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Pearson released a decent Q3 trading update thanks to the very strong dynamism in Pearson VUE and PTE sale offsetting the Higher Education division which continues to suffer. This publication was welcomed by the markets due to the upwards revision to the guidance.
Companies: Pearson PLC
AlphaValue
Pearson delivered decent results in H1 23 with consensus-beating revenue and operating profit in line. (Generative) Artificial Intelligence was at the heart of this earnings release but for the moment there is no materiality in one sense or the other. The group reaffirmed its guidance for FY23 and its mid-term outlook.
Following a good Q1 23 trading update, Pearson reaffirmed its guidance and announced a share buyback programme of £350m starting in H2 23. On May, 2 Pearson was rocked by negative inferences from GPTs on Chegg’s business
Pearson’s stock is down 2% after the FY22 report. Profits posted an increase although Higher Education declined. The FY dividend was raised. The share buy-back programme of £350m in FY22 went smoothly but was not exceeded unlike for many of the peers.
Pearson is up as much as +10% today after issuing a reassuring 9-month 2022 trading update, stating that it is “confident of being able to navigate the challenging macro-economic environment”. The FY22e guidance was re-affirmed. After FY21, Q1 22, and H1 22 updates, this is the fourth publication that has been acclaimed by investors, giving increasing credibility to the group’s digital transformation.
Pearson was up as much as 12% today after reporting better-than-expected H1 22 results. The company said that it will meet its FY25 guidance two years in advance, i.e. in FY23, thanks to £100m in cost savings identified (synergies and efficiencies from the recent reorganisation). Again, a very pleasant surprise.
Pearson’s stock is up 3% following an encouraging Q1 22 trading update in which the company reaffirmed its guidance and announced a promising acquisition.
Pearson’s stock is up 12% after the company confirmed its recent FY21 estimates and raised its FY dividend. Investors also welcomed an unexpected £350m share buy-back programme for FY22e.
Pearson issued a very satisfactory trading update (FY21 unaudited figures), highlighting a strong top- and bottom-line performance, ahead of expectations, as well as a robust financial position. Although Higher Education continued to decline, it did so at a slower rate than anticipated.
Pearson shares are down 12% this morning following the publication of the group’s 9-month trading update. The drop in Higher Education has dampened investors’ confidence.
Pearson published satisfactory H1 results, with revenues and adjusted OP above expectations. However, as international markets are reopening more slowly than anticipated due to new COVID-19 variants, the group left its FY21e guidance unchanged. The strategic review of international courseware local publishing businesses launched in March is now largely complete.
Pearson published an encouraging Q1 21 trading update, with revenues up 5% organically despite tough comparisons. The FY21e guidance remains unchanged.
Pearson confirmed its recent FY20 estimates (see our Latest, 20/01/2021), reporting in line figures (-10% organic growth, adjusted OP: £313m, adjusted EPS: 28.7p). Final dividend is unchanged at 13.5p. Positive outlook: Despite a tough FY20, the group forecasts a return to revenue growth from Q2 21 and adjusted OP to be in line with current market expectations. Pearson also announced plans to cut office space and a new reorganisation into five divisions in FY21e at a cost of £40-70m.
Pearson’s 2020 trading update is in line with a 10% organic sales decline and adjusted operating profit in the range of £310-315m (AV at £309m). Global Online Learning (+30% in Q4) pulled the group due to the wave of distance learning. The pandemic still clouds visibility.
Pearson’s 9-month trading update highlighted that the rising digital activities were unable to offset the test centre and school closures linked to COVID-19. The group’s solid financial position remains a positive point to retain. We are likely to raise our forecasts considering our below average expectations but expect to reiterate our cautious view on the stock.
Research Tree provides access to ongoing research coverage, media content and regulatory news on Pearson PLC. We currently have 0 research reports from 7 professional analysts.
We are reiterating our Buy rating and price target for Starco Brands, but lowering our 2024 and 2025 projections to primarily reflect higher marketing costs to support multiple newly announced door expansions for each of the company's key brands beginning in 2Q24 and concentrated in 4Q24. We believe Starco's offerings are poised to take highly material leaps, with major expansions at over 10,00 doors in 2024, which we believe will position the company for material, multi-year top line growth and
Companies: ELF EL STCB EPC COTY IPAR DGE IPAR EL UNILEVER EPC STCB ELF COTY
Small Cap Consumer Research LLC
Dentsu’s Q1 results indicate a slow start to the year, with organic net revenue down by 3.7%. However, prospects are improving, buoyed by new business wins and weighted to H2, which leave full year expectations (and our forecasts) unchanged. The One dentsu initiative, bringing together skill sets in consulting, technology, media and creative, is supporting improved pitch win rates, and giving greater coherence and consistency to the group product and service offering. We expect this to be a cent
Companies: Dentsu Group Inc.
Edison
Revenue grew 8% organically in the trailing twelve months (TTM) to March. The Online Presence division continued to benefit from price rises and the shift toward alternative Top Level Domains (TLD), whilst the Online Marketing division continued to see declining click prices offset by visitor volumes. The company remains confident in meeting expectations for 2024, supported by new products, vertical integration initiatives and international expansion plans. We update our forecasts for the acquis
Companies: Team Internet Group plc
Zeus Capital
Companies: JDW MAB MARS WTB FSTA BOWL CPG SSPG LGRS SSTY OTB HSW TMO GYM MEX
Liberum
XLM has released FY23A annual results for the period ending 31 December 2023, with Adj EBITDA in-line with expectations at $12.1m and Adj PAT ahead of expectations at $5.0m ($3.9m forecast) due to lower-than-expected D&A and tax charges, and higher-than-expected interest income. We have released our FY24E forecasts which show a transitional year as the business moves towards being almost exclusively US-focused. The remaining business trades on an FY24E Adj EV/EBITDA multiple of 2.8x, a significa
Companies: XLMedia Plc
Cavendish
Companies: EBQ NFG SAA SFOR
The Great Correction of 2022 saw the share prices of streamers plunge after market leader Netflix reported a slowdown/fall in subscriber growth. Having formerly been seduced by hectic subscriber growth rates, investors quickly refocused, this time on fundamental metrics such as revenue, margins, profits and cashflow. Since then, streamers have continued to take a steadily greater share of viewing while linear TV continues to decline. But growth in streaming subscribers in the US and UK is now a
Companies: AMZN DIS WBD NFLX NFLX ITV STVG PARA AMZN DIS
Hardman & Co
While the weak advertising market suppressed growth in Online Marketing in the (seasonally quiet) Q1, Online Presence continues to perform robustly and group margins continue to expand. The acquisition of Shinez is now complete and should add further robustness to Team Internet’s revenue profile, diversifying its partnership base and creating good opportunities to capture more value in the conversion funnel. We leave our standalone estimates unchanged, but upgrade FY24 and FY25 EPS by 5% and 7%
Please find below our weekly update covering themes that we feel that are of interest to investors and participants in the small and mid-cap TMT sector as well as commentary on recent newsflow.
Companies: CSFS MBT PPS MIRI
Allenby Capital
Centaur’s FY23 results mark the end of its MAP23 margin acceleration plan, with the adjusted EBITDA margin more than doubling over its three-year course to 26%, ahead of the original 23% target. This is despite an unhelpful economic backdrop with extended pressure on corporate marketing budgets. Centaur’s strategy for the next period will be outlined on 23 April at a capital markets day, at which time we will extend our forecast horizon to FY25. We expect the new plan to enhance the business mod
Companies: Centaur Media plc
There has been a lot going on under M&C Saatchi’s operational bonnet, so delivering FY23 results a shade above market forecasts is a good result, especially given the difficult market backdrop. Earlier issues regarding outstanding put option liabilities are in retreat, with minority interests in FY23 down to 13% from 25% in FY22, and most remaining liabilities are expected to be settled in FY24. The focus is now firmly on optimising the operational structure. There has already been good progress
Companies: M&C Saatchi plc
The Pebble Group’s AGM update confirms that trading is in line with FY24 expectations, with attractive opportunities for its two distinct businesses in the large, fragmented promotional products sector. Facilisgroup is a SaaS business, helping North American distributors to optimise their operations, with access to an approved supplier roster. Brand Addition services global brands’ needs for branded product for in-house and external programmes. The well-publicised dip in tech sector marketing sp
Companies: Pebble Group PLC
2016 got off to a rocky start. Not long into January, after just a few trading days, global equity markets lost more than US$4tn of value due to investor sentiment towards China’s economic slowdown and depreciating currency. This was immediately followed by a slump in the oil price. By the third week of January, Brent Crude hit its year low at $27.10 a barrel causing an immediate sell off in the energy sector. Once the Q1 dust had settled, attention turned to the UK’s vote on whether to remain a
Companies: GOT FRAN ECP TMO CER PMI MXCT
Hybridan
SpaceandPeople has reported a strong recovery with growing revenue, a return to profit and a healthy net cash position. Revenue was up 24% y-o-y to £5.8m, just ahead of our forecast for £5.7m. PBT, at £103k, was also ahead of our expectation for about break-even. Net cash improved to c. £700k vs. c. £400k in 2022a. Growth returned across all units with the UK reporting sales up 16% in promotions and 28% in retail, and German retail recorded revenue up an impressive 43%. New products such as the
Companies: SpaceandPeople plc
Companies: FRP Advisory Group Plc (FRP:LON)XLMedia Plc (XLM:LON)
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