Morning Note – 12 December 2022

Bigblu Broadband - FY22 EBITDA +5% ahead and adjusted FCF of +£1.5m

BBB’s FY22 trading update highlights organic revenue growth of +13% to £31.2m, adjusted EBITDA +5% ahead at £5.0m, and net cash £0.5m ahead at £4.2m due to adjusted FCF of £1.5m. Australasia’s +19% organic growth to £26.5m has powered the group’s performance, and the focus on migrating customers to optimise ARPU will enable expansion towards the group’s target of 100k customers in 3 years, from 51.5k at FY22. The Nordics faced a challenging FY22 due to the cyber-attack on ViaSat impacting BBB’s

Morning Note – 5 December 2022

Morning Note – 30 August 2022

Bigblu Broadband - H1 22 organic revenue growth of +12% and positive EFCF

BBB’s H1 22 results demonstrate strong organic revenue growth of +12% to £14.9m, adjusted EBITDA of £2.0m, and adjusted EFCF of £0.4m. The group’s performance has continued to be driven by Australasia’s +16% organic revenue growth to £12.6m, with subscriber growth and upselling further boosted by the successful acquisition and integration of Clear to strengthen the division’s presence around Melbourne and in B2B. The Nordics faced a challenging H1 due to the cyber-attack on ViaSat impacting BBB’

Morning Note – 4 July 2022

Bigblu Broadband - +15% H1 organic revenue growth, deferred payment update

BBB’s H1 22 trading update highlights excellent progress in Australasia and the Nordics, with organic revenue growth of +15% to £14.9m, adjusted EBITDA of £2.0m, and adjusted FCF of £0.4m. It has also announced that no deferred contingent consideration will be paid by Northleaf for the June 2021 acquisition of Quickline, as the global shortage of 5G equipment has impacted Quickline’s ability to achieve the performance conditions by 31 May 2022. We make no changes to our forecasts for the continu

Morning Note – 21 March 2022

Bigblu Broadband - Strong FY21 results with adjusted EBITDA +2% ahead

BBB has reported strong FY21 results, with adjusted EBITDA and net cash +2% and +6% ahead of its December trading update, where we had upgraded our FY21 EBITDA by +8% and increased our FY21 net cash by £3m. The group’s +15% organic revenue growth to £27.1m has continued to be driven by Australasia’s +29% organic growth, while in the Nordics the accelerated fixed wireless infrastructure upgrade program has been completed at a lower cost than expected, and BBB has added 2k new subscribers in the r

Morning Note – 2 December 2021

Bigblu Broadband - Strong trading update with FY21 EBITDA +8% ahead

BBB’s FY21 trading update highlights excellent progress at the group’s continuing operations. FY21 revenue of c£27m is +1% ahead of our previous estimate of £26.8m, FY21 EBITDA of c£4.5m is +8% ahead, and FY21 net cash of c£5m is over £3m ahead of our previous estimate of £1.7m. The group’s strong performance has been driven by Australasia, delivering c+30% organic growth in FY21, as it has grown to c51k subscribers through +4k net adds, and increased ARPUs from the higher speed Sky Muster Plus

Morning Note – 6 September 2021

Morning Note – 31 August 2021

Bigblu Broadband - £26m return of capital and +16% organic growth in H1

BBB has announced H1 results with +16% organic revenue growth for its continuing operations of Australasia and the Nordics, and announced that it will return c£26m of capital by October 2021 following the disposal of Quickline in June 2021. For the continuing operations, H1 21 revenue grew to £13.1m from £10.6m, with 93% of H1 21 revenue from recurring broadband airtime revenue. Australasia’s +31% H1 organic revenue growth drove the group’s strong performance, while BBB has accelerated its Nordi

Morning Note – 11 June 2021

Gamma: Confidently following a consistent course

Gamma’s trading statement for the year ended 31 December 2022, issued today, confirms that the group will be able to report another year of strong financial performance, with results in line with expectations. The UK business has been trading strongly through both the Direct and Indirect channels, while UCaaS adoption in Europe continues to build, with Germany showing notably strong UCaaS growth. We maintain our estimates for FY22 and FY23 following today’s statement, and look forward to the ful

Cenkos: CyanConnode Holdings Plc -- Indian Tenders Roaring Ahead

CyanConnode has released interim results for the period ending September 2022 in-line with full-year estimates, leading us to keep forecasts unchanged. Revenues will be weighted towards H2/23E as shown by Q3/23E revenues being on course to be at least 3x higher than H1/23A. Q4/23E revenue is expected to be c2x that of Q3/23E revenues, which aligns with Q4 consistently being the busiest quarter each year as there is a flurry of activity before the 31 March year-end for Indian companies. Since we

Hybridan Small Cap Feast 20/12/2022

Joiners: No joiners today. Leavers: PCF Group has left AIM. What’s cooking in the IPO kitchen?** Quetzal Capital, to be renamed Tap Global Group, intends to join the AQSE Growth Market. Tap Global is an innovative and fully integrated provider of crypto settlement and fiat banking. It provides its customers with access to several major crypto exchanges through Tap Global’s app, allowing them to purchase up to 15 crypto assets and store them directly in the customer’s wallet. Tap Global also offe

CyanConnode* - H1 results published, with encouraging outlook

H1 results published, with encouraging outlook

Morning Note – 14 November 2022

Hybridan Small Cap Feast 19/10/2021

*A corporate client of Hybridan LLP Joiners Bens Creek Group (BEN.L) has joined AIM. Bens Creek, together with its subsidiaries, will, on Admission, own and operate a metallurgical coal mine located on 10,000 acres in the southern part of the state of West Virginia and eastern edge of the Commonwealth of Kentucky, in the central Appalachian Basin of the eastern United States of America. The mine's operations are located primarily in Mingo County, West Virginia. The mine includes a wash plant

Arden Research Best Ideas 2022

We believe the narrative for the UK equity market remains very good. Some inflation appears embedded in markets and economic growth seems robust. We saw investors show caution into the end of 2021 and so have cash to deploy in our view. This has been corroborated by investor feedback we’ve had already this year. The UK equity market is materially cheaper than global equities on a relative basis so asset allocators have to be looking at UK equities while UK 2022 GDP growth is likely the best of t

SHORE CAPITAL - Initial Trading Comment