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S4 Capital has announced that it has secured a seven year €375m term loan and five year £100m revolving credit facility, providing total debt capacity of £420m. This replaces the existing facilities which total £109m and therefore provide a further £311m of headroom. We show a sensitivity analysis for FY22 which shows that the group could deploy £1bn on acquisitions at 10x EBITDA with consideration split half equity to vendors and half cash/debt. On a pro forma basis, this would add approaching
Companies: S4 Capital plc
CentralNic has followed up a strong Q1 with an even stronger Q2. Organic growth has accelerated from 16% to 25%, respectively, supported by all business lines. The company now expects full year revenue to be “well ahead of market expectations” and profits to be “comfortably in line with market expectations”.
Companies: CentralNic Group Plc
Kape’s trading update for the first half of its current financial year confirms that the Group continues to show strong growth in line with management’s expectations for the full year. Consequently, we leave our estimates – which sit in the existing guidance range for revenue and Adj EBITDA – unchanged. The integration of Webselenese is ‘progressing well’ and has already realised a reduction in average customer acquisition costs for the Group. We also note the recent content provision agreement
Companies: Kape Technologies Plc
What a difference a year makes - 12 months ago, the focus, quite understandably, was on the course of the pandemic and the lifting of the Lockdown (1) measures. For investors, it was the sustainability of the rally in markets seen since March 2020. Today, while we are still thinking about the lifting of lockdown measures, we are also concerned about two “old favourites” from previous decades. Inflation and the parlous state of public finances. The BoE has said that although CPI inflation rose to
Companies: AEMC BVC BAG BRSD BWNG CBOX CEG CTG CLG CML CRPR DNK EML ESC FAR FA/ GPH INSE MTW MOTR MMAG NRR NESF NMCN NSF OTMP OBD SAVE SCS STVG SNX SYS TMG TGL VLS VOG WYN
Eagle Eye has today reported an encouraging trading update, beating market estimates, post the completion of FY21F. With the pandemic creating multiple problems for physical retailers and brands, Eagle Eye’s technology has supplied effective solutions, helping to accelerate the transition towards more omnichannel, digital-savvy business models. With accelerating growth during Q4 providing a strong start to FY22F, and, as the Group’s ambitious plans for expansion within the UK, the US and Austral
Companies: Eagle Eye Solutions Group PLC
S4 Capital has released a very strong Q1 update with LFL Gross Profit up +33%, ahead of our +29% forecast, with reported growth of +71% to £104m. We believe growth accelerated during the quarter as the BMW/Mini and Mondelez whoppers came on stream and as comparatives eased. The group now guides to LFL growth of +30% (was +25%) for FY21 and we raise our forecast from +29% to +32%. S4 Capital indicates it will deliver a strong EBITDA margin in 2021, which will again be stronger in H2. The group ha
Reach continues to successfully execute on its enhanced Customer Value Strategy, driving strong top-line momentum in Digital. Digital sales (c.20%/revs) rose +25% y/y in Q1 supported by further growth in registered users (6.2m; Dec: 5.0m), whilst high demand for the Group’s ‘plus’ product portfolio is attracting strong advertiser interest, creating an attractive opportunity pipeline via enhanced monetisation of the Group’s growing first-party consumer interest data pool. In Print revenue decline
Companies: Reach plc
Centaur Media’s H121 results show revenue and EBITDA margin picking up strongly, with the group on track to meet its FY23 targets, as set out in January in its MAP23 strategy. This envisages group revenue of £45m, with a 23% EBITDA margin. The Flagship 4 brands are leading the way, posting 26% revenue growth over H120. Econsultancy’s blended learning is achieving good traction, while events across the group are benefiting from attractive digital propositions. We have edged our revenue forecast u
Companies: Centaur Media plc
It seems like an eternity has passed since J.K. Rowling published the seventh and final book in the Harry Potter series, nevertheless that hasn't stopped Bloomsbury Publishing reissuing the novels with new covers and in illustrated versions. But has that done the trick? Well the jury is out and Bloomsbury has seen a 13% increase in interim revenues to £52.7m for six months ended 31 August 2015, albeit not all the revenue is from the Harry Potter franchise. New York Times and USA Today bestsellin
Companies: Bloomsbury Publishing Plc
Disney+ hits 22m mobile users, SoftBank backed firm downsizes IPO, German mobile carrier selects Huawei
Companies: ENET 7DIG NAPS ZOO AFRN BOOM MIRA MWE
Mirada plc* (MIRA.L, 72.5p/£6.5m) | Osirium Technologies plc (OSI.L 19p/£3.7m) | Corero Network Security plc (CNS.L, 11.0p/£54.7m) | Tern plc* (TERN.L, 7.7p/£23.2m)
Companies: MIRA OSI CNS TERN
Mondelez International has announced that it has appointed MediaMonks to manage global technology infrastructure, global websites and content production for North America, Latin America and AMEA. We believe this account win by S4 Capital further vindicates the unitary structure and integrated offer of the group as Mondelez initially worked with MightyHive before broadening the scope of this relationship to encompass MediaMonks. S4 Capital describes the account as a Whopper, indicating that it wi
The UK market showed a continued recovery in the first quarter albeit the indices are still well short of their all-time peaks, unlike many of their international peers. The FTSE 100 has risen by 1,186 points (21.4%) since the end of October and the FTSE 250 by 4,304 points (25.0%). The comparable performance since the start of the year is less spectacular- the FTSE 100 has risen by 253 points (3.9%) and the FTSE 250 has risen by 1,070 points (5.0%). The factors behind the sustained rally are fa
Companies: AMYT ARBB CEG BAG BVC BEG BONH BLVN BRSD CML CWK CRPR EYE ECHO FDM FAR FA/ GPH GSF HUW INSE JDG KAPE KP2 MACF MPAC MNZS NESF NBI OTMP OBD PREM QFI RUA SCS SEN SOS SUR TON TOU TXP TGL TCN UEM VLS WYN
As midsummer’s day looms (where has this year gone?), there is greater optimism, in general, than may have been anticipated a few months ago. A post-pandemic, ‘vaccine-driven’ recovery demonstrated by increased consumer spending as lockdown measures are lifted has been one of the catalysts. The FTSE 100 has been range-bound in the last month 6,900-7,100. We have seen a combination of broadly positive company results across a range of sectors, further examples of M&A activity and a sequence of ne
Companies: AMYT ARBB ARW BAG BEG BONH BWNG CWK DNK EML EPWN FBD FA/ GPH GSF GNC HUW IGC INSE KAPE KP2 MMAG NRR NESF OTMP ROL RUA SEN SUR TON TOU TXP TGL VLS WINK
Centaur delivered strong H1 sales and EBITDA results well ahead of our forecasts (+8% and +16% respectively). H1 sales grew +22% y/y to £18.3m (SCM: £17.0m) as event recovery came through quicker than forecast, whilst adjusted EBITDA margins expanded to 12.0% (+6pp y/y; SCM: 11.2%). Strong working capital control and an increase in advanced orders also led to a £4.7m FCF inflow (SCM: £0.2m), driving net cash up to £11.9m and providing ample support for the interim dividend (0.5p/share). Within t
