Smarter Web Target Signals 90% Upside on Preferred Share Plans

• Smarter Web receives a £0.73 price target, implying approximately 90% upside from Monday’s trading level.
• The proposed MORE offering targets £15 million–£25 million, subject to approvals and minimum fundraising.
• TD Cowen maintains its Buy rating while highlighting broader financing options.

Smarter Web shares traded at £0.385 on Monday after TD Cowen raised its price target to £0.73 from £0.64. The bank maintained its Buy rating, with the revised target implying approximately 90% upside.

Analysts led by Lance Vitanza linked the increase to a proposed preferred-share offering. They said the structure could provide another source of long-term capital.

Smarter Web Plans MORE Offering to Broaden Funding Options

The company outlined its proposed perpetual preferred shares on September 11, reserving the ticker MORE. It seeks gross proceeds between £15 million and £25 million, with a minimum fundraising requirement of £10 million.

The proposed securities would pay cumulative variable-rate dividends weekly and carry a liquidation preference. Holders would have no general-meeting voting rights, while the company would retain redemption rights.

Smarter Web has scheduled a September 28 shareholder meeting to approve changes needed for the new share class. The offering also requires an FCA-approved prospectus and satisfaction of other admission conditions.

If completed, MORE would trade on the London Stock Exchange’s Main Market. TD Cowen views the proposal as another financing option alongside secured borrowing and convertible instruments.

Preferred dividends and liquidation priority would create claims ranking above ordinary shareholders. Those terms do not guarantee returns or protect investors from losses.

Bitcoin Treasury Results Shape the Revised Share Valuation

Smarter Web reported approximately 11.5% year-to-date BTC Yield through September 2, according to the analysts’ note. That result included a roughly 420-basis-point drag from repaying its TOBAM-backed convertible financing on July 23.

The company sold approximately 178 BTC to settle the instrument. The repayment removed potential issuance of more than 7.7 million ordinary shares associated with that financing.

TD Cowen’s latest Smarter Web target partially reverses July’s reduction from £1 to £0.64. The bank had revised its Bitcoin forecasts and treasury assumptions during that adjustment.

Its December Bitcoin base case stands near $100,000. The analysts assign $175,000 to their upside scenario and $25,000 to their downside scenario.