Brady - Termination of coverage

Edison Investment Research is terminating coverage on Medigene, PetroMatad, Brady and Stride Gaming. Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our website.

Brady - Recommended cash offer at 10p

Brady has received a recommended all-cash offer at 10p per share (a 50.8% premium to the closing price), valuing the issued share capital at £8.3m, from Hanover Active Equity Fund II, a private equity (PE) investor focused on SMEs in the UK and Nordic markets. The cash offer has been declared final, will be declared unconditional as to acceptances based on 50% of the share capital and may only be increased if there is a counter-offer.  Before the bid, Brady had been looking to secure additional

Brady - Suspension of estimates

For the purposes of the Takeover Code, Edison Investment Research is deemed to be connected with Brady plc. Under Rule 20.1 Edison must not include any profit forecast, quantified financial benefits statement, asset valuation or estimate of other figures key to the offer, except to the extent that such forecasts, statements, valuations or estimates have been published prior to the offer period (as defined in the Takeover Code) by an offeror or the offeree company (as appropriate) in accordance w

Brady - New strategic plan, new sales expected FY20

Following its August trading update highlighting a slowdown in new sales, Brady’s interim results were in line with our expectations. H119 revenue was £9.5m, a 9% fall vs H118, with an EBITDA loss of £1.8m and a PBT loss of £2.5m. Net cash fell to £1.0m from £4.6m at FY18. Recurring revenues represented 82% of total revenues. The new CEO has completed her strategic review and management is focused on delivering a more scalable, predictable and sustainable business to allow the company to become

Cenkos: Brady Plc - Restructuring

Brady is on track for an FY19E performance in line with expectations redrawn last month. This implies a flat H2E revenue outlook. We envisage a material restructuring exercise which should transform trading going forward. The price is not discounting a return to profitable trading in our view.

Brady - Perfect storm as sales stall forecasts revised

With the company expecting FY19 revenues of c £19m, c 22% down on our previous forecasts (£24.3m), new sales have slowed markedly since Brady’s last trading update on 30 May. This represents a perfect storm for Brady with it trying to affect a turnaround in the face of significant market and business uncertainties. We have revised our FY19 forecasts and now anticipate a PBT loss of £4.2m in FY19 (previously £1.0m) with FY19 net cash falling from £2.7m to £1.2m net debt. We have withdrawn our FY2

Cenkos: Brady Plc - New business challenges

Converting new business opportunities into revenue is proving more challenging than we had anticipated and we are revising our forecasts following today's trading update. The deferral of business means the outlook for 2020E remains positive. We move our recommendation to Hold until we see momentum returning.

Small Cap Feast

Brady - Sales pipeline is building

In a brief in-line trading update, Brady has said it has made substantial progress in the first four months of FY19 and the sales pipeline is building. We are maintaining our forecasts. Carmen Carey took on the CEO role in February and we expect the results of her review of the business and new strategy to be outlined with the interims in September. The market opportunity is substantial and we believe Brady is well positioned to benefit from the significant sector consolidation.

Small Cap Feast

Renold plc—a leading international supplier of industrial chains and related power transmission products, announced that it will cancel the listing of the Company from the premium segment and apply for admission on AIM. Expected 06 June 2019. Alumasc Group plc, the premium building products, systems and solutions group, has announced its intention to move from the Premium Segment of the main market to AIM. Expected market cap of £33.4m. Expected 25 June 2019

Brady - Building the business for a brighter future

The last two years have seen a significant streamlining of the cost base and a focus on delivering on several significant legacy contracts, which will be completed in FY19. There has also been significant investment in product in FY18 (R&D was 30% of sales). Carmen Carey took on the CEO role in February and management is now looking to exploit the benefits of the streamlining and investment, with an increasing emphasis on new sales. The market opportunity is substantial and we believe Brady is w

Cenkos: Brady Plc - Turning the corner

We see the appointment of a new CEO and focus on sales to new customers as marking the final stage of Brady's recovery. We leave our 2019E forecasts unchanged and see 2020E as the year when the restructuring begins to bear fruit. Visibility is high for this year and we see upside in the share price as the new team executes a sales led strategy.

Brady - Broadly in line as new CEO starts in mid-February

FY18 numbers were broadly in line with expectations and we have maintained our forecasts. Management remains confident on the outlook as the group stands to benefit from the streamlining and investment of the last few years. In December, Brady appointed Carmen Carey, currently a Brady non-executive director, as its new CEO. An initial priority for the new CEO will be developing the new sales strategy. The market opportunity is substantial, and we believe Brady is well positioned to benefit from

Small Cap Feast

Techniplas –global producer and support services company providing highly engineered and technically complex components, making the supply chain to original equipment manufacturers more efficient. FYDec17 rev $515m. 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 listi

Brady - Positioning for new technologies

Brady has undergone a significant transition into a leaner, more focused business. Costs have been taken out and the recycling business sold earlier this year as it did not fit well with the business. The main priorities are delivering on legacy contracts while significant resources are being used to refresh the product, with c 25% of FY18 sales expected to be spent on R&D. Consequently near-term ratings remain elevated. However, the market opportunity is substantial and we believe Brady is well

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

Audioboom Group - Robust FY22 results, maiden 8p dividend planned for FY23

In today’s FY22 results, Audioboom has reported adjusted EBITDA and net cash in line with the January trading update, highlighted an encouraging start to FY23, and announced plans to pay a maiden FY23 dividend. FY22 revenue growth of +24% yoy to $74.9m has been driven by +16% growth from core premium sales, +70% growth from Showcase, and +37% yoy growth from Sonic, and enabled Audioboom to outperform the wider podcast industry for the sixth consecutive year. A tight control on cost drove adjuste

Morning Note – 27 March 2023

A maturing portfolio

Frontier IP has reported interim results (H123) that reflect a period of strong technical progress but without the large revaluations of previous periods. Net assets per share decreased to 88.2p (FY22: 88.5p) while Net Cash increased to £5.8m providing the Group with a multi-year cash runway. H123 saw a number of important commercial and technical developments with FIPPs management highlighting Pulsiv and Alusid as moving beyond inflection points. A £0.5m pre-tax loss reflects no major net reval

Bioventix - Interims – a strong start to the year underpins FY forecast

Bioventix delivered a strong set of interims, with revenues up 25% to £5.9m, adjusted EBITDA +24% to £4.7m and adjusted pre-tax profit up 26% to £4.6m. Due to a weaker GBP, translation of overseas revenues boosted revenues by c.9% (c.£0.4m), implying a still strong 16% CER growth rate. In line with its policy of maintaining c.£5m cash on the balance sheet, an interim dividend of 62p was declared (+19%), with net cash at period end of £5.15m. Revenue growth was well balanced, with troponin revenu

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 - 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

Cenkos: Braemar Plc -- Record revenue and profitability

In a trading update for the year to 28 February 2023, Braemar highlighted record revenue and profitability for the period. Braemar expects to report revenue not less than £150m, up at least 48.1% on FY22A, and underlying operating profit of not less than £20m, c100% ahead of FY22A, with all parts of the business performing well and further helped by a positive dollar FX tailwind. Braemar has increased its investment in the business during H2/23 and with trading in the current year staring well,

Fintel plc (FNTL LN) - Growth driven by FinTech

Fintel’s 2022 results provides details behind its January pre-close, which revealed: • 8% core revenue growth to £56.4m (FY21: £52.2m) • 7% core SaaS & Subscription revenue growth to £36.8m (FY21: £34.3m) • 4% total revenue growth to £66.5m (FY21: £63.9m), including surveying & panel management • Adjusted EBITDA growing.6% to £19.4m, in line with Board expectations (FY21: 6%), while adjusted core EBITDA grew 9% to £18.6m (Zeus forecast: £18.0m) • 118% (FY21: 116%) operating cash conversion,

SP Angel Morning View:Copper prices tick higher on improving fundamentals as Trafigura expects $12,000/t

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

FY22 update – Performance in-line & board changes

RBGP has published its FY22 pre-close trading update this morning. Unaudited FY22 revenue, adj. EBITDA and adj. operating profit are expected to be in-line with our estimates. Professional Services, saw good performances across both, the legal services and sell-side corporate finance offering. Whilst there is no resolution on decreasing exposure to LionFish, the Group is encouraged by accelerating developments. RBGP also announced a number of changes to the board, with Nicola Foulston, CEO, havi

Pricing power underpins expectations

Morning Note – 23 March 2023

Solid Q4 NAV, Hydro demonstrates its power

The Q4 NAV rose 1p (net of a 1.25p dividend) to 118.7p, taking the NAV TR for the year to 19.6%. DORE’s solid Q4 performance was the product of multiple countervailing forces (detailed below). DORE’s decision to store (in early Q4) hydro-generation capacity (water) in its dams facilitated higher value generation later in the period and above expected hydropower revenues. In light of recently published discount rates for UK Solar (7.0%-7.5%), DORE’s valuation of its UK Solar assets at 8% feels co