Centaur Media is an international provider of business information, training and specialist consultancy. Its Xeim and The Lawyer business units serve the marketing and legal sectors respectively and offer customers a wide range of products and services targeted at helping them add value.
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Centaur’s H122 revenues were up 8% on H121, with a strong 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 these stay relevant and value-adding. The recent in-person Festival of Marketing was very successful, reaching 35 of the 100 top spending UK CMOs. The half-year balance sheet net cash was £14.2m and the valuation remains at a marked discount to peers.
Y/E Dec |
Revenue (£m) |
EBITDA (£m) |
PBT (£m) |
EPS (fd) (p) |
P/E (x) |
P/CF (x) |
|---|---|---|---|---|---|---|
| 2020A | 32.4 | 3.8 | (0.3) | 0.2 | 195.0 | 26.7 |
| 2021A | 39.1 | 6.4 | 3.0 | 1.9 | 20.5 | 6.0 |
| 2022E | 43.5 | 8.1 | 4.5 | 2.4 | 16.3 | 8.0 |
| 2023E | 47.0 | 10.8 | 7.0 | 3.4 | 11.5 | 5.9 |
Industry outlook
Disruption to the marketing sector is providing a fertile backdrop for demand for B2B market intelligence. With a greater propensity for clients to adopt digital solutions, those clients’ digital skill sets need constant enhancement, a process that may be accelerated in the face of a softening economy. The need for comprehensive and timely market intelligence should also support demand at The Lawyer, with further growth opportunities particularly with in-house corporate lawyers.
Last updated on 23/11/2022Content on Centaur Media
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TMT
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Share price graph
Balance sheet |
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| Forecast net cash (£m) | 15.3 |
| Forecast gearing ratio (%) | N/A |
Price performance
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Key management |
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| Colin Jones | Chairman |
| Mukerji, Swagatam | CEO |
| Longfield, Simon | CFO |