reports
Hybridan Small Cap Feast - 10 September 2024
* A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced, or it is a rumour Dish of the day Admissions: None Delistings: Hermes Pacific Investments (HPAC.L) has delisted from AIM What’s baking in the oven? Our daily digest of news from UK Small Caps If you would like to unsubscribe, please email with “unsubscribe me”. Hybridan Chefs Banquet Buffet*** Audioboom Grou...
Hybridan Small Cap Feast - 04 June 24
4th June 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced, or it is a rumour Dish of the day Admissions: Delistings: Apollon Formularies (AQSE:APOL) has withdrawn from the Aquis Stock Exchange What’s baking in the oven? ** Potential**** Initial Public Offerings: ITF announced: 22nd May: Raspberry Pi announces an intention to float onto the Premium listing ...
Hybridan Small Cap Feast - 23 April 2024
23rd April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: Bidstack Group (BIDS.L) has left the AIM market What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to ...
Hybridan Small Cap Feast - 08 April 2024
* A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: European Green Transition (EGT.L) a developer of green economy assets in Europe which aims to capitalise on the opportunity created by the green energy transition has joined AIM with a successful placing and subscription at a price of 10p per share. The Company has raised approx. £6.46...
Hybridan Small Cap Feast - 08 Dec 23
8th December 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 obje...
- Emily Liu
Hybridan Small Cap Feast 23-10-2023
Dish of the day Joiners: No joiners today. Leavers: Brandshield Systems Plc (BRSD.L) has left AIM. What’s cooking in the IPO kitchen?** Announced ITF 11 October: Cykel AI, the Company developing artificial intelligence AI software designed and trained to execute commands in response to natural language directives, specifically within the realm of computer interfaces, intends to join the Access Segment of the AQSE Growth Market. Admission on or around 25 October. Announced ITF 2 October: Adsure S...
Eleco : 1 director
A director at Eleco maiden bought 20,000 shares at 78p and the significance rating of the trade was 68/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showi...
Hybridan Small Cap Feast - 27 Jun 23
27th June 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 objecti...
- Paul Hill
ARR climbs 8% LFL, with YTD PBT in line with ests
Eleco is transitioning into a highly cash generative & profitable SaaS winner. April YTD recurring revenues have climbed 8% to £5.4m (vs £5.0m LY) - representing approx. 60% of group sales vs 54% LY. As anticipated, this growth was offset by a similar decrease in software licenses/services. Hence total turnover at £8.9m was flat in constant currency terms, & slightly down (4%) vs LY’s £9.3m - reflecting forex headwinds (eg SEK - £). Equally though, April YTD adjusted PBT is tracking our £2.9m ...
- Paul Hill
‘Grow baby grow…’
Eleco delivered ‘in line’ results today, posting adjusted EBITDA & EPS of £7.2m & 4.0p respectively on record turnover up 8.4% to £27.3m (+7.7% vs FY19). This was further bolstered by 100% cash conversion (£4.75m, representing a 5.7% yield), whilst ending the period with a hefty £10m net cash balance (12p/share) – even after spending 12% of revenues on R&D. Eleco’s award winning applications are being increasingly adopted by construction firms, asset/property managers, manufacturers and retaile...
- Paul Hill
Time to buy the dip
Eleco is an IRP-rich firm that is trading at an unjustified discount to peers (2.4x fwd EV/sales vs 7x sector), that is also benefitting from powerful, secular tailwinds (eg digitisation of all things construction/property related). They announced this morning that FY21 EBITDA would hit £7m – 11% above our £6.3m forecast - on turnover up 8% on a LFL basis to £27.3m (£25.2m LY & ED £26.8m). This is driven by an 8.5% jump in recurring revenues to £15.4m with standout performances from ShireSystem...
- Paul Hill
‘All systems go’ at super-durable, BuildTech stock
H2 has started well, albeit as the company aggressively transitions from perpetual licensing (23.5% of H1’21 turnover, up 8% vs H1’19) to recurring revenues (55%, and +10% vs H1’19), this will inevitably temper top and bottom line progression. It will involve longer sales recognition and greater upfront investment (all self-funded) in order to later reap the rewards of predictable and more profitable income streams (eg SaaS). By switching from a product-led to a customer centric organisation, we...
- Paul Hill
‘Enormous potential’ as BuildTech blossoms
Clarity of thought and simplicity of message are two vital components of any strategy. This morning, together with releasing ‘in line’ 2020 results, BuildTech software developer Eleco revealed its new ‘client led’ (vs product before) growth plan. Explaining how over the next 3-5 years, it aims to not only accelerate LFL revenues towards market norms (c.10% pa), but also deliver healthy profit margins and cash conversion. Not unambitious targets considering its transition to an ARR model from 56%...
- Paul Hill
FY20 adjusted PBT up 10% as H2 sales turn positive
Eleco impressively reported today that it had ended 2020 strongly. With H2 turnover climbing +6% sequentially vs H1 and +2% LFL to £12.9m, and FY performance broadly flat (-1%) at £25.1m. Moreover adjusted PBT rose 10% (at least) to £4.6m, reflecting favourable operating leverage & tight cost control. Going forward, we anticipate continued progress in 2021 and accordingly value the group at a conservative 115p/share.
- Paul Hill
One of most compelling stocks on AIM
The €8bn BuildTech sector is at the heart of the digital transformation of the vast global construction sector. Providing the glue & ‘digital twins’ that bind all the inter-connected ‘property lifecycle’ parts together – eg CAD/CAM (design), project management, visualisation, AI, asset maintenance (operate) and Building Information Modelling. BuildTech expert Eleco today reported resilient H1’20 sales of £12.2m (-3.9%) and improved operating margins (19.4% vs 16.8% LY), adjusted EBIT (+10.6% a...
- Paul Hill
You cant keep a good business down
Elecosoft reported that, although H1’20 turnover dipped slightly to £12.2m (-4% vs £12.7m LY, -3% constant currency) due largely to COVID-19, adjusted PBT climbed 14% to £2.23m (£1.96m LY, or +23% reported £1.93m vs £1.57m LY). Boosted by favourable operating leverage, lower costs and higher EBIT margins - as tradeshows were postponed and less money was spent on travel & other discretionary items. Encouragingly, net funds closed June at a robust £4.4m (worth 5.3p/share) vs £1.1m Decâ...
- Paul Hill
Profits jump 25% April YTD
Elecosoft said this morning that although revenues declined 3% April YTD (2% constant currency: ED estomated split -14% month vs +2% Q1’20) PBT had jumped an impressive 25% YoY – as tradeshows were postponed and less money was spent on travel, hotels, marketing & other discretionary items. Altogether, lifting year-to-date EBIT margins to circa 21% (ED estimate) vs 16.8% H1’19, and closing April with net cash of £3.1m, vs £1.1m in Dec’19. Customers are also accelerating their own ad...
- Paul Hill
Beneficiary of the new digitalised world
Today the Board reported in line 2019 results. Delivering revenues up 14% (est. 3% LFL) to £25.4m (£22.2m LY), despite adverse forex (ED -2%, weaker SEK vs £) & other macro headwinds (Brexit, General Election & subdued Eurozone). Growth was split evenly across the UK +15% (£9.4m) & abroad +14% (£16.0m), with sales/head nudging up 3.8% to £101.2k (£97.5k). Both 89.5% gross profit margins and positive operating leverage (32.9% EBITDA drop through rates) allowed R&D (£3.1m vs £2.8m LY) to...
- Paul Hill
Long term winner in new social distancing world
Today Elecosoft reports that 2019 turnover and adjusted PBT were “significantly higher†(ED £25.3m & £4.1m) than last year. With a robust balance sheet and high recurring revenues, they're well placed to cope with the uncertainty introduced by COVID-19. Results have seen a marginal impact towards the end of Q1, and given the uncertainty of timing, the Board has decided to suspend the final dividend, and remove any indications of future performance from today’s pre-close statement. ...
- Paul Hill
At the intersection of AI and BuildTech
2019 proved to be challenging period for many corporates, with S&P500 EPS growth set to climb just 0.2% YoY ($162/share). Even the poster child of the tech world, Enterprise Software (ES), hit a pot-hole, limping along at a comparatively modest 8.5% to $456bn (source: Synergy Research) vs 13.5% for 2018. However C-suite confidence is returning, with Gartner predicting the ES market will accelerate back up to normal cruise speed (ie +10.5% to $503bn) this year. Encouragingly too, Elecosoft said...
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