reports
Hybridan Small Cap Feast - 30 July 24
30th July 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: Mining, Minerals & Metals Plc (MMM.L) has completed the acquisition of Georgina Energy Plc and will now be trading on the London Stock Exchange under the name Georgina Energy plc (GEX.L). Georgina is an early-stage well redevelopment company which has ...
- Andy Hanson
- Carl Smith
Altitude Group (ALT LN)
Altitude’s FY24 results, flagged in a trading update last week, confirmed strong growth in revenue, adjusted EBITDA and adjusted EPS. We remain confident in the Group continuing its fast growth, based on strong momentum seen in Merchanting in Q1 FY25. Reflective of the evolving business profile, we have updated our model assumptions, adjusting revenue slightly, improving margins and lowering tax charges, which leaves adjusted EBITDA unchanged and, importantly for investors, increases adjusted EP...
Hybridan Small Cap Feast - 23 July 2024
23rd July 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: None 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 co...
- Andy Hanson
- Carl Smith
Altitude Group (ALT LN) - FY24 adjusted EBITDA ahead
Altitude has released a further trading update for the year to 31 March 2024 with adjusted EBITDA now expected to be £2.4m, ahead of the previous Zeus forecast of £2.2m. Revenue is expected to be £24.0m versus £26.1m previously, implying higher adjusted EBITDA margins. The Group has made remarkable operational progress over the last two years, translating into a more than doubling of revenue and a 225% increase in adjusted EBITDA since FY22. Following on from the positive update on 1 May, Altitu...
- Andy Hanson
- Carl Smith
Altitude Group (ALT LN) - Trading update confirms rapid growth in FY24
Altitude has released a trading update for the year to 31 March 2024 confirming Management expects FY24 results to at least meet market expectations. Our unchanged forecasts show annual revenue growth of 38.9% in FY24 as the Group’s Merchanting division expanded significantly, driven by increased numbers of sales Affiliates and by the US Gear Shops. This translates to adjusted PBT growth of 29.4% to £1.2m on our FY24 estimates. In line results also means that over the last two years both revenue...
- Andy Hanson
- Carl Smith
Altitude Group (ALT LN) - Continued rapid growth
Altitude’s interim results show continued strong trading and operational progress, with a positive outlook for the remainder of the year. FY24 revenue and adjusted EBITDA is expected to be in line with market expectations. The Group’s pipeline for university campus stores (Gear Shops) remains healthy and growing, with further contract announcements expected between March and June next year. Our average valuation estimate is now 57.8p per share (previously 57.6p), but material Gear Shop contract ...
- Emily Liu
Hybridan Small Cap Feast 27/10/2023
Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Announced ITF 2 October: Adsure Services, the holding company for TIAA Limited, a specialist business assurance provider operating across the Housing, Healthcare, Government, Education, Charities, and other sectors in the UK, intends to join the Access Segment of the AQSE Growth Market. Admission expected on 30 October. Tekcapital announced intention to spin off and IPO on 2 October: MicroS...
- Andy Hanson
- Carl Smith
Altitude Group (ALT LN) - On track for strong growth
Ahead of its interim results on 28 November, Altitude has released a brief trading update confirming that trading was in line with Management expectations for the six months to 30 September. Management is highly confident in the short-term and long-term outlook for the company.
- Andy Hanson
- Carl Smith
Altitude Group (ALT LN) - Lift off
Altitude’s strong FY23 results came in ahead of Zeus expectations for revenue (+5.4%), adjusted EBITDA (+5.8%), and adjusted EPS (+10.4%). The Group gained scale throughout the year and announced several contact wins, resulting in adjusted EBITDA increasing 83% and three upgrades to our estimates. Altitude has a growing track record of meeting and beating expectations and we expect strong momentum to continue into FY24. Our valuation is 57.6p per share, indicating 44.0% upside to last night’s cl...
- Andy Hanson
Audio Note: Altitude Group - Trading update highlights strong start to...
In this audio note, Zeus’ Andy Hanson summarises the investment case for Altitude Group. Altitude has released a trading statement confirming FY23 results will be at least in line with Zeus’ recently upgraded forecasts and trading in the first few weeks of FY24 has been strong. Listen to the audio note below, and read the full research here.
- Andy Hanson
Altitude Group (ALT LN) - Trading update highlights strong start to FY...
Altitude has released a trading statement this morning confirming FY23 results will be at least in line with Zeus’ recently upgraded forecasts and trading in the first few weeks of FY24 has been strong. The upgrades put through at the time of the last update (28th March) were predicated on new contract wins in the Adjacent Markets Programmes (AMPs) leading to an increase in EBITDA expectations of 11.9% in FY24 and 24.2% in FY25. The contracts underpin the strong start to the new financial year b...
- Andy Hanson
Audio Note: Altitude Group - New major contracts and FY23 ahead of exp...
In this audio note, Zeus’ Andy Hanson summarises the investment case for Altitude Group. Altitude has announced multiple new contracts in its Adjacent Markets Programmes (AMP) that are expected to have a significant impact on Group revenue. Listen to the audio note below, and read the full research here.
Altitude Group: 2 directors
Two Directors at Altitude Group bought/sold 1,240,983 shares at between 46p and 49p. The significance rating of the trade was 69/100. 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 las...
- Andy Hanson
- Carl Smith
Altitude Group (ALT LN) - New major contracts and FY23 ahead of expect...
Altitude has announced multiple new contracts in its Adjacent Markets Programmes (AMP) that are expected to have a significant impact on Group revenue. Zeus adjusted EBITDA forecasts are upgraded 11.9% in FY24 and 24.2% in FY25 to reflect this. The Group has also guided that FY23 adjusted EBITDA is expected to be above expectations (£1.70m), so we upgrade by 8.8% to £1.85m. Today’s contract wins and confident outlook statement provide further positive momentum. Altitude shares trade below our up...
Audio Note: Altitude Group - Upgrading again
In this audio note, Zeus’ Andy Hanson summarises the investment case for Altitude Group. Altitude has released another positive trading update where results for the year to 31 March 2023 are anticipated to be materially ahead of current market expectations (revenue: £16.5m, adj. EBITDA: £1.5m Listen to the audio note below, and read the full research here.
Hybridan Small Cap Feast - 14 Feb 23
14 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...
- Andy Hanson
- Carl Smith
Altitude Group (ALT LN) - Upgrading again
Altitude has released another positive trading update where results for the year to 31 March 2023 are anticipated to be materially ahead of current market expectations (revenue: £16.5m, adj. EBITDA: £1.5m). The Group has continued to expand its Services and Merchanting programmes, showing good underlying momentum, and has benefitted from a strong US dollar leading to greater earnings in GBP terms. As a result, Zeus upgrade FY23 revenue by 4.8% to £17.3m and adj. EBITDA by 17.2% to £1.7m. The US ...
- Andy Hanson
Audio Note: Altitude Group – Soaring higher
In this audio note, Zeus’ Andy Hanson summarises the investment case for Altitude Group. Altitude has released H1 results for the period to 30 September 2022 showing a robust expansion of its Services and Merchanting programmes. Listen to the audio note below, and read the full research here. Listen to all episodes of the Zeus Research team Audio Notes here. This content is issued by Zeus Capital Limited (“Zeus”) (Incorporated in England & Wales No. 4417845), which is authorised and regul...
- Andy Hanson
- Carl Smith
Altitude Group plc (ALT LN) - Soaring higher
Altitude has released H1 results for the period to 30 September 2022 showing a robust expansion of its Services and Merchanting programmes. The Group has grown its global AIM Smarter membership, increased average revenue per member, and expanded Merchanting by recruiting more high-quality sales affiliates. Last week’s revenue and profit upgrades highlight strong ongoing momentum from Altitude. We continue to believe the Group is well placed for accelerated future revenue growth, with operational...
- Andy Hanson
Audio Note: Altitude Group - Record breaking EBITDA expected
In this audio note, Zeus’ Andy Hanson summarises the investment case for Altitude Group Altitude has released a trading update showing continued robust trading and execution, with full year results anticipated to be materially ahead of market expectations (£13.9m revenue, £1.2m adjusted EBITDA). Listen to the audio note below, and read the full research here.
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