“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 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.
Director, TMT
James Clifton
CEO
Peter Fitzwilliam
CFO
Forecast net debt (£m)
N/A
Forecast gearing ratio (%)
N/A
| % | 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 |
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 |
Get access to the very latest content matched to your personal investment style.
