Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on AXEL SPRINGER SE. We currently have 5 research reports from 1 professional analysts.
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AXEL SPRINGER SE
AXEL SPRINGER SE
Trends so far globally in line
03 Nov 16
Axel Springer reported flat Q3 16 total revenues of €801.5m (of which 67% is digital, compared with 61.2% a year earlier). On an organic basis, revenues were up by c.3.5% after +5.3% over H1. The 9-month total revenues were also flat at €2,366.5m (of which c.67% digital), mainly affected by the deconsolidation of the activities in Switzerland (following the creation of a JV with Ringier), and up 4.7% organically. Note that the digital activities’ organic growth accelerated to a solid +10.6% over the period compared with +9.9% a year earlier. The Q3 recurring EBITDA was strongly up (+13%) to €146.1m driven by Classified Models, and implying an improved margin of 18.2% versus 16.3% a year earlier. For the 9 months, the recurring profitability improved by 90bp to 17.6% versus 16.7%, with the Classified EBITDA margin more or less flat at 40.5% versus 41%, despite continuing technological and marketing investments (i.e. a reassuring point after the H1 decline from 41.2% to 40.4%). Within Paid Models (45% of total group revenues), which continues to suffer from circulation declines (9 months: -9.5%) but also from advertising drop (-3.2% ytd), digital now accounts for 28.1% of revenues. The Q3 adjusted EPS was more or less flat for the period and up 6.5% ytd. The FY16e guidance is maintained for total revenues more or less in line with last year’s and a rise in EBITDA in the low to mid single-digit percentage range was confirmed. EPS is still forecast in the mid to high single-digit percentage range.
Now investing in data and economic analyses for digital businesses
10 Jun 16
Axel Springer today announced the acquisition of eMarketer Inc., a leading US provider for data and economic analyses for digital businesses (reports, statistics, databases, data and forecasts). eMarketer is a well known company in the fields of digital marketing, sales, and trends, which generates c. 81% of its revenue from subscriptions (more than 1,000 firms are customers). Founded in 1996, it employs >180 people and is based in New York City while also operating a London office.
Acquiring a leading digital business news offerings... at a very high price...
29 Sep 15
Axel Springer has just announced the acquisition of c.88% of Business Insider Inc., the US business news portal for c.€306m ($343m). Note that Bezos Expeditions (the personal investment company of Jeff Bezos) will keep c.3% of the portal.
An impressive digital transformation with still little operational leverage…
09 Sep 15
Disappointing H1 15 results for Axel Springer, with a flat organic revenues performance (+0.7%; reported figure up €140.5m to €1,577.3m, i.e. +9.8%) as well as a flat EBITDA of €266.7m, implying a 160bp decrease in the operating margin over the period to 16.9% vs 18.5% in H1 14, as digital activities (now 75% of consolidated EBITDA) continue to require important investments and acquisitions. Adjusted net income was slightly down (to €136.5m from €138.2m) and adjusted EPS reached €1.09 vs €1.12. The FY15e guidance was reiterated for total revenues up within a low to mid single-digit percentage range, EBITDA in the high single-digit percentage range and adjusted EPS in the low double-digit percentage range due to lower minorities. The group also made some comments about its new cooperation plan with ProSieben as well as on the upcoming finalisation of its deal with General Atlantic (Classified activities).
Indeed more and more digital
23 Jun 15
While revenues proved to be satisfactory, rising by 2.5% organically, supported by the digital media activities (+11.2% organically; pro-forma revenues now equivalent to c.60% of group revenues from 55.9% a year earlier), Axel Springer's Q1 15 EBITDA margin dropped by 180bp to 15.3%, namely impacted by the 330bp decline (to 40.1% versus 43.4%) in Classified Ad Models, its most profitable business. This highlights a business model based on external growth, with lower margin from acquired companies weighing on the average... The guidance for 2015 was nonetheless reiterated for total revenues up within a low to mid single-digit percentage range, EBITDA in the high single-digit percentage range and adjusted EPS in the low double-digit percentage range due to lower minorities.
N+1 Singer - Morning Song 22-03-2017
22 Mar 17
Carador Income Fund (CIFU LN) Premium rating restored, high levels of refinancing activity | Cello Group (CLL LN) Outlook getting brighter – watch Pulsar | Eckoh (ECK LN) Largest ever US secure payments win | eg solutions (EGS LN) Full year results in line | Futura Medical (FUM LN) Licensing deal for CSD500 in Portugal | Verona Pharma (VRP LN) Global agreement with QuintilesIMS to support development of RPL554 | Xaar (XAR LN) 2016 results slightly ahead, reduced visibility in 2017
Small Cap Breakfast
28 Mar 17
Path Investments—Publication of prospectus from the Energy Investment Company. Raising £1.4m. Admission due on or around 30 March | Franchise Brands—Schedule 1 detailing £28m reverse takeover of Metro Rod. Admission expected 11 April | Alpha FX Group— Schedule 1 from the foreign exchange provider focused on managing exchange rate risk for UK corporates that trade internationally. Fundraise TBC. Admission expected 7 April. | K3 | Capital Group—Schedule 1 from the Group of business and company sales specialists across business transfer, business brokerage and corporate finance. Admission date and fundraise details TBC. | Integumen— Schedule 1 from the personal health company developing and commercialising technology and products for the human integumentary system. Raising £2.16m at 5p. Expected market cap £8.16m. Admission expected 5 April. Tufton | Oceanic Assets– Offer extended to 9 May to enable investors to complete further due diligence.
Small Cap Breakfast
23 Mar 17
K3 Capital Group—Schedule 1 from the Group of business and company sales specialists across business transfer, business brokerage and corporate finance. Admission date and fundraise details TBC. Integumen— Schedule 1 from the personal health company developing and commercialising technology and products for the human integumentary system. Raising £2.16m at 5p. Expected market cap £8.16m. Admission expected 5 April. Sentinel—Investment company expecting NEX admission/introduction on 24 March. £636k raised pre-IPO. BioPharma Credit—Expected Gross Initial Acquisition Proceeds now c.$338m. Gross Cash Proceeds capped at $423m with placing and open offer. Results expected 23 March with admission now due 30 march.
Mission on track
23 Mar 17
The mission has again posted good growth in revenue and earnings, with both increasing by 8%, well ahead of FY16 ad spend at 4.4% (WARC). FY17 forecasts are unchanged. Start-ups and acquisitions are adding to the mission’s reach and breadth, increasing opportunities for cross-selling to the loyal client base (20% of revenues are from 20-year+ relationships). Margins should improve as recent start-ups move into profit and investment in technology and software products translate into sales and profit. The shares trade on an overly large discount.