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As midsummer’s day looms (where has this year gone?), there is greater optimism, in general, than may have been anticipated a few months ago. A post-pandemic, ‘vaccine-driven’ recovery demonstrated by increased consumer spending as lockdown measures are lifted has been one of the catalysts. The FTSE 100 has been range-bound in the last month 6,900-7,100. We have seen a combination of broadly positive company results across a range of sectors, further examples of M&A activity and a sequence of ne
Companies: AMYT ARBB ARW BAG BEG BONH BWNG CWK DNK EML EPWN FBD FA/ GPH GSF GNC HUW IGC INSE KAPE KP2 MMAG NRR NESF OTMP ROL RUA SEN SUR TON TOU TXP TGL VLS WINK
The UK market showed a continued recovery in the first quarter albeit the indices are still well short of their all-time peaks, unlike many of their international peers. The FTSE 100 has risen by 1,186 points (21.4%) since the end of October and the FTSE 250 by 4,304 points (25.0%). The comparable performance since the start of the year is less spectacular- the FTSE 100 has risen by 253 points (3.9%) and the FTSE 250 has risen by 1,070 points (5.0%). The factors behind the sustained rally are fa
Companies: AMYT ARBB CEG BAG BVC BEG BONH BLVN BRSD CML CWK CRPR EYE ECHO FDM FAR FA/ GPH GSF HUW INSE JDG KAPE KP2 MACF MPAC MNZS NESF NBI OTMP OBD PREM QFI RUA SCS SEN SOS SUR TON TOU TXP TGL TCN UEM VLS WYN
Reach continues to successfully execute on its enhanced Customer Value Strategy, driving strong top-line momentum in Digital. Digital sales (c.20%/revs) rose +25% y/y in Q1 supported by further growth in registered users (6.2m; Dec: 5.0m), whilst high demand for the Group’s ‘plus’ product portfolio is attracting strong advertiser interest, creating an attractive opportunity pipeline via enhanced monetisation of the Group’s growing first-party consumer interest data pool. In Print revenue decline
Companies: Reach plc
Vela Technologies is an investing company focused on early stage and preIPO long-term disruptive technology investments. There are currently 12 investments in the portfolio which either have developed ways of utilising technology or developing technology with a view to disrupting the businesses or sector in which they operate.
Companies: Vela Technologies plc
Informa jhas ust confirmed the group’s FY20 revenues would be in line with its last guidance (£1.65-1.68bn versus AV’s £1.7bn), thanks to the sound subscription businesses’ performance. Consolidated adjusted OP nonetheless is expected to be £250-270m, which is below our £330m forecast.
Still mixed FY21e indications with “return expected for physical events, rather than full rebound and recovery”.
We will make a downward adjustment to our FY20 earnings as we had expected a stronger adjusted OP
Companies: Informa Plc
Reach’s prelims were ahead of N1S estimates for H2 sales and EBITDA (1% and 3% resp.) and showed excellent progress with both the customer value strategy (‘CVS’) and business transformation agenda. Whilst FY’20 Group sales were 15% y/y lower as CV19 impacted Print, Digital revenue grew +11% y/y to £118m (H2: +20% to £70m), supported by a strong uptick in user engagement with content (page views/user: +39% y/y) and further progress in signing up new registered users (Feb’21: 5.8m; Dec’20: 5.0m; D
The Budget offered a clear picture of the state of the economy. Put simply, the economy will be 3% smaller in three years’ time than it would have been without the impact of the pandemic. However, it is forecast to return to pre-pandemic levels by mid-2022, six months earlier than previously thought. The OBR forecasts that the UK economy will grow by 4.1% in 2021, (lower than the 5.5% outlined in November 2020). It has set its GDP forecasts in 2022, 2023 and 2024 at 7.3%, 1.7% and 1.6%. Positive
Companies: AMYT ARBB CEG BVC BEG BRSD BWNG CBOX CTG CLG CML CWK EYE ECHO EML ESC FBD FA/ GSF HTWS INSE JDG MACF MTW NESF NAVF NSF NBI OTMP PCF PPC QFI SAVE SEN SNX TGL UTL VLS WYN
Kape has announced the transformative and significantly earnings enhancing acquisition of Israel-based Webselenese for a total consideration of $149.1m. Webselenese provides digital content creation platforms, offering independent and highly valued privacy and security related news to millions of users globally via market leading review sites. A strong fit with Kape’s existing privacy and security business, the deal represents an important step in the Group’s development to become the go-to play
Companies: Kape Technologies Plc
Tremor has reported strong FY20 results with EBITDA +3% ahead of our estimate, and has highlighted that its strong momentum is continuing in Q1 21, and stated that it is exploring the potential of a dual-listing in the US. FY20 gross revenue of $405m is in line with our prior estimate, and the operational gearing of Tremor’s platform has driven H2 20 EBITDA to $58.7m of $60.5m of FY20 EBITDA, after a heavily COVID-impacted H1 20. With Tremor’s US peers guiding for Q1 21 revenue growth of 13-41%,
Companies: Tremor International Ltd.
In Q4 20, total advertising revenue turned positive (+3%). In 2020, based on a 16% decrease in revenue, the group’s adjusted EBITA (£573m, -21%) was above expectations and represented a margin rate of 21% of revenue (-1pt). ITV benefited from the reduction in programming costs and significant cost savings in both divisions. For 2021, total advertising revenue increased in March after two negative months. ITV Studios should continue to be impacted by COVID-19 restrictions and additional related c
Companies: ITV PLC
Interim results show further progress in flexing its cost base and adapting operations in order to survive the extended lockdowns and subsequently thrive in the post Covid era. The upcoming opening of Time Out Market Dubai and signing of Time Out Market Abu Dhabi, both under management agreements, indicate the scale of the opportunity ahead. The proposed fully underwritten equity raise of £15m further de-risks the balance sheet allowing the business plan to be executed with confidence. With the
Companies: Time Out Group PLC
Informa confirmed its FY20 estimates, reporting in line figures. Although the Events activities (2/3rds of the business) have been significantly hurt by the pandemic, the group’s financial position is better than guided in September.
The group has committed to delivering at least £1.7bn of revenues in FY21e and to remain cash-flow positive throughout the year. The extent to which revenues surpass this baseline will depend on the recovery of events ex-Mainland China.
Minor downgrades expected t
Q1 21 was characterised by opposing trends at ITV Studios and advertising. Revenue recovered at ITV Studios (+9%), while advertising decreased (-6%) due to a high comparative last year and continuing COVID-19 restrictions in the UK. Total advertising revenue turned favourably in March 2021 (+8%) and the positive trend was confirmed in April 2021 and until the end of H1 21 (+26% estimated vs -20% in H1 20).
CentralNic delivered strong revenue growth in Q1 that demonstrates management’s strategy to invest in staff, new products and systems is delivering returns. The Direct division has returned to growth (+13%), as hoped, and the Indirect division has accelerated organic growth to 13% from 7% in 2020. The Monetisation division continues to lead organic growth (+19%), has been diversified by recent acquisitions and renamed Online Marketing. Recent policy changes by Google and Apple could further boos
Companies: CentralNic Group Plc
Amazon agreed on Friday evening to buy the broadcasting sports rights of the French football Ligue 1 for 2021-24.
This is not good news for Canal+ but won’t have any major impact on Vivendi’stock which has not moved for a month and is quite stuck at €29-30 while waiting for UMG’s spin-off. One may remain cautious that, once the spin-off is done, investors that had bought Vivendi to have a stake in UMG will probably sell Vivendi’s stock.
Companies: Vivendi (VIV:EPA)Vivendi SE (VIV:PAR)