reports
Hybridan Small Cap Feast - 24 April 24
24th 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: 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 acquire the entire issued share capital of 3radi...
- Emily Liu
Hybridan Small Cap Feast 14/11/2023
Dish of the day Joiners: No joiners today. Leavers: Ergomed has left AIM. What’s cooking in the IPO kitchen?** 9 November: Chapel Down Group ITF: England's leading and largest wine producer with an award-winning range of sparkling and still wines, under the Chapel Down brand. The Company owns, leases and sources from 1,023 acres of vineyards in South East England announces its Admission to AIM after its transfer from the Aquis Apex market. The Company will not be raising new capital or providing...
Hybridan Small Cap Feast - 20 Jun 23
20th 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...
Hybridan Small Cap Feast - 06 Apr 23
6 April 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...
Gear4music (Holdings): 1 director
A director at Gear4music (Holdings) sold 1,650,000 shares at 730p and the significance rating of the trade was 75/100. 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 cle...
- Chris Wickham
A summer to celebrate
Gear4music continued its recent run of positive news announcements today with an upbeat AGM trading statement. Growth, following an exceptional first quarter in FY2021 (April to June), remained brisk in July and August. Moreover, the company’s strong sales momentum is more than matched by improvements on costs and margins. There are clearly good reasons to remain optimistic about the company’s near and long term prospects. The EV/sales ratio looks modest at 0.8x while its expanded EV/EBIT...
- Chris Wickham
Sustaining a run of positive news
Gear4music, which reported positively on FY2020 profits in its recent 23rd June 2020 results announcement, released further good news today. The company already stated that FY2021 had started on an exceptionally strong note for sales revenue. But profitability – an upgraded priority in the past 18 months – now looks to be ahead of expectations. We raise our forecasts on this report. Gear4music reconfirmed very rapid first quarter sales growth in today’s release. Total sales in the th...
- Chris Wickham
Well positioned for profitable growth
Gear4music’s FY2020 results reflect the positive momentum of the company’s announcements so far this calendar year. The data re-confirm brisk sales growth but in our view improved profits and profitability is the salient story. Moreover, with an online distribution focus, a well sourced product range and clear evidence that its logistics are being run more efficiently, the company’s ability to deliver positive newsflow looks increasingly sustainable. FY2021 started on an exceptionally stro...
- Chris Wickham
Gear4music - Update confirms over-delivered on plans for FY
Gear4music’s sales increased by 9% to £120.3m in the year to 31st March 2020, according to today’s pre-close trading update. The company stated in an earlier (2nd April 2020) RNS that FY2020 profits would be ahead of market expectations and this announcement goes on to indicate by how far. With an online distribution focus and positive financial newsflow, the company’s business model remains attractive. Moreover, it appears resistant to the current UK lockdown, as indicated in a relativ...
- Chris Wickham
EBITDA margin sustains profit growth
UPGS reconfirmed FY2020 profit guidance in a trading statement released today. While FY2020 sales guidance has been reduced, adjusted EBITDA margins will be slightly higher at 8.1% compared with 7.9% envisaged previously. Group banking facilities, that gave £13.2m headroom at end-January were extended until 2024. With the majority of its manufactured product sourced from China, UPGS’s Board is closely monitoring coronavirus developments and highlights that the extension to the Chinese ...
- Chris Wickham
Good Rhythm – Headroom to Grow
Today’s Gear4music trading statement reports a buoyant end to the 2019 calendar year with sales advancing by 7%. Moreover, higher gross margins confirmed the benefit of a raised focus on profitable growth while fully invested logistics and warehousing augurs well going forward. Given a reassuringly positive message on full year FY2020 figures, valuation looks supportive. To us, a rise from the current 0.5x to 0.8x in Gear4music’s EV/sales valuation makes sense, implying a 450p share price.
- Chris Wickham
Profitability Takes Centre Stage
Gear4music is clearly in a far better position than at the start of the current calendar year. Interim results indicate that ahead of peak trading G4M is not only enjoying volume growth, but is also better placed to execute. Focus in H2 will be on margin restoration at some expense of sales. We adjust numbers accordingly. In our view, investors should focus on profit growth rather than sales. Moreover, we note the company’s arguably undemanding valuation. The current EV/sales ratio is j...
- Chris Wickham
Getting Satisfaction in 2020
Gear4music matched market expectations in FY2019 after encountering some turbulence in the second half of its financial year. A combination of greater focus on customer satisfaction and strong financial resources augurs well for an improved profit performance and associated shareholder value creation in FY2020. The new fiscal year started well. The preliminary results' statement confirmed full year sales of £118.2m in the 13 months to 31st March 2019, which was consistent with the companyâ...
- Chris Wickham
Sales growth steals show as margins slim
Gear4music continues to deliver sales in line with market expectations and guides towards further expansion in FY2020. However, some profitability issues (flagged in its 5th January 2019 trading statement) remain in place. Near term, investor interest in Gear4music should focus on its brisk sales growth. Gear4music issued a trading statement today 2nd April 2019 that referred to FY2019. The central message is that sales growth remains on-track at a brisk pace but that profits disappointed al...
- Chris Wickham
Top line on song for further growth
Gear4music’s recent FY2019 profit warning prompted a stark share price reaction. However, there was no let-up in sales growth. As intended, Christmas market share improved at Gear4music and top-line expectations remain intact. Moreover, gross margins should end the year making progress on FY2018. There are good reasons to be positive, which now include valuation. Gear4music’s 4th January 2019 trading statement prompted a sharp negative share price reaction. The company revised FY2019 EBITDA ...
- Chris Wickham
Feeling good about FY2019
After an unquestionably challenging year, UPGS delivered FY2018 preliminary earnings results in line with consensus as underlying EPS was 5.4p. Sales revenue of £88m and £6.5m adjusted EBITDA reconfirmed an earlier announcement. UPGS’s international business continued to gain ground as a portion of sales due to a strong H2. Moreover, FY2019 appears to have started well and we raise our EBITDA estimate from £6.9m to £7.1m, largely due to better than expected sales revenue: the future feel...
- Chris Wickham
Interims justify FY2019 profit expectations
Gear4music sells own-brand musical instruments and music equipment alongside premium third-party brands including Fender, Yamaha and Roland, to customers ranging from beginners to musical enthusiasts and professionals, in the UK, Europe and, more recently, into the Rest of the World. Their interim results were released this morning and reconfirmed both underlying sales growth for the business and a view that full year profits will meet expectations. The company’s second half includes the all-...
- Chris Wickham
Ultimately, there is Growth
Ultimate Products Global Sourcing Holdings PLC (UPGS) looks well placed to return to growth. UPGS enjoys a combination of well-known household brands, a proprietary approach to managing those brands, and significant growth headroom within its distribution channels. Moreover, after a challenging H1, sales trends improved in FY2018 H2. With a strong management team and, arguably, an attractive valuation, the shares should attract investors’ attention. UPGS is a consumer goods company with a ro...
- Chris Wickham
Ultimately, there is Growth
Ultimate Products Global Sourcing Holdings PLC (UPGS) looks well placed to return to growth. UPGS enjoys a combination of well-known household brands, a proprietary approach to managing those brands, and significant growth headroom within its distribution channels. Moreover, after a challenging H1, sales trends improved in FY2018 H2. With a strong management team and, arguably, an attractive valuation, the shares should attract investors’ attention. UPGS is a consumer goods company with a ro...
- Chris Wickham
Strong H1 sales - Growth outlook upbeat
Gear4music sells own-brand musical instruments and music equipment alongside premium third-party brands including Fender, Yamaha and Roland, to customers ranging from beginners to musical enthusiasts and professionals, in the UK, Europe and, more recently, into the Rest of the World. It reported strong first half sales growth in its trading statement today as both UK and Europe made brisk gains and the combined H1 figure beat current expectations. A higher full year number than originally env...
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