Finseta+ (FIN, House Stock at 42p) - Name change (formerly Cornerstone)

Allenby Capital TMT Update - 13.05.24 - MIRI.L, MBT.L, PPS.L, CSFS.L, LST.L, DNM.L

Please find below our weekly update covering themes that we feel that are of interest to investors and participants in the small and mid-cap TMT sector as well as commentary on recent newsflow.

Hybridan Small Cap Feast - 08 May 24

8th 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: 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 trading on the Aquis Stock Exchange

Cornerstone FS+ (CSFS, House Stock at 40p) - FY23A results beat, further upgrades

Cornerstone FS+ (CSFS, House Stock at 30p) - Canada regulatory licence obtained

Cornerstone FS+ (CSFS, House Stock at 35p) - Card scheme agreement with Mastercard

Cornerstone FS+ (CSFS, House Stock at 27p) - Strong close to FY23F, another beat

Hybridan Small Cap Feast - 4 Dec 2023

4th 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 obje

Cornerstone FS+ (CSFS, House Stock at 11.5p) - Another smashing trading update

Cornerstone FS+ (CSFS, House Stock at 14p) - Bearing growth aplenty

Hybridan Small Cap Feast 24-10-2023

Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Announced ITF 11 October: Cykel AI, the Company developing artificial intelligence AI software designed and trained to execute commands in response to natural language directives, specifically within the realm of computer interfaces, intends to join the Access Segment of the AQSE Growth Market. Admission on or around 25 October. Announced ITF 2 October: Adsure Services, the holding company

PROGRESSIVE: Vertu Motors: Growth and value generation engine

The AGM trading update for the first three months of FY25 (to 31 May) confirms that Vertu has seen an encouraging start to the year and that management expects to report FY25 results in line with current market expectations. We maintain our forecasts. Vertu is seeing progress across its business, with used car values showing signs of a return to normal. Uncertainties remain, most notably regarding the Zero Emission Mandate, but the underlying story of growth-driven value remains firmly intact.

SSP Group+ (SSPG, House Stock at 165p) - Setting out the H2 profit bridge

ME Group - Price rises and increased usage driving growth

ME Group has reported a strong set of H1 results with sales up +25%, adj. PBT +68%, adj. EPS +60% and ongoing DPS +14%. The strongest performances were in photobooths in Europe, which benefited from price rises and increased volumes, and laundry in the UK, where there was a +11% increase in the number of machines. This progress was achieved despite a near flat installed base in photobooths, with the anticipated roll-out of next generation photobooths delayed due to supply delays, and a steady in

Card Factory - Look inside the card

Card Factory (CARD) is aiming to become the leading omnichannel retailer of greeting cards, gifts and celebration essentials in the UK as well as select international markets. In the UK, its extensive and growing store base has been reconfigured to accommodate enhanced product ranges, and its online capabilities have been revamped. Each of these provides the foundations for greater growth in isolation and for new omnichannel propositions. Management expects to complement its UK retail growth opp

ME Group - Rolling out the next generation of photobooths

ME Group has reported a strong financial performance in FY 2022 (to October) driven by a significant increase in demand for instant vending services in the Photobooth and Laundry businesses, primarily in Continental Europe and the UK & Republic of Ireland. Profitability benefited from the recovery in demand, restructuring to remove unprofitable machines and higher pricing. Sales were up +21%, EBITDA +30% and adj. PBT +76%. Net cash was £34m at October 2022. The Group plans to roll out 10k next g

ME Group - Modernising and growing the estate driving growth

During 2023, ME Group commenced the deployment of its next generation photobooths, which are integrated with the group’s newly developed proprietary software, gained market leadership in the Japanese photobooth market with an acquisition, continued to roll out laundry units with existing and new location partners, commenced a share buyback programme and gained entry into the FTSE 250. 2023 was a year of significant strategic and financial progress, with sales up 15%, EPS up 31% and net cash main

Warpaint London+ (W7L, House Stock at 586p) - Strong momentum continues

Halfords (HFD LN) - Pedalling hard against headwinds

Halfords FY24 results, announced yesterday, were broadly in line with our revised estimates from 29 February (on a total Group basis). There are plenty of positives to take from the results, including market share gains in all four sales categories, cost savings £5m ahead of target, and net debt (ex. leases) of £8.2m being £7.5m better than Zeus forecast.

Japan ID scheme drives upgrade

On track after a strong H1

Photo-Me - Better than expected trading momentum

Q4 saw a continuation of the better than expected trading momentum in Q3, driven by a continued recovery in Photobooth activity and a strong Laundry performance. The board now expects sales will be slightly ahead of the c.£210m previous guidance and PBT before exceptional items will be towards the upper end of the previously guided range of £25-30m. We have upgraded EPS by 6% and adj. PBT to £29.0m, which splits £12.9m in H1 followed by £16.1m in H2. Cash flow has been strong, with net cash at O

Photo-Me - Progressive recovery in concessions-based model

Photo-Me has reported a significant recovery from the pandemic impacted FY 2020. FY 2021 sales were up 15% and adj. EPS up 471% supported by operating margins improving from 4.3% to 16.8%. Photo-Me’s concessions-based model optimises passing footfall and marketing efficiency and allows the group to put more resources into product innovation and diversification. All of which improves the security of sales, return on capital and growth prospects. Management has expressed confidence that the group’

Photo-Me - Demand stronger than ever

Photo-Me has detailed that trading has been ahead of expectations in the six months to April 2022 with sales up +24% on H1 2021. As COVID-19 related restrictions continued to ease and consumers became more confident in their ability to travel and socialise, demand for the Group’s services has been stronger than ever. Trading has returned to pre-pandemic levels across all markets except Asia (which accounted for only 7% of FY 2021 operating profit). The Board now expects FY 2022E revenue growth t

Photo-Me - Strong margins supported by significant price increases

Photo-Me has dominant market positions, with its machines based in unique locations and supported by long-standing relationships and contracts, of which 90% are renewed. These positive characteristics support pricing power to mitigate inflationary pressures. Photobooths increased prices by +33% during Q2 and similar increases are planned in H2 across the group. H1 adj. EBITDA margins increased from 30.4% in H1 2021 to 31.1% in H1 2022 as sales grew strongly and the price rises offset a significa

ME Group - Strong H1, forecasts upgraded

In a positive H1 update (to April 2023), ME Group has detailed that H1 sales were up more than 24% and PBT more than 35% on H1 2022 driven by a strong performance across key areas. FY 2023 guidance has been increased and we have upgraded FY 2023E sales by 9% and adj. EPS by 12%. With the FY 2022 results in March, management highlighted plans to roll out 10k next-generation photobooths by 2025 (current base 28k) and accelerate the installation of laundry units. This process is clearly going well,