Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on ARTNET AG - REG. We currently have 5 research reports from 1 professional analysts.
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ARTNET AG - REG
ARTNET AG - REG
Advertising growth remains key
25 Aug 16
H116 group revenues were slightly ahead of the prior year in both US dollar and euro terms, helped by continued growth in artnet News, where revenues were up 17% despite weaker Q2 advertising performance. Reduced losses from Auctions and the benefit of lower costs within the Price Database segment helped drive an 11% uplift in group contribution margin, partially offset by increased central expenses. Stronger operating cash flow drove higher net cash, which at end June was €0.9m, from €0.5m at the year-end. Our FY16e and FY17e forecasts are unchanged.
A brush with success
18 Apr 16
Following a year of investment and reorientation in FY14, artnet had good success in FY15 in turning its Gallery segment back into growth and in building strong web traffic – and hence group advertising revenues – with artnet News. In US dollar terms, FY15 group revenues were up 4% y-o-y, with currency swelling this to a 24% rise in euro terms. This implies a strong Q4, following top-line reported growth of 1% for Q1-Q3. The shift in mix is helping gross margins and with stable operating costs in US dollars, artnet has marched forward into profitability, with further progress forecast for FY16 and FY17.
Art market online
19 Nov 15
artnet’s nine-month figures show revenues stable in US$, with the uplift in the € numbers reflecting currency movements. Good progress is being made in the reach of artnet News, driving traffic to all parts of the artnet website and increasing advertising revenues. The upcoming mobile app launch and Amazon co-operation should help continue momentum, lifting the top line and starting to deliver more meaningful returns, allowing the rating to move closer to online B2B and B2C operators and art businesses.
Gaining luxury advertisers
03 Sep 15
Q215 results showed good progress expressed in euros, with the currency translation restraining reported performance in US dollars. artnet News is becoming well established as a prime source of market information, with monthly unique visits averaging 1.3 million over the first six months. It is expected to become self-sustaining by the year end. The higher traffic is helping drive advertising revenues from vendors of luxury goods, lifting the performance of the Gallery segment in both revenue and margin. Costs in H115 have been kept well under control and full-year guidance remains consistent with our projections.
20 Feb 17
Hayward Tyler Group* (HAYT): Trading update and financial position (CORP) | Petra Diamonds (PDL): Interim results (BUY) | Gemfields* (GEM): Interim results (CORP) | Premaitha Health* (NIPT): Middle East momentum (CORP) | Sound Energy (SOU): Acquisition update and TE-8 well spud (HOLD) | Proactis* (PHD): Interim trading on track (CORP) | 7digital* (7DIG): Automotive contract win (CORP)
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
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
N+1 Singer - Gym Group - Not quite a lean, fit & healthy outlook
15 Feb 17
Gym Group has done an excellent job in successfully rolling out a disruptive business model in the health & fitness market. However, we think growth expectations are too high and the shares look expensive on a FY17 P/E of 27x. We expect initial signs of increased competition / cannibalisation and LFL pressure to increase over the next 2-3 years and the shares to de-rate. We pitch our forecasts 5%-14% below consensus and initiate with a Sell recommendation and a 145p target price.
Panmure Morning Note 24-02-2017
24 Feb 17
Upgrades and increased shareholder returns were needed to justify the recent share price rally: they have been duly delivered and we expect a positive response today. FY16 was largely ‘in-line’ and initial FY17 comments, for operating profit growth YOY, are encouraging. Our initial estimate is for consensus upgrades of 5-10%. IAG has confirmed a €500m share buy-back programme, which was well flagged and we think in line with market expectations. Overall a welcome, slightly more positive read for the sector, particularly those with self-help levers. Presentation 9am GMT.
Cycle pains; structural gains
01 Feb 17
A downgrade is a downgrade, which we put through in this note (FY17 net profit -8%). The fare softness behind it is not worrisome to us, reflecting a tough point in the cycle, with industry supply/demand imbalance driving revenue yields down across the sector. Wizz Air is not immune but its own yield softness is partly self-inflicted, with management taking an aggressive capacity stance to capitalise on structural growth opportunities. This may be dilutive to near-term earnings, but should be accretive to medium-term growth and shareholder value. Experience suggests these are exactly the time to buy airline winners, which we believe Wizz Air is becoming. Limited stock liquidity can move the price up quickly as well as down. Reiterate BUY, TP unchanged at 2,300p.