reports
Hybridan Small Cap Feast - 07 May 2024
7th 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 Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: Change of Market: Dual Listing: Our daily digest of news from UK Small Caps If you would like to unsubscribe, please email with “unsubscribe me”. Hybridan Chefs Banquet...
- Simon Strong
Excellent momentum in new orders
Corero has secured $8m of orders from both existing and new customers in the first four months of FY24E. The group reported a 17% YoY growth rate in annualised recurring revenue (ARR) last year. This level of momentum in orders not only supports our double-digit % growth forecasts, but also validates the Group’s go-to-market strategy. We are forecasting +13% growth in revenues in FY24E to $25.3m (unchanged), With gross margins high at 90%, the drop through rate of incremental revenues to earnin...
- Emily Liu
Hybridan Research: Sector Review: Artificial intelligence in UK cybers...
Artificial intelligence (AI) is a double-edged sword in cybersecurity. Whilst new AI models, architectures, and innovations are emerging to protect the security posture of organisations, attackers are also benefiting from deepfakes, sophisticated phishing, and automation of malicious codes. To ensure the impact of AI on cybersecurity to be a net-positive, we need to pit good AI against bad AI. Point solutions enhanced with machine learning: Global cybersecurity has been built with point soluti...
Hybridan Small Cap Feast - 17 April 24
17th April 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 Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi...
Hybridan Small Cap Feast - 11/04/2024
11th April 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 Dish of the day Admissions: Delistings: Loopup Group (LOOP.L) has left the AIM market. What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: Change of Market: TheWorks (WRKS.L) a multi-channel value retailers of books, arts and crafts, stationery, toys and games,...
Hybridan Small Cap Feast - 03 Apr 24
3rd April 2024 @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 - 27 Mar 24
27th March 2024 @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 object...
- Simon Strong
Debt free with growing margins - we upgrade
For FY23, Corero delivered double digit annualised recurring revenue (‘ARR’) growth; we see this momentum continuing into FY24E and have upgraded our forecasts accordingly. The retirement of all debt, including an inter-company loan, leaves the balance sheet ungeared and clean of FX movements which made reported margins historically volatile. We see normalised EBITDA margins of 10%+ going forward and potentially rising further. The growth in revenues leaves the stock trading on a forward ratin...
Hybridan Small Cap Feast - 21 Feb 24
21st February 2024 @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...
- Simon Strong
New partnership supporting growth
Corero has announced a new partnership agreement with TechEnabler, a Brazilian network solutions provider. Latin America is a relatively untapped market for Corero and this agreement should yield considerable upside as it develops. We continue to see fair value at 14p and upside risk to our current forecasts. Kentik channel partner. TechEnabler is a Kentik channel partner and integrator headquartered in Sao Paulo, Brazil. Kentik is a US based network observability platform which visualises clou...
- Bob Liao
Audio Note: Corero Security - Cybersecurity Market
Following on from the Software and Services Quarterly review - February 2024, in this audio note, Zeus’ Bob Liao discusses Corero Security and the cybersecurity market. Listen to the audio note below, and read the Software and Services Quarterly Review research here.
Hybridan Small Cap Feast - 17 Jan 24
17th January 2024 @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...
- Simon Strong
Confirmed double digit growth in ARR
Corero’s trading update points to double digit ARR growth and a significant beat to our FY23E EBITDA forecast. We have upgraded our full year numbers to reflect this strong bottom line performance. The new Akamai partnership has already brought two new customers to the Group and we expect to see continued momentum from this route to market. We have left our FY24E forecasts unchanged for now. but, with a new CEO, Carl Herberger, onboard and an excellent pipeline of new business, we see plenty of...
- Emily Liu
Hybridan Small Cap Feast 13/11/2023
Dish of the day Joiners: No joiners today. Leavers: IOG PLC (IOG.L) has left AIM. What’s cooking in the IPO kitchen?** 9 November: Chapel Down Group ITF: England's leading and largest wine producer with an award-winning range of sparkling and still wines, under the Chapel Down brand. The Company owns, leases and sources from 1,023 acres of vineyards in South East England announces its Admission to AIM after its transfer from the Aquis Apex market. The Company will not be raising new capital or p...
Hybridan Small Cap Feast - 17 Oct 23
17th 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...
- Simon Strong
Parsing the Akamai deal
Corero Network Security signed a global partnership with Akamai in September. This agreement is strategically significant for both parties and will enable Akamai to expand into the on-premises and hybrid DDoS markets which it does not currently address. Corero’s SmartWall ONE solution will be rebranded Prolexic On-Prem (powered by Corero) and sold globally. Strong trading continues in Q3 with significant wins of over $2m of orders amongst others. These include customers in the US, the Caribbea...
Hybridan Small Cap Feast - 21 Sep 23
21st September 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 ob...
- Simon Strong
Double digit ARR growth
Corero’s cyber defence solutions delivered double digit growth in order intake, revenue and ARR in H1A. The Group also generated positive free cash flow leaving net cash on the balance sheet of $6.2m. Costs are relatively fixed from this point and Corero is now operationally leveraged into a growing cyber protection market. We are initiating forecasts targeting a conservative 10% revenue growth rate. Trading on 1.7x sales, we calculate a fair value of at least 14p which is 100% above the current...
- Simon Strong
ARR driven cyber growth
Corero is a cyber software business that is overlooked by the market, in our view. Huge progress has been made over the last three years bringing the business to operational maturity. The company is predominantly now a recurring revenue business, but this does not seem to be recognised in the current valuation. Corero's technology has been validated with major market leading customers and go-to-market partners. Group revenues have grown c20% compound between 2018-22A, enabling the business to ...
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...
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