reports
- Hybridan Team
Hybridan Small Cap Feast: 12/05/2025
Our daily digest of news from UK Small Caps 12th May 2025 @HybridanLLP * 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 Dish of the day Admissions: None Delistings: On 9th May, London Finance & Investment Group (LFI.L) left the Main Market. Today, Toople (TOOP.L) and Care REIT (CRT...
- Hybridan Team
- Jon Levinson
Hybridan Monthly 1 May 2025
Hybridan Monthly, 1 May 2025 Market Comment: A contrarian view to companies delisting from the market The flurry of companies delisting from the market has accelerated since early 2024. The London Stock Exchange (“LSE”) has been an easy target for those eager to point the blame. Unfortunately, criticism towards the LSE is now synonymous with the media coverage of a company leaving the market. “The London Stock Exchange is on course for its worst year for departures since the financial crisis….” ...
- Bob Liao
CyanConnode (CYAN LN) - FY25 update - Corporate
The company provided a trading update for the year ended March 2025. The surge in revenue that was anticipated at the end of the year did not materialise for a variety of reasons. Shipments to two major customers were delayed due to state and local elections, IT infrastructures not being fully ready for smart meter deployments and resistance of certain end consumers towards prepaid smart metering. The company now expects to report revenue of approximately £14m, an EBITDA loss for the period, and...
- Bob Liao
Audio Note: CyanConnode - Landmark deal
In this audio note, Zeus’ Bob Liao summarises the investment case for CyanConnode. CyanConnode’s subsidiary, DigiSmart Networks Pvt, has been issued a Letter of Intent (LOI) valued at £70m from the Government of Goa’s Electricity Department to deploy approximately 750k smart meters.
- Hybridan Team
- Jon Levinson
Hybridan Small Cap Feast: 14/04/2025
Our daily digest of news from UK Small Caps @HybridanLLP 14th 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: None Delistings: None What’s ba...
- Bob Liao
- Carl Smith
CyanConnode (CYAN LN) - Landmark deal - Corporate
CyanConnode’s subsidiary, DigiSmart Networks Pvt, has been issued a Letter of Intent (LOI) valued at £70m from the Government of Goa’s Electricity Department to deploy approximately 750k smart meters. The landmark LOI validates CyanConnode’s strategy to enter the Advanced Metering Infrastructure Service Providers (AMISP) market, which expands the company’s addressable market, increases market share opportunities and provides more control over the timing of meter deployments. The company is activ...
- Hybridan Team
- Jon Levinson
Hybridan Monthly: 1 April 2025
Market Comment: For a special April edition of Hybridan’s “view from the broker’s desk”, we are delighted to be joined by Judith MacKenzie, Partner and Head of Downing Fund Managers. Judith founded Downing Fund Managers in 2010, the boutique investment arm of Downing LLP. Prior to this, Judith was a partner at Acuity Capital managing AIM-quoted VCT and IHT investments and a small-cap activist fund. Judith spent nine years as a senior investment manager with Aberdeen Asset Management Growth...
- Hybridan Team
- Jon Levinson
Friday Take Away: 21 March 2025
Friday Takeaway—delving a little deeper into UK small caps Friday Takeaway from UK Small Caps This will delve a little deeper on individual companies and focus on non-house stocks under £200m market capitalisation to raise awareness 21st March 2025 Alphabetically arranged Share prices and market capitalisations taken from Alpha Terminal from the current price on the day of publication. Top three shareholders are taken from the web...
- Hybridan Team
- Jon Levinson
Hybridan Small Cap Feast: 19/03/2025
Our daily digest of news from UK Small Caps @HybridanLLP 19th March 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: None Delistings: Today Gusbourne (...
- Bob Liao
- Carl Smith
CyanConnode (CYAN LN) - Two major contracts - Corporate
CyanConnode secured two major orders totalling 872k units with Montecarlo, a key partner in India. The orders include Next-Gen In-Meter Gateways, which are lower cost and can be installed more quickly since they integrate directly with the smart meters and eliminate the need for externally mounted gateways. As a result, delivery of the order is expected to commence over the next six weeks. In addition, we to expect a large number of units from the company’s large order backlog (10.4m including t...
Cyanconnode Holdings: 1 director
A director at Cyanconnode Holdings maiden bought 500,000 shares at 9.9p and the significance rating of the trade was 70/100. 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 last two yea...
- Bob Liao
CyanConnode (CYAN LN) - H1 results: Strong H2 outlook
H1 FY25 revenue was impacted by a slowdown in deployments during the India elections but the company was still able to grow profits due to significantly reduced product costs. Subdued H1 revenue implies that a large jump in revenue is required in H2 FY25 to meet our expectations. The company remains confident in meeting revenue expectations since its backlog has risen over the period by 177% to £9.7m. Meeting H2 FY25 revenue estimates would lead to record Adjusted EBITDA and significantly positi...
Hybridan Small Cap Feast - 28 October 2024
28th 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: Harland & Wolff Group Holdings plc (HARL.L) has delisted from AIM. What’s baking in the oven? ITF announced:*** Potential** Initial Public ...
- Bob Liao
- Carl Smith
CyanConnode (CYAN LN)
After receiving a Letter of Award (LOA) for its largest order to date, CyanConnode has raised £5.4m (gross) at a premium to fund working capital and product development. The LOA for 6.5m Omnimesh Modules is multiples bigger than its next largest order to date (1m units). Deliveries are expected to begin in H2 2024 with shipments ramping further in FY26. The order is expected to significantly increase the company’s scale and profitability. We expect increased buying power and significant operatin...
- Bob Liao
Audio Note: CyanConnode - Largest LOA, by far
In this audio note, Zeus’ Bob Liao summarises the investment case for CyanConnode. CyanConnode has received a Letter of Award (LOA) for its largest order to date. The contract is for 6.5m units, multiples bigger than its previously largest order of 1m units.
- Bob Liao
- Carl Smith
CyanConnode (CYAN LN) - Largest LOA, by far
CyanConnode has received a Letter of Award (LOA) for its largest order to date. The contract is for 6.5m units, multiples bigger than its previously largest order of 1m units. The LOA increases its order backlog from 3.4m to 9.9m and it now fully covers our forecast for 84% revenue growth in FY25. The large LOA increases the company’s buying power and economies of scale. In addition, CyanConnode has secured favourable payment terms to help finance deliveries.
- Bob Liao
Zeus UK smallcap technology sector update
As concerns grow over the rapid pace of economic slowdown, we identify subsectors and stocks in the Zeus UK smallcap technology index that should be more resilient to a potential downturn. We highlight Big Technologies, Intercede and CyanConnode. The median stock in the Zeus UK smallcap technology index rose 2% over the month. The median sector valuation multiples rose slightly to 11.7x EBITDA, 16.3x EBIT and 24.0x EPS 2024, whilst median revenue, EBITDA, EBIT and EPS growth rates were 8.6%, 8.1...
- Bob Liao
- Carl Smith
CyanConnode (CYAN LN) - FY24: Profitability expected in FY25
Revenue was well above our estimates, as previously flagged in the company’s April trading update, with a YoY growth of 60%. However, gross profit was 14% below our expectations due to a higher mix of third-party hardware sales and temporarily higher component costs attributed to an end-of-life product. Expenses were higher than we expected due to investments in hardware and software development to meet the company’s expanding backlog. As a result, the Adjusted EBITDA loss increased to £2.75m, l...
Hybridan Small Cap Feast - 17 July 2024
17th 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: FireAngel Safety Technology (FA.L) has left AIM. 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 announce...
Hybridan Small Cap Feast - 27 June 2024
27th 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: Mustang Energy (MUST.L) has rejoined the Standard Segment of the Main Market, after the reverse takeover by Cykel AI. Cykel AI was previously listed on the Aquis Stock Exchange. Delistings: What’s baking in the oven? ** Potential**** Initial Public Off...
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