Market Cap£57m

Last Close 49p

Ebiquity is a leading, independent global media consultancy, working for over 70 of the world’s 100 leading brands to optimise their media investments.

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Investment summary

Ebiquity has delivered strong first half results, with 7% organic revenue growth boosted to a 16% gain including acquisitions. An increasing proportion of revenues from the higher-margin digital media solutions and rigorous control of costs in the existing business drove a substantial uplift in underlying operating margins from 7.1% in H121 to 13.3% in H122. Full year results are expected to be in line with market expectations and we have reinstated FY22 and FY23 forecasts including the H122 acquisitions. The shares have outperformed peers and the sector, but the valuation remains at a discount.

Y/E Dec
Revenue (£m)
PBT (£m)
EPS (fd) (p)
P/E (x)
P/CF (x)
2020A 55.9 1.8 (1.3) (1.9) N/A 111.7
2021A 63.1 6.8 4.1 2.7 18.1 5.1
2022E 77.0 13.6 8.1 5.3 9.2 38.2
2023E 89.0 17.5 11.5 7.0 7.0 5.2
Industry outlook

Google’s withdrawal of support for third-party cookies from FY23 and increased regulatory scrutiny of privacy considerations mean that the digital media ecosystem is both extremely complex and in transition. The need for advertisers to be guided to navigate, while optimising and benchmarking their spend, is unlikely to diminish, with harsher economic circumstances also driving greater emphasis on the return on spend.

Last updated on 28/09/2022
Content on Ebiquity
Ebiquity – Strong uplift in operating margin
TMT | research Update | 28 September 2022
Ebiquity – FY21 results, acquisitions and placing
TMT | research Flash note | 1 April 2022
Ebiquity – Margin boost from digital media solutions
TMT | research Update | 1 February 2022
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Share price graph
Balance sheet
Forecast net debt (£m) 8
Forecast gearing ratio (%) 18
Price performance
Actual (9.3) (3.9) (15.5)
Relative* (3.2) 1.5 (10.8)
52-week high/low 71.5p/49.0p
*% relative to local index
Key management
Rob Woodward Chairman
Nick Waters CEO
Alan Newman CFO