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  • 21 May 19

Entertainment One (ETO) FY19 results interview

entertainment-one-eto-fy19-results-interview-21-05-2019
  • 21 May 19

Entertainment One - Content creation and ownership

Entertainment One’s full year results showed strong growth in underlying EBITDA, +21%, broadly in line with market and our estimates. The Family & Brands division is benefiting from the higher margins from advertising and streaming video on demand (AVOD and SVOD), with underlying EBITDA up 28%. Film, TV & Music’s performance reflects the completion of the transition in film and the shift in mix toward TV, with an improvement in underlying EBITDA margin from 11.6% to 14.6%. Our revised forecasts show the positive impact of the recent Audio Network acquisition (and the boost from IFRS16), diluted at the EPS level by the additional shares.

Companies: Entertainment One
  • 21 May 19

Entertainment One (ETO) FY19 results presentation

entertainment-one-eto-fy19-results-presentation-21-05-2019
  • 12 Apr 19

Entertainment One - Sounds like a good deal

Entertainment One (eOne) has announced the acquisition of Audio Network for £165m (cash-free, debt-free basis) alongside a share placing at 450p to raise c £130m. Audio Network’s business model meshes very neatly with eOne’s, adding both music resource and a substantial recurring revenue base while giving the group’s existing artists and catalogue new revenue-generating opportunities. The purchase price represents 15x LTM reported EBITDA and management indicates the deal would be earnings enhancing in its first year (FY20).

Companies: Entertainment One
  • 04 Apr 19

Entertainment One - Good year all round

Entertainment One’s (eOne) year-end trading update indicates financial performance in line with expectations, with the groundwork in place for good progress across both Family & Brands and Film, Television & Music. The benefits of the transition towards production in film are clear, with better margin potential, a reduced risk profile and stronger free cash flow. Our EBITDA and EPS forecasts are unchanged and we have introduced numbers for FY21e, showing continuing progress. The intense competition between new and competing SVOD providers is driving a very healthy appetite for high-quality entertainment content.

Companies: Entertainment One
  • 20 Nov 18

Entertainment One (ETO) H1 results interview November 2018

entertainment-one-eto-h1-results-interview-november-2018-20-11-2018
  • 20 Nov 18

Entertainment One - 2019: Year of the (Peppa) Pig

Entertainment One’s interims are in line with expectations. Our FY19 and FY20 revenue forecasts are trimmed but we have lifted expected margins, leaving EBITDA and EPS broadly unchanged. This reflects the further mix shift to Family & Brands, where good momentum continues behind Peppa Pig and PJ Masks, especially in China. Film & TV is part-way through its transition from distribution to content production, with divisional EBITDA also impacted by an H2-weighted release schedule. The net effect was a group EBITDA margin of 14.8% (H118: 13.3%). Changing consumption patterns provide a strong backdrop to high-quality content providers such as eOne. We regard the shares as attractively priced on earnings and with regard to the portfolio valuation of $2.0bn.

Companies: Entertainment One
  • 20 Nov 18

Entertainment One (ETO) H1 results presentation November 2018

entertainment-one-eto-h1-results-presentation-november-2018-20-11-2018
  • 27 Sep 18

Entertainment One - Library valuation uplift

Entertainment One’s (eOne’s) pre-close trading update confirms the group is trading well and is on track to meet full-year market forecasts. There is no change to our forecasts at this juncture. The group’s rights library has been independently reassessed and has increased to a value of US$2.0bn, from US$1.7bn at the time of the last valuation in March 2017. The group’s current market capitalisation is c £1.8bn (US$2.3bn). Recent strong share price performance has narrowed the discount to peers, but further positive news flow would allow additional upside.

Companies: Entertainment One
  • 17 Sep 18

Entertainment One - Unlocking the value of creativity

Entertainment One’s (eOne’s) capital markets day (CMD) presentation highlighted its strong content and depth of management, with its independence allowing the luxury of platform agnosticism. With the major tech platforms building audience engagement to drive their broader business models, high-quality content remains a key differentiator that plays to eOne’s strengths. The strategy for Family & Brands is to focus on a tight portfolio, maximising merchandising and licensing opportunities. Recent strong share price performance has narrowed the discount to peers, but further positive newsflow would allow additional upside. Our forecasts are unchanged.

Companies: Entertainment One
  • 22 May 18

Entertainment One - On course to double EBITDA by 2020

An excellent performance from Family & Brands and strong growth in Television offset declines in Film to deliver EBITDA growth of 11%, which is in line with forecasts. The group is in good shape entering FY19 and is on track to deliver to its five-year plan to double EBITDA by 2020. The shares are on a c 40% P/E and c 20% EV/EBITDA discount to global peers and we believe they offer good value.

Companies: Entertainment One
  • 22 May 18

Entertainment One (ETO) results interview May 2018

entertainment-one-eto-results-interview-may-2018-22-05-2018
  • 22 May 18

Entertainment One (ETO) Full year results presentation May 2018

entertainment-one-eto-full-year-results-presentation-may-2018-22-05-2018
  • 09 Apr 18

Nothing unscripted about Whizz Kid acquisition

eOne’s bolt on acquisition of Whizz Kid in the UK further builds on its expanding capabilities in the non-scripted television production segment. The £6.9m consideration paid for a 70% interest will be part funded utilising some of the excess proceeds of the recent placing and shares.

Companies: Entertainment One
  • 04 Apr 18

On track for full year

eOne’s FY18 trading update puts the group on track to deliver to expectations with continued excellent momentum in Family, a solid performance from Television and a better second half in Film.

Companies: Entertainment One

Research, Charts & Company Announcements

Research Tree provides access to ongoing research coverage, media content and regulatory news on Entertainment One. We currently have 55 research reports from 4 professional analysts.

Open
N/A
Range Today
N/A
52 Week
336/483p
Daily Volume
N/A
# Shares
496.2m
Daily Liquidity
(0.16%)
Pension Liability
£0m
Enterprise Value
£1,844m
Market Cap
£1,952m
Latest PE (hist)
15.26
Div Yield
0.40

Latest News/RNS

(more news)
Date Source Announcement
14Jun19 17:00 RNS Notice of Conditional Redemption
14Jun19 16:29 RNS Pricing of Senior Secured Notes Offering
12Jun19 07:00 RNS Launch of Senior Secured Notes Offering
12Jun19 07:00 RNS Notification of Director Dealing
06Jun19 07:00 RNS Response to press speculation
04Jun19 07:00 RNS Total Voting Rights
30May19 07:00 RNS Block Listing Application
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  • 21 Jun 19

Hardware warnings; Buy sales visibility (CALL, KAPE, VNET)

We highlight this morning’s profit warnings from IQE (no coverage) and Nanoco (no coverage) as further support of: (1) our Year Ahead 2019 thesis to avoid hardware exposure as the most likely source of downgrades, and gain exposure to high-visibility recurring revenues and stronger balance sheets; and (2) the apparent end of the smartphone supercycle. We reiterate our Buy ratings on CloudCall* (CALL LN, PT 270p), Vianet (VNET LN, PT 142p) and Kape (KAPE LN, PT 120p) as our preferred names to exploit our key themes for 2019.

Companies: CALL VNET KAPE

  • 18 Jun 19

SP Angel – Oil & Gas View

Hurricane Energy (HUR): Operational Update | Sound Energy (SOU): Placing & Update | Chariot Oil & Gas (CHAR): Feasibility Study | Reabold Resources (RBD): Operational Update

Companies: HUR SOU CHAR RBD

  • 20 Jun 19

ZenMate acquisition update: $1.7m synergies

Kape published an update to the market following the integration of recent acquisition, ZenMate. The group has realised US$1.7m of annualised cost savings related to ZenMate, and launched two products (see details below). We believe the synergies and management execution on deals will be very well perceived in early trade this morning, given the sheer magnitude of the savings (ie 13% of FY19E Group EBITDA – and effectively quadrupling the profits of ZenMate from acquisition in 12 months). We up our FY20E EPS (+7%) and raise our PT to 120p. We reiterate our Buy rating on Kape as one of few companies offering robust organic growth potential, a large net cash position and M&A optionality at a discount to the AIM Tech average.

Companies: Kape Technologies
  • 20 Jun 19

Share price weakness creates opportunity

Future’s shares have eased back to 970p after an incredibly strong run (from 845p to 1250p/+48%) in response to the Interim results. Arguably the shares had got ahead of themselves, but are now looking good value again from a near term perspective and for the long term. Execution momentum has remained very strong and with our forecasts positioned conservatively we see the probability of upgrades as high. We reaffirm our strong view on the fundamentals of the Future model and the significant scope for material improvement with the existing asset portfolio and to add additional assets over time that Future can apply its proven enhancement skills to. Those who have missed out or wish to bolster their positions should take advantage of this weakness before the next news flow (September or possibly earlier) in our view.

Companies: Future
  • 21 Jun 19

Gaining ground – Initiation of coverage

OnTheMarket’s recent results demonstrated that it has made substantial progress in developing all areas of its business and in significantly enhancing its competitive position. We perceive a compelling opportunity for it to take share from its rivals and regard the delta between its pricing proposition to agents and Rightmove’s as anomalous and unsustainable. We forecast substantial revenue growth leading to profitability in FY21F with strong EPS growth and cash generation thereafter and estimate a DCF-based fair value of 302p per share, suggesting considerable valuation upside potential. House Stock.

Companies: OnTheMarket
  • 17 Jun 19

Strategic position and cash underappreciated

We reiterate our Buy rating on Kape, noting the 10% share price decline year to date. In our view, the market continues to underappreciate a strong combination of accelerating organic growth into FY19E (+32% vs. 5% FY18A), a large cash position exiting FY18A (US$40m – or 27% of market cap) in the context of a volatile market/geopolitical uncertainties and future M&A optionality.

Companies: Kape Technologies
  • 05 Jun 19

Kape Technologies - Cyber Crusader, Initiating with Buy rating

We believe Kape’s portfolio of personal data protection tools, route to market and M&A ambitions uniquely position the group to exploit mounting consumer concerns over personal data in the wake of high-profile intrusions such as Facebook/Cambridge Analytica. The group’s transformation is now in its final phase, as focus shifts to accelerating organic growth. In our view, the share price does not capture falling execution risk nor further M&A potential. We initiate coverage with a Buy rating and price target of 110p.

Companies: Kape Technologies
  • 21 May 19

Acquisitions & Placing

Huntsworth has announced the acquisitions of Creativ Ceutical (CC) and Kyne for a combined initial cash consideration of £27m which will be part funded by a placing to raise £16m at 93p. At its recent Capital Markets Day, Huntsworth highlighted that although it had expanded its services it still required capability in Evidence Generation and Regulatory in Medical and PR & Influence in Marketing to complete its offering. CC and Kyne fill these gaps and in our view are a compelling strategic fit. We raise our PBT/EPS estimates by +2% to £40.8m/8.5p (was £38.0m/8.3p) for 2019E and +5% to £47.6m/9.6p (was £42.0m/9.1p) for 2020E, the first full year of the transactions. We calculate that leverage will be 1.6x in 2019E, consistent with the group's target of 'around 1.5x', before falling to 1.1x in 2020E. We retain our positive stance on Huntsworth and continue to expect the shares to rebound strongly as evidence of the recovery in Marketing and upside from the integration of recent acquisitions is demonstrated through 2019 and into 2020.

Companies: Huntsworth
  • 17 Jun 19

Successful appraisal well

Reabold has announced a successful appraisal result at West Newton, with better than expected reservoir parameters and a greater liquid:gas ratio than expected, suggesting material potential upside to prior NPV estimates on both resource estimate and NPV/bbl terms. The partners will update volumes in due course, with flow testing expected to occur in Q319. We increase our RENAV from 3.1p to 4.0p and reiterate our BUY recommendation.

Companies: Reabold Resources
  • 14 Jan 19

Opportunity knocks

We are introducing our Best Ideas for 2019 and also review the performance of last year’s picks. We suggest ten solidly financed stocks with good business dynamics that ought to be considered for core portfolio holdings and six UK domestically focused stocks that our analysts believe should perform strongly in the event that uncertainties unwind. We also introduce a new style of research from N+1 Singer which presents a Company’s dynamics and metrics in a clear and concise manner and concentrates on the pivotal issues affecting that Company and an investment decision.

Companies: BCA CLIN CLG CBP DNLM EAH FDL FCRM FUTR GTLY INS GLE NICL SDL SPR TRI

  • 26 Apr 19

Immediate progress on integration

Following the acquisition of RhythmOne, Taptica’s brand advertising division (Tremor Video DSP) has wasted little time in integrating the two offerings. Tremor video advertising services have been combined with RhythmOne to launch Private Marketplace Packages (PMPs), providing advertisers with premium supply inventory through owned, controlled and extended packages. These will enable marketers to target unique, very relevant and qualified audiences with PMPs, providing high-quality video supply through these private (invitation only) auction-based marketplaces owned and operated by the group. Additionally, the PMPs utilise the proprietary RhythmGuard technology, ensuring scalability, precision and quality. There are no changes to forecasts or TP.

Companies: Taptica International
  • 10 May 19

Feedback from Capital Markets Day

Huntsworth held an impressive Capital Markets Day yesterday that comprised detailed presentations from Group Management followed by senior leadership from Evoke (Marketing) and MEDiSTRAVA (Medical). We view the key points as i) the global healthcare industry continues to grow apace with medium/long-term expansion underpinned by demographics and supported by R&D and innovation ii) Huntsworth is uniquely positioned to serve this marketplace and continues to target 5-7% organic revenue growth over the next 5yrs iii) margins are sustainable in Medical (25%+) and Marketing (23%+) with Immersive set to grow from 14% to 17% over the next 3yrs iv) acquisitions to date have delivered excellent returns - AboveNation (IRR 28%) and The Creative Engagement Group (20%), while the group expects strong returns at Giant (13%+) and Navience (14%+) and v) the Group continues to focus on cash generation and a leverage target of 'around 1.5x'. We believe the CMD highlighted the group's robust positioning and attractive fundamentals.

Companies: Huntsworth
  • 17 May 19

Interim results – another beat

H1 Revenue is ahead of our not long ago increased expectation driving a better profit result. Cash is also £10m ahead. The business has good momentum and despite the ever present spectre of Brexit there is still significant scope for us to prudently raise revenue, EBITDA and EPS estimates. Acquisitions integrations and performances are on plan and the online advertising technology changes in place to benefit. The shares have re-rated again in line with the changing fundamentals. We see a path to 20x EBITDA leaving significant upside potential without the need for further upgrades.

Companies: Future
  • 03 Jun 19

SP Angel – Oil & Gas View

Hurricane Energy (HUR): Operational Update | Baron Oil* (BOIL): UK Licence Awards | Reabold Resources (RBD): UK Licence Awards | Cabot Energy* (CAB): Funding Arrangement | Lansdowne Oil & Gas* (LOGP)/Providence Resources (PVR): Operational Update

Companies: HUR BOIL RBD CAB LOGP

  • 07 Jun 19

The Mission Marketing Group - Capital markets day (CMD): Breadth of value

The recent CMD allowed themission’s newly-appointed CEO, James Clifton, to outline the direction of travel to best leverage group strengths. It also showcased Krow, bought in April 2018, and businesses being developed within the Fuse incubator, particularly Pathfindr. There was no new financial information. Increasing collaboration across group agencies gives a solid base for more cross- and up-selling to the low-churn, blue-chip client base. The valuation remains at a sizable discount to peers.

Companies: The Mission Marketing Group