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The building-related activities (DOM & MAC) could not escape a sudden softening in the market even though they enjoy the nominal steadiness of renovation markets. The industry-related activities shone but accounted for less than 30% of revenues. The management is worried about H2 and slashed its sales guidance to €680m which now looks like a floor. We have cut our 2023 earning forecast by c.30%.
Companies: Groupe SFPI (SFPI:EPA)Groupe SFPI SA (SFPI:PAR)
AlphaValue
Difficult H1-2023 and more cautious about H2 EPS CHANGE CHANGE IN TARGET PRICE € 3.86 vs 3.99 -3.28% The H1-2023 could not hide a slowdown in volume from Building-related (renovation mostly) businesses. Price hikes are now a thing of the past while input prices remain elevated. Volumes are down. Conversely the two 'industrial' units catering to BtoB business are doing well to very well. Now allowing for lesser ambitions for 2023, our TP is down marginally leaving considerable upside pot
Allowing for the 2022 actual figures and MAC restructuring efforts EPS CHANGE CHANGE IN EPS 2023 : € 0.30 vs 0.37 -19.2% 2024 : € 0.33 vs 0.38 -13.5% We have trimmed our 2023 forecasts somewhat to allow for continuing restructuring efforts at the MAC business unit that are due to last into 2024. Incremental gains look a tad more difficult in 2023 after the good cost control in 2022. The Capital Goods units (NEU JFK and MMB) are having another strong year in 2023 while the demand for c
SFPI’s FY2022 disappointed. While it firmly stuck to its top-line objectives, margins were squeezed by fast(er) rising costs and a €4m mighty provisioning for a refoundation of its MAC division (windows, awnings, etc.). Accelerated capex is to follow. Earnings dropped by c. a third to €22m. We were banking on €26.8m. While management confirms its entrepreneurial skills (more capex, a stream of useful acquisitions, proactive deployment of ESG metrics), our 2023 earnings expectations need to be tr
SFPI sales gains in H1 (+8%) were marred by declining gross margins and rising inventories, typical of post-Covid input cost pressures. This is transitory. The allowance for the Wo&Wo acquisition from Q4-2022 is a positive for forward-looking earnings. A potential recession is not allowed for in our forecasts.
H1 margins under pressure - operations remain brisk EPS CHANGE CHANGE IN EPS 2022 : € 0.30 vs 0.36 -16.9% 2023 : € 0.37 vs 0.37 -0.27% Despite sustained sales growth, mostly driven by price increases, H1 margins came under pressure from rising costs We have trimmed our expectations for 2022 a bit although the management is confident that a fair chunk of the missing gross margins will be recovered by H2. Our 2023 forecasts do not allow for a European downturn on the back of worsening
Research Tree provides access to ongoing research coverage, media content and regulatory news on Groupe SFPI. We currently have 6 research reports from 1 professional analysts.
Brave Bison has released its FY23A results which are in-line with the upgraded expectations at the recent trading update. The acquisition of SocialChain has transformed The Group’s offering in the fast-growing social and influencer segment of the market leaving it well-positioned for the expected pick-up in marketing spend in 2024. Management have continued to drive operational efficiencies in The Group, for example rolling out an advanced resource planning tool, which has contributed to Adj EPS
Companies: Brave Bison Group Plc
Cavendish
Companies: FOG PHC FEN BBSN ELIX
Resilient growth in core markets: Revenue of £67.5m is +7.5% YOY (FY22: £62.8m) and +0.7% vs. Zeus estimate of £67.0m, with growth across Direct and Indirect divisions benefitting from increased activity with new and existing clients.
Companies: LBG Media Plc
Zeus Capital
Companies: JDW MAB MARS WTB FSTA BOWL CPG SSPG LGRS SSTY OTB HSW TMO GYM MEX
Liberum
22nd 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: ARV CTL AFRN FEN HUW TENG BBSN EAAS VAL
Hybridan
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
S4 Capital had a difficult FY23, as flagged, with reduced client confidence and spend, particularly from those clients in the tech sector, and on larger transformation projects. Management is cautious in the short term, with no substantive changes likely in H124, but sees conditions likely to improve in H224 as economic pressures ease. The group’s longer-term prospects should be buoyed by its positioning across data and digital marketing and, in particular, in incorporating AI into hyper-persona
Companies: S4 Capital plc
Edison
Companies: Time Out Group PLC
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
Companies: Team Internet Group plc
Next 15 Group's net revenues grew 2.5% in the year to January, despite difficult markets. Adjusted operating margin rose from 20.2% to 21.0%, helped by head office cost savings. In common with much of the sector, spending by tech clients was soft, down 17% like-for-like. The group did well, though, in growing spend from non-tech clients, up 11%, making for a strong overall performance in a market beset by ongoing macro uncertainty. Next 15 has been building its AI capabilities for some time and
Companies: STV Group plc
Shore Capital
Team Internet’s FY23 results confirmed another strong year of trading from its Online Marketing and Online Presence businesses. Both revenue and EBITDA growth remained in double digits, margins on net revenue continued to improve, and cash conversion remained strong. We continue to believe that the Group has substantial long-term growth opportunities including international expansion, new partner development, and vertical integration. In our view, Team Internet’s strong track record, cash genera
Brave Bison has released its interim results for the period ending June 2023. The update shows the SocialChain integration has been materially completed, with synergies mostly realised and new client wins taking place as a combined business. Gross revenue increased 15% YoY to £16.9m and net revenue increased 23% to £10m, both driven primarily by the new contribution from SocialChain. Adj EBITDA increased by 20% to £1.9m and Adj PBT increased 16% to £1.5m, both in-line with expectations. We have
Companies: Eagle Eye Solutions Group PLC
Jaywing is a UK marketing services company with a clearly differentiated market position in data science. Core, is the delivery of behavioural insights and algorithms to enhance the roi of clients marketing and customer experience programmes and, in a highly personalised way. The acquisition of search marketing specialist Epiphany in March 2014 was strategically transformative, giving Jaywing a profitable growth platform as well as consolidating its leading position in digital data and online m
Companies: Jaywing plc
Capital Access Group
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