Hybridan Small Cap Feast 14/12/22

Dish of the day Joiners: No joiners today. 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-class copper-gold assets in the Philippines and a cobalt asset in Namibia. Amount planning to raise and anticipated market cap TBC. Expected late December 2022. Smarttech247 Group intends to join AIM. The c

Cenkos: LoopUp Group Plc -- Continued growth in customer base

LoopUp has released an encouraging trading update, underpinned by the successful transfer of c7,000 former PGi Connect conferencing service customers to the Group's Meetings and Event platforms. The acceleration in new customer and contract wins for the Group's Cloud Telephony solution is positively contributing to the strong performance of the Group. To reflect the uplift in performance we marginally increase FY22E revenue from £15.4m to £15.5m whilst also increasing administrative expenses by

Cenkos: LoopUp Group Plc -- PGi extends cash runway

The PGi book of business transfer goes live on 1 October 2022. This transaction will boost the Group's cash flow over the next two years, albeit on a slightly deferred basis in FY22E given monthly billing in arrears and normal collection cycles. LoopUp has raised £3.5m of new equity to help finance its working capital during the transition period and invest further in its growing Cloud Telephony division.

Hybridan Small Cap Feast 07/09/22

Dish of the day Joiners: No joiners today. Leavers: Stanley Gibbons Group has left AIM. What’s cooking in the IPO kitchen?** Critical Metals plc, a company established to acquire mining opportunities in the critical and strategic metals sector, is to be re-admitted onto the Main Market under the ticker “CRTM”, following the proposed acquisition of a 57% interest in Madini Occidental Limited, which holds an indirect 70% interest in the Molulu copper/cobalt project located in the Democratic Republ

Cenkos: LoopUp Group Plc -Transfer agreement brings strong cash flow

LoopUp has assumed a book of conference service contracts from a US competitor for no initial outlay. This book will yield operating cash flow of c£5m on an annual basis. Together with the renegotiated banking facilities secured earlier in the year, the Group's enhanced cash flow and headroom in its facilities will position the company well for FY23E and we upgrade the stock to Buy.

Cenkos: LoopUp Group Plc -- New business lag effect

New Cloud Telephony customer numbers expanded significantly last year but a lag in implementation timing is impacting the ramp up of revenues in the new year. If all customer geographies are rolled out there is upside to our earnings and cash flow forecasts but we revise our recommendation to Hold until we have greater visibility over the outcome of FY22E.

Small Cap Feast 16/11/2021

Banquet Buffet Blackbird 32.25p £109.3m (BIRD.L) The technology licensor, developer and seller of the market-leading cloud native video editing platform, Blackbird, announced today that Eurovision Sport has engaged with Blackbird to drive cloud native video production workflow efficiencies for its members in a multi-year deal. Eurovision Sport is utilising Blackbird for professional, collaborative and scalable cloud native video editing and publishing of sports content. Blackbird has been deplo

Cenkos: LoopUp Group Plc -- Major distribution agreement

LoopUp has signed a major reselling agreement with an international telco to distribute its Cloud Telephony platform into its business customer base. In our view, this validates both the commercial proposition and LoopUp's channel strategy. We have nothing in our forecasts for CT indirect sales meaning this agreement provides upside potential to forecasts once revenues flow.

Hybridan Small Cap Feast 1/11/2021

Joiners Quantum Exponential to join AQSE. The Company intends to identify investment opportunities in the quantum technology sector. The Company has identified over 175 start-ups which potentially meet their investment strategy with a focus on seed funding for start-ups with second stage funding plans in preparation. Due 1st Nov. Leavers No leavers today. What’s cooking in the IPO kitchen? Ashtead Tech, subsea equipment rental and solutions provider for the global offshore energy sector to join

Cenkos: LoopUp Group Plc -- Phoenix

LoopUp has raised £8.85m gross in a Placing and Primary Bid offer of new ordinary shares to support the expansion of its subscription cloud telephony platform, fund an acquisition and reduce gearing. While still materially cash generative, Remote Meetings is now a sunset business and the primary driver for earnings growth going forward is the platform-based Cloud Telephony division. LoopUp has a £117m pipeline to convert in this expanding marketplace and the share price is not discounting any re

A year of transition

LoopUp has managed its way through the challenges and opportunities brought about by COVID-19, and exits 2020 with a strong cash balance, a reinvigorated product line-up, and some promising pipeline opportunities. This year will be one of transition, as the group evolves and continues promoting its Cloud Telephony offering within Microsoft Teams, both selling directly to enterprise customers and indirectly via the large Microsoft partner ecosystem. The RNS strikes a cautious tone on near-term sa

Non-core revenue drags run-rate down

LoopUp has published a trading update detailing a modest miss for FY20, but a materially lower-than-expected run rate as the business moves towards FY21. The shortfall is attributable almost entirely to a faster-thanexpected and more dramatic decline for the LoopUp meetings product in sectors outside the core focus Professional Services segment. We make reductions in estimates to reflect this revised outlook – clearly this is disappointing, but there are a number of positives within the parts of

Confirmation of stellar H1

LoopUp has announced a very strong H1 period, in line with the previous trading update and reflecting a number of months of exceptional performance. This is allowing the business to invest in the major identified new opportunity, to provide telephony within Microsoft Teams, where the early signs are extremely positive. We look forward to further detail on the Teams pipeline and sales levels over time.

Small Cap Feast

What’s cooking in the IPO kitchen? Guild Esports a UK-based owner and developer of esports teams, has announced its intention to seek a listing of its ordinary shares to the Standard Listing segment of the London Stock Exchange this autumn. its founding shareholders include David Beckham, former football player and captain of England, and now co-owner of new MLS team Inter Miami CF. HOME REIT intends to float to the Main Market raising up to £250m. The Company will seek to contribute to t

ARR guidance lifted; IFRS15 revenue adjustment

FY'22 was a formative year, as Bango's compelling platform licensing revenue model achieved meaningful scale and the execution began on the transformational DoCoMo deal. Platform Licensing Exit ARR rose to $5.0m (FY'21: $1.1m), whilst a record number of new merchants landed in the year (44, inc. McAfee, HBO, Paramount and others). Valuation materially understates the synergistic potential available from the DoCoMo deal in our view, whilst also overlooking value in the rapidly growing licensing b

New Forecasts: breaking through

With FY22 in line and no changes to our existing FY23 forecasts, our focus is on the introduction of new forecasts for FY24 and FY25. We model Clareti recurring revenue growth of 17% and 18% resp. With Clareti having broken through to positive cash EBITDA for the first time in its history in FY22, we expect operating leverage to drive significant margin expansion over the next three years and beyond (Gresham guides to 40% of ARR dropping through to cash EBITDA). We model cash EBITDA margins of 1

Hybridan Small Cap Feast - 23 Mar 23

23 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 - 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

Altitude Group (ALT LN) - New major contracts and FY23 ahead of expectations

Altitude has announced multiple new contracts in its Adjacent Markets Programmes (AMP) that are expected to have a significant impact on Group revenue. Zeus adjusted EBITDA forecasts are upgraded 11.9% in FY24 and 24.2% in FY25 to reflect this. The Group has also guided that FY23 adjusted EBITDA is expected to be above expectations (£1.70m), so we upgrade by 8.8% to £1.85m. Today’s contract wins and confident outlook statement provide further positive momentum. Altitude shares trade below our up

Morning Note – 27 March 2023

£10m upsell & extension, in upgrade territory

Cerillion has announced a £10m/10yr deal with an existing EMEA customer. This represents both an extension and expansion, as this customer is upgrading its core BSS platform to Cerillion’s latest (23.1), while also has purchased an additional module and will move onto Cerillion’s Evergreen Software Programme all incremental revenue. While investors have become familiar with the trend towards larger new customer deals, today’s announcement highlights Cerillion’s ‘existing customer opportunity’.an

Sopheon - Results: Introducing InnovationOps

FY results to December 2022 are in line with the January trading update indicating exciting prospects. The significant strategic shift to SaaS for all new customers will lead to greater visibility and quality of earnings, and forecasts are unchanged save for changes to US tax assumptions in FY24. $24.3m of ARR at FY22 (+17% vs FY21 ) represents 64% of FY23 revenue expectations; total visibility of FY23 revenue stands at $28.4m, equivalent to 75% of FY expectations (this time last year was $25.1m

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

Looking through the fog

Tribal has provided a useful NTU update, suggesting that the two parties are working towards winding the contract down, albeit negotiations are still ongoing. While this is clearly not an optimal outcome, it nevertheless reduces uncertainty surrounding the stock and so should enable investors to focus on the core business, which continues to perform strongly – delivering +10% u/l ARR growth (despite the NTU loss). With a strong and sticky core market position and an increasingly international pr

Hybridan Small Cap Feast - 24 Mar 23

24 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 - 16 Mar 23

16 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 - 20 Mar 23

20 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 - 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

Blackbird plc - Finals

Blackbird plc has reported strong full-year results, with record revenue growth driven by its first ‘Powered by Blackbird’ (PBB) licencing deal with EVS, a €300m market-cap media group. EVS launched IPD-VIA Create in December 2022, its new web application developed in collaboration with Blackbird, which has already been deployed by a US broadcaster on a major global sporting event. This, and the continued roll-out by EVS, will translate into additional revenue for Blackbird through its revenue-s