Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on EBIQUITY PLC. We currently have 8 research reports from 2 professional analysts.
|02Dec16 12:15||RNS||Deferred Consideration/Issue of Ordinary Shares|
|11Nov16 02:48||RNS||Holding(s) in Company|
|14Oct16 12:30||RNS||Re Directorate|
|06Oct16 07:00||RNS||Launch of Strategic Media Consultancy service|
|28Sep16 07:00||RNS||Interim Results|
|09Sep16 07:00||RNS||Appointment of CFO and Director|
|06Sep16 07:00||RNS||Launch of new Advertising Intelligence platform|
Frequency of research reports
Research reports on
Capitalising on its strengths
28 Sep 16
Along with the release of its (in line) interim results, management has presented its new strategy. This will involve the roll-out of the fast-growing MPO services in more markets, and investment in technology enablement across all divisions as well as in organisational processes. Initial investment means a reduction to FY17 EPS forecasts. However, Ebiquity is building on strong foundations and we believe it is in a good positon to execute its plan, which should result in a higher-quality business with a more robust longer-term growth profile.
Reassuring trading update
29 Jul 16
Ebiquity’s H1 performance is expected to be broadly in line with market expectations, with a larger contribution from the rapidly expanding MPO division. We will update our forecasts at the time of the interims on 28 September when management may also be able to give further insight into the market’s reaction to the much anticipated ANA Media Transparency Report and subsequent recommendations.
Well positioned for future growth
30 Mar 16
Ebiquity has released its audited results for the eight months to its new December year-end. Following this, management has presented relevant unaudited pro forma data for calendar years 2015 (CY15) and 2014 (CY14). This report focuses on this data and provides the basis for our calendar year estimates. CY15 saw solid revenue growth of 10.8% (7.9% on l-f-l 1 ), while underlying operating profit, PBT and diluted EPS all grew substantially, with EPS rising 63.4% to 10.8p (CY14: 6.6p), though this increase was magnified by a strong MVM Q115 versus an uncharacteristic slower start in Q114, which dampened the CY14 results. We maintain our CY16 estimate and initiate a CY17 estimate, which suggests 11.7p diluted EPS up 6.4% on our maintained CY16 11.0p estimate. The board is recommending a 0.4p final dividend for the reported eight-month period.
06 Dec 16
600 Group* (SIXH): Interim results: order book showing signs of improvement (CORP) | Real Good Food* (RGD): Commodity volatility impacts numbers (CORP) | Minds + Machines* (MMX): .vip goes live in China (CORP | Imaginatik* (IMTK): Interims (CORP) | iomart* (IOM): Quality business as usual (CORP) | Fulcrum (FCRM): Upgrades continue (BUY)
N+1 Singer - Morning Song 09-12-2016
09 Dec 16
This morning’s AGM Statement confirms that trading in the first four months of the year to 31st October was in line with expectations. Revenue was slightly above the prior year period and cash collection has remained strong. The Group has reiterated its commitment to maintaining a progressive dividend policy. The statement is encouraging and we therefore leave our forecasts unchanged. We note the attractions of a 5% dividend yield and consider the shares inexpensive at 4.5x FY’17 EV/EBITDA.
Zwillenberg moves his first chess piece
09 Dec 16
New CEO Paul Zwillenberg has followed up swiftly on the strategy update of a week ago with his opening move: cutting DMGT’s stake in Euromoney from 67% to 49% via a placing and buyback by Euromoney. Chess players might see this as something of a queen’s gambit, sacrificing something upfront (EPS dilution of c7%, c2% reduction to SOTP, significant reduction in reported FCF) in exchange for increased future financial flexibility (both for DMGT and Euromoney). We see this as a sound move strategically. Even so, we move back from Buy to Hold, reflecting the recent rally in the shares, a valuation no longer obviously cheap relative to peers (just under 15x calendar 17E EPS following this deal), plus lower confidence on long term growth prospects for the portfolio. Near term we see better value in a DMGT “synthetic” (one third each INF/ASCL/ITV) offering similar macro-exposures at a lower multiple (under 13x EPS).
Joy of Techs
21 Nov 16
ICT evolution is driven by technological development as advances are made which both meet and shape customer requirements. Our 2011 note No such thing as a telco described the modern reality in that former ‘telcos’ now deliver varying elements of a range of managed services. We built on this theme last year, exploring in further detail their evolutionary paths, operating fundamentals, and cashflow yield similarities. In the consumer environment, demand for bundles of technology is complemented by demand for content. Across the pond, the mooted combination of AT&T and Time Warner typifies the bundled need of ‘pipe’ and content, since unbundled alternatives such as FaceTime and WhatsApp can be easier and clearer to chat over, and Amazon and Netflix are easier to watch anywhere. In the UK, BT’s defensive actions cover delivery, content and capabilities, acquiring EE yet also buying football rights. While TV was long ago added to triple play to become quad play, voice is now merely an app, and fixed and mobile seen as just dumb pipes: it's the content that will influence consumer choices. Growth of TV and film as well as music and gaming over IP leads to UK small cap opportunities. In context of the drive to maximise value from pipes and access by offering content and data, we look at some amongst the potential tech small cap beneficiaries: Amino*, Keyword Studios, ZOO Digital*, 7digital*, KCOM* and CityFibre*.
Leveraging brands and data
24 Nov 16
Future is building and widening its revenue streams based on strong global brands and on a scalable delivery platform. Growth of revenues in categories such as eCommerce, events and digital advertising resulted in broadly maintained group FY16 revenues, while the margin has started to build, helped by operating leverage. The Imagine purchase, post year-end, brings further scale and efficiency. The lengthening record of delivery against expectations and the premium projected earnings growth are making the multiple increasingly attractive.