“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
GBP0.49
▲ −1.50 (−2.97%)
Market capitalisation
GBP74m
Centaur Media is an international provider of business information, training and specialist consultancy. Its Xeim and The Lawyer business units serve the marketing and legal sectors respectively and offer customers a wide range of products and services targeted at helping them add value.
The marketing sector continues to undergo disruptive transformation which provides a fertile backdrop for demand for B2B market intelligence. With increasing penetration of digital solutions, employee skill sets need constant enhancement through training. The need for comprehensive and timely market intelligence also supports demand at The Lawyer, which continues to build its market presence and pursue further growth opportunities, particularly with the major UK and European law firms and in-house corporate lawyers.
Director, TMT
Colin Jones
Chairman
Longfield, Simon
CFO
Mukerji, Swagatam
CEO
Forecast net cash (£m)
12.8
Forecast gearing ratio (%)
N/A
| % | 1M | 3M | 12M |
|---|---|---|---|
| Actual | (7.6) | 27.3 | 2.1 |
| Relative | (3.1) | 25.9 | 3.2 |
| 52 week high/low | 54.5p/38.5p |
Centaur’s FY23 MAP23 targets of £45m in revenue and an EBITDA margin of 23% look demanding but achievable, coming off good FY22 revenue growth of 6% and a notable step-up in adjusted EBITDA margin, from 16% to 20%. Management is focused on building the higher-quality repeat and recurring revenue streams, with the provision of premium content across Xeim and The Lawyer and Training & Advisory within Xeim at the core. Centaur is inherently highly cash generative and management announced an additional special dividend of 2.0p with the FY22 figures, coming soon after February’s 3.0p special dividend, post an accumulation of balance sheet cash beyond the level needed to support the existing business and the investment required to support the anticipated growth.
| Y/E Dec | Revenue (£m) | EBITDA (£m) | PBT (£m) | EPS (fd) (p) | P/E (x) | P/CF (x) |
|---|---|---|---|---|---|---|
| 2021A | 39.1 | 6.4 | 3.0 | 1.9 | 25.8 | 11.1 |
| 2022A | 41.6 | 8.5 | 5.2 | 2.6 | 18.8 | 8.3 |
| 2023E | 45.0 | 10.2 | 6.4 | 3.2 | 15.3 | 7.1 |
| 2024E | 47.7 | 10.9 | 6.9 | 3.9 | 12.6 | 6.6 |
Get access to the very latest content matched to your personal investment style.
