UBM produced satisfactory FY 17 results with total revenue up 16.2% on a reported basis (reflecting the Allword integration) to £1,002.9m in line with recent guidance of about £1bn. Revenues were up +4.1% underlying, driven by annual events, up 5.3% organically (guidance was for at least +5%) compared to +3.1% in FY16.
Adjusted OP reached £294.2m (AV: £281m), reflecting a solid 210bp margin improvement to 29.3% and ahead of our own c.28% forecast.
Diluted adjusted EPS increased by 34.5% to 53.4p (+29.7% at CER) compared to AlphaValue’s at 49.4p and the board announced a final dividend of 18p (FY16: 16.6p), bringing the total dividend for the year to 23.5p, up 6.8%.
Regarding the FY18e guidance, management only highlighted a “good momentum so far” as, being in an offer period, it is restricted on talking more about the outlook at this stage.
Informa (£6bn market capitalisation) has just officially announced a bid for rival and competitor UBM (£3bn capitalisation) whose shareholders will each be offered 1.083 Informa shares and 163p in cash. Informa will hold 65.5% of the new firm, with UBM owning 34.5%. Note that Informa has said that the Boards of the two companies are expected to approve the deal. The latter will create an events giant as UBM is the world no.2 events organiser behind RELX.
UBM reported H1 17 revenue of £448.4m, up by 18% or +8.3% at CER. Organic growth reached +1.9%, of which +2.7% for Events and -2.1% for Online and Marketing Services 5OMS). The consolidated adjusted OP rose by 19.6% to £111.7m, i.e. a margin improving by 30 bps to 24.9% from 24.6% (note that the medium term goal is for 30% i.e. 280bps above the FY16 level).
Adjusted earnings were 23.6% higher at £77.5m, with diluted adjusted EPS rising by 37.3% to 19.5p (+27.5% at CER).
FCF pre-dividend improved to c.£141m, compared to c.£82m a year earlier. The interim dividend per share was set at 5.5p (+1.9%), in line with our expectations and management said that the Board will review the dividend policy ahead of the full-year results (aimed at growing the FY17 dividend at a faster rate than in recent years when it was +1% to +2%).
UBM reiterated its FY17e guidance for higher underlying revenue growth, supported by the Allworld acquisition (completed in January 2017; integration on track and even ahead) and the positive impact of biennial events. A further improvement in the margin and continued strong cash generation are also expected, helped by synergies and costs savings.
Note that, due to a phasing impact (many of the group’s fastest-growing major annual events occur over H2), organic growth and profitability are expected to accelerate over the second part of the year. To date this has been confirmed by the current forward bookings (all events anticipated to grow except for Fashion, with a weak performance in North America, suffering from the reshaping of the supply chain due to online developments).
The top 20 companies using the CF Growth Profile beat the bottom 20 by 16% pa over last two years
UBM produced satisfactory FY 16 results with continuing revenue up 12.1% to £863m, more or less in line with our forecasts (£858m) with Events up 3.1% underlying. Total revenues were boosted by a significant forex impact (+£92m or 11.9%; sterling weakness linked) as well as £26.1m or 3.4% coming from the perimeter impact and were nearly flat at CER (+0.1%).
Continuing adjusted OP rose by 19.2% to £234.8m (+£37.m after +£31.3m from forex and -£12.3m due to the down biennial year impact at Events), reflecting a solid 160bp margin improvement to 27.2% when we had expected 26.9%.
Continuing diluted adjusted EPS increased by 31% to 39.7p (+12% at CER) compared to AlphaValue’s at 35.4p and the board announced a final dividend of 16.6p (FY15: 16.3p), bringing the total distribution for the year to 22p (versus 21.6p for the previous year; +1.9%).
Note that FY16 was highly impacted by forex moves, linked to sterling’s weakness in the aftermath of the Brexit vote. 72% of UBM’s revenue is indeed denominated in dollars or in currencies linked to the dollar and the tailwind was 11.9% on total revenues and 15.9% on OP (higher drop through to profit reflecting the larger cost base in the UK). Far from being negligible…
Regarding the FY17e guidance, management expects higher underlying revenue growth, supported by the Allworld acquisition and the positive impact of biennial events. A further improvement in the margin and continued strong cash generation are also expected, helped by synergies and cost savings.
As rates rise, "yieldy" stocks require careful consideration. Sustainability/track record key.
UBM announced in mid-December the acquisition of Allworld Exhibitions, a leading privately-owned Asian exhibitions business (250 employees) for a cash consideration valuing the business at US$485m. The deal will be fully debt-funded with existing credit facilities and a new $365m bridge facility to be replaced with new longer term debt in due course.
In a short trading update UBM confirms it has continued to perform in line with expectations. Major event performances since the Interims appear to be on trend and acquisitions are also on plan. The company signals no change to the trading outlook. In our last comment we highlighted the immediate value in the stock and it has performed well (+11.4%) as expected. We also commented that there was further upside to forecasts if FX rates held (our existing estimates are based on $1.32 vs spot of c1.25 and Euro 1.20 vs spot of 1.14). While this may edge up our Target Price potentially it isn’t enough to support a Buy rating and hence we move back to Hold. Speculation on the acquisition of a material Far East focused business has edged the stock back from recent peak at 744p. We doubt investors are hugely keen on substantially increasing exposure to this region (without a very strong case) given the push to expand North American exposure. In combination with the new uncertainty in the US this may result in a slowdown in acquisitions.
Reporting its H1 16 results at end-July, UBM confirmed that the full-year trading outlook was unchanged, except for the positive forex impact linked to sterling’s weakness (only 10% of total revenues in the UK), with more coming through over the important H2 period. Beyond currency, management expects little direct impact from Brexit on its businesses.
The group otherwise produced satisfactory H1 16 results with continuing revenue up 8% to £380m (after a +6.5% impact from forex) and +1% organically for the adjusted figure (Events: +1.3%, Other Marketing Services or OMS: -0.4%) as there was some phasing impact (£2.1m revenue moved into H2).
Continuing adjusted OP rose by 24.5% to £93.4m (c.11% due to the forex impact), reflecting a solid 330bp margin improvement to 24.6%. This was slightly helped by reduced strategic opex relating to the Events First transformation plan (£1.7m down from £4.6m). The operating margin was up 240bp before strategic opex.
Continuing diluted adjusted EPS increased by 31.5% to 14.2p and the interim dividend was raised by c.2% to 5.40p per share.
Note that following PR Newswire’s disposal (net cash proceeds of £490m) a £243.7m special dividend was paid to shareholders on 8 July.
There are two main issues to consider for the Media sector, UK recession and currency. Large and mid-cap B2B is likely to be a net beneficiary of sterling weakness as they are heavily exposed to US$, while exposure amongst small cap B2Bs is typically modest but may well be enough to offset any domestic weakness. B2B looks a good safe haven and Informa (TP690p, Hold) and UBM (TP605p, Buy) look good value. Marketing Services is a barbell subsector; WPP’s might overseas and in its offering will probably outweigh its still significant UK operation. At the smaller end individual client mandates will be more important, client losses are hard to predict and potentially UK expertise could look cheap to overseas businesses. Consumer media looks more vulnerable. A mix of high domestic exposure, cyclical exposure and high operational gearing looks poisonous. ITV, Rightmove and Autotrader look likely to suffer.
Companies: Informa Plc (INF:LON)UBM (UBM:LON)
UBM today released the final details regarding the return to shareholders in the aftermath of the PRNewswire disposal (please refer to our 22 March 2016 Latest) to Cision, controlled by GTCR Canyon Holdings Cayman L.P.
Redcentric (RCN LN) Core holding which will keep on delivering | UBM (UBM LN) PRN disposal closed!
Companies: Redcentric Plc (RCN:LON)UBM (UBM:LON)
After 6 months of delays the disposal is finally closed. Investors will see half of the £490m net proceeds returned via a special dividend of 55.3p per share (register date 24th June, ex-dividend date 27th June and paid 8 July). The shares will then be consolidated (8 for 9), UBM will now have a much purer profile with Events (mostly trade exhibitions) being the key proposition. On a cum dividend basis the stock trades on 12.1x FY16 and 9.6x FY17 EV/EBITDA or just under 11x average for theFY16/17 biennial cycle. We indicated that the stock should command a higher rating with this improved growth focus and have increased our TP rating to 12x. This makes the stock worth c605p cum special dividend and c550p ex. We adjust our TP accordingly and this pushes the stock into Buy territory hence we upgrade.
UBM produced FY15 results globally in line with revenues for continuing operations (PRN newswire treated as a discontinued operation) amounting to c.£770m (comparable FY14: £550.5m), down 2% on an underlying basis (up c.£219m reported on a comparable basis after +c.£180m net acquisitions impact, +c.£27m biennial impact and +c.£26m forex). The adjusted operating margin for continuing improved to 25.6% compared with 24.5% on a comparable basis a year earlier, despite £7.4m of strategic opex and £5.9m headwinds from corporate costs, offset by the Advanstar integration, biennial events and forex.
The Board announced a final dividend of 16.3p (FY14: 16.0p), bringing the total dividend for the year to 21.6p, up 1.4% from the previous year.
2015 results (revenues and operating profit) for the continuing business (PRN disposal announced but still not completed) are better than expected. Revenue was a marginal £1m ahead in the events unit while OMS (Other Marketing Services) was c5% better. Profitability was ahead at both the core Events business (c82% of continuing revenues) and OMS unit. The outlook statement reads confidently in the context of current macro uncertainties with an expectation of “Good growth”. This will be tempered by the planned rationalisation program. Events growth was 1% or 3.9% excluding rationalisation. Advanstar integration synergies are running ahead of plan ($6.1m in 2015 and $10m annualised run rate run rate). The disposal of PRN is still awaiting US clearance and the Company is guiding to the sale completing at the end of Q1 2016. There may be some concern that the risk of deal failure has risen given UBM is selling a business whose revenues are inextricably linked to market conditions through the volumes of announcements. The shares should respond positively to good results but after running on and the Emerging Market and Global macro risks in mind upside looks limited.
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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; Dec’19: 0.7m). Meanwhile quick action to mitigate CV19 impact on Print volumes and execution on the business transformation plan saw AOP margins increase 50bps y/y, with Group H2 AOP down just 4% y/y (FY’20: -13%). Looking ahead, there were highly encouraging results from initial campaigns on the Group’s ReachID platform (+10%-40% uplift in click-through rates on early campaigns), whilst further cost savings of £11m are announced through rationalisation of the Group’s Print sites. Strong cash performance was reflected in £42m of cash inflow (post pension and historic legal and contractual payments), which gives management confidence to declare a final cash dividend of 4.26p/share. The path to sustainable top-line and FCF growth remain very much open, with FY’21E adj FCF of £120m generating an 11% yield at current valuation.
Companies: Reach plc
CentralNic released unaudited preliminary 2020 results showing pro forma 9% revenue growth, ahead of expectations (ZC: 4%). The company continues to take market share in a growing market. EBITDA was in line with consensus expectations but below our top of consensus forecasts. CNIC is increasing investment in new products and integration, which we expect to continue in 2021 and provide net returns in 2022. The company’s results demonstrate its ability to integrate, scale and extract synergies from acquisitions. We see potential earnings upside from the Codewise acquisition and expect CNIC to deliver further significant earnings accretive acquisitions in 2021.
Companies: CentralNic Group Plc
Reach plc today provides a strong Q4 trading update highlighting upgraded FY’20E AOP expectations of £130m-£135m ahead of consensus (cons: £124.3m) and record growth in Digital. Digital sales growth has recovered strongly since Q2, accelerating to 25% y/y (Q3: +13%; H1: -1%) benefitting from both higher traffic through implementation of Group engagement initiatives and yield recovery as advertisers in CV19 impacted verticals return. Print circulation revenue decline moderated to 11.7% y/y in Q4 (Q3: -12.6%), a significant deceleration from the -18.2% y/y in H2 and modestly better than our H2 forecasts. Continued focus on audience engagement, the quality of audience data and insights, and further extension of locally focused digital content we see driving further gains online, with Digital sales still on track to double on a four year view. We are upgrading forecasts, increasing FY’20E sales, AOP and adj FCF by 2%, 6% and 5% respectively, with upgrades filtering into future periods. A 17% FY’21E FCF yield sits well in advance of global peers (3%-7%), with a 10% FCF yield generating an intrinsic valuation of 315p/share.
Upon Admission to AIM, Nightcap will acquire The London Cocktail Club Limited (the "London Cocktail Club"), which is an award winning independent operator of ten individually themed cocktail bars in nine London locations and one location in Bristol. Offer TBC. HSS Hire Group, HSS.L transfer from Main to Aim. Mkt Cap c. £70m. Recently raised £52.6m. Leading supplier of tool and equipment for hire in the United Kingdom and Ireland and has provided equipment hire services in the United Kingdom for more than 60 years, primarily focusing on the B2B market. VH Global Sustainable Energy Opportunities plc, a closed-ended investment Company focused on making sustainable energy infrastructure investments, today announces intends to launch an initial public offering of shares on the Official List (Premium) of the Main Market of the London Stock Exchange.
Companies: PMI RMM SUN BOIL ITM TRMR MLVN 88E IME ANP
I wake up in my DFS (DFS) bed with a Gin and Fevertree (FEVR) hangover, place a trade on my phone through CMC Markets (CMCX), have a quick go on my Hornby (HRN) train set, eat half a box of Hotel Chocolat (HOTC), all before heading out in my brand spanking new Joules (JOUL) wellies to my local Metro Bank (MTRO) branch. All of these well-known consumer brands share a common theme in that they are all listed or quoted on the London Stock Exchange. It’s been a year so far reminiscent of 2014 when we saw a flurry of large brands rush for the IPO door such as Pets at Home (PETS), Saga (SAGA), AA (AA) and Poundland (PLND). Most looking for a private equity exit. The IPO adventure of these companies tends to be fairly boiler plate: the valuation is a battleground between the exiting private equity house and incoming institutional investors, the book is many times covered and the scale backs are eye watering. But what makes these companies more alluring to investors than a company nobody has ever heard of which in fact may be profitable, dividend paying and ultimately, on a lower valuation?
Companies: CMCX CSP VMUK WJG ACRL ASCL
Future has announced a pre-close trading update for H1’20 highlighting continued strong online audience growth which is further driving eCommerce and digital advertising revenue streams. Recent weeks have been unprecedented, however the Group continues to see limited impact to online consumer behavioural trends (Feb audience traffic: +2% month on month per ComScore), whilst in Magazine y/y growth in Grocers is partly offsetting declines in travel outlets. Key metrics are holding up well, and the Group expects to continue to trade in-line with expectations. Half year net cash of £47m-£53m is expected by management, implying FCF is ahead of our £18m H1 forecast (N1Se H1 net cash: £44.9m). The Group is a highly cash-generative business, and post TI acquisition (consideration: £140m) will enjoy £30m-£40m of headroom in debt facilities and plenty of comfort on covenants (1.0x net debt/pro forma EBITDA; covenant: <3.0x). The Group trades on a 6.6x EV/pro forma FY’20E EBITDA multiple (peers: 12x-17x), and offers an FY’21E FCF yield of 13.5% (peers: 3%-5%).
Companies: Future plc
Future’s H1 results highlight the benefits of the Group’s diverse revenue model. Group sales grew 33% y/y to £144.3m (organic: +11%; N1Se: £145.0m), with AOP up 77% to £39.9m (organic: +40%; N1Se: £38.7m). Organic Media sales growth of +21% y/y reflects strong online user growth, with H1 average monthly online users up +26% to 253m, driving eCommerce sales up +68% organic. Online audience growth rapidly accelerated post lockdown (+66% y/y in March) supported by gaming and Live Sciences verticals. Magazine revenues, particularly at TI Media, have been impacted by lockdown, yet the opportunity to leverage Future’s Vanilla platform and SEO expertise to drive growth in TI’s asset base remains significant. We make no changes to forecasts, yet with strong H1 performance, H2 forecasts look undemanding with risk to the upside. Future offers a 7.4% FY’21E FCF yield on our conservative forecasts.
Future today released an update highlighting FY’20E adj EBITDA which is trading towards the top-end of consensus (£86.3m-£91.0m; N1Se: £88.5m). Strong performance has been supported by acceleration of the consumer shift to digital, positive cost control and cost synergy extraction from the TI Media acquisition (c.£9m annualised savings delivered so far). Migration of TI Media sites to the Group’s Vanilla platform are underway, whilst Hawk (price comparison platform) has been successfully deployed on three key existing TI Media websites. TI Media represents a significant opportunity to drive strong EBITDA growth in the medium-term as the portfolio transitions to digital, whilst the Group also has a number of additional levers to drive outperformance against conservative consensus forecasts. We leave forecasts unchanged for now, although upside risk is building. Future offers a 7% FY’21E FCF yield on N1Se forecasts, peers offer closer to 4%.
Reach plc, the market-leading commercial regional and national news publisher, is approaching a positive revenue inflection point which is transformational to perceptions of the Group. With the 5th largest digital unique visitor base (>40m) in the UK (behind the likes of Facebook and Google), the Group has a material, yet currently under-exploited opportunity which could see Digital revenues double on a 4-year view. Among initiatives to unlock value, new management is focused on granular data capture, audience stratification, and targeted, highly-relevant content dissemination, with successful execution already manifesting itself in rising user engagement. Cost efficiencies and a mix shift towards Digital support margin expansion, and are forecast to improve already attractive FCF margins (FY’20E: 19%). A progressive dividend (N1S FY’21 DPS: 6.8p) augments the investment case whilst an intrinsic value of 300p/share offers significant upside potential.
Tremor has announced that December trading materially exceeded its prior estimates, as its platform’s momentum has continued to accelerate since its last update on 30 November. Tremor now expects FY20 revenue and EBITDA to be in the range of $404-408m for revenue (from $390-400m), and $58-60m for EBITDA (from $50-52m). This leads us to upgrade our FY20 and FY21 revenue forecasts by +2-3% to $406m and $479m, and upgrade our FY20 and FY21 EBITDA by +16% and +10% to $59m and $68m. As Tremor’s platform benefits from strong operational gearing, this drives upgrades to EPS of +28% in FY20 and +16% in FY21. Our net cash then increases by $11m in FY20 to $96m, and despite including $10m of buyback in FY21, our FY21 net cash increases by $12m to $117m as we partially unwind conservative working capital assumptions. This is the fourth upgrade to our Tremor forecasts since COVID-19 impacted the advertising market and Tremor in Q2 20, and Tremor subsequently adopted a prudent approach to its FY20 guidance. We continue to mirror this conservatism in our FY21 EBITDA of $68m, which compares with H2 20 EBITDA of $57m, and our FY21 EBITDA includes additional investment as Tremor looks to gain share within a market growing at over 20% pa. From p9 we also highlight that Tremor is demonstrating the same trends as its US ad tech peers Magnite, PubMatic, and The Trade Desk, with each forecasted to see +15-35% organic revenue growth and +10-60% organic EBITDA growth in FY21, as they focus on expanding in connected TV. However, Tremor is trading at a major discount to its US peers on all metrics, such as FY21 EV/EBITDA of 9x vs 41x, 29x and 104x, and at a discount to the finnCap Tech 40 on 17x with +9% EBITDA growth. As Tremor continues to deliver and exceed expectations, we do not expect that its current valuation will be sustainable due to market or external interest, and we upgrade our target price to 800p based on 20x FY21 EBITDA.
Companies: Tremor International Ltd.
Cornish Metals (TSX-V: CUSN) intends to list on AIM. The Company is proposing to raise £5 million by way of private placement of new Common Shares (the "Fundraising") to advance the United Downs copper-tin project. The Company expects that Admission will become effective in February 2021. The Company's Common Shares will continue to be listed and trade on the TSX-V in Canada. Further media reports that Dr Martens, the British Boot brand is planning an IPO on the LSE. It is currently owned by PE group, Permira who is expected to sell down its stake at the IPO. March 2020 YE the group had revenues of £672m and EBITDA of £184m. Deal size TBC. VH Global Sustainable Energy Opportunities plc, a closed-ended investment Company focused on making sustainable energy infrastructure investments, today announces intends to launch an initial public offering of shares on the Official List (Premium) of the Main Market of the London Stock Exchange. Due by Early Feb. Moonpig, the digital greeting card company, is planning an IPO with a potential valuation of £1bln, according to multiple media reports. Further details expected to be announced over the next two weeks.
Companies: ZPHR PANR PRSM SENS CYAN G4M ITX CRCL FEN ZIN
CentralNic has made a small acquisition of SafeBrands, an online brand protection software provider and corporate ISP based in Paris, for a cash consideration of up to €3.6m (0.9x FY19 revenue). €3m is payable upfront and €0.6m will be paid subject to meeting FY20 performance objectives. SafeBrands operated at close to break-even in FY19. Separately, CentralNic has also reorganised its Corporate division, rebranding it as the Enterprise division. Based on our estimates, the company trades on an FY21e P/E multiple of 15.8x and 9.8x FY21e EV/adjusted EBITDA. We expect earnings-accretive M&A to bring multiples down further as CentralNic consolidates a globally fragmented market of sub-scale, cash-generative businesses.
Tremor’s listed peer Magnite has announced that it intends to acquire SpotX for $1.17bn in cash and shares, or c10x SpotX FY20 net revenue of $116m. After Tremor upgraded its FY20 net revenue to $180m in its January trading update, 10x net revenue would imply a Tremor valuation of $1.8bn or 1,000p per share. The SpotX transaction enables Magnite to grow its scale within connected TV and digital video advertising, and will provide Magnite with $67m of FY20 net CTV revenue, or almost triple Magnite-SpotX’s Q4 20 net CTV revenue to $42m compared to $15.3m for Magnite standalone. In comparison, we expect Tremor to report over $15m of net CTV revenue in Q4 20 and $35m for FY20 as Tremor’s momentum in CTV has continued to accelerate. However, before the Magnite-SpotX transaction, Magnite’s market cap was over $4.8bn compared with Tremor’s market cap of $1.0bn. As Tremor continues to deliver and exceed expectations, we do not expect that its current valuation will be sustainable due to market or external interest, and today’s transaction highlights that M&A is taking place around the growth in CTV and digital video that Tremor is capitalising upon. On 12-month forward forecasts, Tremor is currently trading on 13x EV/EBITDA with conservative EBITDA growth of +15%, which compares to US peers Magnite, The Trade Desk, and PubMatic on 61x, 114x, and 53x 12-month forward EV/EBITDA with EBITDA growth of +10-60%.
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 take place during March 2021. The Company intends to raise approximately £7m by way of a placing of new ordinary shares in the capital of the Company. Timing TBC. Samarkand Group Limited, the cross-border eCommerce technology and retail group opening up the world's largest market for brands and retailers, intends to IPO on the Apex Segment Aquis Stock Exchange Growth Market. Admission is targeted for March 2021. Cellular Goods a UK-based provider of premium consumer products based on biosynthetic cannabinoids announced its intention to join the main market (standard) this Spring. Target valuation £20m raising c. £8m “to finalise the development and launch of a range of the Company's premium-quality consumer products based on biosynthetic cannabinoids, which is fully compliant under UK law.” NextEnergy Renewables to launch an IPO on the Main Market. NREN is a differentiated renewables investment Company that aims to capture the most attractive private renewables and energy transition infrastructure investment opportunities globally. Targeting a £300m raise. NREN is targeting total returns of 9-11 per cent. per annum (net of all fees and expenses but including the Target Dividend and capital appreciation) . The Company's target dividend yield for the first full financial year to 31 December 2022 is 5.5 pence. Due Early March 2021. Auction Technology Group is considering an IPO on the Main Market. The Group operates six world-leading online Marketplaces and proprietary global auction platform technology for curated online auctions. In FY20 the Group delivered pro forma revenue of £52.3m, supported by notable underlying year-on-year growth from both Standalone ATG Group and Standalone Proxibid Group (12.4 per cent. and 40.4 per cent., respectively). For the same period, the Group delivered a strong profitability performance of £22.3m pro forma Adjusted EBITDA representing a pro forma Adjusted EBITDA margin of 42.6 per cent. Expected March 2021. Digital 9 Infrastructure launch an initial public offering on the Specialist Fund Segment of the Main Market of the London Stock Exchange, by way of an initial placing and offer for subscription for a target issue £400m. Digital 9 Infrastructure plc is a newly established, externally managed investment trust. The Company will invest in a range of digital infrastructure assets which deliver a reliable, functioning internet. The IPO Prospectus is expected to be published in March 2021. Team PLC announced their plans for an AIM IPO. Team owns Theta Enhanced Asset Management Ltd, trading as Team Asset Management. This is a Jersey-based active fund manager providing discretionary and advisory portfolio management services to private clients, trusts and charities. Assets under management were GBP291m in November, up from GBP140m in December 2019 . The Company is seeking to raise no less than £5 million. The Placing will be priced on a pre-money valuation for the Company of £7m. Targeting March Admission. Virgin Wines UK Plc recently set out their plans for an AIM IPO. Virgin Wines is a direct-to-consumer online wine retailer that sells products to retail customers in the UK through two subscription schemes and a pay-as-you-go offering. The Group also sells a range of beers and spirits and operates a B2B sales channel for corporates. Deal details TBC but media reports suggest a £100m valuation. Targeting 2nd March Admission Fix Price announces its intention to float on the Main Market of the London Stock Exchange. Fix Price is one of the leading variety value retailers globally and the largest in Russia, with more than 4,200 stores. Fix Price has revenues of RUB 190.1bn, RUB 142.9bn and RUB 108.7bn for 2020, 2019 and 2018, respectively. Adjusted EBITDA for the same years was RUB 36.8bn, RUB 27.2bn and RUB 14.2bn, respectively. The Offer would consist of an offering of GDRs by certain existing shareholders of the Company. Great Point Entertainment Income Trust PLC announced its prospectus has been approved by the FCA. Great Point Entertainment Income Trust PLC is a newly established, externally managed closed-ended investment company. The Company will provide project finance to content makers and commissioners in the global television and film production industry via senior loans secured against pre-sold intellectual property (IP) rights. GPEIT's investment objective is to provide Shareholders with dividend income and modest capital growth through exposure to media content finance. According to media reports, Deliveroo, are expecting to release their IPO plans on 8th March. The company raised more than $180m in January with a valuation of more than $7bn.
Companies: OTMP MNO FNX NSCI CNIC CHAR RBD CLP DXSP CUSN