reports
Hybridan Small Cap Feast - 15 Jun 23
15th 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...
- Richard Williamson
- Liberum Research Team
GB Group: 1 director
A director at GB Group maiden bought 29,876 shares at 333p and the significance rating of the trade was 74/100. 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 sh...
- Liberum Research Team
- Liberum Research Team
- Andrew Ripper
- Ciaran Donnelly
- William Larwood
LIBERUM: GB Group - Very vulnerable now
Having been behind the curve, GBG has finally reset financial expectations and we have downgraded PBT estimates by 11-13% for FY23/24E. The group is tough to benchmark but the reasons for weaker than expected trading appear to be macro-economic. We believe that fraud/ID is a good market and that GBG’s competitive positioning is sound, which has largely been confirmed by our customer channel checks. With shareholder price expectations and management credibility reduced and some visibility on trad...
- Liberum Research Team
- Andrew Ripper
- Ciaran Donnelly
- William Larwood
LIBERUM: GB Group - Learnings from the CMD
GB Group’s (GBG) CMD should mark the start of the group’s rehabilitation process, after a mis-timed expensive acquisition, collapse of crypto-related revenue and near 60% fall in share price last year. It provided some re-assurance that GBG is well positioned in a market supported by the shift of crime to digital and regulation designed to help prevent it. The caveat is short term trading, which will not be addressed until April. We believe that organic growth should accelerate from FY24E, there...
- Liberum Research Team
- Liberum Research Team
- Richard Williamson
GB Group - H123 performance masks strategic progress
GB Group (GBG) reported a mixed performance in H123: strong growth in its Fraud and Location businesses was offset by weaker performance in the Identity business resulting in pro forma constant currency revenue growth of 3.4% y-o-y. Cryptocurrency headwinds and slowing economic growth drive downgrades to our Identity revenues and normalised EPS forecasts. Integration of Acuant is now complete and GBG is showing early signs of leveraging Acuant’s products and technology across the group.
- Richard Williamson
GB Group - FY23 outlook maintained
GB Group’s (GBG’s) H123 trading update confirmed strong growth in its Fraud and Location businesses, offset by weaker growth in the Identity business. Pro forma revenue growth of 10% included a 6.5% currency benefit. While the board maintains its expectations for FY23, we have trimmed our forecast to reflect the weighting of growth across divisions, reducing our normalised EPS forecast by 1.7% in FY22, 1.2% in FY23 and 1.3% in FY24.
Form 8.3 - Maitland Institutional Services Limited: GB Group Plc
Maitland Institutional Services Limited (MISL) Form 8.3 - Maitland Institutional Services Limited: GB Group Plc 28-Sep-2022 / 14:13 GMT/BST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the “Code”) 1. KEY INFORMATION (a) Full name of discloser: MI Chelverton UK Equity Growth Fund (b...
Form 8.3 - Maitland Institutional Services Limited: Re GB Group plc
Maitland Institutional Services Limited (MISL) Form 8.3 - Maitland Institutional Services Limited: Re GB Group plc 09-Sep-2022 / 13:15 GMT/BST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the “Code”) 1. KEY INFORMATION (a) Full name of discloser: MI Chelverton UK Equity Growth Fund ...
Form 8.3 - Maitland Institutional Services Limited: GB Group Plc
Maitland Institutional Services Limited (MISL) Form 8.3 - Maitland Institutional Services Limited: GB Group Plc 07-Sep-2022 / 13:37 GMT/BST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the “Code”) 1. KEY INFORMATION (a) Full name of discloser: MI Chelverton UK Equity Growth Fund (b...
- Richard Williamson
GB Group - Maintaining FY23 outlook
GB Group’s AGM trading update confirms that the Fraud and Location businesses have seen solid underlying growth year-to-date. A tough comparative period for the Identity business has been partially offset by the favourable US dollar translation effect. With broad geographic coverage and the need for identity and fraud solutions across different sectors and economic cycles, the board anticipates FY23 results in line with its expectations, despite current economic uncertainty.
- Richard Williamson
GB Group - Capitalising on recent strategic investment
GB Group (GBG) reported strong underlying revenue growth for FY22 while profitability growth reflected the resumption of investment in the business. GBG has demonstrated the ability to navigate challenges with its performance over the COVID-19 pandemic and we view its diversified business (by geography and vertical) as a strength in an uncertain market environment. Our forecasts are substantially unchanged and in our view the valuation has become increasingly detached from the company’s growth p...
- Richard Williamson
GB Group - Strong H2 performance drives upgrades
GB Group (GBG) expects to report revenue and adjusted operating profit for FY22 well ahead of our and consensus forecasts having seen a strong performance across all three divisions in H222. We have raised our forecasts to reflect this strength, with EPS upgrades of 5.4% for FY22, 1.9% for FY23 and 1.6% for FY24. In our view, there is a widening discrepancy between the company’s growth potential and its valuation.
- Richard Williamson
GB Group - Strong organic growth in H122
GB Group (GBG) reported a strong performance in H122, with organic constant currency revenue growth of 12.6% y-o-y and an adjusted operating margin of 25.5%. The Acuant acquisition completed on 29 November and the group’s immediate focus is on combining the two companies and pushing forward with growth plans. Our forecasts are substantially unchanged.
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