Hybridan Small Cap Feast 11/10/2021

Joiners TMT Acquisition (TMTA.L) has joined the Main Market (Standard) pursue opportunities to acquire businesses in the technology, media and telecom sector. Raised £5m, mkt cap £5.5m. Leavers NMCN Plc has left the Main Market (Premium) following the appointment of administrators. What’s cooking in the IPO kitchen? Harmony Energy Income Trust to join the Specialist Fund Segment of the Main Market raising up to £230m. The Company's investment objective is to provide investors with an attractive

WDAY wows, good for KNOS? Didi launches AVs; Voice activated Nike trainers

We highlight the strong Workday numbers overnight which provides cause for enthusiasm for growth equities, the SaaS software sector and most specifically within AIM, could augur well for Kainos, given their close partnership on consulting and implementation. Beyond the beat, most noteworthy comment was that management saw no impact from Brexit as yet nor the trade tensions in the US and China. With enviable growth rates of 32% in the quarter, we highlight few names in AIM such as CloudCall* offe

Update on the group – reiterate sell

The latest update from Frontier Smart Technologies, out this morning, implies a worsening balance of risk reward for the shares. With Science Group ruling out a statutory merger, and material uncertainty arising over the Q4 order book, the group’s cash position and covenants, we reiterate our sell recommendation.

Quarterly Research Outlook - Summer 2019

In January, we provided a list of 11 stocks for 2019 that we believed would perform strongly with attractive catalysts that could lead to material outperformance. In this Quarterly Research Outlook, we revisit these views, analysing what has happened and how the remaining six months of the year could play out.

Current year outlook revised

Frontier Smart has released a trading update and revised full year outlook. While the group’s long term strategic plan remains in place, near term competitive pressures in Digital Radio, combined with delays in the ramp-up of the new Smart IoT Licencing business, is now likely to impact full year revenue and profitability. As a result, the group now expects to be loss making in the current financial year. The Board is confident however that the combination of actions already taken to improve Dig

Quarterly Research Outlook

We’re just over three months in to 2019 and we’ve seen a 10% UK market rally, retracing much of the Q4 decline, such is the nature of fickle market sentiment. That said, many of the issues we wrote about three months ago that were impacting markets remain: notably Brexit, trade wars, geopolitics and global monetary policy. The 2019 rally thus far feels somewhat fragile, with competing forces of optimism on a potential trade deal which could underpin the rally, against the deterioration in underl

A tale of two halves

Frontier Smart has released its FY’18 results showing group revenues down 21% versus a strong comparative. FY’18 contains two contrasting halves: H1 sales were adversely impacted by Norwegian DSO overstocking issues, whilst H2 saw strong recovery. The group delivered FY’18 trading EBITDA of $0.8m, having posted a $2.1m EBITDA loss in H1. Outlook looks more positive, with modest growth expected in DAB (regulatory-driven) and Smart IoT (licencing and non-audio). Valuation remains attractive at 0.4

Full Year Results FY18

FY18 results offer no surprises for FST, following their pre-close trading update in January which gave guidance on revenues, EBITDA, and net debt and to which we realigned forecasts. The Group edged ahead on revenue with $41.8m for the year against our forecast of $41.3m. EBITDA of $0.8m was in line, with net debt of $2.5m slightly under our revised $2.1m, yet ahead of our original forecast of $3.0m for the year. Notably, the trading outlook confirms early successes in non-Audio IoT and progres

Update to FY18E no.s and release of FY19E forecasts

We release FY19E forecasts for FST and align FY18E numbers with guidance issued in their trading update last month. Whilst we downgrade our FY18E revenue from $46.6m to $41.3m, EBITDA was broadly in-line, and Net Debt beat with $2.1m vs expected $3.0m. Looking ahead, we highlight early enjoyment of licensing revenues (NRE at this stage) in FY19E and expect maiden revenues from the Company’s exploration of non-voice IoT applications. Continued price weakness since summer 2018 is in our view unwar

Broadened reach with KOHLER partnership

Frontier Smart Technologies has announced its selection by KOHLER, a global leader in kitchen and bathroom products, to help launch its new Verdera Voice Smart Mirror with integrated Google Assistant. Whilst not expected to deliver material unit quantum as a niche, high-end product, the announcement represents a potentially significant milestone in successfully broadening Frontier’s revenue base into non-audio IoT. Frontier Smart trades on <0.4x FY’19 EV/Sales, which materially undervalues the s

Quarterly Research Outlook

The market has not faced quite so many conflicting challenges for a number of years, whether related to global geopolitics, trade wars, ongoing Eurozone issues or the “will they, won’t they” saga of Brexit. In our Best Ideas, we sought to highlight stocks that present investors with interesting opportunities following recent market moves. Those stocks, we believe, warrant investor attention, in many cases for uncorrelated or stockspecific reasons, regardless of the near-to-medium term market dir

Small Cap Feast

Circassia Pharma (CIR.L) - specialty pharmaceutical company focused on respiratory disease transferring from the Main Market. No funds being raised. Due 4 Feb. Greenfields Petroleum (TSX-V:GNF) production focused company with operated assets in Azerbaijan seeking AIM dual listing including $60m private placement. Mkt cap $12.6m CAD. Expected late January 2019.

H2 recovery comes through; 2019 numbers introduced

Frontier Smart’s trading update shows delivery of the expected H2 recovery following a challenging first half. FY18E revenues are in-line (‘not less than $41.0m’ versus N+1: $41.6m) despite overstocking of digital radios post-FM shutdown in Norway impacting H1. Full-year trading EBITDA expectations are also in-line at $0.8m, with H2 showing strong improvement (H2: +$2.9m; H1: Loss of -$2.1m) resulting from implemented R&D cost control and H2 sales recovery. FY19 guidance targets further improvem

Cenkos: Healthcare Sector - Ward Round

Weekly round-up of AIM-listed healthcare news. Venture Life Group, GENinCode, Kromek, Alliance Pharma, Polarean Imaging, Benchmark Holdings, Ondine Biomedical, Verici Dx, Faron Pharmaceuticals, Avacta Group, Abingdon Health, Open Orphan, Belluscura, Hutchmed (China), Oxford Biodynamics

LIBERUM: Bango* - Agreement signed with global player

Guidance cut on a continuing higher return rate

Asos has cut its FY22 guidance as shoppers return more clothes amid inflationary pressure. The group also continues to work actively against the ongoing global supply chain challenges. The FY22 top-line is expected to grow between 4%-7% vs .10%-15% previously Adj. PBT will be in a range of £20m-£60m vs. £110m-£140m.

Capital Markets Day feedback

Cambridge Cognition held a very impressive CMD yesterday which showcased the group's Science and Technology capabilities.

Hybridan Small Cap Feast 28/06/2022

Joiners: No Joiners Today. Leavers: Raven Property Group has left the Main Market. What’s cooking in the IPO kitchen? Immediate acquisitions (IME.L) is to re-join AIM via a Reverse Takeover of Fiinu Holdings Limited. Once complete the Company is proposing to change its name to Fiinu Group plc. Fiinu intends to be a provider of a consumer banking product, the Plugin Overdraft ®, which is designed to provide customers with an overdraft facility without having to change their current account or req

Hybridan Small Cap Feast 16/06/2022

*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? LifeSafe Holdings, a fire safety technology business with innovative fire safety products, intends to join AIM. LifeSafe has developed what the Directors believe to be market disrupting, eco-friendly fire safety protection products to both protect (via fire extinguishers) and detect (via carbon monoxide, smoke and heat alarms) fires. At the cent

Hybridan Small Cap Feast 22/06/2022

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 technology business with innovative fire safety p

Contract Cancellation

Actual Experience has been notified by a Channel Partner that one of its customers, a leading energy supplier, will terminate its contract as of 18th August 2022. The contract was valued at £1m over 3 years, with £0.2m recognised in FY Sep21. ACT says that its continuing viability “will depend on securing more sales, the timing of which cannot be forecast with any certainty”. It continues to access the impact on the company and will make a further announcement when appropriate.

Hybridan Small Cap Feast 21/06/2022

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 technology business with innovative fire safety products, intends

SysGroup (SYS LN) - Initiation of coverage

SysGroup is an award-winning provider of managed IT services, cyber security, cloud hosting and IT consultancy. The Group offers investors an attractive business model with high recurring revenue and a diversified customer base. SysGroup is competitively well positioned to benefit from sector trends and is investing in sales capacity to take advantage of cross-selling opportunities and a recovering market. In addition, the company has opportunities to make highly accretive acquisitions and its s

SHORE CAPITAL - OnTheMarket Plc (OTMP) - House Stock at 87p - Time to shine

Upgrading estimates following material contract win

Morning Note – 23 June 2022

Hybridan Small Cap Feast 27/06/22

Joiners: No Joiners Today. Leavers: No Leavers Today. What’s cooking in the IPO kitchen? Immediate acquisitions (IME.L) is to re-join AIM via a Reverse Takeover of Fiinu Holdings Limited. Once complete the Company is proposing to change its name to Fiinu Group plc. Fiinu intends to be a provider of a consumer banking product, the Plugin Overdraft ®, which is designed to provide customers with an overdraft facility without having to change their current account or request an overdraft from their

Contract wins and trading update

Tribal has today announced multiple contract wins (both with new and existing customers) and as well, a positive interim update for FY22, highlighting that - driven by this sales momentum and stronger than expected implementations – revenue now expected to be “marginally ahead”. EBITDA meanwhile has been temporarily held back by a customer specific factor, though this is set to recover in H2 and hence management are guiding to unchanged EBITDA expectations for the full-year. We therefore upgrade