Share Name Share Symbol Market Type Share ISIN Share Description
Conduit Holdings Limited LSE:CRE London Ordinary Share BMG243851091 COM SHS USD0.01 (DI)
  Price Change % Change Share Price Shares Traded Last Trade
  -3.50 -0.87% 400.50 29,684 10:19:31
Bid Price Offer Price High Price Low Price Open Price
399.00 400.50 406.50 399.00 406.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Nonlife Insurance 0.15 -3.38 -2.19 662
Last Trade Time Trade Type Trade Size Trade Price Currency
10:23:48 O 3,100 400.125 GBX

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Conduit Daily Update: Conduit Holdings Limited is listed in the Nonlife Insurance sector of the London Stock Exchange with ticker CRE. The last closing price for Conduit was 404p.
Conduit Holdings Limited has a 4 week average price of 397.50p and a 12 week average price of 397.50p.
The 1 year high share price is 568p while the 1 year low share price is currently 397.50p.
There are currently 165,239,997 shares in issue and the average daily traded volume is 540,171 shares. The market capitalisation of Conduit Holdings Limited is £661,786,187.99.
pixtel: Anyone know why this has slipped below the IPO price? Bermuda corporate tax rate pressure maybe?
riverman77: Yes, targeting a 5-6% dividend payout from this year. If they deliver 15% ROE, coupled with a rise in the price/book value, you could see a very decent return over next 2-3 years. Should also be largely uncorrelated to the wider market/economy which is another attraction.
rivaldo: Cheers QS99. This analyst comment below backs up my thoughts that 125p is an absolute steal - the usual industry multiple would be 50% higher than this, equating to a price of around 180p. Perhaps we may yet get further action here. DBAY are an "investment value advisor" - I daresay if someone else came in with a decently higher offer they wouldn't be averse to taking the money and running: "1001 GMT Shares in Creston jump 31% to 123p after the advertising and public relations company agreed to be bought by funds controlled by its shareholder, the investment management company DBAY Advisors for 125p a share. The price, which values the company at GBP75.8 million, equates to an enterprise value of around 5.5 times Ebitda, which is well short of the "reasonable industry multiple" of 8 times Ebitda, says N+1 Singer analyst Jonathan Barrett. Has a buy rating and 135p target price."
madengland_: Riv, more a long term comment.....take a look at Cre share price over the last dozen years or so. Yeah today ok, far from impressive but ok. Anyway I'm not in, I just watch the stick as a small hobby having had years of disappointment. I actually got in just after the reverse takeover so for a few years made good money. Anyway all the best
rivaldo: New note from Edison - they keep forecasts unchanged at 12.1p EPS with a 4.6p dividend. They also forecast a £4.2m cash pile at the end of this period. Hopefully CRE will be on the acquisition trail soon.... Http://www.edisoninvestmentresearch.com/research/report/creston18/preview/ "Valuation: Continued discount When compared with agency peers, Creston’s shares are trading on a discount of more than 30% on an annualised 2016 EV/EBITDA basis at 5.1x. A DCF under varying conservative assumptions on WACC and terminal growth rates also indicates a share price in a range of 114p to 130p. With a (comfortably covered) dividend, the yield is well in excess of market and sector levels. DBAY Advisors, which is represented on the board, holds 28.0% of the equity, with Artemis holding a further 15.6%."
rivaldo: New note from Edison: Http://www.edisoninvestmentresearch.com/research/report/creston17/preview/ They go for: this year : 12.1p EPS, 4.6p dividend next year : 12.3p EPS, 4.8p dividend They also have CRE with a £4.2m cash pile at this year end, moving up to £7m the next year end: "Creston’s full year results exceeded the expectations that had been set in January, with constant currency like-for-like revenues and headline PBT flat on the prior year. The group is making good progress in leveraging its Unlimited group branding, with an increasing number of clients working with several group agencies. Good cash conversion has led to a higher year-end cash position – there is no debt, enabling a progressive dividend (up 5% year-on-year) on a yield well ahead of sector and market. The shares trade on an unjustifiably large discount to peers and market." "Valuation: Substantial discount When compared with agency peers, Creston’s shares are trading on a discount of over 50% on an annualised 2016 EV/EBITDA basis at 4.5x. A DCF under varying conservative assumptions on WACC and terminal growth rates also indicates a share price in a range of 120p to 130p. With a (comfortably covered) dividend, the yield is well in excess of market and sector levels. DBAY Advisors, represented on the board since February by Iain Ferguson (ex-Havas), has taken advantage of the lower price and increased its shareholding to 28.1%."
rivaldo: Big kudos for CRE just announced Http://www.thedrum.com/news/2016/04/28/ipg-group-and-creston-named-holding-companies-year-rar-awards "28 April 2016 - 10:49pm | posted by Stephen Lepitak IPG Group and Creston named Holding Companies of the Year at RAR Awards InterPublic Group (IPG) and Creston have been named as the Holding Companies of the Year in their individual categories by the Recommended Agency Register (RAR) Awards 2016. IPG was named as Holding Company with £1bn + Turnover while Creston won the corresponding category with less than £1bn Turnover.... ...The RAR awards are based on client recommendations and reviews of their agencies, with satisfaction scores used as a measurement for success. Client ratings are collected for criteria such as creativity, effectiveness, strategic thinking, client service, etc. Said Steve Antoniewicz; MD of the RAR: “The response from agencies and brands this year has been incredible. The finalists and winners deserve huge credit for their achieving superb levels of performance and satisfaction for their clients. “These awards continue to be a real indicator of the most trusted agencies, not just in the UK but now internationally. Congratulations to everyone and special mention to our Grand Prix winners and to IPG and Creston who have proved a high level performance right across their groups.”"
rivaldo: New note from Edison - they go for 12.4p EPS this year, with a 4.4p dividend. Good to see CRE back in a £1m net cash position too: Http://www.edisoninvestmentresearch.com/research/report/creston16/preview/ Extracts: "Strong cash performance Creston’s brief year-end trading update indicates that FY16 revenue and earnings figures will be in line with indications given in January and our expectations. However, the cash performance is significantly better than we had anticipated at over £1m. FY17 should benefit from more focused recent attention to overhead management after the less consistent trading in H216, with no trading improvement currently factored in. The valuation remains at a significant discount to other smaller marketing agencies and the shares carry a premium yield on a well-covered dividend." "Valuation: Significant discount The combination of a lower share price and the better cash position means that Creston’s EV has reduced since our last note in January, increasing the discount to the agency sector on which the shares trade. Its valuation now stands at 5.6x CY15 EV/EBITDA, a 34% discount to the marketing services sector; a 32% discount a year further out. DBAY Advisors, represented on the board since February by Iain Ferguson (ex-Havas), has taken advantage of the lower price and increased its shareholding to 28.0%."
rivaldo: With DBay and Artemis now owning 40% between them I suspect CRE may become a bid target before too long given their fantastic - and longstanding - blue chip client base. Forecasts have now settled at consensus of: year ending soon (31/3): 11.1p EPS, 4.3p dividend next year : 11.95p EPS, 4.55p dividend News of a new partnership: Http://www.thedrum.com/news/2016/02/02/creston-agrees-partnership-ariadna-group-helping-it-grow-latam "2 February 2016 - 10:41am | posted by Stephen Lepitak Creston agrees partnership with Ariadna Group helping it grow into LatAm Creston Unlimited and Latin America-based Ariadna Holding Group have agreed a partnership to allow both to grow their international standing. The agreement between the two marketing communications groups will enable them to make the most of each other's local expertise for existing clients across the UK, US and Latin America, with joint pitches being enabled across global opportunities. Creston Unlimited, which owns agencies such as Nelson Bostock and TMW, shares major clients such as Diageo, Nissan, Toyota and Unilever with The Ariadna Group already. The pair also hold relationships with German network Serviceplan as well. Barrie Brien, chief executive of Creston’s Group, reiterated the partnership lets the company grow into the Latin American region and said that it was "thrilled". Juan David Pinzon, Ariadna Holding Group’s president and chief executive , added: “After a successful European partnership with Serviceplan, we’re extending our service offering across the UK and US with Creston Unlimited. As a specialist in Latin American marketing, this enables us to take our most successful campaign ideas global. With a similar dedication to unlocking the power of technology to meet client challenges, Creston Unlimited is the natural partner for Ariadna.” The Ariadna Group, which offers a range of marketing services such as creative, media, tech and strategy, was founded in 1999 and has 350 staff across 10 countries. Last week, Creston announced a number of new client wins within the group, including contracts with Vodafone, British Airways and Weetabix. "
rivaldo: Interesting article about CRE and their new acquisition: Http://www.thedrum.com/opinion/2015/06/17/crestons-18-feet-rising-investment-and-medium-sized-growth-problem-marcomms "'New biz' pitches are of course an essential part of agency life, but are becoming increasingly time-consuming for the bigger accounts, and can be costly if the pitch isn’t successful, which could be a problem for a medium-sized group like Creston. But pitching for a big new account is difficult if you haven’t got the scale, and you can’t get the scale without either significant new biz wins, or costly acquisitions… it’s a classic vicious circle. One way round this, however, is to buy a stake in another company rather than the whole thing outright – this not only creates scale without excessive leverage, but also buys new clients, expertise and influence, and of course you can always up your stake later. And this is exactly what Creston did last week. Creston shelled out £1m (of which 50 per cent will be invested in the business) for a 27 per cent minority stake in highly-rated London creative agency 18 Feet & Rising, which has the likes of Skoda, Allianz, Nando’s and House of Fraser on its books. Not only does the deal give Creston more scale, and access to that enviable client book, it also allows all its agencies to make use of 18 Feet’s much-awarded creative team, and its expertise in above-the-line advertising (something the group hasn’t had since it disposed of DLKW five years ago). And, backed by Creston’s resources, 18 Feet can continue the remarkable growth it has shown since it was set up in 2010 without having to borrow. Late last year the agency lost one of its biggest accounts, Nationwide, to VCCP, so it would have spent the past few months casting for something to replace the lost income; although it should be said that the business looks in pretty good shape: for the financial year ended 31 December 2014, 18 Feet & Rising grew revenue by 24 per cent to £2.7m. The deal is being marketed as a partnership (Creston is very fond of partnerships – in the last month or so it has announced tie-ups with trends consultancy the Future Foundation; US digital healthcare specialist Propeller; and The Digital Consultancy, the last of which will see the two companies collaborating on pitching opportunities), so 18 Feet will be rebranded as 18 Feet & Rising Unlimited when it is pitching with Creston, or when it is working on shared business like Allianz. Whilst Creston only holds a minority stake, the fact that it has more than 25 per cent will allow it to block special resolutions – things that govern changes to shareholding, sale, additional investment, etc (unless there has been a specific agreement to the contrary), so effectively Creston does have a degree of ultimate control over certain decisions, which may be uncomfortable for the majority shareholders. However, this situation can work well for both parties; whilst Creston (may) have effectively locked in 18 Feet as part of the Creston Group as there will be a very limited market for the remaining 73 per cent given the founders may not be able to offer control to another buyer, on the other hand 18 Feet will continue to ‘feel’ like an independent, but have the comfort of a strategic investor whose interests are aligned as equity owners (unlike banks, who are only interested in getting their money back). Everyone’s a winner? Without knowing the nitty-gritty of the deal we can’t say for sure, but it certainly looks as though both parties will benefit operationally and financially and I would like to think careful planning around this deal has meant both sides’ interests are aligned. "
Conduit share price data is direct from the London Stock Exchange
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