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The Q2 performance remains below… 2019’s. Revenues were indeed still down by c.6% over two years and the EBIT margin at 23.6% is logically better than in Q2 20 but still well below the 34.2% of Q2 19.
Companies: Mediaset Espana Comunicacion (TL5:BME)Mediaset Espana Comunicacion SA (TL5:MCE)
We have great concerns about the evolution of the top line of the classic TV leaders in the coming years.
It seems that Mediaset Espana is resisting well to the TV advertising slowdown by decreasing its costs. But how long will it last? We see indeed no reason for linear TV consumption to remain at a high level in Spain where the future belongs clearly more to Netflix.
We will revise downward the group’s advertising revenues for the coming years.
Companies: Mediaset Espana Comunicacion SA
Mediaset Espana reported solid Q2 results which were slightly better than expected. Q2 revenues were indeed up by 3.8% yoy, offsetting finally the 4.5% decline recorded in Q1, while thanks to its usual strong discipline, costs increased less than revenues and the group managed to increase its margins in Q2: EBITDA by 60bp to 33%, its best margin in a Q2 since 2008, and the EBIT margin by 110bp to 31.9%.
MediaSet Espana reported solid FY17 results which were broadly in line with the consensus in terms of top-line but below the market’s expectations when it came to net income.
In a nutshell, total net revenues grew by 0.4% and came in at €996.26m, of which €928.7m from net advertising revenues, up 0.2%. Thanks to a strong discipline, costs were down 2.2% and helped to boost the adjusted EBITDA (+8.8%). The latter amounted to €262.25m, which represents a 26.3% margin versus 24.3% in FY16. EBIT ca
MediaSet Espana reported solid +1.3% Q3 net advertising revenue growth despite the tough comparison on a lfl basis (Football Eurocup in FY16). This trend was driven by MediaSet Espana’s media (Telecinco, Cuatro, Factoria de Ficcion, BOING, Divinity, Energy and Be Mad) while the third-party media (regional free- TV, e-Walls, various pay Tv channel) revenues declined significantly (-22.8%). It is noteworthy that Q3 17 EBIT rose by 26.5% (from c.€20.5m to c.€26.0m, i.e. a 13.5% margin compared to 1
Mediaset Espana once again reported a solid set of results for the first quarter of this year. Reported revenues improved by 4.2% to €240.4m within a rising ad TV market (+4.3%; the group’s advertising revenues were up 5.5%, exclusively driven by price increases). Positively, the group managed to maintain its costs with opex down 0.5%, further highlighting its business model’s flexibility linked to the high proportion of in-house production. Its EBITDA margin, therefore, rose to 33.8% (compared
Despite broadcasting the Euro 2016, Mediaset Espana reported revenues down 3% to €190.1m over the period (after +4.6% in Q1 and +12.8% in Q2) within a declining ad TV market (+1% after +6% in Q1 and +11% in Q2). Positively, the group managed to further reduce its costs with opex still cut by 3.5% over the quarter (-0.4% year-to-date), further highlighting its business model’s flexibility linked to the high proportion of in-house production.
For the 9 months, total revenues were up 5.5% to €711.
Mediaset Espana confirmed in Q2 16 the improvement of its earnings profile with total revenues up 9% (accelerating from +4.6% in Q1 to +12.8% in Q2) to €521.6m and an adjusted EBITDA margin rising 570bp to 30.7% (€160m versus €119.5m up 33.9%). Net profit rose by 20.3% to €117.7m and EPS by 29.5% to €0.35.
The group’s FY16 guidance was reiterated, i.e. to remain leader in terms of both audience rates and advertising market share, while keeping opex under strict control. After the acquisition of
Mediaset Espana’s revenues modestly improved over H1 15 as they rose by only +2.3%. Reflecting a tough comparison basis (football World Cup in June/July 2014), the net advertising revenues slowed from +13% in Q1 to +1.6% in Q2 (H1: +6.5%), while other revenues dropped by more than 40% as there was no film release in H1 15 (phasing impact H2-weighted this year: three main films) after an exceptional blockbuster in H1 14.
Positively, cost control (total opex down 5.3%; although partly reflecting
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React’s H1 results were well flagged in the 12th May update. Revenue more than doubled to £5.1m (H1’21: £2.5m), though adj. EBITDA reduced to £162k (H1’21: £369k), reflecting a shift in mix towards Contract Maintenance (lower GM but recurring) and the additional acquired operating costs from Fidelis. Contract Maintenance represented 63.8% of H1 revenue and has been further scaled up by the acquisition of LaddersFree post period end. H2 has started well, with Contract Maintenance continuing to re
Companies: Reach plc
Singer Capital Markets
Companies: STV Group plc
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Psych Capital PLC, intends to list on the AQSE Growth Market. Psych operates the Psych Platform (a business-to-business networking platform), that is developing the Blossom Database pursuant to a third party licensing arrangement. The Company also has an investment of 426,000 common shares in Awakn, a Canadian NEO Exchange listed psychedelics research and clinical group, with operations in th
Companies: YCA 7DIG BOOM DMTR EYE KIBO NFC RST SPSY
Reach’s YTD update shows further resilient performance against a challenging backdrop. Group revenue declined 0.9% y/y in the 4-months to April (in-line) as growth trends normalised and tougher, post-lockdown comparables are lapped. Within the mix, Print positively surprised, posting modest -4% y/y decline (SCMe FY’22e: -6%) – cover price increase acceptance helps demonstrate the relative pricing inelasticity of RCH’s loyal audience base. Digital revenue momentum remains positive (YTD +9% y/y; Q
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Psych Capital PLC, intends to list on the AQSE Growth Market. Psych operates the Psych Platform (a business-to-business networking platform), that is developing the Blossom Database pursuant to a third party licensing arrangement. The Company also has an investment of 426,000 common shares in Awakn, a Canadian NEO Exchange listed psychedelics research and clinical group, with operations in the UK and Europe.
Companies: TMO ROL KGH GWMO JAY
Jaywing has produced a positive set of interims, which we consider in-line with our FY22E forecasts given the traditional H2 weighting to results. A highlight is the +24% YoY net revenue growth, with both the UK, and in particular, Australian businesses contributing strongly. This translated to underlying adj EBITDA growth of +£1.0m YoY yet is masked by Covid-19 related one-offs in the comp. Jaywing's current rating (FY22E EV/EBITDA of 8.4x) is undemanding given its current momentum of new clien
Companies: Jaywing plc
Jaywing is an independent, data science-focused marketing services group, operating across Integrated Marketing (c80% of net revenue) and Credit Risk (c20%). Following recent challenging years (from Brexit and COVID-19), the company has rebounded and returned to profitable trading via a recent restructure and a resurgence in corporate marketing spend post H1/20, particularly in digital. We re-issue forecasts today, initially for FY22E, expecting +£1.6m (+229%) of YoY growth in underlying adj EBI
Jaywing will acquire 75% of Frank Digital, an agency specialising in the high-end design and build of websites, mobile applications and digital campaigns for brands. The deal brings additional scale and new skillsets to Jaywing’s already successful Australian business. To fund the initial and contingent cash consideration, Jaywing has raised £1.3m (gross) in new equity at 20p p/s. We upgrade our recommendation to “BUY” given the earnings accretive nature of the deal and current valuation.
Lift Global Ventures plc (AQSE:LFT) has joined AQSE Growth Market. The Company's investment strategy is to operate as an enterprise company seeking acquisition or investment opportunities within the financial media and technology industries. Within these broad industries, areas of focus may include: Financial news websites and other forms of “new media”, Investment research providers, Financial PR, IR, design and marketing agencies, Production studios and visual content providers and Te
Companies: SLP AUK BEG SAA PYC SMRT ROL CAR
The most notable event in today's interim results is the announcement of the sale of the group's non-core contact centre for £0.5m. The divestment should provide the group with a greater focus on stronger growth/higher margin services, whilst also providing valuable funds to strengthen the balance sheet. Elsewhere in today's update, there are signs of positive YoY trading in both the Epiphany and Australian businesses; however, those more project-based offerings continue to be hindered by weak s
tinyBuild— a leading video games publisher and developer with global operations. tinyBuild's strategic focus is in creating longlasting IP by partnering with video games developers, establishing a stable platform on which to build multi-game and multimedia franchises is to join AIM. Offer details TBC. Due mid-March. AMTE Power, a developer and manufacturer of lithium-ion battery cells for specialist markets, announced its intention to seek admission to trading on AIM. Admission is expected to ta
Companies: IKA UPR WYN ENW BWNG TRAK DBOX HZM G4M
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Lift Global Ventures plc to join AQSE Growth Market. The Company's investment strategy is to operate as an enterprise company seeking acquisition or investment opportunities within the financial media and technology industries. Within these broad industries, areas of focus may include: Financial news websites and other forms of “new media”, Investment research providers, Financial PR, IR, design and marketin
Companies: XPF TON SCE NMT ECR MIRI BIRD DCTA
Adj EBITDA was 4% ahead of that indicated in January. The material +47% YoY growth rate in this figure is attributable to the M&A activity in US sports betting over the past 12-18 months which has reshaped the Group. This also brings higher margin activities to offset Casino which is in 'managed decline'. Casino is asset-light with much variable cost and manageable. Sports now forms almost half of all Group revenues and has huge growth potential as more US states legalise sports betting.
Companies: XLMedia Plc
Today's results reflect performance in-line with expectations, highlighting challenging market conditions, which are expected to persist during FY19E. Despite this, Jaywing is making improvements to the quality of its business through increasing cross-selling, the winning of larger and more repeatable projects, international expansion and measured cost savings. It is seeking to exit FY19E with a sustainable run-rate to restore profitability back to £5m+ in EBITDA in FY20E