Ebiquity - H1 progress in continuing business
Ebiquity’s H118 trading update indicates a good revenue performance from both the Media and Analytics & Tech segments, together ahead 7% y-o-y on a like-for-like basis. The referral to a Phase 2 CMA investigation of the Intel disposal has led to uncertainty and a 9% fall in Intel revenues, with a consequent impact on profits. Our revised forecasts for FY18 reflect this, but the improving performance of the (larger) balance leaves FY19 estimates unchanged. The share price has drifted 15% since the CMA referral. A full rerating may have to wait for a resolution, but the current discount appears overdone.Ebiquity is a holding company, engaged in providing independent marketing analytics services to advertisers, spanning over 90 countries. Co. operates through three segments: Media Value Measurement, Market Intelligence and Marketing Performance Optimization. Co.'s Media Value Measurement segment includes Co.'s media benchmarking, financial compliance and associated services. Co.'s Market Intelligence segment includes Co.'s advertising monitoring, reputation management and research/insight services. Co.'s Marketing Performance Optimization segment consists of Co.'s marketing effectiveness and multi-channel analytics services.
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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