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Following the results of the tender offer launched by MFE on Mediaset Espana (to create an European-scale hub able to face international competition), we stop coverage of Mediaset Espana to focus on that of MFE.
Companies: Mediaset Espana Comunicacion (TL5:BME)Mediaset Espana Comunicacion SA (TL5:MCE)
The Q2 performance remains below… 2019’s. Revenues were indeed still down by c.6% over two years and the EBIT margin at 23.6% is logically better than in Q2 20 but still well below the 34.2% of Q2 19.
We have great concerns about the evolution of the top line of the classic TV leaders in the coming years.
It seems that Mediaset Espana is resisting well to the TV advertising slowdown by decreasing its costs. But how long will it last? We see indeed no reason for linear TV consumption to remain at a high level in Spain where the future belongs clearly more to Netflix.
We will revise downward the group’s advertising revenues for the coming years.
Companies: Mediaset Espana Comunicacion SA
Mediaset Espana reported solid Q2 results which were slightly better than expected. Q2 revenues were indeed up by 3.8% yoy, offsetting finally the 4.5% decline recorded in Q1, while thanks to its usual strong discipline, costs increased less than revenues and the group managed to increase its margins in Q2: EBITDA by 60bp to 33%, its best margin in a Q2 since 2008, and the EBIT margin by 110bp to 31.9%.
MediaSet Espana reported solid FY17 results which were broadly in line with the consensus in terms of top-line but below the market’s expectations when it came to net income.
In a nutshell, total net revenues grew by 0.4% and came in at €996.26m, of which €928.7m from net advertising revenues, up 0.2%. Thanks to a strong discipline, costs were down 2.2% and helped to boost the adjusted EBITDA (+8.8%). The latter amounted to €262.25m, which represents a 26.3% margin versus 24.3% in FY16. EBIT ca
MediaSet Espana reported solid +1.3% Q3 net advertising revenue growth despite the tough comparison on a lfl basis (Football Eurocup in FY16). This trend was driven by MediaSet Espana’s media (Telecinco, Cuatro, Factoria de Ficcion, BOING, Divinity, Energy and Be Mad) while the third-party media (regional free- TV, e-Walls, various pay Tv channel) revenues declined significantly (-22.8%). It is noteworthy that Q3 17 EBIT rose by 26.5% (from c.€20.5m to c.€26.0m, i.e. a 13.5% margin compared to 1
Mediaset Espana once again reported a solid set of results for the first quarter of this year. Reported revenues improved by 4.2% to €240.4m within a rising ad TV market (+4.3%; the group’s advertising revenues were up 5.5%, exclusively driven by price increases). Positively, the group managed to maintain its costs with opex down 0.5%, further highlighting its business model’s flexibility linked to the high proportion of in-house production. Its EBITDA margin, therefore, rose to 33.8% (compared
Despite broadcasting the Euro 2016, Mediaset Espana reported revenues down 3% to €190.1m over the period (after +4.6% in Q1 and +12.8% in Q2) within a declining ad TV market (+1% after +6% in Q1 and +11% in Q2). Positively, the group managed to further reduce its costs with opex still cut by 3.5% over the quarter (-0.4% year-to-date), further highlighting its business model’s flexibility linked to the high proportion of in-house production.
For the 9 months, total revenues were up 5.5% to €711.
Mediaset Espana confirmed in Q2 16 the improvement of its earnings profile with total revenues up 9% (accelerating from +4.6% in Q1 to +12.8% in Q2) to €521.6m and an adjusted EBITDA margin rising 570bp to 30.7% (€160m versus €119.5m up 33.9%). Net profit rose by 20.3% to €117.7m and EPS by 29.5% to €0.35.
The group’s FY16 guidance was reiterated, i.e. to remain leader in terms of both audience rates and advertising market share, while keeping opex under strict control. After the acquisition of
Mediaset Espana’s revenues modestly improved over H1 15 as they rose by only +2.3%. Reflecting a tough comparison basis (football World Cup in June/July 2014), the net advertising revenues slowed from +13% in Q1 to +1.6% in Q2 (H1: +6.5%), while other revenues dropped by more than 40% as there was no film release in H1 15 (phasing impact H2-weighted this year: three main films) after an exceptional blockbuster in H1 14.
Positively, cost control (total opex down 5.3%; although partly reflecting
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Strong management progress on Reach’s Customer Value Strategy continues, although underlying progress has been obscured by elements beyond management’s control. Sales were broadly stable (-2% y/y to £297.4m; SCMe: £299.3m), as Digital revenues continued to grow (+5% y/y) despite a severe deterioration in wider market OMP yields (down up to 40% at peak). Inflationary headwinds in Print have also persisted, with aggregate opex up +7% y/y to £241.7m (SCMe: £237.3m) - AOP consequently fell 32% y/y t
Companies: Reach plc
Singer Capital Markets
Tremor has announced the $239m acquisition of Amobee to enhance its end-to-end platform, accelerate international growth and realise substantial cost synergies. Amobee operates a global advertising platform across linear TV, connected TV and digital media, with strong relationships with over 500 global advertisers and major publishers. Through integrating the two platforms, we expect that Tremor will accelerate its growth through cross-selling new services into both new and existing customers, a
Companies: Tremor International Ltd.
Revenues in H1/22E are substantially ahead of our expectations. Growth in XLMedia's sports betting revenues has more than offset weakness elsewhere in the Group. With sports betting now such a high proportion of total activities and margins moving upwards, this should begin to ameliorate any lingering concerns about Casino being a potential drag on earnings.
Companies: XLMedia Plc
A year on from the end of lockdown on July 19 2021, celebrations at the UK's economic bounce-back in H2-21 have long lost their fizz. Two intertwined themes have remained salient / gathered pace over the past six months since our mid-year sector review: exchange rates and inflation. As we write today, press speculation is focussing on the possibility of a 0.5% rise in UK interest rates in August, billed as the biggest move in 27 years. Looking further afield, economists are looking to the F
Companies: FOUR JIM JIM CODE PEN PTD WATR SPSY
This quarter’s key observations
• Subsector performance: Marketplaces was by far the best performing subsector from an aggregate share price perspective (up 19.9%) vs. an average –5.2% for the other five subsectors. UK Digital Media was the worst performing subsector with a -12.4% aggregate share price move.
• Valuation trends: UK Managed Services saw the largest EV/ EBITDA derating (-2.1x) and is now on the lowest EV/Sales multiple (1.5x FY1) and second lowest average EV/EBITDA (11.3x FY1
Companies: CNIC BIG DEVO LBG OTMP SYS
Q2 22 was strong with organic net revenue growth of +8.3%. The US activities were a strong growth driver, while the Chinese lockdowns affected the overall performance. In H1 22, the headline operating margin declined (-0.5pt to 11.6% of net revenue) due to wage inflation and the use of freelancers for which wage increases exceeded those of internal staff. 2022 guidance was revised upwards at the top line (organic growth of +6-7%) and unchanged for the headline operating margin.
Companies: WPP Plc
Adj EBITDA was 4% ahead of that indicated in January. The material +47% YoY growth rate in this figure is attributable to the M&A activity in US sports betting over the past 12-18 months which has reshaped the Group. This also brings higher margin activities to offset Casino which is in 'managed decline'. Casino is asset-light with much variable cost and manageable. Sports now forms almost half of all Group revenues and has huge growth potential as more US states legalise sports betting.
Companies: STV Group plc
Pearson was up as much as 12% today after reporting better-than-expected H1 22 results. The company said that it will meet its FY25 guidance two years in advance, i.e. in FY23, thanks to £100m in cost savings identified (synergies and efficiencies from the recent reorganisation). Again, a very pleasant surprise.
Companies: Pearson PLC
FY22 has been a good year for Wilmington. The recovery in the face-to-face business should not overshadow the solid organic performance from the information and data led core. Margins continue to be healthy with more to come as the heavy internal lift of the last three years as the group invested heavily in new platforms and commercial structure.
Companies: Wilmington plc
Radnor Capital Partners
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Psych Capital PLC, intends to list on the AQSE Growth Market. Psych operates the Psych Platform (a business-to-business networking platform), that is developing the Blossom Database pursuant to a third party licensing arrangement. The Company also has an investment of 426,000 common shares in Awakn, a Canadian NEO Exchange listed psychedelics research and clinical group, with operations in the UK and Europe.
Companies: TMO ROL KGH GWMO JAY
Dish of the day
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Unigel Group, intends to join the Aquis Growth Market. Unigel Group is a pioneer in the field of thixotropic gels for the fibre optic cable industry. The Company is also a supplier of laminated steel tapes to the fibre optic cable industry in the US. Thixotropic gels and laminated steel tapes are essential components to the rapidly growing global fibre optic cable market. The Group export
Companies: VOG TRR TON SGI MIRI MFX
After a solid Q1 performance due to weak comparables, revenue returned to a more normal modest level of growth (+3.3%).
H1 EBITA generated by the operational businesses increased by only 6.9% yoy. This was mainly due to the Havas recovery post Covid, whose EBITA grew by 13.6% yoy (but still declined by 11% over three years).
Nothing to make investors dream. However Vivendi’s assets remain solid overall and we remain at Add on the stock .
Companies: Vivendi (VIV:EPA)Vivendi SE (VIV:PAR)
Companies: Kape Technologies Plc
Digital Turbine is a major mobile growth platform provider across the globe and is operating in expansion mode as evident from its recent results as well as its acquisition-oriented strategy. Last year, the company acquired three businesses, namely AdColony, Fyber, and Appreciate. The operating and gross margins have also expanded. However, in recent quarters, the investors of Digital Turbine have turned against various technology-focused assets, and its stock price also lost much value. Digital
Companies: DIGITAL TURBINE (APPS:NYSE)Digital Turbine, Inc. (APPS:NAS)