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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 SCA. We currently have 27 research reports from 2 professional analysts.
If one focused solely on the share price chart, it would appear Next 15 had experienced a near death experience in 2023 with multiple, and extensive downgrades. The reality has been somewhat different. Next 15 will exit FY24 delivering both top line growth and year on year margin progression.
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
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
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
Singer Capital Markets
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