Report

Update: Restructuring Next Audience

Sales at Next Audience (NA) are not progressing as hoped and SinnerSchrader (SZZ) is restructuring the division with a view to carving it out for a sale or joint venture. The rest of the business is trading in line with guidance and the extension of its content marketing contract, together with the acquisition of Swipe Mobile, compensates for revenue shortfall and helps the group's EBIT margin profile. Without the dilutive impact of NA, the c 50% discount to peers becomes more visible – we expect this gap to close.
Underlying
SinnerSchrader AG

SinnerSchrader AG is a Germany-based company that operates as the digital agency. The Company develops interactive strategies, platforms and applications. The Company's activities are divided into three business segments. The Interactive Marketing segment develops Internet strategies, drafts, designs and produces digital communication campaigns, handles the customized conception, design and technical development of websites, Internet and mobile applications, among others. The Interactive Media segment plans and implements advertising campaign on the Internet with a focus on performance-driven display advertising, as well as provides and measures the performance of advertising media. The Interactive Commerce segment offers enterprises a range of services for the set-up, development and operation of digital sales channels, as well as management of these channels, including purchasing, logistic and payment transaction services.

Provider
Edison Investment Research
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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