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Hybridan Small Cap Feast - 12 Oct 23
12th October 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...
- Liberum Research Team
- Liberum Research Team
- Adam Tomlinson
- Anubhav Malhotra
- Wayne Brown
LIBERUM: Hotel Chocolat* - Now is the time to Buy the shares
The building blocks to deliver >20% EBITDA margins should start to fully flow from FY’24. While there has been disruption to underlying trading as the group enacted efficiency projects the equity story has never been about FY’23 (which is now broadly break-even) but about the ability to deliver against its five strategic pillars. Our FY’24 and FY’25 numbers remain unchanged as the key deliverables are clear and achievable. Trading on c.5x EV/EBITDA, FCF yield of 7.5% has to be wrong for a busine...
- Liberum Research Team
- Liberum Research Team
- Liberum Research Team
- Adam Tomlinson
- Anubhav Malhotra
- Wayne Brown
LIBERUM: Hotel Chocolat* - Building blocks in place for superior profi...
Being six months into a three-year plan, the building blocks to return to profit growth and the delivery of 20% EBITDA margins by FY25E are tangible. With the FY’23 interims now behind us, the focus should soon switch to FY’24 and the deliverability of what will be +234% uplift in profitability. Our PBT estimates are mostly reliant on internal self-help drivers and assume little by the way of top-line assistance which is an assumption that should prove too cautious.
- Liberum Research Team
- Liberum Research Team
- Adam Tomlinson
- Anubhav Malhotra
- Wayne Brown
LIBERUM: Hotel Chocolat* - Outstanding trading over peak
The best-ever seasonal sell-through underpins confidence in forecasts. The group is on-track to meet its strategic target of 20% EBITDA margins by FY25, there is more than £30m of net cash, inventory is in a good position (down 17% YoY) and cost efficiency projects now begin. So, everything the group has set out is being delivered – so we leave numbers unchanged. Against that backdrop, footfall dynamics are robust highlighting the appeal of the brand and its diverse product range. Store recovery...
Hotel Chocolat Group: 1 director maiden bought
A director at Hotel Chocolat Group maiden bought 8,802 shares at 398p and the significance rating of the trade was 54/100. 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...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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