Ebiquity (AIM: EBQ)

Currency in GBP

Last close As at 25/03/2023


−0.50 (−0.95%)

Market capitalisation


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.




Equity Analyst

Fiona Orford-Williams

Fiona Orford-Williams

Director, TMT

Key Management

  • Alan Newman


  • Nick Waters


  • Rob Woodward


Balance Sheet

Forecast net debt (£m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 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


Digital Marketing and Internet Media Technology Platform


MediaWatch – January 2023


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