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

Morning Note – 23 March 2023

PROGRESSIVE: Sopheon - A year of strategic and product progress

Today’s FY22 results reflect a year of significant progress, with revenue and EBITDA coming in above the market expectations prior to the January update. Sopheon completed two acquisitions and launched three products, broadening its family of InnovationOps solutions and expanding the addressable market to $3bn. FY22 also saw Sopheon’s largest single deal to date: the $11m US Navy contract. Revenue of $36.8m was 7% ahead of $34.4m in FY21, or $38.1m on a constant currency basis, representing 10%

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 - 30 Jan 23

30 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

Sopheon: Getting in step for the SaaS jump forward

Sopheon’s trading update for the year ended 31 December 2022, issued today, shows a strong performance at the revenue level, in line with market expectations, and adjusted EBITDA comfortably above expectations. Net cash of $21m is in line with our estimate, down on last year principally because of the currency movements on Euro and Sterling deposits and the extended payment terms on the US Navy contract announced in July, as well as M&A payments. ARR at the year-end is expected to have been $24.

Morning Note – 30 January 2023

Morning Note – 1 September 2022

Sopheon: New clients, channels, products – new rating_

H1 2022 figures, released today, show strong underlying progress being made. SaaS ARR is up 22% year on year – 26% in constant currency terms. The recent acquisitions are also contributing, with new clients won and new cloud products due for release in H2. The recently announced US Navy deal reminds us that Sopheon is a serious enterprise software business, able to service the largest and most demanding of clients.

Morning Note – 24 August 2022

Sopheon - Interims: everyone loves a sailor

Interims show consistent delivery of growth in near- and mid-term visibility with the combined effects of SaaS licence growth, and a large licence-based contract win. The $11.2m contract win with the US Navy disclosed last week, the group’s largest ever, reiterates the potential: significant contract size, for high quality, demanding customers – a top reference for product quality. Near-term visibility ($34.1m including the Navy contract) of FY22 revenue covers 92% of unchanged FY22 expectations

Hybridan Small Cap Feast 16/08/22

Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Unigel Group, intends to join the Aquis Growth Market. Unigel Group is a pioneer in the field of thixotropic gels for the fibre optic cable industry. The Company is also a supplier of laminated steel tapes to the fibre optic cable industry in the US. Thixotropic gels and laminated steel tapes are essential components to the rapidly growing global fibre optic cable market. The Group exports to over 40 count

Morning Note – 16 August 2022

Morning Note – 9 June 2022

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 - 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

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

Hybridan Small Cap Feast - 31 Mar 23

31 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

tinyBuild (TBLD LN) - Show me the money

2022 revenue was below our estimate. Whilst Adjusted EBITDA was broadly in line at $24m, FCFF was -$18m. Capitalised development costs were higher than we expected, reinforcing our view that amortisation expenses will ramp and flatten EBITDA in 2023 and 2024. However, the company extended its amortisation period, resulting in a deferral of expenses. The net effect of lower revenue, higher capitalisation of development costs and deferred amortisation costs is insignificant changes to our Adjusted

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