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Companies: PANTAFLIX AG
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Pantaflix has had a busy first half, with productions delayed from FY20 coming to completion and with more expected to complete in H221. H121 revenue of €22.7m will be the bulk of the year’s total, with management guiding to a figure of more than €30m. EBIT for the year will be in a range of -€2.5m and break-even, having narrowed to a €2.1m loss in H121 (H120: -€4.3m). The industry fundamentals remain positive across the group’s operations, particularly in terms of high levels of demand for cont
Pantaflix had a tough FY20, but expects a strong recovery in FY21 with management guiding to revenues of at least €30m. COVID-19 was very disruptive to production and release schedules but the pace has picked up notably in FY21. Management expects the FY21 EBIT loss to narrow to between €2.5m and breakeven, with market forecasts anticipating an even better outturn. The group has been making good progress with its B2B offering and is keen to scale its production slate in film and episodic. In May
Pantaflix had a difficult H120 due to the COVID-19 pandemic, leading to film projects being suspended or postponed. This resulted in a significant dip in revenue from €14.5m in H119 to €4.9m in H120. Production resumed in late H120, with releases scheduled for H220 and H121. Encouragingly, B2B activities are building steadily as the group diversifies monetisation of its platform. H120 costs were reduced by short-time working, aided by state support, reducing the EBIT loss to €4.3m (H119: €6.3m).
Pantaflix expects a tough FY20, followed by a strong recovery in FY21. The COVID-19 shutdown has disrupted current productions and the release of previously finished films, weighing heavily on FY20 revenue. EBIT should retrench less, given efficiencies put in place. With production hopefully resuming later in the year, the content pipeline should start unwinding. The Pantaflix VoD (video on demand) platform is building its presence in a busy market and has some interesting B2B opportunities. The
Pantaflix’s first half results show a marked reduction in the EBITDA loss, from €3.1m in H118 to €1.1m for the period, benefiting from lower operating expenses. The new corporate strategy put in place earlier in the year broadens the potential revenue streams, both in terms of channels to market and in the breadth of content. Management guidance suggests a significant improvement in EBIT and earnings in H219, with consensus forecasts suggesting that the group should move into profit in FY21.
Pantaflix’s content production business continues to do well, although FY18 earnings were impacted by timing issues, with revenues slipping into FY19 and costs already incurred. The content pipeline is strong, including a first series for Netflix. Longer-term growth should come from expanding the Pantaflix platform from transactional video-on-demand (TVoD) to subscription and advertising-supported models (SVoD and AVoD). It should also open up white-label and commercial B2B2C opportunities.
While the growth of the video on demand (VoD) platform will likely take the plaudits, Pantaflix’s film production business has continued its strong run of ramping up both the quality and volume of content. Continued investment in both businesses saw net losses expand to €4.4m in H118. However, the film production business has a strong pipeline and the VoD platform is growing rapidly. Despite the premium rating, further improvements to the newly launched KPIs or the announcement of additional par
Stefan Langefeld’s promotion to CEO is a strong validation of Pantaflix’s commitment to its disruptive VOD platform, where it continues to improve functionality and distribution. However, in 2017 it was the excellent performance of the production business that underpinned the 152% increase in revenues and return to operating profitability for the group.
Pantaflix has undergone significant transition over H117. The newly renamed company has delivered a number of functional improvements to its eponymous VOD platform, which has now begun to record revenues, and is expected to drive growth. Furthermore, the film production business continues to perform strongly. While we see risk to estimates, we do not believe that these should be the basis on which investors gauge the opportunity to participate in a disruptive, global VOD platform.
The launch of global video-on-demand (VOD) platform PANTAFLIX at the end of 2016 and the recent announcement of a new JV in China could prove transformative for Pantaleon, traditionally known for its hit film productions. The market opportunity is significant, it has a first-mover advantage and capital risk is limited. Although at an early stage of development, the direction of travel is positive and the shares have started to reflect the potential.
Research Tree provides access to ongoing research coverage, media content and regulatory news on PANTAFLIX AG. We currently have 0 research reports from 1 professional analysts.
Topps Group is the UK’s largest specialist supplier and distributor of tiles and associated products to the UK’s domestic and commercial markets. Each of the last three years the Group has successfully achieved record revenue in a market that’s seen recent volume declines and regional peers enter administration. Following the right sizing of its business, Topps Group is now well positioned to capitalise on the economic recovery and continue taking share from competitors, supported by its global
Companies: Topps Tiles Plc
Zeus Capital
HeiQ reported its interim results for the 12-months to December 2023, a period characterised by challenging conditions in the markets in which the company currently operates. In-line with the recent trading update, the company reported revenues of $41.7m for FY23 and closed the period with a cash balance of c$10m and a net debt position of $2.2m. We have updated our forecasts to reflect the FY23 results and HeiQ’s outlook in 2024, leaving our revenue forecast unchanged but adjusting gross margin
Companies: HeiQ PLC
Cavendish
Pinewood Technologies’ results for the 13 months to 31 January 2024 confirmed good growth in user numbers, revenue and operating profit for the continuing automotive software business. Our unchanged forecasts (see 6 March research) show strong revenue growth, high margins, and good cash generation over the period to FY26 as the Group executes its accelerated growth plan. As of Tuesday this week, Pinewood’s shares are ex-dividend and a 1-for-20 share consolidation is effective, meaning our discou
Companies: Pinewood Technologies Group PLC
Companies: 88E CNC FTC TRCS HEIQ CREO ZAM
Companies: Tortilla Mexican Grill Ltd.
Liberum
At its FY23 results in June 2023, G4M announced its intention to focus on product margins, overhead cost reduction, and efficiency ahead of revenue growth, along with further net debt reduction, in FY24. The FY24 year-end trading update confirms G4M has delivered on these rebalanced priorities, with gross margin rising and net debt almost halving compared with FY23. Cost savings achieved in FY24 and the continued development of higher-margin categories should deliver further upside in FY25E.
Companies: Gear4music (Holdings) PLC
Progressive Equity Research
24th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi
Companies: FTC AGL SRT SOU G4M AOM SUP
Hybridan
React Group has released a positive update that has confirmed that the strong 2H 2023A momentum has continued into 1H 2024E, with what was described as a ‘record trading performance'.
Companies: REACT Group Plc
Dowgate Capital
Companies: JDW MAB MARS WTB FSTA BOWL CPG SSPG LGRS SSTY OTB HSW TMO GYM MEX
Pinewood’s transition to a pure-play automotive SaaS business is now largely complete. Today we introduce summary forecasts out to FY26 and reiterate the investment case. We see significant opportunity for Pinewood to grow its user base in the UK and internationally whilst generating high EBITDA margins and cash conversion. With a 24.5p special dividend embedded in the current price (payable Q1/Q2), the effective price today is 12.3p. Based on the Group’s FY27 target of £27m EBITDA, we estimate
PPHE has released its usual Q1 trading update (31 March period-end) which reads reassuringly. The outlook says that “the Board remains confident in delivering full year performance in line with market expectations”. Revenue rose by 11.9%, from £68.8m to £77.0m. Growth was 11.0% on a Like-for-like (LFL) basis excluding the first three months of operation from art’otel Zagreb, Croatia. Revenue growth was driven by a rise in occupancy as room rates continued to normalise across both leisure, corpo
Companies: PPHE Hotel Group Limited
H2 Radnor
On 9 January last year, we set out our ten top stock picks for 2023, for what turned out to be another relatively poor twelve months for UK equities due to two wars, stubbornly high inflation and further tightening of monetary policy. This was even as other major markets, such as the US, largely recovered in the year. In the 2023 calendar year, the AIM All-Share index fell 8.2% and is still 42% off its 2021 high. From the release of our 2023 top picks note, the average total return (assuming div
Companies: PTAL GHH IGP MSLH PINE NXQ EQLS NXR AXL
Vertu is the fourth largest automotive retailer in the UK, with 188 sales outlets and a track record of cross-cycle growth, principally through businesses it has acquired, funded by equity, debt and most importantly cash generation. Vertu operates across the entire vehicle lifecycle, including new and used vehicle sales, and vehicle servicing, repair and parts. Service and repair is a 40+% gross margin repeating business. With economic headwinds, the transition to electric vehicles, recent overs
Companies: Vertu Motors PLC
25th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: Smart Metering Systems (SMS.L) has delisted from the AIM market What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar
Companies: SKL CAM HRN VNET NBB DEST ZIN CRCL
Domino’s Pizza Group’s (DOM’s) new CEO has set an ambitious long-term growth target, including an acceleration in its net store opening programme. With better alignment between the company and its franchisees, management believes DOM should be capable of generating improved profit growth, versus that achieved in recent years, and potential higher returns.
Companies: Domino's Pizza Group plc
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