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Significant acceleration in revenue growth
27 Sep 16
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.
Inneractive acquisition puts RNTS on the map
07 Mar 16
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.
Heyzap – accelerates growth
20 Jan 16
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.
Geared up for growth
18 Sep 15
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.
Scaling up with acquisitions
18 Jun 15
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.
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Upgrade on lower costs, pipeline strong
24 Oct 16
Fusionex’s year-end trading update indicates that revenues will be in line with market expectations (we estimate 16% revenue growth in FY16) and that a strong pipeline for GIANT 2016 should drive further momentum in FY17. The planned increase in sales, marketing and other investment to support adoption of GIANT has been more moderate than we forecast, meaning that EBITDA is expected to be significantly above consensus. We upgrade our FY16 EBITDA by MYR3.2m (83% but from a compressed level) to reflect this, while leaving our estimates for FY17 and FY18 unchanged.
N+1 Singer - NCC Group - Strong revenue but margins weaker in H1
20 Oct 16
NCC’s trading update for the four months to September shows continued strong revenue growth, but margin pressures in the first half mean that profit for the year will be more second half weighted than usual. Group revenue increased 36% in the period (+21% organic) with Assurance and Escrow both growing well (+25% and +4% respectively). The Assurance division has seen three unrelated large contract cancellations however, as well as some difficulties with some managed services renewals. We are not making any changes to our forecasts at this stage but now expect a significant second half weighting to profits. We remain supportive of the story but with the shares priced for perfection, we downgrade to Hold, with a target price of 353p (from 384p).
A slower ramp for GOV.UK Verify
20 Oct 16
Underlying trading was solid in H116. However the new GOV.UK Verify service is behind plan and we are pairing back our revenue estimates to reflect a slower ramp. Outperformance and deferred investment elsewhere mitigates the earnings impact of this in FY16, but we reduce EPS forecasts by 5% in FY17 and FY18. The business remains very well placed, but we believe that a period of share price consolidation is likely ahead of the transition to the new CEO, Chris Clark (ex-Experian) in April 2017.
N+1 Singer - Earthport - Traction continuing to build
26 Oct 16
Earthport has reported an in-line set of results for the full year to June’16. The group has delivered 89% growth in the number of transactions, resulting in payment volumes through the platform increasing to $11.8 billion. A FY’16 adj. EBITDA loss of £7.5m represents a strong HoH trajectory (H1 loss £5.3m, H2 loss £2.2m) and the group has reaffirmed its commitment to becoming cash generative in Q4’17. Earthport has proved that it can scale new customers quickly as well as extracting significant volume increases from existing customers. With multiple catalysts on the horizon and a strong start to the year already achieved, we believe the group is very well-placed to gain a significant share of the vast cross-border payments market.