Event in Progress:
Discover the latest content that has just been published on Research Tree
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.
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
Progressive Equity Research
Today’s trading statement from ZOO highlights a ramp-up in demand following the end to the industry-wide strikes of last year. ZOO struck a note of caution in its January update regarding the timing of orders. However new productions are starting to translate into a healthy order pipeline, with a good recovery in revenue anticipated in H1 FY25. The update guides to revenue of at least $40m for the year to March 2024, ahead of our estimate at $36.8m. We have improved our adjusted EBITDA loss marg
Companies: ZOO Digital Group plc
Loungers is an award winning, uniquely positioned all day café-bar group that has grown revenues an impressive 22.5% CAGR FY16-FY23. Comprising of Lounges, Cosy Club and Brightside, the 257-site group still has huge scope to grow towards its conservative ambition of over 650 sites. Loungers is profitable with improving margins and we forecast will generate over £100m free cashflow (pre-expansion capex) FY24E-FY26E. This, we estimate, will fully fund c.100 new site openings over the next three y
Companies: Loungers Plc
Equity Development
Companies: Next plc (NXT:LON)Judges Scientific plc (JDG:LON)
Shore Capital
The Hardman & Co Healthcare Index (HHI) has been running since 2009. Its main function is to highlight the attractions of life sciences investments over the long term. For the second year running, apart from global economic influences affecting world markets, performance in 2023 was dented by the capital-intensive nature of the sector. The HHI fell 3.7%, to 483.8, underperforming the main London markets – FTSE 100 (+3.8%) and FTSE All-Share (3.8%) but outperforming the FTSE AIM All-Share Index (
Companies: TXG NDVA TSVT BCOW Z29 TXG NCYT GNS SUN AMS OMG APH EKF EAH IMM AGL DEMG AGY TSTL IPO GDR ETX TRX HVO CTEC AVO OXB DEST VLG IXI VAL INDV AGR AVCT BAI 123F IMCR BCOW
Hardman & Co
Companies: JDW MAB MARS WTB FSTA BOWL CPG SSPG LGRS SSTY OTB HSW TMO GYM MEX
Liberum
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
Zeus Capital
This morning’s trading statement from ZOO confirms that production companies are taking longer than expected to complete projects. This follows the resumption of new production after the industry-wide strikes ended in November 2023. The anticipated January ramp-up has yet to fully materialise, with entertainment projects expected to complete in January now moving into February and beyond. However, ZOO has been notified by its largest customer of a pipeline of orders that provides good visibility
Companies: UTL ASC DNLM BWNG MONY DFS BOO
The Great Correction of 2022 saw the share prices of streamers plunge after market leader Netflix reported a slowdown/fall in subscriber growth. Having formerly been seduced by hectic subscriber growth rates, investors quickly refocused, this time on fundamental metrics such as revenue, margins, profits and cashflow. Since then, streamers have continued to take a steadily greater share of viewing while linear TV continues to decline. But growth in streaming subscribers in the US and UK is now a
Companies: AMZN DIS WBD NFLX NFLX ITV STVG PARA AMZN DIS
Flutter reported softer than expected Q3 23 trading numbers, as unfavourable sports results weighed on the cross-market performance. The firm lost share in the US even as competition intensified in a seasonally light sports quarter, sending the stock sharply lower. However, we expect a strong recovery in the US in Q4 even as Australia is now expected to remain a pain point into FY24. We will trim our estimates by low to mid-single digits to factor in the soft showing.
Companies: Flutter Entertainment Plc
Companies: Rank Group Plc
Companies: CTG NXT JTC
During 2023, ME Group commenced the deployment of its next generation photobooths, which are integrated with the group’s newly developed proprietary software, gained market leadership in the Japanese photobooth market with an acquisition, continued to roll out laundry units with existing and new location partners, commenced a share buyback programme and gained entry into the FTSE 250. 2023 was a year of significant strategic and financial progress, with sales up 15%, EPS up 31% and net cash main
Companies: ME Group International plc
Cavendish
Share: