Centaur Media is an international provider of business intelligence, learning 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.
Centaur is increasingly focused on providing premium content, training and advisory services and events across its two target markets; marketing and the legal sector. Xeim’s target market is the top 200 companies by marketing spend, where it is working to become more deeply embedded in its clients’ workflows. The Lawyer is targeted at major UK and European law firms and in-house corporate lawyers, where it is enhancing its utility and growing its subscription revenue base.
TMT |
Update
TMT |
edison tv
Colin Jones
Chairman
Longfield, Simon
CFO
Mukerji, Swagatam
CEO
Forecast net cash (£m)
12.4
Forecast gearing ratio (%)
N/A
% | 1M | 3M | 12M |
---|---|---|---|
Actual | 24.4 | 14.6 | 4.1 |
Relative | 21.0 | 9.7 | 2.6 |
52 week high/low | 52.0p/36.0p |
Centaur’s FY23 results marked the end of its MAP23 margin acceleration plan, with the adjusted EBITDA margin more than doubling over its three-year course to 26%, ahead of the original 23% target. This is despite an unhelpful economic backdrop with extended pressure on corporate marketing budgets. Centaur’s strategy for the next period will be outlined on 23 April at a capital markets day, at which time we will extend our forecast horizon to FY25. We expect the new plan to enhance the business model, rather than rethink it. FY23 results were in line with January’s update, with a greater uplift in dividend, putting the shares on a sub-market rating and a premium yield.
Y/E Dec | Revenue (£m) | EBITDA (£m) | PBT (£m) | EPS (fd) (p) | P/E (x) | P/CF (x) |
---|---|---|---|---|---|---|
2022A | 38.4 | 8.1 | 5.9 | 3.0 | 17.0 | 8.0 |
2023A | 37.3 | 9.7 | 7.6 | 4.2 | 12.1 | 7.1 |
2024E | 39.2 | 9.8 | 7.8 | 4.1 | 12.4 | 6.9 |
2025E | N/A | N/A | N/A | N/A | N/A | N/A |