One Media iP (OMiP) has released a solid set of H1/21A interim results, with revenue up 8.5% YoY in USD terms. The company has been active on the acquisition front, having deployed £4m of capital so far in FY21E (mostly post period end), and the pipeline remains strong. OMiP has a highly scalable platform, which should result in steadily improving margins as the group adds new royalty streams to its portfolio, and remains well-placed to benefit from the structural growth underway in the music in
Companies: One Media iP Group PLC
One Media has released strong FY20A results, with Adj EBITDA up c28% to £1.6m, comfortably beating our forecasts (FY20E £1.3m), boosted by strong consumer demand on streaming platforms. Whilst COVID-19 has meant a slight delay to the closure of acquisitions, the pipeline remains strong, and we expect a number of deals to complete in H2/21E. We release new forecasts for FY22E (Adj EBITDA £2.2m), with growth driven by further increases in demand for streaming, new service offerings (eg TCAT), and
The Group continues to gain momentum as it delivers its ambitious growth strategy. Testament to strategic acquisitions and strong organic growth, Group revenue increased 14% YoY to £4.0m whilst EBITDA margin expansion (+430bps) drove a c30% YoY increase to £1.4m. Additionally, the strategic decision to incorporate TCAT as a new subsidiary should expediate its commercialisation and expansion. We believe One Media offers value to investors whilst it trades at a discount relative to its peer group,
One Media, subject to shareholder approval, raised gross proceeds of up to £6.0m in a VCT/EIS qualifying equity placing to support the launch of Harmony IP. We release a new FY21E forecast reflecting full deployment of capital and the subsequent superior revenue generation and margin profile. We believe One Media continues to trade at a discount relative to its peer group, our fair value per share analysis and DCF valuation. Buy
One Media's strong H1/20A financial performance is testament to the resilience of its business model and the market in which it operates. The Group generated material top line growth (+28%), driven through both organic channels (+9%) and acquisitions (+19%), whilst improving its margin profile. This financial strength culminated in the recommencement of its cash dividend policy. One Media trades at a discount relative to its peer group, our fair value per share scenario analysis and DCF valuatio
Despite the current macroeconomic environment caused by COVID-19 One Media is recommencing its dividend payments. This is testament to its cash generative recurring revenue model (c85%) and the resilience of the market it operates in. This resilience combined with One Media's seamless transition to working remotely has enabled the Group to trade in line with our full year forecasts at the interim stage. We expect the Group's financial performance to continue to outperform the wider market. Buy
The current COVID-19 pandemic has resulted in a global lockdown of billions of people. Corollary to this, there has been an increase in internet usage and consumer demand for streaming platforms globally. Two music genres that One Media is particularly strong in, children's and classical, have seen demand increase. We expect One Media's short-term financial performance to remain intact as the uptick in home consumption should outweigh the decline in other areas such as commuting. We reiterate ou
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easyJet’s released its Q3 results, which were in line with management’s expectations. However, the Q4 performance is now expected to be limited further by the new waves of the pandemic and the increasing travel restrictions in Europe. The hope of a meaningful summer rebound is fading away for the whole intra-European travel sector.
Companies: easyJet plc
Companies: Loungers Plc
Next’s share jumped 9% on the back of the impressive Q2 21 performance. The encouraging improvement in retail sales as a result of gradually eased social restrictions in the UK alongside the continued strong momentum in online sales have led the group to finish the quarter with 18.6% sales growth vs. the same period in 2019 (vs. guidance of 3% previously). The better-than-expected trading performance has enabled the group to raise again its FY21 guidance and to declare a special dividend.
Companies: Next plc
Various Eateries (VE) continues to deliver on its Q320 IPO aspirations with ‘extremely strong’ trading since reopening in April and confirmation of prime site expansion on advantageous terms. In particular, its main brand Coppa Club grew like-for-like sales by 28% on 2019 in its first five weeks of indoor and outdoor dining from 17 May (UK restaurant market like-for-like sales up 8% in June, per Coffer CGA Business Tracker). Similarly, in the half to March 2021, business was encouraging when all
Companies: Various Eateries Plc
Unprecedented times over the past 12 months have seen ScS Group deliver an exceptional set of H1 2021 results, dominated by the surge in orders post Lockdown 1.0. Group revenue grew 14.4%, with an incremental gross margin, tight cost control and UK government support (£6.6m) underpinning EBITDA* of £19.5m (£3.8m in H1 2020). We believe the average net cash through the period was c£97m (c£60m excluding customer balances). H2 2021 visibility remains low, with post Lockdown 3.0 demand uncertain, th
Companies: ScS Group plc
What a difference a year makes - 12 months ago, the focus, quite understandably, was on the course of the pandemic and the lifting of the Lockdown (1) measures. For investors, it was the sustainability of the rally in markets seen since March 2020. Today, while we are still thinking about the lifting of lockdown measures, we are also concerned about two “old favourites” from previous decades. Inflation and the parlous state of public finances. The BoE has said that although CPI inflation rose to
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In this note we focus on five key themes that we believe will shape the motor retail sector in the short-to-medium term. These are digital sales trends, electrification, the agency model, vehicle supply, and the economic outlook. The dealer groups have shown a great deal of resilience and flexibility throughout the Covid-19 pandemic – we expect them to continue to adapt and work closely with OEMs as the industry evolves.
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Shore Capital met with the senior management of Marks & Spencer (M&S) to catch up on business development following its recent AGM. We find a management pressing on with workstreams in still uncertain times and upbeat in mood across the business. We are nervous about this next sentence, but M&S could genuinely be at a positive inflection point, which if so, augurs well for future business performance and so earnings trajectory. In this note we do not adjust our financial forecasts, as may be exp
Companies: Marks and Spencer Group plc
Catena Group (CTNA.L) to complete reverse takeover and be renamed Insig AI and is acquiring the remaining shares of Insight Capital Partners. Insight, which is based in the UK, is a data science and machine learning solutions company that provides bespoke web-based applications, advanced analytical tools and modern technology infrastructure to make machine learning accessible to investment professionals. Insight has developed five products specifically aimed at accelerating an asset manager's d
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Companies: Vertu Motors PLC
Kingfisher’s Q2 FY21/22 trading update came in ahead of market expectations. Following an impressive c.64% lfl sales growth in Q1, the momentum finally receded with Q2 registering a sales decline of >1% so far, as DIY spend tailwinds unwind. On the back of the better-than-expected performance, management upgraded its sales and profitability outlook for H1 FY21/22. Although we will raise the estimates and target price, ‘Reduce’ recommendation is re-affirmed as DIY spend normalises and the limited
Companies: Kingfisher Plc
The final results revealed adjusted PBT up 99% year-on-year, which was 10% better than forecast despite four upgrades during the financial year. This strong performance reflects the financial benefits that have accrued following the shift in the business model to online only, as well as management’s strategic decision to significantly increase marketing spend. A second special dividend for the 2020 financial year has also been announced, reflecting the strong cash flow characteristics of the bus
Companies: Best of the Best plc
easyJet’s Q1 performance was largely hit by travel restrictions in Europe and the situation is expected to be worse in the next quarter. Nevertheless, the market was persuaded by the airline’s current liquidity position which could allow a survival of more than 14 months even in a fully-grounded scenario.
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
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Entain reported a largely in line top line but above consensus profit numbers, driven by the solid showing in online, which offset the retail weakness. The board has suspended the dividend, in order to preserve liquidity, for what could be an heavy M&A year in 2021 (net debt/EBITDA at 2.1x). Importantly, BetMGM has made considerable progress (+59% revenue, +7pp market share) across the all-important US market and could be in for another blockbuster year in 2021.
Companies: Entain PLC
