Research that is free to access for all investors. Companies commission these providers to write research about them.
Brokers who write research on their corporate clients and make it available through our main bundle offering.
Research that is paid for directly by asset managers. Only accessible to institutional investors permissioned for access.
Event in Progress:
Discover the latest content that has just been published on Research Tree
The Q3 23 top-line numbers contained no surprises, with the continuation of the recovery…and a slower-than-expected Chinse uptake. All the segments posted positive organic growth and the outlook for Q4 suggests a similar trend and magnitude.
Companies: JCDecaux (DEC:EPA)JCDecaux SE (DEC:PAR)
AlphaValue
A fairly decent set of H123 results. Obviously the group is not yet 100% back on its feet (particularly in China) but things are moving in the right direction. In the eyes of the market, the recovery is nonetheless taking a long time. No big changes to our numbers after this release.
The group released its Q123 revenues as well as guidance for Q2. The former came in over the group’s guidance (+2.5%) with +5% organic growth in the quarter. The expected organic growth for Q23 is +9% which in our view bodes well for the group to reach the street’s expectations for the year. The next steps will be the magnitude of the recovery in China and control over operating costs, which were be a concern in H222.
The FY22 results were in line with the consensus at the bottom-line level, but came from lower-than-expected rents. Operating costs actually increased over-proportionately compared to revenues. The outlook for the Q1 23 suggests that our numbers are demanding for FY23. We will revise downwards our forecasts with a negative impact on valuation.
Revenues for FY22 came in slightly above consensus (c. +2% or +6.5% in Q4 alone). All geographies showed a positive development except for Asia (most of all China). We will fine-tune our numbers when the group releases its FY22 results on 9 March.
Revenue in Q3 marginally exceeded the group’s guidance. All segments performed around +10% organically, with a rather high comparison basis vs Q3 21. China is still taking its toll, with the group’s organic growth at +15.5% excluding this country. We will not change our numbers materially after this release.
The group’s activities in H1 22 confirmed the rebound of the business The operating leverage led to a significant improvement in margins The market nonetheless considered that this was not enough We too may have been too optimistic and will revise our forecasts a tick down
The rebound continues after the very severe COVID-19-related trough All segments performed much better in Q1 22, and have beaten the group’s guidance Revenues were still 19% lower than in Q1 19, but the situation is improving quite markedly (FY21 was down 41% vs FY19) The stock is an opportunity to bet on the end of the pandemic, we believe
Revenues have rebounded at last (in particular as of H2 21) over the very weak FY20 year. All segments benefited, with in particular Street Furniture doing rather well again. The outlook is rather bullish (over +40% in revenues in Q1) but Q1 21 was rather weak (c. -35%). The company will further benefit from the progressive easing of local and national lockdowns. We will most likely not change our numbers too much.
Revenues showed a +35% organic growth in Q4, the best quarter in the year This comes after a very low FY20 though The sequential improvement throughout FY21 is closely linked to the evolution of pandemic-led restrictions globally FY21 revenues still remain well under FY19 (€2,744m vs €3,890m). We will not change our numbers before the FY21 profit numbers are disclosed on 10 March.
The top line is showing some signs of a recovery. The Transport segment is still impacted by the pandemic, although improving as well. The expected growth for Q4 is encouraging, although not spectacular. Probably no big change to our numbers after this release.
The group’s top line is slowly recovering after the worst of the pandemic seems to be over, at least for the time being Transport is doing a bit better while Street Furniture and Billboard rebounded more markedly compared the very low Q2 20 The group’s operating margin remained decent given the context It will take more for a full recovery (FY23 in our forecasts) but we will revise our forecasts a tick upwards after this set of results
Research Tree provides access to ongoing research coverage, media content and regulatory news on JCDecaux SE. We currently have 17 research reports from 3 professional analysts.
S4 Capital had a difficult FY23, as flagged, with reduced client confidence and spend, particularly from those clients in the tech sector, and on larger transformation projects. Management is cautious in the short term, with no substantive changes likely in H124, but sees conditions likely to improve in H224 as economic pressures ease. The group’s longer-term prospects should be buoyed by its positioning across data and digital marketing and, in particular, in incorporating AI into hyper-persona
Companies: S4 Capital plc
Edison
Companies: Digitalbox PLC
Panmure Liberum
Bloomsbury is a story beyond the bestsellers, one of strategic re-investment and consistent management focus on portfolio expansion and diversification over a long period of time. A strong track record of material free cash generation has underpinned investment back into deeper content, portfolio (including acquisitions) and people, driving growth. The result is a well-diversified, digitally enabled publishing group with strong go to market propositions across consumer and academic markets. Thi
Companies: Bloomsbury Publishing Plc
H2 Radnor
Companies: Reach plc
Despite a continuing tough market for new programme commissioning, STV has announced several further new wins, ranging from a second series of major drama Criminal Record for Apple TV+ to new competition format Game of Wool for More4. We make no changes to forecasts at this point, but see further underpinning for STV’s ambitious target of £140m of revenues from Studios by 2026. We look forward to a more detailed update with interim results due on 3 September.
Companies: STV Group plc
Progressive Equity Research
Companies: RNWH QED GRG PEBB FDM OTB LAND BOO
Shore Capital
Companies: FOUR PCIP FEN MRL KRM HDD CUSN
Cavendish
Companies: BGEO NEXN CLX NMT