Centaur’s FY23 results mark the end of its MAP23 margin acceleration plan, with the adjusted EBITDA margin more than doubling over its three-year course to 26%, ahead of the original 23% target. This is despite an unhelpful economic backdrop with extended pressure on corporate marketing budgets. Centaur’s strategy for the next period will be outlined on 23 April at a capital markets day, at which time we will extend our forecast horizon to FY25. We expect the new plan to enhance the business mod...
Centaur’s year-end trading update indicates that the group has delivered a strong EBITDA margin for FY23, above 25% and well ahead of the level targeted in the MAP23 margin acceleration plan. This is despite it having been a difficult year in which to grow revenues, with clients slow to close out larger contracts, as broadly reported across the sector. We currently expect confidence to pick up in H224, after a relatively cautious start to the year. We have made provisional adjustments to our est...
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Centaur’s strategy of focusing on the development its key operations, the Flagship 4, is underpinning group EBITDA levels against a difficult trading backdrop limiting revenue growth potential. Flagship 4 revenues grew by 6% in H1 and now represent 74% of the group, with total H123 revenues down 3% y-o-y as other areas came under greater pressure. The increased proportion of higher-quality revenues in the mix means that the adjusted EBITDA margin should at least achieve the target FY23 level of ...
15 March 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 objectiv...
Centaur’s FY22 results have come in slightly better than indicated at the year-end update, showing good revenue growth of 6% and a notable step-up in adjusted EBITDA margin, from 16% to 20%, as the group focuses on its higher-quality repeat and recurring revenue streams. The ‘new’ news is of an additional special dividend of 2.0p, coming soon after the 3.0p special dividend paid in February, reflecting the accumulation of cash on the balance sheet beyond the level needed to support the existing ...
Centaur’s year-end trading update indicates revenue of at least £41m and an EBITDA margin of more than 19.5%. Our FY22e EBITDA, PBT and EPS numbers are unchanged, showing strong growth over the prior year, albeit with a slower H222. Notwithstanding the reduced momentum, Centaur should still meet its FY23 MAP23 targets of £45m in revenue and an EBITDA margin of 23%. Given the strong cash performance, with year-end net cash of £16.0m (excluding lease debt), management has announced the payment of ...
Centaur has posted good H122 figures, with revenues ahead by 8% on H121 and an uplift in EBITDA margin from 12% to 17%, well on the way to achieving the 23% targeted within management’s MAP23 objectives. The emphasis on driving higher-quality revenues from premium content, marketing services and training and advisory is giving the group a resilient earnings base. High subscription renewal levels indicate the utility to clients, with continued investment in content and products ensuring that thes...
Centaur’s FY21 results are ahead of our forecasts, showing 21% revenue growth and adjusted EBITDA margin of 16.4%. This constitutes good progress towards management’s MAP23 goals for FY23 revenues of £45m and adjusted EBITDA margins of 23%, both of which should be achieved under our modelled scenario, despite potential headwinds of rising costs. Iterative improvements in the client offering and a greater emphasis on cross-selling underpin the forecast top-line growth, funded from the cash-positi...
Centaur’s year-end trading update indicates the group had a good Q421 and FY21 results will show revenue and EBITDA margin ahead of consensus. We lift our FY21 revenue estimate by £1.0m to £38.5m, which represents 19% growth over FY20, and EBITDA by 5% to £5.9m (+55% y o y). Our increased FY22 projections reflect this higher base. Year-end cash of £13.1m (excluding lease liabilities) was also ahead of our previous forecast of £11.7m. We see management’s MAP23 targets as demanding but achievable,...
Centaur’s year-end trading update indicates the group had a good Q421 and FY21 results will show revenue and EBITDA margin ahead of consensus. We lift our FY21 revenue estimate by £1.0m to £38.5m, which represents 19% growth over FY20, and EBITDA by 5% to £5.9m (+55% y o y). Our increased FY22 projections reflect this higher base. Year-end cash of £13.1m (excluding lease liabilities) was also ahead of our previous forecast of £11.7m. We see management’s MAP23 targets as demanding but achievable,...
Centaur’s recent capital markets day (CMD) facilitated a deeper dive into the transformation that the group has undergone, with detailed presentations on the underlying businesses by operational management. These underlined the route map towards achieving the goals enshrined in MAP23 – management’s target of revenues of over £45m and an adjusted EBITDA margin of 23% by FY23. We edged up our estimates on the trading update accompanying the CMD and see the MAP23 targets as demanding but achievable...
Centaur’s recent capital markets day (CMD) facilitated a deeper dive into the transformation that the group has undergone, with detailed presentations on the underlying businesses by operational management. These underlined the route map towards achieving the goals enshrined in MAP23 – management’s target of revenues of over £45m and an adjusted EBITDA margin of 23% by FY23. We edged up our estimates on the trading update accompanying the CMD and see the MAP23 targets as demanding but achievable...
Centaur’s recent capital markets day (CMD) facilitated a deeper dive into the transformation that the group has undergone, with detailed presentations on the underlying businesses by operational management. These underlined the route map towards achieving the goals enshrined in MAP23 – management’s target of revenues of over £45m and an adjusted EBITDA margin of 23% by FY23. We edged up our estimates on the trading update accompanying the CMD and see the MAP23 targets as demanding but achievable...
Centaur’s trading update, issued alongside its capital markets day, indicates good progress in H221 to date, building on the post-pandemic recovery in revenues and margin reported for H1. We have edged up our expectations, particularly on the pace of improvement in EBITDA margin towards the FY23 management target of 23%. The share price has held the gain made after the interim results and is now up 68% year-to-date, yet the rating remains at a discount to peers.
Centaur’s trading update, issued alongside its capital markets day, indicates good progress in H221 to date, building on the post-pandemic recovery in revenues and margin reported for H1. We have edged up our expectations, particularly on the pace of improvement in EBITDA margin towards the FY23 management target of 23%. The share price has held the gain made after the interim results and is now up 68% year-to-date, yet the rating remains at a discount to peers.
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Centaur Media’s H121 results show revenue and EBITDA margin picking up strongly, with the group on track to meet its FY23 targets, as set out in January in its MAP23 strategy. This envisages group revenue of £45m, with a 23% EBITDA margin. The Flagship 4 brands are leading the way, posting 26% revenue growth over H120. Econsultancy’s blended learning is achieving good traction, while events across the group are benefiting from attractive digital propositions. We have edged our revenue forecast u...
Centaur’s FY20 results are a shade ahead of our forecast and show a resilient performance considering the impact of the pandemic. Q1 trading to date is in line, in what is generally the quietest quarter for revenues with no scheduled events or Mini MBA courses, and cash at end February was £8.2m (IFRS liabilities only). The group is now reinstating dividend payments and will pay 0.5p for FY20, with a minimum payment of 1.0p set out for future years. Centaur’s MAP23 strategy, laid out in January,...
Edison Investment Research Limited Edison Investment Research Limited: Centaur Media (LON:CAU): Initiation - Flagships lead the way 27-Jan-2021 / 07:00 GMT/BST London, UK, 27 January 2021 Centaur Media (LON:CAU): Initiation - Flagships lead the way Edison has initiated research on Centaur Media, noting that its shares are trading at a notable discount to its B2B media peers. Under management's updated three-year plan, Centaur Media is expected to exceed revenues of £45m in FY23 on a 23% EBITDA margin, sitting comfortably with our FY22 forecasts. Subscription revenues are gr...
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