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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Public Policy Holding Company Inc. | PPHC | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 3.00 | 2.23% | 137.50 | 14:24:33 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 134.50 | 134.50 | 138.50 | 137.50 | 134.50 |
| Industry Sector |
|---|
| MEDIA |
| Top Posts |
|---|
Posted at 11/6/2024 16:16 by red ninja Covered by Investor's Champion tip website :-Flying under the radar with a big dividend Public Policy Holding (AIM: PPHC), the government relations and public affairs group, which arrived in AIM in December 2021 has made its first acquisition in the UK. Established in 2014, PPHC is a leading bi-partisan, full-service US government affairs business. It operates a portfolio of independent firms offering public affairs, crisis management, lobbying and advocacy services on behalf of corporate, trade association and non-profit client organisations. Clients engage PPHC to enhance and defend their reputations, advance policy goals, manage regulatory risk, or otherwise engage with US federal and state-level policy makers, stakeholders, media, and directly to the public at large. It is acquiring Pagefield Communications Limited, a premier London-based strategic communications and cross-party public affairs advisory firm, for an initial consideration of £16.2m. Until now, PPHC's nine operating companies have been solely based in the US, although its c.1,200 clients - including nearly half of the Fortune 100 – have operations around the world. Alongside organic growth, as outlined at the time of its IPO in December 2021, PPHC has been targeting acquisitions within the key political capitals of London and Brussels, as well as more US states, in order to broaden its geographic reach and policy expertise. Since IPO, PPHC has acquired three businesses in the US, with Pagefield becoming its first international acquisition and the 10th brand to sit under the Group umbrella, which encourages the cross-selling of services between operating companies to augment organic growth. The initial consideration of £16.2m has been funded 93% (£15.1m) in cash and 7% (£1.1m) through the issue of new shares in PPHC to the shareholders of Pagefield. A cross-party consultancy, Pagefield helps clients navigate the UK's complex legislative and regulatory environment and is known for high-level reputation, issues management and strategic communication campaigns. Pagefield's clients include some of the world's premier brands, established listed companies, fast-moving start-ups and challengers, inspiring charities and individuals. For the year ended 31 December 2023, Pagefield recorded net revenues of £6.0m, growing at an average rate of 10% for the past three years and profit before tax of £2.3m, an attractive 38% margin. The initial consideration assumes a c9.5x post-tax acquisition multiple, which looks quite reasonable. In addition to the initial consideration, a further earnout payment could be made after the end of 2025, capped at £6.3m. Following the acquisition, the effective debt position of the Group will be approximately $35m, which management considers to be a conservative level relative to its reported operating cash flow of $21.6m. PPHC share price has climbed over recent months to 126 pence, but still remains down on the IPO price of 135 pence. The house broker has updated estimates for the impact of the acquisition. Forecasts for the year ending December 2024 are for revenue of $154.8m, underlying pre-tax profit of $35.3m and underlying earnings per share of 22 cents/17 pence. At the current 126 pence share price that makes for modest 7.5x earnings multiple, however, significant share-based payments are excluded in calculating the underlying numbers. Conversely the Group does not classify acquisition costs (such as advisor fees) as a non-underlying item, which impacts profits. As usual, the cash flow provides far better financial picture. Forecast free cash flow of approx. $22m/£17m for the year ending December 2024, is a free cash flow yield of 9.6% based on the enterprise value of £177m (Market cap £150m + current net debt £27m) December year end net debt (excluding leases) is estimated to be $21.4m. The forecast dividend of 14.6 cents/11.4 pence is a dividend yield of 9%. |
Posted at 30/5/2024 12:46 by gsbmba99 Zeus has been appointed as a joint corporate broker and this morning they initiated coverage in a note available to subscribers of Research Tree. Hopefully Zeus will be able to attract a bit of additional interest. A brief snippet:"Public Policy Holding Group (PPHC) controls nine complementary lobbying and public relations advisory businesses in the US, with a compelling growth strategy including M&A into the UK and/or the EU. In our view, PPHC has high quality revenues, good organic growth (supported by structural market trends), an active M&A pipeline in a fragmented market, and attractive EBITDA margins, free cash generation and dividend distributions (60%+ payout ratio). Our DCF-based valuation estimate is 230p per share (83% upside), with future M&A providing further potential value. Due to its market leadership position in US lobbying, its growth strategy, and a peer-group-leading dividend yield of 9.2%, we believe the risks are skewed to the upside." |
Posted at 09/4/2024 12:29 by thebd11 Seems a little more interest in this name now, so thought might be worth creating a chat.I worked on the float of this when I was at Stifel. Absurdly cheap and VERY healthy dividend yield. Nice to see it get a tip in the Mail over the weekend.... Not perhaps the most exciting for a retail punter but c.10% yield, leave it for a while and it'll just keep ticking over. Solid add to any portfolio IMHO |
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