“Edison’s accessible and high-quality research gives us the opportunity to communicate an independent perspective of Tyman to a wide variety of potential stakeholders.”
Currency in GBP
Last close As at 25/03/2023
GBP0.52
▲ −0.50 (−0.95%)
Market capitalisation
GBP61m
Ebiquity is a leading, independent global media consultancy, working for over 70 of the world’s 100 leading brands to optimise their media investments.
The shifting dynamics of the major social media and tech platforms, along with fundamental changes in privacy and data usage make it all the more important that brands and advertisers understand their marketing effectiveness. New channels such as TikTok and Advanced TV and the growth of commerce media increase the need for independent guidance in navigating optimising and benchmarking marketing spend. That need is unlikely to diminish with harsher economic circumstances.
Director, TMT
Alan Newman
CFO
Nick Waters
CEO
Rob Woodward
Chairman
Forecast net debt (£m)
8
Forecast gearing ratio (%)
18
| % | 1M | 3M | 12M |
|---|---|---|---|
| Actual | (8.8) | 8.3 | (5.5) |
| Relative | (4.4) | 7.2 | (4.4) |
| 52 week high/low | 71.5p/43.0p |
Ebiquity’s year-end trading update confirmed that revenue continued to grow strongly in H222, delivering a 20% improvement for the full year, with underlying organic growth of 9%. Management is guiding to an underlying operating margin of 12%, implying that FY22 operating profit will be just ahead of our £8.9m forecast, notwithstanding the slight undershoot on revenue. This improvement in margin reflects the two transformative acquisitions made in the year, adding operational capability and efficiency, and scaling the US reach, as well as the increase of digital in the revenue mix. The shares are priced at a substantial discount to both peers and the group’s long-term average EV/EBITDA multiple.
| Y/E Dec | Revenue (£m) | EBITDA (£m) | PBT (£m) | EPS (fd) (p) | P/E (x) | P/CF (x) |
|---|---|---|---|---|---|---|
| 2020A | 55.9 | 1.8 | (1.3) | (1.9) | N/A | 23.8 |
| 2021A | 63.1 | 6.8 | 4.1 | 2.7 | 19.4 | 6.3 |
| 2022E | 77.0 | 13.6 | 8.1 | 5.3 | 9.9 | 4.1 |
| 2023E | 89.0 | 17.5 | 11.5 | 7.0 | 7.5 | 3.6 |
Get access to the very latest content matched to your personal investment style.
