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 - 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.
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.
Share & share alike
11 Jan 17
Last week’s note ‘2016 AIM IPOs- Another discerning year’ *prompted further perusal of the AIM December 2016 Factsheet. With acknowledgement to BuzzFeed – we have set a simple quiz~. Which are the largest companies on AIM, which trade most and how much? It is a timely reminder that at the year end, focus remained on the FTSE 100 and larger companies, yet the prospects for smaller companies continue to be broadly positive. As the company trading statement season gets underway, the initial signs are encouraging. The tone of these updates will set the trend near term.
Small Cap Breakfast
11 Jan 17
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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.