Zeus UK smallcap technology sector update - 28 June 2024

The companies in the Zeus smallcap technology universe with the highest earnings growth potential are Seeing Machines, ZOO Digital, CyanConnode and Ensilica. Their surprisingly low earnings multiples indicate to us that investors are sceptical of their anticipated growth. The companies that are well positioned to meet earnings expectations may offer potential price upside. We review their growth prospects below and highlight CyanConnode. The median stock in the Zeus UK smallcap technology index

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

CyanConnode (CYAN LN) - FY24 update: revenue materially ahead

CyanConnode exceeded FY24 revenue expectations and has high visibility into FY25, supported by strong deliveries and a growing backlog respectively.

CyanConnode - New Award In Thailand

A letter of award for over 100,000 CNIC modules in Thailand confirms solid momentum in orders for CyanConnode. While much of the company’s growth is coming from India it is good to see geographic diversification and this announcement follows success in the Middle East and North Africa.

CyanConnode - New Award In Thailand

A letter of award for over 100,000 CNIC modules in Thailand confirms solid momentum in orders for CyanConnode. While much of the company’s growth is coming from India it is good to see geographic diversification and this announcement follows success in the Middle East and North Africa.

CyanConnode - New Award In Thailand

A letter of award for over 100,000 modules in Thailand confirms solid momentum in orders for CyanConnode. While much of the company’s growth is coming from India it is good to see geographic diversification and this announcement follows success in the Middle East and North Africa. It is the largest order so far for the dual SIM CNIC module which allows automatic selection of the best connectivity solution.

CyanConnode (CYAN LN) - Large Letter of Award for Omnimesh Cellular Modules

CyanConnode has received a large Letter of Award (LOA) for Omnimesh Cellular Modules (CNICs) from a Thai customer.

Hybridan Small Cap Feast - 11 Jan 24

11th 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

CyanConnode - One Million Module Order

CyanConnode has announced a million Ominmesh module order with Montecarlo for deployment for a new end utility in the state of Maharashtra, India. Installation is due to commence in Q4 FY24 and spread over 27 months before moving into a 93 month support and maintenance contract. With more than 220m meters out of 250m now sanctioned for tender, the number of subcontractor awards is expected to pick up pace. We have upgraded the number of module deliveries in FY25 and using an assumed market share

CyanConnode (CYAN LN) - Largest order in financial year to date

CyanConnode announced an order for 1m units, its largest order this financial year to date. The contract will help underpin revenues for FY24 but, to a greater extent, will support our forecast for 111% revenue growth in FY25. CyanConnode is poised for many years of strong growth as it continues to win a significant share of India’s scheme to implement 250m smart meters.

2024 Outlook - Clean Energy In 2024

Performance of clean energy shares was weak in 2023 other than in storage. 2024 is likely to see storage continue to perform but renewables, bioenergy and hydrogen could also see an improved environment in the year. While elections in the US and the EU could result in weaker support for clean energy, these are to an extent offset by progress at COP28 and the extent to which electorates recognise climate change in the face of almost unavoidable evidence.

CyanConnode- Interims See Sales Quadruple

The CyanConnode interim results show strong sales growth as momentum, notably in India, takes hold. India now sees tenders for over 220m smart meters sanctioned to date creating a significant opportunity for CyanConnode where it is already a major player. Costs have risen to meet this potential demand but the company is moving towards profitability and cash collection is strong. The company itself expects full year results to meet market expectations.

CyanConnode (CYAN LN) - H1 FY24: On track

CyanConnode’s H1 results position the company to meet our full year forecasts. The company does not need to grow revenue yoy in H2 in order to meet full year estimates. The Indian smart metering programme appears on track, with 98m smart meters already awarded to prime bidders and these orders should soon filter down to competitively well positioned subcontractors such as CyanConnode. These market drivers position the company well to grow revenue 39% in FY24 and 111% in FY25 and for a £1.9m of o

BATM+ (BVC, House Stock at 17p) - Cyber partnership: strategic breakout

Allenby Capital TMT Update - 01.07.24 - PPS.L, MIRI.L, ENET.L, MWE.L, CPX.L, TRAK.L, CLCO.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.

Filtronic - FY24 ahead of expectations

Filtronic’s year-end trading update confirmed that it expects to report FY24 revenue and adjusted EBITDA ahead of our forecasts. Trading in H2 benefited from strong demand from the space market, which we expect to continue into FY25. The company confirmed that it has ramped its production capability to meet this higher level of demand and continues to invest in further capacity expansion to provide flexibility and support for future growth.

Morning Note – 20 June 2024

Hybridan Small Cap Feast - 20 June 2024

20th 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: Polar Capital Global Healthcare Trust ZDP (PGHZ.L) has left the Standard segment of the Main market. What’s baking in the oven? ** Potential**** Initial Public Offerings: ITF announced: 19 June 2024: IntelliAM, an artificial intelligence co

Morning Note – 20 May 2024

Calnex Solutions - FY24 finals – A tough period, but bide your time

FY24 has been a tough one given the worldwide Telecoms sector slowdown, though good progress has been made in identifying and expanding into other market segments, notably Defence. Cloud computing and datacentre markets also continue to represent a substantial growth opportunity and all the long-term drivers within the Telecoms market remain intact. Revenue in the year of £16.3m was down 40.7% versus FY23, in-line with the April 2024 trading update, as Telecoms customers delayed projects. Import

SRT Marine Systems - Continued Systems progress despite timing uncertainty

SRT Marine Systems has announced Systems project revenue milestones for two coastguard contracts are now unlikely to be recognised by June YE. The SEA ($180m) and phase 2 of the ME (£40m) CG contracts are subject to final contract completion administrative processes that are steadily progressing but which must be completed prior to commencement of first deliveries. At this stage, SRT is an observer to these frustratingly slow processes until completion. In the event of minimal Systems milestone

Morning Note – 21 December 2023

Filtronic - H1/24 Riding the EM-waves across land, sea and space

Filtronic has reported results in-line with management expectations for H1/24, and now expects to perform ahead of our forecasts for FY24E and FY25E in terms of revenue and profit. We are raising our revenue forecasts for FY24E and FY25E by 14.6% and 6.2% respectively, and our EBITDA forecasts by 85.2% and 28.0% respectively. The increase in expectation is driven by a strong recent acceleration in order flow, including a £7.8m order announced today. In this report we present a detailed review o

Hybridan Research: Sector Review: Artificial intelligence in UK cybersecurity: the human uplift 17/04/2024

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

Filtronic - LEO liftoff: SpaceX strategic agreement and $20m order

Just 15 months after winning its first order in the Low Earth Orbit (LEO) satellite communications market, Filtronic has announced a 5-year strategic partnership with SpaceX which includes an initial $19.7m (£15.8m) E-band amplifier production order for delivery in FY25. As a result, we upgrade our FY24/FY25 forecasts and lift our target price to 57.4p (was 37.5p), equivalent to 74% upside. Although this is the first time SpaceX’s Starlink has been named as a Filtronic customer, this is now the

Morning Note – 21 May 2024

Hybridan Small Cap Feast - 18 Mar 24

18th 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

Hybridan Small Cap Feast: 2 April 2024

2nd 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