reports
M&C Saatchi: 1 director
A director at M&C Saatchi bought 43,597 shares at 172p and the significance rating of the trade was 66/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showin...
Hybridan Small Cap Feast - 21 June 2024
21st June 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, or it is a rumour Dish of the day Admissions: Delistings: Chamberlin (CMH.L) has delisted from the AIM market. What’s baking in the oven? ** Potential**** Initial Public Offerings: ITF announced: 19 June 2024: IntelliAM, an artificial intelligence company focused on the consumer goods industry, is...
Hybridan Small Cap Feast - 11/04/2024
11th April 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: Loopup Group (LOOP.L) has left the AIM market. What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: Change of Market: TheWorks (WRKS.L) a multi-channel value retailers of books, arts and crafts, stationery, toys and games,...
- Fiona Orford-Williams
M&C Saatchi - Moving into alignment
There has been a lot going on under M&C Saatchi’s operational bonnet, so delivering FY23 results a shade above market forecasts is a good result, especially given the difficult market backdrop. Earlier issues regarding outstanding put option liabilities are in retreat, with minority interests in FY23 down to 13% from 25% in FY22, and most remaining liabilities are expected to be settled in FY24. The focus is now firmly on optimising the operational structure. There has already been good progress...
- Fiona Orford-Williams
M&C Saatchi - Margin momentum into H223
M&C Saatchi’s (M&C) H123 results reflect the more challenging agency trading environment, with revenue and operating margin both dipping in the period. Management’s global efficiency programme, implemented in Q1, achieved £0.5m of costs savings in H123 and is expected to deliver annualised savings of £3.8m in FY23, with a target of £10m by end-FY24. The leadership structure has been simplified and M&C continues to invest in its focused specialisms to drive revenue growth. Management remains caut...
- Liberum Research Team
- Liberum Research Team
- Liberum Research Team
- Ciaran Donnelly
- William Larwood
LIBERUM: M&C Saatchi* - Attractive growth at an attractive price
FY22 was a record year for revenue and Headline PBT. This is more impressive when considering the two takeover approaches during the year. Revenue grew 8.7% and Headline PBT grew 16.5%. We decrease our FY23E Headline PBT forecast by 3% reflecting the more cautious macro environment. M&C’s recent CMD highlights the attractiveness of the growth profile of the business. Macro uncertainty may prove a short-term headwind but the medium / long term attractiveness remains very high. The shares are trad...
- Liberum Research Team
- Liberum Research Team
- Liberum Research Team
- Liberum Research Team
- Liberum Research Team
- Ciaran Donnelly
- William Larwood
LIBERUM: M&C Saatchi* - Ambitious but achievable CMD targets
M&C Saatchi’s CMD outlined an ambitious set of financial targets for the period FY22-27. Management outlined a clear strategy on how it plans to deliver these targets combined with underlying growth of its key markets. Management’s capital allocation plan provides further potential upside to the targets. Management has reaffirmed its Headline PBT target for FY23E and FY22E Headline PBT has come in 3% ahead of Liberum forecasts. The shares are trading on an attractive 9.1x CY23E P/E and a double ...
- Liberum Research Team
- Liberum Research Team
- Liberum Research Team
- Liberum Research Team
- Ciaran Donnelly
- William Larwood
LIBERUM: M&C Saatchi* - FY22 update in line; Board changes
Revenue, Headline PBT and net cash have come in line with expectations. Revenue has grown 9% yoy, driven by the high growth specialisms which grew 17% yoy. Headline PBT grew 14% yoy to ≥£31m, which is a record profit generated by the company. Net Cash (Pre-IFRS16) at y/e was £30m. This provides management the ability to resume the dividend, settle the remaining put options (in cash) and satisfy future investment requirements. Gareth Davis, Chair has decided not to seek re-election to the Board. ...
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