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Following the validation of Vivendi’s tender offer on Lagardère by the European Commission, AlphaValue will stop coverage of Lagardère starting from 30-06-2023 onwards as coverage is no longer relevant in light of the shallow free float that will remain.
Companies: Lagardere SCA (MMB:EPA)Lagardere SA (MMB:PAR)
AlphaValue
Lagardere has released reassuring Q1-23 results. The company reported revenue of €1,675bn, representing a 28% increase on a reported basis and a 24% increase like-for-like. The significant growth was mainly driven by the Travel Retail segment, which experienced substantial growth to €1,046bn, representing a 51% increase on a reported basis. The Publishing segment increased to €570m, up 3% on a reported basis.
The company is returning to profitability. After another record year for revenues in FY22, Lagardère expects its Publishing business to be at the same level of turnover in FY23e in a market that is calming down. Travel Retail will certainly boost business in FY23.
A robust 9-month 2022 performance; the musty smell of books was masked by Travel Retail’s rebound to near-2019 levels. The tables have definitely turned.
While Travel Retail is bouncing back post-lockdowns, Publishing, which had its heyday during the outbreak, is now the division under pressure.
Lagardère reported a very satisfactory set of Q1 22 results, driven by the accelerated recovery of Travel Retail. Despite the difficult macro environment, the FY22e guidance is maintained.
The tables are turning. After a record year in FY21, Lagardère expects its Publishing business to slow down in FY22e in a less buoyant environment for book sales. Travel Retail is gradually recovering in a re-opening context.
Lagardère lifted its FY21e guidance on the back of a robust Q3 21 performance. Finally free of most restrictions, Travel Retail is re-establishing itself as the group’s leading activity. No news on Vivendi’s takeover bid.
One year after its entry into Lagardère’s capital, and after several months of speculation, Vivendi finally announced a full takeover of the group.
While the transformation of the group from a limited partnership with shares to a public limited company seemed to put an end to capital movements, the situation is changing again…
Lagardère has signed an agreement with JD.com and JIC for a minority stake in Lagardère Travel Retail Asia, as part of a strategic partnership in Asia.
Lagardère announced that Hachette Book Group, the US subsidiary of Hachette Livre, has signed an agreement to acquire the US independent publisher Workman Publishing.
Lagardère published satisfactory H1 21 results, driven by the record performance of its Publishing division. Although still penalised by COVID-19, Travel Retail benefited from a gradual return of domestic air traffic, notably in the US and China. Overall, management expects a good year in 2021 despite uncertainties related to the Delta variant.
Lagardère registered poor Q1 21 underlying revenues trends as Travel Retail continued to be badly hit by travel restrictions linked to COVID-19. Unsurprisingly, no precise FY21e guidance was communicated due to the highly uncertain environment. Further cost-cutting measures are obviously being pursed.
Lagardère’s share price rose yesterday after the group confirmed plans to become a limited company. Discussions are ongoing in this respect between the company and its main shareholders. The change in legal structure would be a game-changer, causing Arnaud Lagardère to lose absolute control of the group.
Research Tree provides access to ongoing research coverage, media content and regulatory news on Lagardere SA. We currently have 70 research reports from 3 professional analysts.
Topps Group is the UK’s largest specialist supplier and distributor of tiles and associated products to the UK’s domestic and commercial markets. Each of the last three years the Group has successfully achieved record revenue in a market that’s seen recent volume declines and regional peers enter administration. Following the right sizing of its business, Topps Group is now well positioned to capitalise on the economic recovery and continue taking share from competitors, supported by its global
Companies: Topps Tiles Plc
Zeus Capital
HeiQ reported its interim results for the 12-months to December 2023, a period characterised by challenging conditions in the markets in which the company currently operates. In-line with the recent trading update, the company reported revenues of $41.7m for FY23 and closed the period with a cash balance of c$10m and a net debt position of $2.2m. We have updated our forecasts to reflect the FY23 results and HeiQ’s outlook in 2024, leaving our revenue forecast unchanged but adjusting gross margin
Companies: HeiQ PLC
Cavendish
Companies: 88E CNC FTC TRCS HEIQ CREO ZAM
Companies: Tortilla Mexican Grill Ltd.
Liberum
24th April 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 Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi
Companies: FTC AGL SRT SOU G4M AOM SUP
Hybridan
At its FY23 results in June 2023, G4M announced its intention to focus on product margins, overhead cost reduction, and efficiency ahead of revenue growth, along with further net debt reduction, in FY24. The FY24 year-end trading update confirms G4M has delivered on these rebalanced priorities, with gross margin rising and net debt almost halving compared with FY23. Cost savings achieved in FY24 and the continued development of higher-margin categories should deliver further upside in FY25E.
Companies: Gear4music (Holdings) PLC
Progressive Equity Research
Companies: JDW MAB MARS WTB FSTA BOWL CPG SSPG LGRS SSTY OTB HSW TMO GYM MEX
Pinewood’s transition to a pure-play automotive SaaS business is now largely complete. Today we introduce summary forecasts out to FY26 and reiterate the investment case. We see significant opportunity for Pinewood to grow its user base in the UK and internationally whilst generating high EBITDA margins and cash conversion. With a 24.5p special dividend embedded in the current price (payable Q1/Q2), the effective price today is 12.3p. Based on the Group’s FY27 target of £27m EBITDA, we estimate
Companies: Pinewood Technologies Group PLC
Vertu is the fourth largest automotive retailer in the UK, with 188 sales outlets and a track record of cross-cycle growth, principally through businesses it has acquired, funded by equity, debt and most importantly cash generation. Vertu operates across the entire vehicle lifecycle, including new and used vehicle sales, and vehicle servicing, repair and parts. Service and repair is a 40+% gross margin repeating business. With economic headwinds, the transition to electric vehicles, recent overs
Companies: Vertu Motors PLC
On 9 January last year, we set out our ten top stock picks for 2023, for what turned out to be another relatively poor twelve months for UK equities due to two wars, stubbornly high inflation and further tightening of monetary policy. This was even as other major markets, such as the US, largely recovered in the year. In the 2023 calendar year, the AIM All-Share index fell 8.2% and is still 42% off its 2021 high. From the release of our 2023 top picks note, the average total return (assuming div
Companies: PTAL GHH IGP MSLH PINE NXQ EQLS NXR AXL
We are initiating coverage of a.k.a. Brands Holding Corp. ("a.k.a. Brands" or the "company"), a leading owner of primarily online apparel-based brands focused on Generation Z and Millennial consumers, with a Buy rating and $14.00 price target, or 10.9X our 2025 EBITDA projection of $20.2 million. The company's brands include: 1) Princess Polly, focusing on 15 to 25 year-old women; 2) Petal & Pup, which offers feminine styles for 25 to 34 year-old women; 3) Culture Kings, a street wear destinatio
Companies: GPS URBN ITX AEO AEO GES GES ITX GPS ANF 0R32 URBN
Small Cap Consumer Research LLC
Domino’s Pizza Group’s (DOM’s) new CEO has set an ambitious long-term growth target, including an acceleration in its net store opening programme. With better alignment between the company and its franchisees, management believes DOM should be capable of generating improved profit growth, versus that achieved in recent years, and potential higher returns.
Companies: Domino's Pizza Group plc
Edison
Borussia Dortmund’s progress to the semi-final of the Champions League brings a further upgrade to profit guidance for FY24. In addition to helping the financial results of the current year, the relative success of German teams against those of other nations in European competitions this season may ensure the club qualifies for the Champions League next season despite currently being outside the top four of the Bundesliga.
Companies: Borussia Dortmund GmbH & Co. KGaA
17th April 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 Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi
Companies: ARS TIDE SCE SNX ECK CNS TST SPEC SSTY
HeiQ has announced the acquisition of a site in Portugal where the company intends to build a HeiQ AeoniQ production facility with a 3,000 tonne per year capacity. To support the acquisition, the company intends to raise c£2.44m via an equity placing, supported by the issue of a c£1.7m (€1.97m) convertible loan note (largely to management) that will convert upon completion of the raise. We see this as an important step in the development programme for HeiQ AeoniQ. Additionally, HeiQ has provided
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