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  • 18 Apr 18
Termination of coverage

Edison Investment Research is terminating coverage on Fyber (FBEN). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.

Companies: RNTS Media
  • 18 Apr 18
Termination of coverage

Edison Investment Research is terminating coverage on Fyber (FBEN). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.

Companies: RNTS Media
  • 02 Jun 17
Taking its divisional name, Fyber

Reflecting the closer integration of its assets, RNTS will rename to Fyber. Revenue growth of 17% in Q1 falls short of full-year targets but is expected to accelerate as the year progresses and management has reiterated its full year targets of revenues over €280m and EBITDA over €3m. Putting in place additional financing would lift a significant overhang on the shares.

Companies: RNTS Media
  • 02 Jun 17
Taking its divisional name, Fyber

Reflecting the closer integration of its assets, RNTS will rename to Fyber. Revenue growth of 17% in Q1 falls short of full-year targets but is expected to accelerate as the year progresses and management has reiterated its full year targets of revenues over €280m and EBITDA over €3m. Putting in place additional financing would lift a significant overhang on the shares.

Companies: RNTS Media
  • 04 May 17
Programmatic and video power growth

Exponential growth of programmatic and video ad formats enabled RNTS to grow revenues by 69% in FY16, at the top of its peer set. Management has reiterated its expectation of ongoing strong growth in 2017 and EBITDA profitability. The recent restructuring of the €150m convertible bonds frees the group’s hand to put in place additional financing, required to satisfy earnouts. This would remove an overhang on the shares, which trade in line with peers on FY17e EV/sales multiples.

Companies: RNTS Media
  • 04 May 17
Programmatic and video power growth

Exponential growth of programmatic and video ad formats enabled RNTS to grow revenues by 69% in FY16, at the top of its peer set. Management has reiterated its expectation of ongoing strong growth in 2017 and EBITDA profitability. The recent restructuring of the €150m convertible bonds frees the group’s hand to put in place additional financing, required to satisfy earnouts. This would remove an overhang on the shares, which trade in line with peers on FY17e EV/sales multiples.

Companies: RNTS Media
  • 14 Feb 17
Strong momentum to continue into FY17

RNTS Media’s FY16 preliminary update points to pro forma (PF) FY16 revenue growth of at least 65%, in line with its recently raised guidance and our forecasts. RNTS reached EBITDA break-even during Q4, as expected. Contingent on planned financing, FY17 guidance for revenue growth of 30% and EBITDA profitability of over €3m has been introduced, a clear signal of ongoing strong momentum; we leave forecasts unchanged.

Companies: RNTS Media
  • 14 Feb 17
Strong momentum to continue into FY17

RNTS Media’s FY16 preliminary update points to pro forma (PF) FY16 revenue growth of at least 65%, in line with its recently raised guidance and our forecasts. RNTS reached EBITDA break-even during Q4, as expected. Contingent on planned financing, FY17 guidance for revenue growth of 30% and EBITDA profitability of over €3m has been introduced, a clear signal of ongoing strong momentum; we leave forecasts unchanged.

Companies: RNTS Media
  • 13 Dec 16
Executive Interview - RNTS Media
executive-interview-rnts-media-13-12-2016
  • 13 Dec 16
Executive Interview - RNTS Media
executive-interview-rnts-media-13-12-2016
  • 22 Nov 16
Programmatic and video drive exceptional growth

Exceptional revenue growth from RNTS Media’s programmatic technology and video ad formats continued into Q3 with revenues for the nine months up 83%. The company’s recently raised guidance seems comfortably achievable and we upgrade our revenue forecasts by 7% in FY16 and 9% in FY17. We now forecast adjusted EBITDA profitability from Q4 this year and in FY17. The 1.3x FY17 EV/sales rating, while a premium to peers, is looking increasingly justified.

Companies: RNTS Media
  • 22 Nov 16
Programmatic and video drive exceptional growth

Exceptional revenue growth from RNTS Media’s programmatic technology and video ad formats continued into Q3 with revenues for the nine months up 83%. The company’s recently raised guidance seems comfortably achievable and we upgrade our revenue forecasts by 7% in FY16 and 9% in FY17. We now forecast adjusted EBITDA profitability from Q4 this year and in FY17. The 1.3x FY17 EV/sales rating, while a premium to peers, is looking increasingly justified.

Companies: RNTS Media
  • 01 Nov 16
Another increase in revenue guidance

RNTS Media has increased pro-forma revenue guidance for FY16 by c 10% to over €205m. The strong trading means the company will reach adjusted EBITDA breakeven in Q416 rather than during 2017 as previously targeted. The company’s guidance for 2017, currently for pro-forma revenues of over €240m, will be updated once it has finalised its budgeting. We will review our forecasts following the Q3 update on 18 November.

Companies: RNTS Media
  • 01 Nov 16
Another increase in revenue guidance

RNTS Media has increased pro-forma revenue guidance for FY16 by c 10% to over €205m. The strong trading means the company will reach adjusted EBITDA breakeven in Q416 rather than during 2017 as previously targeted. The company’s guidance for 2017, currently for pro-forma revenues of over €240m, will be updated once it has finalised its budgeting. We will review our forecasts following the Q3 update on 18 November.

Companies: RNTS Media
  • 27 Sep 16
Significant acceleration in revenue growth

RNTS Media’s investment in programmatic trading, video and the recent acquisition of Inneractive drove a near doubling of pro forma revenues in H116. The recently raised revenue guidance, which has been reiterated, looks eminently achievable and the EV/Sales premium to peers increasingly justified.

Companies: RNTS Media
  • 27 Sep 16
Significant acceleration in revenue growth

RNTS Media’s investment in programmatic trading, video and the recent acquisition of Inneractive drove a near doubling of pro forma revenues in H116. The recently raised revenue guidance, which has been reiterated, looks eminently achievable and the EV/Sales premium to peers increasingly justified.

Companies: RNTS Media
  • 07 Mar 16
Inneractive acquisition puts RNTS on the map

The proposed acquisition of Inneractive, a rapidly growing mobile SSP, will put RNTS firmly on the map among the larger listed ad tech groups. By connecting with the Fyber platform, it can offer a significantly wider audience reach to advertisers and deeper demand to publishers. With the first €100m of last year’s €150m convertible bond issue fully deployed, the EV/Sales valuation is becoming easier to digest.

Companies: RNTS Media
  • 07 Mar 16
Inneractive acquisition puts RNTS on the map

The proposed acquisition of Inneractive, a rapidly growing mobile SSP, will put RNTS firmly on the map among the larger listed ad tech groups. By connecting with the Fyber platform, it can offer a significantly wider audience reach to advertisers and deeper demand to publishers. With the first €100m of last year’s €150m convertible bond issue fully deployed, the EV/Sales valuation is becoming easier to digest.

Companies: RNTS Media
  • 20 Jan 16
Heyzap – accelerates growth

RNTS Media’s acquisition of Heyzap adds scale, as well the potential to accelerate the launch of new products on Fyber’s ad exchange. This is key to driving conversion to the exchange, which is already responding positively to the launch of video last year, but still has some way to go to bring the group to break-even.

Companies: RNTS Media
  • 20 Jan 16
Heyzap – accelerates growth

RNTS Media’s acquisition of Heyzap adds scale, as well the potential to accelerate the launch of new products on Fyber’s ad exchange. This is key to driving conversion to the exchange, which is already responding positively to the launch of video last year, but still has some way to go to bring the group to break-even.

Companies: RNTS Media
  • 18 Sep 15
Geared up for growth

Fyber recently enhanced its mobile video product and added other products on the Fyber ad exchange. Initial results are promising and with a widening network of developers using its mediation solution, it should be able to rapidly build share in these new products and reaccelerate growth, which has slowed over the first half of the year.

Companies: RNTS Media
  • 18 Sep 15
Geared up for growth

Fyber recently enhanced its mobile video product and added other products on the Fyber ad exchange. Initial results are promising and with a widening network of developers using its mediation solution, it should be able to rapidly build share in these new products and reaccelerate growth, which has slowed over the first half of the year.

Companies: RNTS Media
  • 18 Jun 15
Scaling up with acquisitions

FY14 revenue growth of 55% for RNTS Media softened in Q1 to 23% as the market moved towards rewarded video. Having built out the leading mediation platform for RV during FY14, the relaunch of this format on its ad exchange over the summer and the integration of the recent Falk Realtime acquisition should re-ignite growth from H215. RNTS plan a €150m convertible bond issue to finance acquisitions and scale its platform, which should prove a support to the current EV/Sales rating.

Companies: RNTS Media
  • 18 Jun 15
Scaling up with acquisitions

FY14 revenue growth of 55% for RNTS Media softened in Q1 to 23% as the market moved towards rewarded video. Having built out the leading mediation platform for RV during FY14, the relaunch of this format on its ad exchange over the summer and the integration of the recent Falk Realtime acquisition should re-ignite growth from H215. RNTS plan a €150m convertible bond issue to finance acquisitions and scale its platform, which should prove a support to the current EV/Sales rating.

Companies: RNTS Media

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Research Tree provides access to ongoing research coverage, media content and regulatory news on RNTS Media. We currently have 11 research reports from 1 professional analysts.

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  • 21 Jan 20
Metronomic growth

dotdigital’s trading update to December reveals sales and adj. PBT growth in line with N+1 (and consensus) forecasts, while period-end net-cash of £22.5m infers >100% cash conversion. The company’s growth drivers remain consistent: geographical and ARPU expansion – here we flag 18% and 51% US and APAC growth respectively, meanwhile ARPU expanded 14% to £999/user/month. We expect ARPU to improve further, as more customers use the omnichannel functionality offered within the Engagement Cloud. Equally, international expansion should also remain a core theme, as here, DOTD’s low level of penetration in sizable markets provides a multiyear growth opportunity in our view. No changes to forecasts.

Companies: Dotdigital Group
  • 23 Jan 20
FYJan20 impacted by supply constraints, causing delays

SMRT has today provided a year-end trading update, stating that sales and EBITDA will be below our previous expectations. We therefore revise FY20E sales from £11.4m to £6.3m and EBITDA from £-1.2m to £-6.2m. We also adjust FY21E sales from £15.9mm to £14.0m. While this is undoubtedly disappointing news, it is worth stressing three key points: 1) the downgrade has been caused by hardware supply chain constraints (rather than falling demand for SMRT’s products) 2) the impacted business has not fallen away, but is rather now expected to be delivered in H1FY21 and 3) SwipedOn – which alone could be worth more than the group’s current market cap – is said to be trading strongly.

Companies: Smartspace Software
  • 28 Jan 20
Strong finish to 2019 – well set for 2020

Sopheon has delivered a trading update for 2019, highlighting revenues and cash both slightly ahead of our expectations, and with EBITDA “in line with market expectations”. We take a good degree of reassurance from this performance, which includes a strong uptake of the SaaS offering. We make no changes to 2020 estimates, but clearly today’s update is a positive both for sentiment and near-term business momentum.

Companies: Sopheon
  • 21 Jan 20
At the intersection of AI and BuildTech

Software stocks that enable corporates to sell more, improve quality, cut costs, save employees time and/or reduce their ‘carbon footprints’ are ideally placed in today’s tech/ESG world. Cue Elecosoft, who said this morning that 2019 PBT would be “ahead of LY” (£3.67m) and “in line with expectations” (consensus £4.1m) - despite being impacted by forex (ED est -2%, weaker SEK vs £) and macro uncertainties (eg Brexit, General Election and subdued Eurozone). We think this is a creditable outcome. Not least because it underlines the resilience of the business - while the results are actually a touch better than our previous (bottom of the range) profit & cashflow estimates, albeit with revenues a smidgeon shy.

Companies: Elecosoft
  • 20 Jan 20
Cenkos: Seeing Machines Ltd -- The DMS challenge palpable at CES2020

Interior and Occupant Monitoring was a notable theme of CES2020 with around fifteen different concepts demonstrated, up from three in 2019. However, these did not outnumber Driver Monitoring System (DMS) demonstrations and did little to deflect from the openly discussed challenge of sourcing and designing reliable primary safety DMS at appropriate costs for the automotive mass market. This task is being exasperated by a confluence of factors including vehicle design complexity and regulatory time pressure, and especially in the absence of knowing what technical specifications are required to meet the forthcoming Euro-NCAP and EC certification standards. We view the many demonstrations of IMS/OMS and emotional analysis as a distraction from the DMS challenge and, in this respect, our primary thesis for Seeing Machines remains unchanged following what we saw at CES2020: We believe Seeing Machines remains on track to win the largest market share of the DMS safety system market. We maintain our Buy recommendation and 12p DCF derived price target which is based on a 16% discount rate.

Companies: Seeing Machines
  • 23 Jan 20
Arden Tech SoundBytes

WeWork continues to divest, Amazon music hits 55m subscribers, Google and Apple clash over privacy

Companies: Zoo Digital Group
  • 21 Jan 20
In line FY trading statement

SDL has today announced that both FY19 sales and AOP are in line. Further, the company states its y/e net cash position at £26m – this is also in line with N1S forecasts. To remind, FY18 reflects only 5 months‘ contribution by DLS, therefore the majority of FY19’s sales uplift should come from Donnelley, but as well, +4/5% (exp.) organic growth. To this end, today’s update provides evidence of progression – towards management’s stated goal of “high single digit” growth. We flag that the y/y LFL profit performance should strongly exceed the aforementioned 4/5% sales growth - indeed we estimate LFL AOP growth at >10% - driven by GM improvement (in turn due to improved utilisation and process automation) and also cost synergies on DLS. We envisage this current trend of improving organic performance and improving margins will provide enhanced shareholder returns for at least the next 2-3 years. Added to this, cash is building once more, such that we wouldn’t be surprised to see a return to M&A in FY20. We see this as a reassuring update.

Companies: SDL
  • 22 Jan 20
Interims highlight ARR growth

Interims demonstrate group revenue growth of 30% (including 7% organic) from increasing revenue quality as recurring revenue hits 74%. With an increase in ARR of 20% over only 6 months (+10% organic and +10% acquired), SaaS revenues have grown 76% year-on-year, from a 48% increase in SaaS bookings. The strategic execution remains impeccable, with two acquisitions in the period, integrated through Ideagen’s internal 72-point plan, leading to both revenue growth and margin expansion, from cross sales and synergies. Net debt of £18.0m represents less than 1x forecast FY20 EBITDA, with an expectation of net cash by FY21 and clear balance sheet capacity for further acquisitions ahead of the current income statement. Forecasts are unchanged and, with the General Election expected to release a log jam of decision making by acquisition targets, as well as providing a flurry of additional red tape as a post Brexit UK invents its own regulation standards in addition to target trading markets, we lift our target price to 200p in anticipation of acquisitions.

Companies: Ideagen
  • 27 Jan 20
Allenby Capital TMT Update - 27.01.20 (GFIN.L, ECSC.L, MPAY.L, MWE.L)

Gfinity plc* (GFIN.L, 2.325p/£11.1m) | ECSC Group plc* (ECSC.L, 115p/£10.5m) | Mi-Pay Group plc* (MPAY.L, 1.15p/£0.5m) | MTI Wireless Edge Ltd* (MWE.L, 39.5p/£34.7m)

Companies: GFIN ECSC MPAY MWE

  • 21 Jan 20
WHI First Light: Caledonia Mining, Pennant International & Oriole Resources

Caledonia today announced it has finalised the transaction to purchase a 15% holding in the Blanket mine in Zimbabwe taking its total holding in the mine to 64%. This was first announced in November 2018 and comprised the cancelling of a loan between Fremiro and Caledonia and the issuance of 0.73m shares in Caledonia (valuing the 15% stake at $16.7m). Fremiro will now own 6.3% of the enlarged share capital of Caledonia. PEN's announcement this morning appears well-aligned to its strategy of lifting recurring earnings while also intensifying its focus on software products and related services as part of the product mix. This approach is expected to free PEN to exploit to the fullest extent its technical advantages in the specialist field of integrated logistics support software for the aviation and other sectors, while increasingly limiting its exposure to large, lumpy contracts. The intended acquisition of Absolute Data Group (ADG) adds a complementary new product suite, gives PEN a step up in key global markets, and adds both high margin licences and expanded maintenance services. Completion, expected by the end of February, is contingent on contractual conditions being satisfied by the vendors as well as on the conclusion of financing agreements. The acquisition is small, but looks potentially meaningful all the same, and we expect it to be modestly earnings enhancing (allowing for investment and integration costs) as early as FY2020E. Oriole, the West-African focussed gold explorer, today announces that its tenure in Senegal has been extended for up to 10 years (plus a potential 2 years special extension), with the former Dalafin licence now designated Senala.

Companies: CMCL ORR PEN

  • 28 Jan 20
Arden Tech SoundBytes

UK to decide Huawei's 5G role, N26 adds 250k US users, GM to invest $2.2bn for EV

Companies: Trakm8
  • 21 Jan 20
WHI Morning Comment: Pennant International (PEN) - Acquires attractive new recurring earnings stream, assuming completion

Acquires attractive new recurring earnings stream, assuming completion PEN's announcement this morning appears well-aligned to its strategy of lifting recurring earnings while also intensifying its focus on software products and related services as part of the product mix. This approach is expected to free PEN to exploit to the fullest extent its technical advantages in the specialist field of integrated logistics support software for the aviation and other sectors, while increasingly limiting its exposure to large, lumpy contracts. The intended acquisition of Absolute Data Group (ADG) adds a complementary new product suite, gives PEN a step up in key global markets, and adds both high margin licences and expanded maintenance services. Completion, expected by the end of February, is contingent on contractual conditions being satisfied by the vendors as well as on the conclusion of financing agreements. The acquisition is small, but looks potentially meaningful all the same, and we expect it to be modestly earnings enhancing (allowing for investment and integration costs) as early as FY2020E.

Companies: Pennant International Group
  • 23 Jan 20
Strong growth in customer acquisition

FY19 pre-close demonstrates that ECSC, the UK’s longest running full service cyber security provider, has maintained the momentum identified in November’s trading update. FY19 revenue of c. £5.9m (FY18: £5.4m, ACLe: £5.9m) indicates record H2 revenue of c. £3.3m, up 21% on H2 FY18 and 25% sequentially. There was >25% growth in Managed Services revenue that offers both higher visibility and margin accretion and a good recovery in Consulting in H2. New client acquisitions increased 24% to 118, with 17% generated from ECSC’s Partner Programme. These new Consulting clients represent a core source of prospects for Managed Services. ECSC returned to profit at the EBITDA level in H2 at £0.2m (H2 FY18: loss of £0.1m), although the breakeven EBITDA was £0.1m light against forecast. Year-end cash was £0.35m (ACLe: £0.4m). We trim our FY20 revenue growth assumption to 19% (from 24%) that flow through to a lower EBITDA. 155p/share fair value unchanged and we introduce FY21 forecasts.

Companies: ECSC Group
  • 21 Oct 19
Quarterly Research Outlook Autumn 2019

Following continued delays of a Brexit agreement, few sectors within the UK market have remained attractive to investors despite low valuations. One sector which has continued to outperform despite the political drama has been the UK video gaming sector (henceforth UK gaming), which we are fans of. We believe a combination of sector-leading growth, strong cash conversion and timely cyclical positioning support our positive view on the UK video gaming sector.

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  • 23 Jan 20
EMIS Group - On track

EMIS’s FY19 trading update was reassuringly straightforward. H219 revenue and profit growth was similar to the rate in H119, which is within the company’s target for mid- to high single-digit growth. Both divisions made steady progress, with EMIS-X development ongoing and restructuring complete. We maintain our forecasts; FY19 results are due on 18 March.

Companies: Emis Group