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Research Tree offers PEARSON PLC research coverage from 4 professional analysts, and we have 19 reports on our platform.
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|20/10/2016 09:33:07||London Stock Exchange||Holding(s) in Company|
|19/10/2016 15:29:10||London Stock Exchange||Director/PDMR Shareholding|
|17/10/2016 07:00:08||London Stock Exchange||Trading Statement|
|04/10/2016 09:14:39||London Stock Exchange||Director/PDMR Shareholding|
|03/10/2016 12:18:01||London Stock Exchange||Total Voting Rights|
|03/10/2016 10:12:40||London Stock Exchange||Director/PDMR Shareholding|
|27/09/2016 10:57:19||London Stock Exchange||Director/PDMR Shareholding|
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Conviction List Q4 2016
05 Oct 16
Since its inception in 2010, the Conviction List has outperformed the market in 13 of 18 periods and a reinvested Conviction List would have returned 255% against a Small Companies index that would have returned 130%. Our Conviction List returned 3.7% over the last quarter; this was set against the benchmark UK Small Companies index that returned 11.3% over the same period. Our Q4 portfolio reflects our outlook for a temporary sweet spot for UK growth during the second half of 2016. The downside risk from the uncertainty of the EU Referendum result has been countered by stimulus from the Bank of England, signs of a looser fiscal stance and an 18% YoY reduction in the Sterling Exchange Rate. Compressed corporate fixed income spreads continue to provide a valuation underpin for global equities.
Consensus eps falling…falling…falling…rising 2.0
29 Apr 16
In January we screened for companies with estimates that had been declining consistently since a year previously, but which had risen in the immediately preceding three months (see our note dated 22 January 2016). We have reviewed the performance of those companies and, given the overall strength of this selection, we have re-run the screen. In the c.3 months since selection, the unweighted average rise was c.34% against a c.11% rise in the main All-Share index. From the same universe as before (some 900 companies) we find 38 companies selected by the screen. We note a number of stocks in the list where we have a supportive stance including: Devro (DVO LN, Buy), James Fisher (FSJ LN, Corporate), Mattioli Woods (MTW LN, Buy) and Spirent Communications (SPT LN, Buy).
Margin recovery in FY17 could drive strong re-rating
04 Oct 16
Full year results confirm a significant margin hit in FY16 from expansion into new verticals, and from investment in the core paid search cable affiliate market. Revenue growth of 19% was in line with July’s update, but EBITDA fell even more than indicated in July ($2.5m rather than $3.1m, impacted by a $0.8m revenue reversal). Going forwards, DGS remains confident that the investments made in FY16 should drive good revenue growth and a recovery in margins back towards historic levels (mid-teens). We trim our forward estimates, but continue to forecast strong recovery in EBITDA going forwards. DGS remains cash generative, soundly financed (net debt $0.2m) and continues to pay a decent dividend (4% trailing yield). Valuation is very low even on these reduced estimates (6x EPS, 3.6x EBITDA, 13% FCF yield, 0.3x revenues). This reflects the volatile profits record, but suggests strong re-rating potential if management can deliver on a sustainable recovery in margins.
A tough H2 16e with improvement still expected in FY17e
20 Oct 16
Publicis has just released slightly lower than expected Q3 organic revenue growth of +0.2% versus +0.8% for consensus. On a reported basis, total revenue amounted to €2.32bn, down 0.4% and up 1.5% at constant currency. For the 9-month period, the organic revenue growth was +1.9% (reported: +2.9% to €7,068m and +5.2% at CER).
N+1 Singer - Entertainment One Ltd - In-line trading update –library valuation uncertainty
30 Sep 16
There is the usual lack of detail in the ETO H1 statement however trading appears to be good enough to support their indication that they are trading in-line at an underlying level. If this is correct then an FX tailwind will add to existing consensus forecasts by c3-4%. ETO has provided the usual annual update on library valuation and the headline looks strong at US$1.5bn even allowing for the Peppa Pig stake acquisition. The library valuation however no longer appears to be the rock underpinning value that we had considered it to be. The valuation has not been carried out by an independent (too a degree understandable this year given the bulk of financing is through the bond issue) and the last values that have been provided use ETO’s own inputs and a much lower WACC (c8% vs c11-12%). This doesn’t help the weak cash flow picture in our view. We have put our forecasts under review at this stage. The stock had a big boost from the ITV approach (c236p) and effectively this will probably provide support around the 200p. The shares don’t look particularly good value from this perspective and less so on fundamentals due to weak cash flow and now a questionable library valuation.