Equity Research, Broker Reports, and media content on Be Heard Group

  • Access the latest forecasts, broker valuations, multiples, and video content from the city about Be Heard Group
  • See live updates from analysts, company announcements, and other news in a personalised/single dashboard
Login
  • 16 Sep 19

Further progress

Be Heard made further operational, strategic and financial progress in the first half. Group revenues rose +5%, with further strong growth at MMT Digital (+16%) and Freemavens (+82%) partially offset by challenging trading at agenda21 (-19%) and The Corner (-23%). Tight cost control led to pre-IFRS16 EBITDA more than doubling to £1.6m while the operating margin increased to creditable 10.9%. Cash generation was encouraging and the group has made good progress in fixing its earnouts. The share element was settled in July, leaving £9.4m cash to be paid. We maintain our full year forecasts on an underlying basis, though update for IFRS16. In our view, the group is now in far better operational and financial shape than a year ago and although the shares have been disappointing performers, we retain our view that equity value can be rebuilt.

Companies: Be Heard Group
  • 04 Jun 19

Small Cap Feast

Renold plc—a leading international supplier of industrial chains and related power transmission products, announced that it will cancel the listing of the Company from the premium segment and apply for admission on AIM. Expected 06 June 2019. Alumasc Group plc, the prem ium building products, system s and solutions group, has announced its intention to m ove from the Premium Segment of the main market to AIM. Expected market cap of £33.4m. Expected 25 June 2019

Companies: BHRD CALL BILN TRP KRS PRES IGAS PVR RENX SWG

  • 15 May 19

Encouraging AGM statement

Be Heard has released an encouraging AGM statement for Q1 indicating that revenues and EBITDA are both ahead of budget and last year, which underpins performance for the balance of 2019. The five partner companies are performing well and in line with expectations and we retain our FY19 PBT/EPS estimates for £3.1m/0.21p. At the FY18 results in March the group indicated that MMT Digital and Freemavens continue to demonstrate robust growth while the other businesses are stable and performing in line with management's expectations. The group has enjoyed a positive start to the year for new business, with notable account wins including the Chartered Institute of Taxation, Batiste and Drinkaware, while the pipeline remains 'robust'. At the FY18 results the group detailed its focus on operational effectiveness, profitability and cash generation in addition to the migration of earnout payments in 2019 to three-year loan notes to provide breathing space. We retain our view that the shares are materially undervalued on a SOTP basis given the undoubted strength of three of the group's businesses and stabilisation in the remaining two. We believe that as confidence in the group's balance sheet recovers, value will rebuild for equity shareholders.

Companies: Be Heard Group
  • 15 May 19

Great start to the year

Be Heard has issued a positive AGM trading update for Q1 citing good YoY revenue and EBITDA growth. Both results are ahead of budget. The strong start, business wins, pipeline strength and activity levels have made the Company more confident of its overall 2019 performance outlook. It is therefore perhaps no surprise that in summary the Company is confident about achieving a satisfactory result in 2019 but one that is “comfortably in line with expectations”. Investment, consistent with meeting EBITDA expectations, has been raised and should help build on momentum. From our perspective it is very encouraging to see the turnaround of Be Heard by new management delivering a thriving business that can capitalise on its potential through the strength of its offer.

Companies: Be Heard Group
  • 25 Mar 19

A marked improvement

Be Heard had a challenging H1 but under the new management team of Simon Pyper (CEO) and Ben Rudman (COO) the group delivered a markedly improved H2 outcome. Performance last year was mixed, with very robust growth at MMT Digital, Freemavens and Kameleon offset by disappointing results at The Corner and agenda21. However, The Corner and agenda21 are now showing evidence of stabilisation while the group has focused on operational effectiveness, profitability and cash generation. Crucially, the earnout payments due in 2019 have been migrated to three-year loan notes which provides breathing space. Encouragingly, the new year has started brightly with Q1 set to perform ahead of budget, which underpins our revenue and EBITDA forecasts. We view Be Heard as materially undervalued on a SOTP basis given the undoubted strength of three of the group's businesses and stabilisation in the remaining two. We believe that as confidence in the group's balance sheet recovers, value will rebuild for equity shareholders.

Companies: Be Heard Group
  • 25 Mar 19

Full year results in line and 2019 trading on track

After some significant reorganisation work EBITDA leapt in H2 to £2.4m driving full year EBITDA up to £3.0m from £1.6m in the prior year and in line with our forecast. With trading on track (Q1 ahead of budget) based on a robust macro-aware budget we are encouraged at this early stage in the year. The new CEO has delivered a huge turnaround leaving the shares looking fundamentally undervalued.

Companies: Be Heard Group
  • 25 Mar 19

Small Cap Feast

Network International Holdings—Pleading enabler of digital commerce across the Middle East and Africa region, operating across over 50 highly underpenetrated payment markets that contain a total population of 1.5 bn. 2018 rev $298m, underlying EBITDA $152m. Due April. No new funds to be raised. Secondary sell down. Targeting 25% of at least 25%. Techniplas –global producer and support services company providing highly engineered and technically complex components, making the supply chain to original equipment manufacturers more efficient. FYDec17 rev $515m.

Companies: ARS LDSG GRA BHRD PTSG EVG RAI OVB OCI RED

  • 14 Feb 19

Small Cap Feast

Circassia Pharma (CIR.L) - specialty pharmaceutical company focused on respiratory disease transferring from the Main Market. No funds being raised. Due 4 Feb. Greenfields Petroleum (TSX-V:GNF) production focused company with operated assets in Azerbaijan seeking AIM dual listing including $60m private placement. Mkt cap $12.6m CAD. Expected late January 2019.

Companies: SEE VRP ADL RST HGM TSTR OSI BHRD XPP AFHP

  • 14 Jan 19

Trading in-line

The Company has issued an update today signalling a good trading performance for full year 2018. In combination with strong cost controls this has boosted EBITDA and results will be in line with market expectations and we maintain our revenue and profit forecasts. We maintain profit expectations for 2019 and 2020 given current trading and the cost control measures put in place. New management has tackled historic issues decisively and is responding to conditions. This should help continue re-building confidence in Be Heard, which has an attractive commercial business model, but had been weak on execution. With the shares on a P/E of just 5.0x for 2019.

Companies: Be Heard Group
  • 14 Jan 19

Trading Update.

Be Heard Group, the digital marketing services group, issued a trading update for the year ending 31 December 2018. The Group has reported a good trading performance alongside strong cost control in H2 resulting in Adjusted EBITDA trading in-line with market expectations for FY18. We anticipate continued margin improvement in FY19E.

Companies: Be Heard Group
  • 18 Sep 18

Morning Song

Advanced Medical Solutions (AMS LN) OEM woundcare a millstone on Branded surgical division | Augean (AUG LN) Strong H1 profit growth; EPS upgraded by 10% pa | Be Heard (BHRD LN) Focus on execution improving | Frontier Smart Technologies Group (FST LN) Value in both divisions despite tough period | Northgate (NTG LN) In line AGM Statement, with the business on an improving trajectory | Springfield Properties (SPR LN) Sector leading growth; outperformance in cash

Companies: AMS AUG BHRD FST NTG SPR

  • 18 Sep 18

Focus on execution improving

Interim results have met expectations. Headline results show strong growth with revenues up 18% on a LFL basis. Profitability has leapt, with group EBITDA up over 400%. Net debt was better than expected with a significant improvement in working capital. In addition to the £2.0m of cost savings now in place, progress is being made with regard to the centralisation of business support functions. The centralisation of the business development teams targeting winning and growing larger clients is also progressing. Following the recent management changes, the new executive team has initiated a review of the operations with a view to making sure the business can leverage its proposition by becoming more “relevant, authentic and distinct”. While market conditions are soft the group still expects healthy growth in H2 given current visibility. This underpins our FY18 expectation and with the cost savings set to benefit in full next year we maintain our FY19 forecasts as well.

Companies: Be Heard Group
  • 18 Sep 18

Be Heard 2.0.

Be Heard Group (BHRD.L) today announced H1 2018 results demonstrating proof of concept and a strong business model that should lead to strong future revenue growth. Management have announced a new ‘Be Heard 2.0’ initiative to improve cashflow, margins and profitability. The appointment of Simon Pyper as CEO and elevation of Ben Rudman to the Board strengthens BHRD’s offering and we take confidence from their impressive track records. We believe in the Group’s new strategy and maintain our 2.5p target price.

Companies: Be Heard Group
  • 05 Sep 18

Morning Song

Anpario (ANP LN) Solid H1 results | Be Heard (BHRD LN) Board changes | Future (FUTR LN) Completion of Purch acquisition | Horizon Discovery Group (HZD LN) Downgrade to Hold pending further details of investment plans | Quiz (QUIZ LN) Positive 5 mth performance with continued growth across all channels | Xaar (XAR LN) Disappointing results; positive strategic progress

Companies: ANP BHRD FUTR HZD QUIZ XAR

  • 19 Jul 18

H1 shows strong revenue growth, but profit shortfall

H1 revenue met our expectations with LFL of growth of 15% driven by client wins and expanding activity with existing clients. Total growth, with significant acquisition contributions, was c70%. Persistent cost pressure related to pitching, service capacity and client spend volatility has impacted the margin, meaning a shortfall on profits. The Company has responded by taking volume related and structural cost measures which will help H2’2018 and 2019. Costs have been reshaped after a thorough review to allow for a better balance of efficiency and growth capacity. Revenue visibility analysis has yielded only modestly lower full year revenue guidance and the group is expected to continue to grow very rapidly. The net impact of these changes is EBITDA reductions of 24.6% for FY18 and 15.4% for FY19. We have also taken a simple, but we believe realistic approach for now, to adjusting earn-out payments by £1m. Be Heard is delivering on its growth strategy and now has significantly improved controls to deal with managing this growth.

Companies: Be Heard Group

Research, Charts & Company Announcements

Research Tree provides access to ongoing research coverage, media content and regulatory news on Be Heard Group. We currently have 47 research reports from 4 professional analysts.

Open
N/A
Range Today
N/A
52 Week
0.48/1.50p
Daily Volume
N/A
# Shares
1,246m
Daily Liquidity
(0.01%)
Pension Liability
£0m
Enterprise Value
£13.7m
Market Cap
£6.23m
Latest PE (hist)
Div Yield

Latest News/RNS

(more news)
Date Source Announcement
16Sep19 07:00 RNS Half-year Report
06Aug19 07:00 RNS Change of Advisers and Pre-Close Trading Update
31Jul19 07:00 RNS Update re Share Issue, Option Grant & PDMR Holding
08Jul19 17:05 RNS Holding(s) in Company
08Jul19 17:03 RNS Holding(s) in Company
28Jun19 07:00 RNS Further re Issue of Shares
10Jun19 07:00 RNS Strategic Investment
Get free RNS email alerts

  • Frequency of research reports

     

  • Research reports on

    Be Heard Group

  • Providers covering

    Be Heard Group

  • 03 Dec 19

LIBERUM: Ramsdens Holdings* - 12% adj. PBT growth. On track for H2.

We welcome a confident outlook statement and dividend raise after hitting H1 expectations, even excluding the extra profit from gold sales. EPS estimates unchanged.

Companies: Ramsdens
  • 03 Dec 19

Acquisition of VCT contracts, £30m ABB; HY results show NAV growth

Mercia has announced the proposed acquisition of three VCT contracts for a total consideration of up to £25m, which would add £270m AuM – driving the group to pro-forma cash profitability from asset management in the first full year. An accelerated bookbuild has been launched to raise £30m (gross) at 25p in order to fund the initial acquisition consideration (£12.4m) and £15m to drive the Mercia balance sheet towards an evergreen (self-funding) position. Interim results, also announced, show NAV growth (+2.6%) including £3.2m net revaluation gains in the portfolio. As joint broker to Mercia, we await the outcome of the General Meeting (20/12) before updating our forecasts.

Companies: Mercia Technologies
  • 06 Dec 19

Cenkos: Duke Royalty Ltd -- Scaling of the portfolio delivering riches

Duke delivered significant YoY growth in H1/20A results, as earlier efforts to broaden the royalty portfolio came through this year. This strong growth will continue with recent debt & equity raises forward funding investments to income levels of £15m by FY21E. Met with an enhanced, but now stabilised cost base, operational leverage should drive continued strong adj EBIT growth (to £13m, at a c85% margin) and further DPS rises.

Companies: Duke Royalty
  • 21 Oct 19

Quarterly Research Outlook Autumn 2019

Following continued delays of a Brexit agreement, few sectors within the UK market have remained attractive to investors despite low valuations. One sector which has continued to outperform despite the political drama has been the UK video gaming sector (henceforth UK gaming), which we are fans of. We believe a combination of sector-leading growth, strong cash conversion and timely cyclical positioning support our positive view on the UK video gaming sector.

Companies: ABBY AMS ANX ARS ATYM AVON BLVN PIER BUR CGS CAML CDM CSRT TIDE CYAN DTG DEMG ELM EMR FPO FDEV GTLY GENL GHH GRI GEEC GKP HMI HAYD HEAD HILS HTG HUR IBPO IOG INDI JHD JOG KAPE KEYS KWS KCT KGH LAM LIT LOK MACF MANO MOD OXIG PCA PANR APP SRE PHC PMO RBW RMM RBGP REDD RSW RNO ROR SUS SCPA SEN SHG SOLG SOM SUMO TM17 INCE TWD TRAK TRI VNET VTC ZOO ZTF

  • 02 Dec 19

Palace Capital - Investing for growth

During H120, Palace stepped up its refurbishment and development activity aimed at improving the quality of the portfolio and enhancing its income and valuation potential over the longer term. The flagship Hudson Quarter development is making good progress and the initial tranche of the apartments offered for sale in June has been well received. Although refurbishment and redevelopment activity is dampening current income, DPS is being maintained in anticipation of future income growth and represents an attractive yield.

Companies: Palace Capital
  • 03 Dec 19

LIBERUM: NewRiver* - Accretive acquisition of Bravo Inns for £17.9m

NewRiver has acquired Bravo Inns for £17.9m, representing an attractive 6.8x EBITDA. The transaction is expected to generate annualised outlet EBITDA of £2.6m (14% yield on cost) and importantly will be accretive to underlying FFO, further increasing dividend cover.

Companies: Newriver Reit
  • 11 Sep 19

FY19 results - Settlements ahead of expectations

Revenue increased 17% to A$34.7m (Ae: A$48.4m). We note that the difference to our forecast was due to an accounting presentation change only, whereby revenues are now stated net instead of gross including capital deployed. We believe this new presentation is much more intuitive and note that, if it had not been applied, revenue was in fact in line with our numbers at A$48.2m. Gross profit, or net gain on investment, was up 23% to A$20.3m (Ae: A$19.0m). This is particularly encouraging as it shows the actual gain on the capital previously deployed. We noted in our 5 July note that our numbers were likely on the light side, so it is pleasing to see this come through. ROIC increased from 117% last reported to 135%, displaying the lucrative returns of recent settlements.

Companies: Litigation Capital Management
  • 08 Oct 19

AUM impresses, ESG stars continue to align

Impax closed FY19 managing £15.1bn of assets, 20% up on the £12.5bn AUM of 30 Sep 2018, and beating our forecast of £14bn. Longer-term, we think the business remains well placed for strong revenue growth, capitalising on a global structural shift towards Environmental, Social and Governance (ESG) investing, and even stronger profit growth because of operational leverage.

Companies: Impax Asset Management Group
  • 05 Dec 19

Mercia Asset Management - Huge stride towards an evergreen model

In parallel with its H120 interim results, Mercia has announced the acquisition of NVM’s VCT business for up to £25m in cash and equity, funded by a £30m placing at 25p per share (a 22% discount). Subject to shareholder approval, the acquisition increases AUM to £760m and moves Mercia towards being the UK’s number one regional investor. The deal expands Mercia’s shareholder register, further dilutes existing major shareholders and means Mercia should be profitable before fair value adjustments, closer to its target of an evergreen model (c £1bn AUM). In its H120 results, Mercia’s direct investment portfolio increased to £102.0m, with £11.1m of cash invested in 16 companies and a fair value uplift of £3.2m. Mercia has £17.8m of unrestricted balance sheet cash (pre-placing) and the shares continue to trade at a significant discount to NAV.

Companies: Mercia Technologies
  • 04 Dec 19

LIBERUM: U+I* - All to play for in H2

U+I’s H1 results were in line and the company is on track to deliver on expectations for FY20E. We expect important progress in H2 from planning consents and submissions in the pipeline, as well as continued operational efficiencies.

Companies: U&I Group
  • 09 Oct 19

The Renewables Infrastructure Group - Overview

The Renewables Infrastructure Group (TRIG) is a play on the burgeoning renewable energy sector. It differentiates itself from the other funds in the sector by being a non-specialist fund (wind, solar and battery storage so far) but with a remit to invest across the UK and in European countries where the directors and managers believe there is a stable renewable energy framework. Recently TRIG has announced a further extension of this policy, and the board is seeking shareholder approval to increase the proportion of assets the company can invest in Europe from 50% to 65%. TRIG invests in assets which offer attractive long-term cash flows, elements of which are linked to inflation. The aim of the company is to provide long-term, stable dividends for shareholders, with any surplus cash flows after debt amortisation being re-invested to help maintain the capital value of the investment portfolio. The current portfolio, when fully built out in 2020, will be represented by 71 projects, with net capacity of 1.5GW. This is equivalent to 1 million UK homes or 1% of the total electricity generated in the UK. Wind is currently the largest component of the portfolio (86% by value). However in the company’s recent announcement the managers state that to further diversify the portfolio they are considering investing in unsubsidised solar plants in Iberia, taking advantage of steeply declining capital costs and high solar resource. Solar provides a natural complement to wind technologies, given its peak electricity generation is during the summer months, while for wind peak generation occurs in the winter. The push to invest overseas has gathered pace over the last couple of years, and during the 2018 calendar year 77% of new investments by value were made outside the UK. For the six months to end-June 2019, the company has invested in five projects, all of which are overseas (in Sweden, France and Germany). In total, 45% of the portfolio is currently invested outside the UK, up from 28% at the end of 2018. TRIG has a progressive dividend policy. The company’s dividend has increased each year since launch, at an average compound annual rate of 1.8% pa. Every year the board sets a dividend target for the following year, payable in four equal installments. The current dividend target is 6.64p per share, equivalent to a yield of 5.1% at the current price and representing an increase of 2.2% from 2018. The company has delivered strong and consistent returns since inception. Over the past five years, it has outperformed the FTSE All Share index on a NAV total return basis, but with lower volatility. Since its initial public offering (IPO) in 2013 the company has delivered total shareholder returns of 10.4% per annum (to 30 June 2019). TRIG currently has long-term gearing of approximately 36% of portfolio enterprise value, all of which is all held at the project level. This is at the low end of the peer group. The longer-term debt is amortised over the life of each asset’s specific subsidy regime, which de-risks these assets over time (unsubsidised assets are not geared). The company continues to enjoy robust demand for its shares. Currently the share price premium over NAV is around 14%, a slight premium to the sector average premium of 12.7% (Source: Numis).

Companies: Renewables Infrastructure Group
  • 20 Nov 19

Strong earnings growth, a product of resilient flows

Interim results are in line. Sustained net inflows during H1 drove AuM to new highs, overcoming headwinds. This delivered +17% adj. PBT growth. AuM momentum has continued into Q3, complemented by the Neptune acquisition which stands to make a step change contribution in H2’20 and beyond. We leave forecasts unchanged. 42% of our FY20 forecast has already been delivered in H1. A 15x FY20e PER falling to 13x FY21e is undemanding given earnings momentum and flow resilience.

Companies: Liontrust Asset Management
  • 29 Nov 19

Redde

Proposed share-for-share merger with Northgate

Companies: Redde
  • 02 Dec 19

LIBERUM: Shaftesbury* - Staying power

Shaftesbury’s resilient income growth reflects strong tenant demand for its relatively affordable and exceptionally well-located West End estate. However, valuers are now being more conservative on larger retail units in particular, which we think will continue into 2020.

Companies: Shaftesbury
  • 02 Dec 19

LIBERUM: Civitas Social Housing* - CIC is further evidence of focus on sustainability

Civitas' interim results have confirmed ongoing improvement in dividend cover (now 0.96x on a run-rate basis). We expect acquisition activity to pick up in the coming quarters which should lead to full cover for FY 2021.

Companies: Civitas Social Housing