Ebiquity - Strong revenue growth and improving margin
Ebiquity’s year-end trading update confirms that revenue continued to grow strongly in H222, delivering a 20% improvement for the full year, with underlying organic growth of 9%. Management is guiding to an underlying operating margin of 12%, implying that FY22 operating profit will be just ahead of our £8.9m forecast, notwithstanding the slight undershoot on revenue. This improvement in margin reflects the two transformative acquisitions made in the year, adding operational capability and efficiency, and scaling the US reach, as well as the increase of digital in the revenue mix. The shares are priced at a substantial discount to both peers and the group’s long-term average EV/EBITDA multiple.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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