Hybridan Small Cap Feast 24-10-2023

Dish of the day Joiners: No joiners today. Leavers: No leavers today. 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 Services, the holding company ...

Hybridan Small Cap Feast - 13 Jul 23

13th July 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 - 23 Feb 23

23 February 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 objec...

System1 Group: 2 directors

Two Directors at System1 Group bought/maiden bought 30,764 shares at 130p. 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 year...

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...

Update: Termination of coverage

Edison Investment Research is terminating coverage on BrainJuicer Group (BJU). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.

Outlook: Driving flagship System 1 services

BrainJuicer is more clearly focusing on driving its higher quality earnings streams in ad-testing, brand tracking and predictive markets. These areas of the business are growing faster, are more scalable and should drive higher margins than the one-off research projects and consultancy services that have formed much of the mix historically. The group has very strong cash generation and a debt free balance sheet. Proof that the shift in emphasis is paying off should help close the discount with o...

Update: Strong US momentum continues in H215

BrainJuicer’s (BJU’s) pre-close update confirms that it should deliver FY15 results in line with market expectations. Growth has stayed strong in the key US market, where H2 revenues grew by 23%, offsetting a weaker performance in other overseas markets. The group is improving its quality of earnings by building its recurring revenues in brand tracking studies, now 7% of the group, replacing the more volatile qualitative project work. The current EV/EBITDA valuation is at a sizeable discount...

Update: Waiting to crank up the growth

BrainJuicer’s (BJU) interims were in line with pre-close guidance. To meet broadly unchanged FY15 expectations, despite being behind H114, depends on strong trading in the final few weeks of the year (as is normal). Costs incurred in shifting the qualitative offer (15% revenue) to a new Brand Strategy service, together with one-off costs relating to property moves and an aborted acquisition, held back H1 profits but improved the overall commercial positioning. The current EV/EBITDA valuation i...

Update: Strong in key US market, dull UK

BrainJuicer’s (BJU) trading update shows it continuing to make good progress in the US, home market of its most important clients, but having a tougher run in the UK, where additional overhead and one-off costs have been taken on to scale up the business. Visibility is a perennial issue, but management believes that FY15 forecasts remain achievable. The implied half-year revenue and profit splits are within the historic ranges. It has strong cash flow (net cash of £5.3m at end June) and the s...

Outlook: Behavioural scientists

BrainJuicer’s final results demonstrate that it has built a robust business with a quality client list and high levels of repeat custom, despite having an approach to market research that directly challenges typical industry norms. With strong cash generation and a cash-positive balance sheet, there is limited downside, with the potential for growth to step up as clients accept that behavioural science-based methods can best leverage their marketing budgets. The rating is above-sector on P/E b...

Institutional Comment: Daily comment

Update: Juice in quantity

BrainJuicer has indicated FY14 pre-tax profits just ahead of our forecast, despite currency headwinds and a shift in the mix constraining top-line growth. As the group celebrates its fifteenth birthday, it continues to make good progress in promoting its behavioural science-based market research (MR) techniques with global FMCG clients and their agencies, although is yet to break through to winning the larger mandates. Cash generation is inherently strong and year, with year-end net cash of £5....

Update: Scalable quantitative research drives growth

BrainJuicer’s (BJU) interims show the group is on track to meet FY14 expectations – subject, as ever, to the proviso that profits are heavily skewed to the final few weeks. Currency moves dampened top-line growth from 10% to 4%, but had a beneficial impact on costs, which also carried a lower bonus element. Mix continues to move in favour of the innovative ‘Juicy’ quantitative research, which differentiates BJU’s approach and provides scalable growth prospects. The shares sit at a smal...

Update: On track for the year

BrainJuicer’s pre-close trading update indicates H114 revenues up by 4%, equivalent to 10% at constant currency. With the perennial proviso that full-year figures depend on the last few key weeks, management expectations (and our sales and profit forecasts) should be met. The share price has retreated from its earlier overheated position and the rating no longer looks extended against international peers – with the added bonus that the extraordinary element of the share-based payments charge...