Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on LAGARDERE SCA. We currently have 5 research reports from 1 professional analysts.
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So far so good
10 Nov 16
Lagardère has reported Q3 revenues of €1,976m, positively up 6.1% on an organic basis (+7% on a reported basis after +2.7% coming from perimeter impact and -1.4% from forex). The 9 months total revenues were up by 5% to €5,407m (+€257m), of which +2.5% organically. The group reiterated its FY16 guidance for recurring EBIT to be slightly above 10% compared to FY15 at CER excluding any impact from the Distribution activities’ disposals.
Still confident in its FY16 guidance
23 Sep 16
As usual, Lagardère’s H1 16 results were mixed, reflecting its conglomerate profile and various business models. Consolidated revenues were up €127m to €3,431m, i.e. +3.8% on a reported basis helped by a +4.6% perimeter impact (c.60% coming from the sole Travel Retail division). The organic trend, which appeared disappointing at first sight (only +0.5%), reflected an unfavourable calendar impact in sporting events (two major football championships held in H1 15). Excluding the latter, the like-for-like top-line growth would have been +2.4%, which we consider as a rather satisfactory performance with the tough environment weighing on the group’s growth engine (Travel Retail). As expected, and due to the calendar effect in sports (-€27m impact), the group’s recurring EBIT was down from €122m to €101m, i.e. a margin decrease of 80bp to 2.9%. Lagardère, nonetheless, reiterated its FY16 guidance for a recurring EBIT growth target “slightly above 10%” (at CER and excluding any impact from any disposal of the Distribution activities), considering an encouraging outlook for H2 16e and as the Sports calendar’s adverse impact is expected to be fully reversed. The H1 16 FCF generation was also reassuring at €47m compared to -€84m a year earlier.
Good start to the year and reiterated guidance
12 May 16
Lagardère reported Q1 16 consolidated revenues down 2% on an organic basis and +0.9% on a reported basis at €1,586m (+€14m). The latter benefited from a 3.4% net positive impact from acquisitions. Positively, the group confirmed its FY16e guidance for recurring EBIT growth “slightly above 10%” (at CER and excluding any impact from any disposal of the Distribution activities).
Full-year 2015 results overshadowed by Dominique D'Hinnin's departure...
14 Mar 16
Lagardère, which had reported in February €7,193m consolidated revenues, up 0.3% on a reported basis and +3% organic, published a FY15 recurring EBIT of €378m (+10.5% or +€36m mainly driven by Sports: +€16m and Active: +€6m), in line with our expectations and reflecting a 5.3% margin compared with 4.8% a year earlier. Adjusted net profit reached €240m (AV: €234m) and satisfactorily reported cash flow from operations at €627m up €273m from FY14. The proposed dividend per share is unchanged at €1.30. The group is cautiously guiding for a FY16e recurring EBIT growth slightly above 10% (at CER and excluding the disposal of the Distribution activities).
Mixed H1 results offset by improved guidance
11 Aug 15
This time supported by continued growth in Travel Retail and a favourable calendar effect in Sports (i.e. the African Cup and the Asian Cup), Lagardère H1 15 revenues rose by 2.9% organically (-1.8% reported to €3,304m, after a negative perimeter impact of €277m and a positive €130m forex). Q2 organic growth reached only +0.4%, the only positive trend coming from the strategic Travel Retail business (+3.7%). Although the Sports division saw its margin boosted from 3.3% to 12.4%, it was insufficient, regarding the small size of the business (only c.8% of group sales), to offset the decline in profitability from the other activities. On the whole, the group's operating margin therefore only slightly improved (+40bp to 3.7%). Positively, Lagardère nonetheless raised its FY15e recurring EBIT growth from +5% to +7%, at CER and excluding the potential disposal of the LS Distribution business (a negative €15m impact so far).
N+1 Singer - Small-cap quantitative research - Momentum screen refresh + 10 focus stocks
12 Jan 17
We have refreshed our momentum style screen for the first time since inception on 26 July 2016. As before, the screen selects the 25 stocks exhibiting the most extreme momentum characteristics, according to our measurement method. From these we have selected 10 to focus on. Since inception the screen has underperformed both the main small-cap and micro-cap indices against a background of generally rising momentum. We have noted a subset of the basket, where decelerating momentum at the time of measurement appears correlated with significant share price falls since selection. We shall monitor this factor with the new screen, albeit there are only two such stocks showing this pattern, namely Lamprell (not rated) and Gear4music (not rated).
N+1 Singer - Morning Song 12-01-2017
12 Jan 17
As anticipated, the second half has again been stronger than H1 and results will be broadly in line with expectations. In line with this, the order book has continued to grow and is at record levels. This confirms that significant progress has been made in the Group’s shift towards its Technology Products division which, as targeted, contributed c.60% of group revenue in FY16. The small acquisition of Cable Power also gives a complementary boost to the product range. It is also worth noting the significant reduction in net debt, £1.0m ahead of our forecast. We remain supportive of the Group’s strategy and continue to see a bright future as this transition towards a design led technology solutions business continues. We look forward to more detail in March at the final results.
18 Jan 17
Pearson has produced a surprisingly weak update, capitulating on long-standing market concerns regarding North American higher education courseware, accelerating its restructuring programme and rebasing profit and dividend guidance from FY17E onwards. We move from Buy to Hold, with an initial view is that the shares could fall towards the 600-700p level. Call 0830.
N+1 Singer - Morning Song 19-01-2017
19 Jan 17
Actual Experience (ACT LN) 2017 – a milestone year for revenue | Bagir Group (BAGR LN) Independent NED appointment to strengthen Board composition | Bioquell (BQE LN) Reassuring pre-close statement | Carador Income Fund (CIFU LN) Q4 dividend increased to 2.75c, 0.5c higher than forecast | FreeAgent (FREE LN) Contract with Royal Bank of Scotland | Halfords Group (HFD LN) Excellent Q3 update, special divi and confidence in FX mitigations | N Brown Group (BWNG LN) Robust peak trading with reversal of drag from older titles | NCC Group (NCC LN) Interims confirm underlying business sound | St Ives (SIV LN) Downgrade | Summit Therapeutics (SUMM LN) Dr David Roblin appointed Chief Operating Officer and R&D President | Wilmington Group (WIL LN) Acquisition – Further scaling of Healthcare
What a year it was!
16 Jan 17
2016 got off to a rocky start. Not long into January, after just a few trading days, global equity markets lost more than US$4tn of value due to investor sentiment towards China’s economic slowdown and depreciating currency. This was immediately followed by a slump in the oil price. By the third week of January, Brent Crude hit its year low at $27.10 a barrel causing an immediate sell off in the energy sector. Once the Q1 dust had settled, attention turned to the UK’s vote on whether to remain a member of the EU. The Brexit vote result proved to be a genuine shock for markets, with many investors having believed that the UK would stay within the European Union. Attention soon turned to the equally ill-tempered US Presidential elections and all the political and economic unknowns that Trump’s victory has spawned. As a result, AIM, has seen a roller-coaster of a year in 2016.
Conviction List Q1 2017
05 Jan 17
Since its inception in 2010, the Conviction List has outperformed the market in 11 of 19 periods and a reinvested Conviction List would have returned 260% against a Small Companies index that would have returned 194%. Our Conviction List returned 0.4% over the last quarter; this was set against the benchmark UK Small Companies index that returned 4.0% over the same period.