Edison Investment Research - Centaur Media (CAU) Centaur Media - Robust rebound

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Edison Investment Research

Fiona Orford-Williams

Centaur Media - Robust rebound

Centaur Media’s H121 results show revenue and EBITDA margin picking up strongly, with the group on track to meet its FY23 targets, as set out in January in its MAP23 strategy. This envisages group revenue of £45m, with a 23% EBITDA margin. The Flagship 4 brands are leading the way, posting 26% revenue growth over H120. Econsultancy’s blended learning is achieving good traction, while events across the group are benefiting from attractive digital propositions. We have edged our revenue forecast up by £1m in both FY21e and FY22e, retaining earlier expectations on adjusted EBITDA. The H121 cash performance was particularly strong, and we now expect year-end net cash of £11.0m (was £8.3m).

21/07/2021 5 EN

Underlying

Centaur Media

Centaur Media is a holding company. Through its subsidiaries, Co. is engaged in the provision of business information, events and marketing solutions to selected professional and commercial markets. Co.'s activities are categorized across four market segments: Marketing, which includes all of Co.'s brands that serve marketing and professions in primary market sectors; Professional, which includes legal portfolio, such as the print, digital and live event activities associated with The Lawyer and Clean Energy Pipeline; Financial Services, which serves the retail financial services industry; and Home Interest, which includes the live events and publishing assets.

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GB0034291418 London Stock Exchange United Kingdom

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Fiona Orford-Williams

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Centaur Media - Robust rebound

Centaur Media - MAP23 plan delivers a higher-quality business

Centaur Media - Strong margin performance

Centaur Media: 1 director

discoverIE Group - FY24 EPS in line; good margin progress

Ultimovacs - Steadfast commitment to UV1 progression

OSE Immunotherapeutics - AbbVie deal clears antitrust hurdle

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