The MISSION Group (AIM: TMG)

Currency in GBP

Last close As at 26/05/2023

GBP0.51

1.00 (2.02%)

Market capitalisation

GBP45m

The MISSION Group is a collective of integrated and specialist creative agencies, employing 1,150 people in the UK, Europe, Asia and the US.

Sector

TMT

Equity Analyst

Fiona Orford-Williams

Fiona Orford-Williams

Director, TMT

Key Management

  • James Clifton

    CEO

  • Peter Fitzwilliam

    CFO

Balance Sheet

Forecast net debt (£m)

N/A

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (6.6) (3.9) (15.4)
Relative (10.7) (3.9) (18.1)
52 week high/low 68.5p/42.0p

Financials

The MISSION Group’s FY22 results are in line with the year-end trading update at the operating income level and a little ahead at the headline PBT and EPS level. Organic revenue growth of 6% was boosted to +10% by acquisition, with a headline operating margin of 10.9%, a shade behind the prior year figure of 11.1% reflecting well-documented cost pressures. The group has been extending its offering through acquisition and organic growth, with a particular focus on data, digital and social media. Management aspires to reach £100m of operating income by FY25, with margin improvements as it reaps the benefits of scale. FY23 has reportedly started well, with further new client wins. The shares continue to trade at a substantial discount to peers, which we regard as overstated.

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2020A 61.5 3.1 1.2 1.0 49.5 3.8
2021A 72.5 9.1 7.5 6.5 7.6 7.8
2022E N/A N/A N/A N/A N/A N/A
2023E N/A N/A N/A N/A N/A N/A

Thematics

TMT

MediaWatch – April 2023

Digital Marketing and Internet Media Technology Platform

TMT

MediaWatch – January 2023

Consumer

IPO apocalypse

TMT

ESG, moving beyond the box tick

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