Last close As at 05/08/2026
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Market capitalisation
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Research: TMT
Ebiquity’s new CEO is to be Nick Waters, joining from Dentsu Aegis on 1 July. His experience both at Dentsu, and previously at Mindshare, should be a good fit, bringing experience of media agencies and working with advertisers. The group is set to issue its formal FY19 results in early May. The COVID-19 update adds further detail to that published last month, with cost saving measures in place. The group had net debt of £6m at end March and has £5m of further headroom in its borrowing facilities. The earnings outlook depends to an extent on advertiser behaviour over the remainder of the year. In the absence of management guidance, our forecasts are currently suspended.
Ebiquity |
New CEO announced |
CEO appointment |
Media |
23 April 2020 |
Share price performance
Business description
Analysts
Ebiquity is a research client of Edison Investment Research Limited |
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Ebiquity’s new CEO is to be Nick Waters, joining from Dentsu Aegis on 1 July. His experience both at Dentsu, and previously at Mindshare, should be a good fit, bringing experience of media agencies and working with advertisers. The group is set to issue its formal FY19 results in early May. The COVID-19 update adds further detail to that published last month, with cost saving measures in place. The group had net debt of £6m at end March and has £5m of further headroom in its borrowing facilities. The earnings outlook depends to an extent on advertiser behaviour over the remainder of the year. In the absence of management guidance, our forecasts are currently suspended.
Year end |
Revenue (£m) |
PBT* |
EPS* |
DPS |
P/E |
Yield |
12/17 |
64.2 |
7.9 |
6.2 |
0.71 |
4.2 |
2.7 |
12/18 |
69.4 |
5.2 |
3.5 |
0.71 |
7.4 |
2.7 |
12/19e |
68.7 |
5.3 |
4.1 |
0.71 |
6.4 |
2.7 |
Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.
Since the departure of the previous CEO in late 2019, the group’s CFO and COO, Alan Newman, has been acting CEO. When Nick Waters arrives on 1 July, Alan will revert to his previous roles. Nick brings extensive experience in the media and agency sectors, having worked for over 20 years in various roles at Dentsu Aegis (most recently as executive chairman, UK & Ireland, previously CEO of Asia Pacific) and before that at Mindshare. This gives him sound credentials to be dealing with both agencies and senior management at clients.
Operationally, staff are working from home globally, with those based in China now returned to their offices. The group is conserving cash through 20% senior management and executive salary reductions, and taking advantage of furlough and government support schemes where available and appropriate. Dividend payments are also on hold. As at end March, the group had £13m of cash and £19m of debt, with further facilities of £5m available.
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Research: Financials
Scherzer & Co’s (PZS) NAV closed FY19 almost flat y-o-y, lagging the broader market recovery over 2019. On the other hand, the rapid sell-off amid the coronavirus lockdown drove Q1 NAV down by 26% by end March, in line with main DAX indices. In FY19, PZS reported an 88% y-o-y lower result on financial instruments and 36% y-o-y lower income from dividends, which led to a net loss for the period of €8c per share. We note that PZS is focused on lesser-known stocks, which may take time to unlock value. A potential NAV kicker may come from its €139m (as at end-March 2020) portfolio of extra compensatory claims (ECS).