates LFL revenue growth was in line with expectations, EBITDA will be ‘at least' £120m and net debt will be at the lower end of guidance.