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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
In its seasonally weakest quarter, Tremor has announced that it has achieved Q1 21 organic net revenue growth of +96% to $63m, and adjusted EBITDA of $27.5m at a margin of 44%. Tremor’s Programmatic division is driving its remarkably strong organic performance with growth of +105%, and as Tremor prepares for its potential Q2 21 US IPO, it has delivered Q1 21 revenue growth ahead of its US-listed peers reported revenue growth of 15-54%, with adjusted EBITDA margins of 15-33%. Today’s update demon
Companies: Tremor International Ltd.
We have knitted together the impact on the investment companies from what is now widely considered to be the most severe pandemic in a century. The collapse in asset prices over the latter part of March, brought the curtain down on an up-market that lasted more than ten years. In amongst this, there were pockets, such as the technology sector, that held up well. For many industries, the worst is still to come, as we brace ourselves for the sharpest contraction to global growth since the US great
Companies: ASL SDV ASIT BGEU BRLA CCPG DPA IEM JMF JZCP JUKG EPIC PSH CSH RIII BLP TMPL BPCR SEQI AIF SMT KKVL FA17 ICON RSE CRS GWI USF DIGS
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
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Q1 21 was characterised by opposing trends at ITV Studios and advertising. Revenue recovered at ITV Studios (+9%), while advertising decreased (-6%) due to a high comparative last year and continuing COVID-19 restrictions in the UK. Total advertising revenue turned favourably in March 2021 (+8%) and the positive trend was confirmed in April 2021 and until the end of H1 21 (+26% estimated vs -20% in H1 20).
Companies: ITV PLC
Future today released an update highlighting FY’20E adj EBITDA which is trading towards the top-end of consensus (£86.3m-£91.0m; N1Se: £88.5m). Strong performance has been supported by acceleration of the consumer shift to digital, positive cost control and cost synergy extraction from the TI Media acquisition (c.£9m annualised savings delivered so far). Migration of TI Media sites to the Group’s Vanilla platform are underway, whilst Hawk (price comparison platform) has been successfully deploye
Companies: Future plc
Reach plc, the market-leading commercial regional and national news publisher, is approaching a positive revenue inflection point which is transformational to perceptions of the Group. With the 5th largest digital unique visitor base (>40m) in the UK (behind the likes of Facebook and Google), the Group has a material, yet currently under-exploited opportunity which could see Digital revenues double on a 4-year view. Among initiatives to unlock value, new management is focused on granular data ca
Companies: Reach plc
Reach plc today provides a strong Q4 trading update highlighting upgraded FY’20E AOP expectations of £130m-£135m ahead of consensus (cons: £124.3m) and record growth in Digital. Digital sales growth has recovered strongly since Q2, accelerating to 25% y/y (Q3: +13%; H1: -1%) benefitting from both higher traffic through implementation of Group engagement initiatives and yield recovery as advertisers in CV19 impacted verticals return. Print circulation revenue decline moderated to 11.7% y/y in Q4
Cornish Metals (TSX-V: CUSN) intends to list on AIM. The Company is proposing to raise £5 million by way of private placement of new Common Shares (the "Fundraising") to advance the United Downs copper-tin project. The Company expects that Admission will become effective in February 2021. The Company's Common Shares will continue to be listed and trade on the TSX-V in Canada. Further media reports that Dr Martens, the British Boot brand is planning an IPO on the LSE. It is currently owned by
Companies: ZPHR PANR PRSM SENS CYAN G4M ITX CRCL FEN ZIN
Reach’s prelims were ahead of N1S estimates for H2 sales and EBITDA (1% and 3% resp.) and showed excellent progress with both the customer value strategy (‘CVS’) and business transformation agenda. Whilst FY’20 Group sales were 15% y/y lower as CV19 impacted Print, Digital revenue grew +11% y/y to £118m (H2: +20% to £70m), supported by a strong uptick in user engagement with content (page views/user: +39% y/y) and further progress in signing up new registered users (Feb’21: 5.8m; Dec’20: 5.0m; D
Tremor has reported strong FY20 results with EBITDA +3% ahead of our estimate, and has highlighted that its strong momentum is continuing in Q1 21, and stated that it is exploring the potential of a dual-listing in the US. FY20 gross revenue of $405m is in line with our prior estimate, and the operational gearing of Tremor’s platform has driven H2 20 EBITDA to $58.7m of $60.5m of FY20 EBITDA, after a heavily COVID-impacted H1 20. With Tremor’s US peers guiding for Q1 21 revenue growth of 13-41%,
Interim results show further progress in flexing its cost base and adapting operations in order to survive the extended lockdowns and subsequently thrive in the post Covid era. The upcoming opening of Time Out Market Dubai and signing of Time Out Market Abu Dhabi, both under management agreements, indicate the scale of the opportunity ahead. The proposed fully underwritten equity raise of £15m further de-risks the balance sheet allowing the business plan to be executed with confidence. With the
Companies: Time Out Group PLC
MAST Energy Developments (MED) is to IPO on the Standard List on 14th April 2021 under the ticker MAST. The company has raised £5m giving a market capitalisation on listing of c. £23m. MED is currently a 100% subsidiary company of AIM quoted, Kibo Energy*. MED was established to acquire and develop a portfolio of flexible power plants in the UK and become a multi-asset operator in the rapidly growing Reserve Power market. PensionBee has confirmed its intention to float on the High Growth Se
Companies: SYM CGNR EKF KBT GGP VLS TMO ECK B90 MDZ
Mission Group’s FY20A results detailed a strong performance and impressive underlying progress despite a very challenging backdrop, reinforcing our conviction that it is well placed to bounce back this year and deliver attractive medium-term growth. Based on our updated estimates, the group’s stock is trading on FY22F PE and EV/EBITDA multiples of 10x and 6x, respectively and offers a 3% yield. We view this as a very modest valuation and continue to see substantial share price upside potential.
Companies: Mission 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
Companies: S4 Capital plc