reports
- Kate Heseltine
musicMagpie - Termination of coverage
Edison Investment Research is terminating coverage on musicMagpie (MMAG). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our website.
- Kate Heseltine
musicMagpie - Strategically positioning for profitability
musicMagpie’s (MMAG’s) H124 results reflected several strategic decisions taken by the management team to improve profitability and cash generation. The decision to make the US a sourcing-only geography to benefit margins had a notable impact on revenues, with US revenues declining by more than half. Despite the double-digit decline in group revenue, the adjusted EBITDA margin remained relatively stable at 4.4% (H123: 4.5%), reflecting the focus on profitability. The outlook remains challenging,...
- Kate Heseltine
musicMagpie - Focus on profits and cash in FY23
musicMagpie’s (MMAG’s) FY23 results demonstrated a resilient H2 performance, including a record Black Friday period. Multiple management initiatives, including a strategy to aid lower buying prices, with a focus on selling through channels with a targeted return and cost reductions, helped to improve profitability. EBITDA was up 15.4% to £7.5m, a 100bp improvement in the margin to 5.5%. The improvement in profitability resulted in a reduction in leverage to 1.7x net debt/EBITDA. MMAG remains in ...
Hybridan Small Cap Feast - 13 Mar 2024
13th March 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: Change of Market: Our daily digest of news from UK Small Caps If you would like to unsubscribe, please email with “unsubscribe me”. Hybridan Chefs Banquet Buffet*** ...
- Kate Heseltine
musicMagpie - Record Black Friday and improving profitability
musicMagpie’s (MMAG’s) FY23 trading statement to 30 November 2023 demonstrates good progress made in the second half, which was helped by record Black Friday sales, following a challenging H1. Management’s focus on cost control and higher-quality rental customers resulted in an improvement in profitability, with a 150bp expansion in gross margin and 15.4% EBITDA growth. This enabled a reduction in net debt and a lower net debt/EBITDA leverage at 1.7x (H123: 2.0x). MMAG remains in the offer perio...
Hybridan Small Cap Feast - 14 Dec 23
14th December 2023 Small Cap Team will take a break until Monday 8 January 2024 after this Friday 15th December. Merry Christmas to all our readers. @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be...
Hybridan Small Cap Feast - 20 Nov 23
20th November 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment obj...
- Kate Heseltine
musicMagpie - heretoHelp
musicMagpie (MMAG) is a leader in the circular economy, providing consumers and corporates with a sustainable alternative to buying and selling consumer technology and physical media. The Consumer Technology division is the key driver of its future growth, including growing recuring revenue streams from rentals. Management continues to focus on improving the sourcing of products while growing its end-markets and enhancing gross margin. Our EBITDA forecasts for FY23 and FY24 are unchanged. Our DC...
Hybridan Small Cap Feast - 13 Jul 23
13th July 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objecti...
- Kate Heseltine
musicMagpie - Margins improving despite volatile trading
musicMagpie’s (MMAG) trading update for the six months to 31 May 2023 indicates that trading improved in Q2 following a weaker Q1, which was affected by postal strikes and low UK consumer confidence. Management’s focus on higher margin customers and cost savings achieved in the first half resulted in year-on-year EBITDA growth of 7.7%, despite a 13% decline in revenue. We have lowered our FY23 and FY24 revenue estimates by 13% and 16% and EBITDA estimates by 11% and 8% respectively.
Hybridan Small Cap Feast - 19 Jun 23
19th June 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objecti...
- Kate Heseltine
musicMagpie - Consumer Technology drives FY22 performance
musicMagpie (MMAG) delivered FY22 results in line with our expectations despite the tougher environment faced by UK consumer-facing companies. Strong revenue growth from Consumer Technology offset the decline in Disc Media and Books. The multiple initiatives to increase and improve sourcing of products and to grow its end-markets are bearing fruit, as evidenced by the growing proportion of Consumer Technology sales. Our profit expectations are broadly unchanged as we anticipate better growth in ...
- Kate Heseltine
musicMagpie - FY22 in line with management's expectations
musicMagpie’s (MMAG’s) management has indicated that its full-year results to the end of November 2022 are in line with its expectations. A record Black Friday week offset the previously flagged weaker summer and early autumn trading, with reported revenue of £144.8m marginally below our forecasts. Net debt was better than expected due to improvements in working capital and lower capital investment in rentals. We have lowered our FY23 and FY24 revenue estimates by c 1% while maintaining our EBIT...
- Kate Heseltine
musicMagpie - Weak Technology outright sales
musicMagpie’s (MMAG’s) trading update reporting weaker Technology outright revenue in recent months is consistent with statements from a number of consumer-facing companies that have highlighted a more challenging background. With a more cautious outlook for the remainder of H222, management expects lower revenue and a lower EBITDA contribution, albeit still anticipating y-o-y growth, than at the time of the H122 results. We have reduced our FY22–24 EBITDA estimates by 19–30%. Following the weak...
- Kate Heseltine
musicMagpie - Management optimistic about growth initiatives
musicMagpie’s (MMAG) headline H122 figures were well flagged in the June 2022 trading update, with profitability and cash flow driven by the changing business mix. Management is confident about recent growth initiatives: Rentals delivered strong subscriber growth despite limited marketing, SMARTDrop kiosks are bringing valuable new customers to MMAG and its partner (Asda), and offering products on new marketplaces (eg Back Market) as well as expansion of the offer available on Amazon UK (US to f...
musicMagpie (MMAG): Initiation — Buy more, sell more, rent more
Edison Investment Research Limited musicMagpie (MMAG): Initiation — Buy more, sell more, rent more 18-Jul-2022 / 10:51 GMT/BST London, UK, 18 July 2022 musicMagpie (MMAG): Initiation — Buy more, sell more, rent more musicMagpie (MMAG) provides a cost-effective and sustainable alternative to buying and selling consumer technology and physical media. Future growth is supported by the positive tailwinds of increasing awareness of sustainability issues and the growing importance of the circular economy. It has a significant growth opportunity from the rental of technology, which...
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