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

Morning Note – 16 March 2023

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

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

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,

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

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,

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

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

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

Morning Note – 23 March 2023

Ricardo (RCDO LN) - Up with events pending CMD

We have been positive on RCDO as trading and order intake has recovered, but we think the stock will now mark time pending the CMD and strategy update in May. We refresh our estimates and valuation after recent H1s, and another tuck-in acquisition. For FY23e our revenue is lifted by 2% to £429m and operating profit lifts by 4% to £34m. Our EPS is held back slightly (up 2% to 33.1p) with higher assumed taxes and cost of debt. Similar upgrades are applied in FY25e. With higher estimates, record or

No frills Q3 update; FY guidance confirmed

Experian reported a Q3 FY23 trading update in line with our expectations. Organic growth moderated to 6% yoy (vs 8% in both the Q1 and Q2) due to a tough comparison base. The consumer services segment continued to lead, while core bureau (i.e. ex-mortgage) growth also remained resilient. The management reiterated its FY23 guidance. Overall, no big surprises and hence the share price reaction remained muted (+0.2% at the close). We maintain our cautiously optimistic view on the stock.

SHORE CAPITAL - Macfarlane Group+ (MACF) - House Stock at 107p