|Euromoney Institutional Invest.
||EPS - Basic
||Market Cap (m)
Euromoney Institutional Invest Share Discussion Threads
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|Underlying Subscription revenue growth appear to have stabilised as expected with sub 1% in Q2 being followed by +1% Q3. At the group level both underlying and reported growth was -1% reflecting the weakness in advertising (-14%) and lower delegate revenues (partly driven by training course terminations), but offset by healthy Sponsorship growth (+9%). At the Interims stage the Company showed that its indicators showed a path of stabilisation in subscriptions and possible improvement later in the year. At this stage there appear to be too many caveats to be confident given BREXIT impact potential and the uncertainty around trading in ERM’s largest month (September).
Update from Singers Https://www.research-tree.com/Company/GB0006886666|
|Euromoney issued a resilient pre-close trading update this morning ahead of the announcement of its results for H1 2013.
Global financial institutions continue to make cuts in staff numbers which reduces the potential readership of the Company's specialist financial, commodity and metals online publications. Revenues for H1 2013 are therefore expected to show a fall of 1%, largely down to timing differences on events. Subscription income, which now makes up a majority of revenues, is expected to remain unchanged.
Despite stagnant sales, pre-tax adjusted profits are expected to be up almost 5% at £51m but this might well prove too conservative. Last year's trading statement estimated H1 2012 pre-tax profits at £47m but the actual number came in at £48.6m, suggesting pre-tax profits for H1 2013 may come in just shy of £53m.
Euromoney is a quality franchise, generating operating margins of 29.9% and adjusted returns on total tangible assets of 56%. Companies generating high returns on tangible assets tend to be very cash generative as less need be spent replacing physical assets. Additionally, over half of Euromoney's revenue comes from subscription income which is paid in advance. The Company can leverage its strong free cashflow to finance acquisitions without recourse to shareholders for new money.
So even if the economic environment remains challenging, Euromoney should be able to continue to grow EPS. In fact, since the onset of the financial crises in 2008, EPS will have risen by nearly 61% by September 2013 (based on consensus forecasts for 2013).
The Company trades on a rolling 12 month P/E multiple of 12.8 and a price to free cashflow multiple of just 10.8. This seems too cheap given the downside risks are mitigated by subscription income, its strong free cashflow funds earnings enhancing deals and any global economic recovery will likely boost flagging advertising revenues and further build subscription income.|
|Looking Up For Euromoney
EUROMONEY BUOYED BY ONLINE MIGRATION
Euromoney Institutional Investor, the international publishing and events group, says it is successfully migrating to online offerings as subscription growth outpaces advertising decline.
The company, which publishes Euromoney and Metal Bulletin, saw revenues in the six months to the end of March increase by 13% over the prior year to £189.4m. Underlying revenues, excluding acquisitions, increased by 5%.
Headline subscription revenues (including acquisitions) increased by 22% and accounted for 53% of the group's revenues for the period compared to 49% in the prior year. This is crucial, Euromoney does not want to be caught relying on print advertising revenues which dropped 9% during the half year.
Underlying subscription revenues (excluding acquisitions) increased by 7%, while the adjusted operating margin was unchanged at 30%.
Advertising revenues fell 9% on the prior year to £24.9m
The company makes great play of net debt now at £88.5m, below annual underlying earnings and providing headroom for more acquisitions, which Euromoney makes clear is a key part of its strategy.
Commenting on the first half results, Chairman Padraic Fallon said: "The company delivered strong organic growth, as well as the benefits of acquisitions. Research and data revenue growth of 33% highlights the group's progress to an online information business.
"The outlook for financial markets still looks tough, particularly in the Eurozone. In contrast, sentiment in US markets is improving, and emerging markets remain in reasonable health as measures to control inflation in key markets such as China appear to be working. Overall trading remains in line with the board's expectations."
The shares were flat in early trading but have risen 17.7% so far this year.
Here's a couple of links about SCLP, one of the hottest stocks at the moment:
|shoee. AGM is tomorrow, which explains price action today. Market expecting a positive update.|
|Yes in these from 630, was wondering when the next t/s or results are out. looks like it has wound down for a move|
|any one in these ? I bought a few end last year. Seems to be a good company though stuck at 700|
|This from last month points to some doubt about whether growth in the 4th quarter will be so strong.|
|on the way to £7....|
|Wow, there's your £6 QS9. But shhh! Keep quiet. We seem to do best when you're asleep!|
|Good update, what do you think QS9, pretty good QS9.....whistles.....|
|nice rise since my first post, looks even more +ve IMO now, with broker TP over £6 on recovery factor....anyone else in?|
|Any reason for the slight fall?|
|Blue in a sea of red, any reason?|
|lol. all the names above are the same person in different guises.|
|BusinessWeek Could Sell for $1
With plunging advertising revenue across the industry, McGraw-Hill is reportedly putting BusinessWeek up for sale. The company said only that it is exploring "strategic options" for the magazine so far, but according to sources cited in Bloomberg, The New York Times and The Wall Street Journal, investment bank Evercore Partners Inc., has been hired to facilitate the sale.|
|up she goes|
|Going to 250p ?|