Outlook: Good EPS growth on higher operating margin
Ebiquity’s results for the half year to 31 October 2015 (HY Oct 2015) again show good progress. Higher operating margin after lower central costs (offset by a higher tax charge resulting from lower available tax losses) has led to underlying diluted EPS for the six months, increasing by 13% to a reported 3.4p and by 23% to 3.7p on a constant currency basis (HY Oct 2014: 3.0p). Management says that continuing demand for data analytics and performance measurement is driving strong like-for-like growth in both its Media Value Measurement (MVM) and its Marketing Performance Optimization (MPO) segments at high margins, while the Market Intelligent (MI) segment is beginning to show signs of recovery in some markets. If sustained, sterling’s weakness over the past month could reverse the recent currency headwinds to positive and provide added comfort to our maintained FY16 estimate.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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