The Mission Marketing Group

LN: TMMG

£66.5m market cap

74p last close

The mission provides a full range of integrated and specialist marketing communications services to local, national and international clients from a network of offices across the UK, Asia and the US.

Investment summary

Themission’s FY18 results were in line with the trading update, with good top-line growth (buoyed by the Krow acquisition), higher operating margins and a balance sheet strengthened by the £3.0m profit on the sale of BroadCare in November. Cash flow should comfortably cover future earn-out commitments. The appointment of James Clifton (of in-house agency bigdog) as group CEO should help to drive further collaboration across the 28 offices, with more cross- and up-selling to the low-churn, blue-chip client base. The valuation remains at a sizable discount to peers.

Sector
TMT
Share price graph
Balance sheet
Forecast net debt (£m) N/A
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 20.0 33.3 59.2
Relative* 15.5 22.2 58.8
52-week high/low 78.0p/46.0p
*% relative to local index
Key management
Peter Fitzwilliam CFO

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