Market Cap£41.2m

Last Close 52.5p

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Investment summary

Ebiquity had a good first half, with a 20% uplift in revenues and a return to operating profit, with an underlying operating margin of 7%. Expectations for the full year and for FY22e were edged up, although there remained notes of caution around prospects in some sectors in H2. Ebiquity is making good progress with its digital activities and product solutions, which we expect to support the medium-term growth. The group has recently set-up an Indian office to take advantage of that large and dynamic market. The share price performance year-to-date has been strong (up 173%), but the valuation remains at a sizeable discount to peers.

Y/E Dec
Revenue (£m)
PBT (£m)
EPS (p)
P/E (x)
P/CF (x)
2019A 68.1 8.6 4.7 2.9 18.1 11.6
2020A 55.9 1.8 (1.3) (1.9) N/A 119.7
2021E 63.0 5.6 3.2 3.1 16.9 13.3
2022E 69.3 7.7 5.3 4.9 10.7 10.6
Industry outlook

Ebiquity’s reconfigured Digital Innovation Centre, built on Digital Decisions, looks to be achieving its goal of providing a more comprehensive and integrated digital media offering. Although Google’s withdrawal of support for third-party cookies has been pushed back to FY23, the direction of travel remains the same and the need for advertisers to optimise and benchmark their digital media spend in a complex ecosystem is unlikely to diminish.

Last updated on 01/12/2021
Content on Ebiquity
Ebiquity – executive interview
TMT | Edison TV | 28 September 2021
Ebiquity – Progress in delivery of strategy
TMT | Update | 27 September 2021
Ebiquity – Building on recovery
TMT | Update | 14 July 2021
View more
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Share price graph
Balance sheet
Forecast net debt (£m) 8.7
Forecast gearing ratio (%) 31
Price performance
Actual 1.0 (13.9) 161.2
Relative* 3.6 (12.1) 129.9
52-week high/low 61.0p/18.4p
*% relative to local index
Key management
Rob Woodward Chairman
Nick Waters CEO
Alan Newman CFO