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While the weak advertising market suppressed growth in Online Marketing in the (seasonally quiet) Q1, Online Presence continues to perform robustly and group margins continue to expand. The acquisition of Shinez is now complete and should add further robustness to Team Internet’s revenue profile, diversifying its partnership base and creating good opportunities to capture more value in the conversion funnel. We leave our standalone estimates unchanged, but upgrade FY24 and FY25 EPS by 5% and 7%
Companies: Team Internet Group plc
Edison
Companies: SDI BBB HAYD IUG NEXN
Cavendish
With H124 revenue of £136.7m (+11% y-o-y), Bloomsbury is on track to meet FY24 expectations, with a particularly good H1 from Consumer and within that, from the children's list, where sales of Sarah J Maas titles were up by 79% y-o-y. Momentum appears likely to be sustained in H2 as her next book is set for publication in January. Non-consumer growth was more muted, against tough comparatives. It is here that Bloomsbury stands to benefit most from the shift to digital, notably in the US school a
Companies: Bloomsbury Publishing Plc
XLM has released FY23A annual results for the period ending 31 December 2023, with Adj EBITDA in-line with expectations at $12.1m and Adj PAT ahead of expectations at $5.0m ($3.9m forecast) due to lower-than-expected D&A and tax charges, and higher-than-expected interest income. We have released our FY24E forecasts which show a transitional year as the business moves towards being almost exclusively US-focused. The remaining business trades on an FY24E Adj EV/EBITDA multiple of 2.8x, a significa
Companies: XLMedia Plc
STV Studios continues to be busy, announcing significant recommissions within its auction content franchise. Separately, ITV reported an improving ad trend for 2024 (+3% Q1, +11% Q2) in a trading update. STV has not updated the market on FY24 trading since prelims on 4 March, but a site visit for investors scheduled for 5 June could provide a natural opportunity for the company to do so.
Companies: STV Group plc
Progressive Equity Research
Companies: FRP Advisory Group Plc (FRP:LON)XLMedia Plc (XLM:LON)
Nexxen’s Q1 24 results show Q1 net revenue growth of +4% to $69.7m or +1% ahead of consensus, Q1 adjusted EBITDA of $11.9m +21% ahead of consensus, and a confident reaffirmation of the FY24 guidance that leads us to reiterate our FY24E and FY25E revenue and EBITDA at this point. We then upgrade FY24E and FY25E EFCF by +2% and +4% due to lower interest costs following the repayment of c$100m of debt in April, and upgrade FY24E and FY25E adjusted EPS by +5% and +9% due to the lower interest costs
Companies: Nexxen International Ltd.
Companies: FOUR PCIP FEN MRL KRM HDD CUSN
While 2.5% revenue growth and 6.1% EBIT growth is relatively pedestrian by Next 15’s historic track record, we see the last year as one of the most impressive reported by Next 15. Revenue growth and margin expansion has been delivered in the face of a significant slowdown in demand from the group’s historic core technology sector clients. We believe a number of factors are in play here, not least the growing diversity of Next 15’s client and business mix as a result of M&A over the last th
Companies: Next 15 Group plc
H2 Radnor
Companies: JDW MAB MARS WTB FSTA BOWL CPG SSPG LGRS SSTY OTB HSW TMO GYM MEX
Liberum
4imprint’s AGM trading update indicates a solid start to the year against a challenging market backdrop, with full-year expectations (and therefore our forecasts) unchanged. Group revenue growth of 6% over the prior year for the four months to end April is clearly ahead of the North American market, where Q124 industry revenue indications range from broadly flat to a small decline, indicating that the group is continuing to build market share. 4imprint is the largest distributor in North America
Companies: 4imprint Group plc
Revenue grew 8% organically in the trailing twelve months (TTM) to March. The Online Presence division continued to benefit from price rises and the shift toward alternative Top Level Domains (TLD), whilst the Online Marketing division continued to see declining click prices offset by visitor volumes. The company remains confident in meeting expectations for 2024, supported by new products, vertical integration initiatives and international expansion plans. We update our forecasts for the acquis
Zeus Capital
If one focused solely on the share price chart, it would appear Next 15 had experienced a near death experience in 2023 with multiple, and extensive downgrades. The reality has been somewhat different. Next 15 will exit FY24 delivering both top line growth and year on year margin progression.
Team Internet’s FY23 results exceeded our forecasts and consensus on revenue and EBITDA. Online Marketing was driven by increased consumer engagement, reflecting investment in delivering more targeted ads across a wider array of channels. The group’s latest acquisition, Shinez, strengthens Online Marketing via diversification of publishers and is earnings accretive with scope for further synergies. Online Presence returned to strong revenue growth, driven by demand for exotic domains, pricing op
Top subsector price performance: There were price gains across the board this quarter with all but Location & Sensing software posting positive aggregate movements
Companies: TIG SYS BIG LBG
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