Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on RNTS MEDIA NV. We currently have 8 research reports from 1 professional analysts.
Frequency of research reports
Research reports on
RNTS MEDIA NV
RNTS MEDIA NV
Strong momentum to continue into FY17
14 Feb 17
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.
Programmatic and video drive exceptional growth
22 Nov 16
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.
Another increase in revenue guidance
01 Nov 16
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.
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.
N+1 Singer - NCC Group - Further issues in Assurance
22 Feb 17
NCC released a trading update yesterday afternoon highlighting further issues in its Assurance division. Sales growth has been lower than expected in all regions, resulting in a significant reduction in full year expectations. We have reduced our EPS forecasts by 25% in FY’17 and 22%/25% in FY’18/’19 respectively. Escrow continues to perform in line with expectations. In response to these issues the Board has announced a strategic review into all of the Assurance businesses. The results of the strategic review are expected to be announced at the FY results in July. With an extended period of uncertainty on the horizon we believe it will be hard for investors to gain confidence in NCC in the short term. That said we see fundamental value in the stock. Escrow is unaffected by this warning and remains an extremely high quality business, which we value at £353m in our SOTP. At the current share price this leaves Assurance valued at c.5x cal’17 EBITDA. While this appears to be an attractive multiple for a rare cybersecurity asset, we would like further clarity on the underlying nature of the current issues, hence our Hold recommendation. Our 138p target price assumes a 12x EBITDA multiple for Assurance but we apply a 20% discount to the group to account for the current uncertainty.
21 Feb 17
Lighthouse Group* (LGT): Middle Britain growth (CORP) | Utilitywise* (UTW): Double-digit sales growth (CORP) | Trakm8* (TRAK): Earnings expectations cut again (CORP) | dotDigital* (DOTC): Myriad growth opportunities (CORP) | Artilium* (ARTA): Five-year Telenet deal secured and prepaid (CORP) | Netcall* (NET): Cloud investment pays off (CORP)
27 Feb 17
accesso expects full year profitability to be ahead of expectations. We have upgraded our Adj. PBT by 7% to $14.7m. The performance was achieved despite accelerated investment in “product and infrastructure to support business and growth opportunities in geographies outside its traditional core markets”. We see clear blue sky opportunity in the Asia-Pacific Market. We increase our T/P from 1850p to 1900p and maintain our Outperform recommendation.
N+1 Singer - dotdigital Group - Good H1; broadening avenues of growth
21 Feb 17
dotdigital delivered another good performance with H1’17 results showing 17% growth in revenues and 29% growth in PBT. Average monthly spend was up 24% as the group continues to move to the mid-market. We have made no changes to forecasts. Investments are being made to broaden its sources of growth both from a geographical and platform integration perspective. Additionally, the group flagged it is looking more closely at acquisitions that could accelerate its strategy. We believe the group remains well-placed to create further value with 81% recurring revenue, 3-yr EBITDA CAGR of 22%, £19m of net cash on the balance sheet, a positive demand environment and a track record of delivery.
N+1 Singer - IDOX - Positive AGM statement
24 Feb 17
Idox issued a positive AGM statement, indicating a strong start to the year, building on the performance and organic and acquisitive growth of 2016. It recently secured significant contracts in healthcare and transport and is continuing to win across other segments. The order book and pipeline, combined with a stable outlook across all its markets, support our positive view on the stock. We make no changes to our estimates which were recently upgraded for FY’16 results and the accretive 6PM acquisition. We believe the current 11.2x cal’17 EV/EBITDA rating is undemanding given its scale, profitability and outlook.
N+1 Singer - Morning Song 22-02-2017
22 Feb 17
CORETX (COR LN) Contract wins and new Lifestyle facility | Gooch & Housego (GHH LN) Solid Q1 trading plus earnings enhancing acquisition of StingRay Optics | NCC Group (NCC LN) Further issues in Assurance | PCI-PAL (PCIP LN) Strong H1 underpins positive outlook | UBM (UBM LN) Results | Verona Pharma (VRP LN) Phase IIa RPL554 add-on trial to tiotropium commenced