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...
- Hybridan Team
- Jon Levinson
Hybridan Small Cap Feast: 12/02/2025
* 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: On the Main market Fintech Asia Limited (FINA.L) cancelled its admission to trading and was re-introduced following a reverse takeover after acquiring ICFG Pte. ...
- 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...
Hybridan Small Cap Feast - 12 November 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? ITF announced:*** Potential** Initial Public Offerings: 31 October 2024: Winking Studios: the AAA Art Outsourcing and Game De...
- 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...
Form 8.3 - Apex Fundrock Limited : Form 8.3 - Mattioli Woods PLC
Apex Fundrock Limited (MISL) Form 8.3 - Apex Fundrock Limited : Form 8.3 - Mattioli Woods PLC 11-Jul-2024 / 09:59 GMT/BST 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: Chelverton Asset Management (b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, ...
Form 8.3 - Apex Fundrock Limited : Re Mattioli Woods plc
Apex Fundrock Limited (MISL) Form 8.3 - Apex Fundrock Limited : Re Mattioli Woods plc 02-Jul-2024 / 12:17 GMT/BST 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: Chelverton Asset Management (b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, the trus...
Form 8.3 - Apex Fundrock Limited : Re Mattioli Woods plc
Apex Fundrock Limited (MISL) Form 8.3 - Apex Fundrock Limited : Re Mattioli Woods plc 26-Jun-2024 / 10:46 GMT/BST 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: Chelverton Asset Management (b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, the trus...
Form 8.3 - Apex Fundrock Limited :
Apex Fundrock Limited (MISL) Form 8.3 - Apex Fundrock Limited : 20-Jun-2024 / 13:36 GMT/BST 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: Chelverton Asset Management (b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and b...
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...
Form 8.3 - Apex Fundrock Limited : Form 8.3 - Mattioli Woods PLC
Apex Fundrock Limited (MISL) Form 8.3 - Apex Fundrock Limited : Form 8.3 - Mattioli Woods PLC 02-Apr-2024 / 16:08 GMT/BST 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: Chelverton Asset Management (b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, ...
Form 8.3 - Apex Fundrock Limited : Re Mattioli Woods plc
Apex Fundrock Limited (MISL) Form 8.3 - Apex Fundrock Limited : Re Mattioli Woods plc 11-March-2024 / 12:58 GMT/BST 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: Chelverton Asset Management (b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, the tr...
- Paul Bryant
H1-24 showcases benefit of diverse income streams
H1-24 revenue (to 30 Nov 23) was up 8% y-o-y to £59.1m (H1-23: £54.9m), with 4% organic revenue growth. H2 revenue is typically higher than H1 due to end of tax-year advice and H2 bias of client year-ends, and we maintain our FY24 revenue forecast of £123.6m (+11% y-o-y). Adjusted EBITDA grew 10% from £15.0m to £16.5m with positive effects from organic growth (409 new clients, +13% over H1 23) and a changing revenue mix towards higher-yielding services. The core pensions business was the stando...
- Paul Bryant
On track for 10% annual revenue & profit growth
H1’24 revenue (to 30 Nov 23) totalled £59.1m, 8% up y-o-y (H1’23: £54.9m), with 4% organic revenue growth. H2 revenue is typically higher than H1 due to end of tax-year advice and H2 weighting of client year-ends, and we maintain our FY24 revenue forecast of £123.6m (+11% y-o-y). MTW remains in a strong net cash position (£32.7m v £45.0m on 31 May 23), giving scope to pursue opportunities. Cash is as expected with c. £9.3m paid in dividends and some tranche-payments of previous acquisitions mad...
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...
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