reports
- Caroline Gulliver
Resilient, undervalued, and growing
Begbies Traynor has confirmed financial performance in 3Q25 was as expected and that FY25E will extend its track record for strong financial growth. We forecast 11% revenue growth and a high 15% Adjusted PBT margin. The macro-economic environment remains supportive for Begbies and the group’s expansion into property advisory gives momentum which we believe is undervalued, trading on only c.9x calendar ‘25 PER. Today’s trading update confirms that “both divisions have been consistent with the Bo...
- Caroline Gulliver
Diversification and track record merits higher rating
Begbies’ H1'25 revenue growth of 16%, including 11% organic growth, is testament to management’s strategy of broadening its professional service offer, increasing the group’s resilience and expansion opportunities. Having delivered a six-fold increase in Adj. PBT over the past decade, and an impressive 16% in H1'25, we see Begbies’ valuation derating as unwarranted. Begbies delivered another admirable all-round performance in H1’25 with its business recovery and advisory services achieving 12% ...
Hybridan Small Cap Feast - 2 December 2024
* A corporate client of Hybridan LLP ** Potential means Intention to Float (ITF) has been announced, or it is a rumour ***Arranged by type of listing and date of announcement ****Alphabetically arranged Share prices and market capitalisations taken from the current price on the day of publication Dish of the day Admissions: None Delistings: None What’s baking in the oven? Transferring markets: 8 November: Zentra Group plc (ZNT.L)* will delist from the Equity Transition Segment of the Main Market...
Hybridan Small Cap Feast - 18 November 2024
Status of this Note and Disclaimer This document has been provided as a general market commentary and is issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as investment advice; a recommendation; an offer to sell; nor 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. The i...
- Roger Leboff
Q1 trading update – another positive start to the year
The AGM statement confirms that the current year has started well and expresses confidence regarding delivery of market forecasts. Implementation of a consistent strategy over the last decade has tripled the size of business revenues and achieved a six-fold increase in adjusted PBT, contributions coming from both acquisitions and organic investment. Parallel growth in underlying cash flows has enabled the group to repay debt drawn to fund investment and simultaneously built earnings and enabled...
- Roger Leboff
Good results and strong momentum into FY25
Reliable results are a BEG characteristic. FY24 included 12% revenue growth (6% organic), just ahead of our forecasts which puts it well on track to achieve its £200m medium term revenue target; we project that by FY27. The outlook is also confident and our FY25e forecast only includes organic growth and full contributions from recent acquisitions. As a result of cash generation in the period year-end net debt was £1.4m (FY23: £3m net cash): that is certainly impressive post £11.1m of acquisit...
Hybridan Small Cap Feast - 21 May 24
21st May 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: What’s baking in the oven? ** Potential**** Initial Public Offerings: ITF announced: 7th May: Time To ACT plc, an engineering business focused on technology for the energy transition sector, has announced its intention to seek Admission to t...
- Roger Leboff
Update extends long record of growth
A positive FY24 update reiterates the inherent reliability of its business. Both revenues (up 12% at c £136m) and EBITDA are expected to come in ahead of market expectations, adj. PBT in line. The latter reflects relatively subdued corporate finance M&A volumes and expenses related to investment in its teams and IT support. According to the update both divisions grew materially y-o-y on the back of acquisitions and organic growth. Business recovery and advisory was c 7% up, property advisory an...
- Roger Leboff
Strategic growth targeting £200m revenues by FY27
We review the potential for the group to push top line revenues towards c £200m pa over the next three to five financial years vs our £135m FY24e estimate. BEG recently issued a Q3 update which confirmed that it is trading in line with market forecasts. Over the last decade Begbies has built an increasingly broad financial services and advisory business that can perform across the economic cycle. We expect recognition of that profile to grow and evolve to reflect recognition of the value inher...
Hybridan Small Cap Feast
12th 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 obj...
- Roger Leboff
A positive outlook as insolvency volumes build
A strong first half performance included double digit revenue and profit growth in line with the recent update. The FY24 outlook is positive: the statement anticipates growth towards a £200m pa medium-term revenue target. That characterises the potential management sees and its confidence in the visibility and repeatability of its current strategy. Recent investment has put BEG in a good position to extract growth both organically and via further additions. Recent acquisitions are reported to ...
- Roger Leboff
Update anticipates 13% H1 revenue growth
BEG’s positive H1 trading update confirmed that activity levels across the group complement are encouraging. The interims due 11 Dec 2023 are expected to show c 13% increases in revenue and adjusted operating profit derived from a ‘good mix’ of organic and acquired growth. Adjusted PBT, net of higher finance costs is at c 10%+. That puts the group firmly on track to achieve our forecasts. Acquisitions secured in H1 extended service offerings and regional coverage and have performed on track. B...
Hybridan Small Cap Feast - 08 Nov 23
8th November 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...
Begbies Traynor: 2 directors
Two Directors at Begbies Traynor sold after exercising options/bought 155,000 shares at between 116p and 116p. The significance rating of the trade was 57/100. 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 compan...
Hybridan Small Cap Feast - 11 Jul 23
11th 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...
- Roger Leboff
Strong FY23 and well set for further growth
FY23 results demonstrate how effectively BEG’s diversified professional services base performs across the cycle. Revenues have more than doubled over the past five years, adjusted PBT is up over three-fold. An 11% y‑o‑y increase in revenues in FY23 was driven by a broadly balanced mix of organic growth and contributions from acquisitions which have built complementary skills and extended geographical reach. Revenues from non-insolvency work (Advisory and transactional services) now contribute ...
- Roger Leboff
Market trends support outlook for year ahead
This new report adds our FY24e forecasts which incorporate (a) full contributions from recent property services and financial advisory acquisitions, (b) relatively cautious views at this early stage of underlying FY24 organic growth (i.e. below prior years) and (c) an ongoing pick-up in UK insolvency volumes. Our projections reflect potential from BEG’s increasingly diversified and competitively positioned businesses. To recap, the recent year-end trading update anticipated 11% growth in FY23e...
- Roger Leboff
Update shows FY23 well ahead of forecasts
The FY23 trading update notes a strong performance for the 12 months to end April 2023, well ahead of our forecasts. BEG has progressively built scale and profile in key target competencies and markets and benefited from its enhanced reputation as a provider of mid-market insolvency services. The announcement anticipates double digit growth y-o-y; revenues 11% ahead at £122m (FY22: £110m), adjusted PBT 16% up at £20.7m (FY22: £17.8m). Predicted end FY23 net cash should be in line with our pred...
Hybridan Small Cap Feast - 4 May 23
4th May 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...
- Roger Leboff
Acquisition extends property division footprint
BEG’s latest acquisition, Banks Long & Co, adds to its property division’s profile, enhancing its existing presence in Eastern England and South Yorkshire. Banks Long & Co is a Lincoln based chartered surveyor with 38 employees, which operates across Lincolnshire and Humberside. It provides commercial property agency, property management, building consultancy and valuation services to a regional public and private sector client base. BEG has agreed to pay maximum consideration of £3m on a cash...
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