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Strong management progress on Reach’s Customer Value Strategy continues, although underlying progress has been obscured by elements beyond management’s control. Sales were broadly stable (-2% y/y to £297.4m; SCMe: £299.3m), as Digital revenues continued to grow (+5% y/y) despite a severe deterioration in wider market OMP yields (down up to 40% at peak). Inflationary headwinds in Print have also persisted, with aggregate opex up +7% y/y to £241.7m (SCMe: £237.3m) - AOP consequently fell 32% y/y t
Companies: Reach plc
Singer Capital Markets
Revenues in H1/22E are substantially ahead of our expectations. Growth in XLMedia's sports betting revenues has more than offset weakness elsewhere in the Group. With sports betting now such a high proportion of total activities and margins moving upwards, this should begin to ameliorate any lingering concerns about Casino being a potential drag on earnings.
Companies: XLMedia Plc
FOUR has posted extremely strong H1 results today, a powerful performance by any standards. Key is (1) significant demand increases, (2) pricing leadership, but (3), most important, a stunning lift in the revenue per marketing dollar. This last is the result of this innovative company reworking its already very successful marketing model, equipped with an intelligent data analytics platform, in a new direction which has generated significantefficiencies in the crucial marketing process, result
Companies: 4imprint Group plc
This quarter’s key observations
• Subsector performance: Marketplaces was by far the best performing subsector from an aggregate share price perspective (up 19.9%) vs. an average –5.2% for the other five subsectors. UK Digital Media was the worst performing subsector with a -12.4% aggregate share price move.
• Valuation trends: UK Managed Services saw the largest EV/ EBITDA derating (-2.1x) and is now on the lowest EV/Sales multiple (1.5x FY1) and second lowest average EV/EBITDA (11.3x FY1
Companies: CNIC BIG DEVO LBG OTMP SYS
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Unigel Group, intends to join the Aquis Growth Market. Unigel Group is a pioneer in the field of thixotropic gels for the fibre optic cable industry. The Company is also a supplier of laminated steel tapes to the fibre optic cable industry in the US. Thixotropic gels and laminated steel tapes are essential components to the rapidly growing global fibre optic cable market. The Group exports
Companies: EMR IRON JWNG MRK MJH
Q2 22 was strong with organic net revenue growth of +8.3%. The US activities were a strong growth driver, while the Chinese lockdowns affected the overall performance. In H1 22, the headline operating margin declined (-0.5pt to 11.6% of net revenue) due to wage inflation and the use of freelancers for which wage increases exceeded those of internal staff. 2022 guidance was revised upwards at the top line (organic growth of +6-7%) and unchanged for the headline operating margin.
Companies: WPP Plc
YouGov’s year-end trading update (to end-July) indicates results in line with management expectations, with underlying growth across all segments and a ‘modest’ step up in operating margin. Our FY22 forecasts are therefore unchanged, as are those for FY23. We now also publish our first thoughts on FY24, showing continuing progress on revenue and margin as the increased productisation drives efficiencies. YouGov’s share price performance year-to-date has been affected by the rotation away from an
Companies: YouGov plc
4imprint’s first half results show the benefit of record levels of customer demand, with revenue up 58% year-on-year and operating profit rising from $3.6m in H121 to $44.0m in H122. July’s trading update had indicated FY22 revenue breaking through management’s long-held $1bn target, with a material uplift in operating profit to over $75m. With H122 revenue per marketing dollar at $8.19, up from $5.46 in H121, we have substantially raised our profit forecasts for FY22 and FY23 and now publish ou
Mirriad’s interim results confirm the trading update published in July, which indicated the impact of the withdrawal from China, and we make no further changes to our forecasts. There is good progress in the North American market, with US revenues 72% of the group total in H122. It is success here that will determine future growth and moves toward profitability. We regard the contract signed with Magnite at the end of May as a key milestone towards establishing the group’s in-content proposition
Companies: Mirriad Advertising plc
As previewed in the recent trading update, 4imprint has reported very strong H1 results. Sales were up +58%, operating profit up 1,122% and net cash improved from $42m to $67m. Customer demand is at record levels, with orders processed up 44% on H1 2021 and average order value up +10%. Operating margins increased from 1.3% to 8.5% and are up from the 6.2% achieved pre pandemic in FY 2019, with a significant improvement in marketing effectiveness being the key driver. While management recognises
Companies: Kape Technologies Plc
Friday's update from FOUR - two weeks ahead of the expected date – more than bears out the promise of the strong start to the year which the company flagged in March. The $US1bn revenue target has been hit a year earlier than anticipated, with revenues well ahead of the last “normal” year, 2019, as well as the even bigger jump from FY2020A. FOUR uses data to drive highly successful marketing of merchandise to medium sized US companies. The model is cash-generative and the company still has a