reports
- Hybridan Team
- Jon Levinson
Hybridan Small Cap Feast: 02/04/2025
Our daily digest of news from UK Small Caps @HybridanLLP 2nd April 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: Delistings: Yesterday, Learning Te...
- Bob Liao
- Charlie Williams
Corero Network Security (CNS LN) - FY24 results: Execution continues -...
Corero delivered 2024 EBITDA at the top end of guidance and ahead of our estimates. The company saw strong sales momentum that appears to be carrying over to 2025. New product launches and investments in sales are leading to new partnership opportunities and an expanded pipeline, with Corero already securing key customer wins in Q1. We remain optimistic in Corero delivering sustained double digit revenue growth, with high operating leverage driving a doubling of EBITDA to $5.2m in 2026 from $2.5...
- Bob Liao
- Charlie Williams
- Bob Liao
- Charlie Williams
Corero Network (CNS LN) - Opportunities in sales - Corporate
Corero provides best-of-breed DDoS protection software in the rapidly growing cyber security market. We remain optimistic on Corero's growth prospects in 2025. We believe the company's sales force offers strong growth opportunities and its partnership with Akamai remains positioned to deliver growth. In an optimistic scenario, we see the potential for 26% earnings outperformance and we believe Corero can eventually reach Rule-of-40 metrics that could lead to an equity valuation of 24p per share.
- Bob Liao
Corero Network Security (CNS LN) - 2025 outlook sustained - Corporate
Corero Network Security released an FY24 trading update broadly in line with consensus expectations. Revenue and EBITDA are expected to be slightly below Zeus estimates, which were at the top of consensus, largely due to one or two strategic transactions slipping from Q4 2024 that Corero expects to close in Q1 2025. The company’s strategic position, operational improvements and growth potential remain on track, leading Corero to remain confident in its 2025 outlook. Corero’s rising ARR, order in...
Hybridan Small Cap Feast - 7 October 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: 30th September 2024: Applied Nutrition, the sports nutrition, health ...
- Bob Liao
Audio Note: Corero Network Security - H1 results: Strong ARR growth an...
In this audio note, Zeus’ Bob Liao summarises the investment case for Corero Network Security. H1 was a period of decisive and positive change for Corero, enacted by recently appointed CEO Carl Herberger. ARR grew 12% to $17.2m by the end of the period, supported by ten new contracts win, a revamped pricing strategy and increased upselling and cross selling momentum.
- Bob Liao
Corero Network Security (CNS LN) - H1 results: Strong ARR growth and c...
H1 was a period of decisive and positive change for Corero, enacted by recently appointed CEO Carl Herberger. ARR grew 12% to $17.2m by the end of the period, supported by ten new contracts win, a revamped pricing strategy and increased upselling and cross selling momentum. Financially, H1 also posted a record order pipeline and net cash position ($7.9m). We remain impressed by Corero’s ability to win business from incumbents, evidencing the superior product offering and commercial mindset of it...
Hybridan Small Cap Feast - 11September 2024
11th September 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: None Delistings: Bivictrix Therapeutics (BVX.L) has delisted from AIM What’s baking in the oven? Our daily digest of news from UK Small Caps If you would like to unsubscribe, please email with “unsubscribe me”. Hybridan Chefs Banquet Buffet***...
A Different Perspective podcast: Carl Herberger, CEO of Corero Network...
This week Nick talks to Carl Herberger, CEO of Corero Network Security. Carl oversees the business strategy and execution at Corero Network Security, a leading provider of DDoS protection solutions. Corero specialises in automatic detection and protection systems, offering network visibility, analytics, and reporting tools. The technology safeguards against both external and internal DDoS threats, particularly in complex edge and subscriber environments, ensuring continuous internet service ava...
Hybridan Small Cap Feast - 13 August 2024
13th August 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: None Delistings: Destiny Pharma Plc (DEST.L) has delisted from AIM Tesco Personal Finance Group (71XN.L) has delisted from the Standard Segment of the Main Market. What’s baking in the oven? ** Our daily digest of news from UK Small Caps If you would...
- Bob Liao
Corero Network Security (CNS LN) - Strong H1 performance, record pipel...
Corero has provided a positive trading update for H1-2024 showing revenue growth of 16% to $12.2m and EBITDA up $0.9m yoy to $0.7m, driven by a strong execution within the contract renewals market and successful upselling to its existing customer base. Corero has continued to invest strategically and focus aggressively on its competitor replacement program within the contract renewals market, supporting 10 new direct customer wins across eight countries in the period and leaving the Group with a...
- Emily Liu
Hybridan Small Cap Feast 10 July 2024
Dish of the day Admissions: Delistings: Gresham Technologies (GHT.L) has delisted from AIM Partway Group (PTY.L) delisted from the Main market yesterday What’s baking in the oven? ** Potential**** Initial Public Offerings: ITF announced: 8th July 2024: Rome Resources: The Canada-based early-stage resource exploration Company has announced its intention to IPO on AIM in order to continue to make financial progress on its “Bisie North Tin Project”. The Company’s first day of trading on AIM is exp...
- Bob Liao
Corero Network Security (CNS LN) - Contract momentum continues
Corero has announced further contract momentum through signing four new customers across the US, Canada and the UK worth $2.2m. All four customers have selected Corero over the previous incumbent, confirming that the renewed strategy employed by the new CEO to aggressively target contract renewals market is yielding results. Zeus leaves forecasts unchanged today and await further details at the half year trading update, but reiterate the investment case set out in our May initiation note highlig...
Hybridan Small Cap Feast - 05 June 24
5th June 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: 22nd May: Raspberry Pi announces an intention to float onto the Premium listing segment of the Main Market. Raspberry Pi is a designer and developer of high...
- Bob Liao
- Bob Liao
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...
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