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Share Name | Share Symbol | Market | Stock Type |
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National World Plc | NWOR | London | Ordinary Share |
Open Price | Low Price | High Price | Close Price | Previous Close |
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13.50 | 13.50 | 13.50 | 13.50 | 13.50 |
Industry Sector |
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SOFTWARE & COMPUTER SERVICES |
Announcement Date | Type | Currency | Dividend Amount | Ex Date | Record Date | Payment Date |
---|---|---|---|---|---|---|
16/03/2023 | Final | GBP | 0.005 | 01/06/2023 | 02/06/2023 | 05/07/2023 |
Top Posts |
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Posted at 06/2/2024 22:15 by red ninja Downing Strategic Micro. Cap. I.T. Is closing down and is selling of it’s holdings including NWOR. The managers are incentivised to sell stocks sooner. |
Posted at 15/12/2023 17:15 by red ninja Market seems to be worried about NWOR given that the share price has sunk.However, in the July results they stated :- " Full year expectation unchanged with projected revenue increase on 2022" although admittedly they made a couple of acquisitions to keep to the growth plan on track. Last year there was a trading update on the 17th Jan so maybe not to long to wait for news. |
Posted at 18/10/2023 06:48 by tole Downing's MacKenzie spies a good news story at National WorldMultimedia company National World (NWOR) has made two acquisitions that could boost revenues to more than £100m, says Downing fund manager Judith Mackenzie.MacKenzie holds the stock in her £27m Downing Strategic Micro Cap (DSM) investment trust, and in her most recent update said the company had been a major contributor to returns in September.'National World reported the acquisitions of Midland News Association (MNA) and Press Computer Systems (PCS),' she said.'MNA adds a significant independent regional print title with a daily circulation of over 20,000 papers. PCS adds software-as-a-servic |
Posted at 04/11/2022 12:45 by red ninja It makes you wonder what the chance of NWOR acquiring REACH is given the disparity in market caps. and the likelihood that REACH shareholders will presumably be looking for a significant premium to the current share price.Added later :- Fridays Times had an article on the possible Reach offer had snippet :- "A source who knows Montgomery told the Times that National World was prompted to make a statement after speculation, but it's interest in Reach was at an early stage. 'It is almost off the scale.'" Thus, it doesn't really sound that any sort of offer is imminent. |
Posted at 03/11/2022 19:26 by abergele This certainly is a sleepy share, has nobody seen the news yet tonight..where will this lead NWOR to..gl all lth's |
Posted at 28/10/2022 20:09 by red ninja Judith Mackenzie (Downing) on NWOR on Vox Markets : minute 21:54 |
Posted at 29/7/2022 19:58 by red ninja Downing Strategic Micro Cap I.T on NWor in February investor letter (they mention 3 key names in Nwor):-Just after January month end, we added NATIONAL WORLD (NWOR), an illiquid and under‐the̴ (now Reach). David and Vijay worked closely together on prior venture Local World, formed in 2013, which acquired certain regional news assets and subsequently exited these to Reach in 2015, increasing equity value by 289% in the process. The story has several contrasting elements. Namely, declining print married with growing digital; transitioning ad revenues to subscriptions; and organic complemented by inorganic growth. These are all at early stages, but management have begun putting the foundations in place to build a valuable and scalable multi‐platform publishing business. The JPI Group assets constituted the third largest regional newspaper publisher in the UK. NWOR has taken control of established heritage titles such as The Scotsman and the Yorkshire Post and has since launched several regional ‘World Sites’ and a new online national ‘NationalWorld liabilities and fixed costs and assets tied to printing activities which are a millstone around many other legacy‐publish Ad‐supported businesses and subscription‐s will not work for others. But through data and tracking, management will be able to target users with different content and introductory or renewal rates and this should improve conversion. Much is achieved from trial and error and that requires the right infrastructure to deliver effectively over many users. The transition won’t happen overnight, but this is not a bad thing since the print titles are highly cash generative, and more time will allow management to get the reinvestment right. Early signs are positive with digital ad revenues, page views, and digital subscription revenues growing strongly. The size of the prize in digital is significant since we think that print operating margins of around 10%, will be replaced by digital operating margins which are much higher. This obviously depends on scale, but since there is basically zero incremental cost to serve a digital audience, and the cost base is fixed (versus print cost bases which are high and variable), we think that there is a pathway to 20‐30% operating margins here. Digital is alsoadvantageous since the potential audience is much larger. The New York Times has already achieved more than 6x as many digital subscribers than their peak print circulation since digital content can be consumed anywhere in the world. National World’s own title, The Scotsman, is gaining traction in regions which the print copy couldn’t access, and in August reached a record 19.5 million page views. This investment is not without risk. But the heavy lifting in declining print to ‘variablise creation here. Peers such as Reach are more expensive, more complicated, and run a considerably more capital‐intens NWOR’s cash is likely to be deployed into print assets at low valuations, or digital assets at higher valuations. Or, as we expect might be the case, a mix of both. In all scenarios, there is reasonable expectation of multiple and earnings expansion and a share price materially above where it is today. The current valuation must be viewed alongside a business with declining print revenues, but we still think this is particularly cheap given earnings should still grow through a combination of digital transition and continuous cost savings. If management can’t find a transaction, then the business probably accumulates its market cap in net cash before the end of the decade. In our opinion, that is not a terrible downside. Like Local World, we expect that an exit is the most likely route to value crystallisation. This could be to private equity looking for a cash generative stand‐alone asset, or an international print publishing group looking for an established and scalable digital platform to leverage their existing titles. Timing is uncertain, but we do expect this will be a longer journey than management’s previous venture. We think that there are two key aspects to creating a strategically valuable enterprise here. The first is obviously the content itself – digital must be growing, profitable and have intrinsically valuable inventory, with the bonus of a highly cash generative print business in run‐off. The second is the digital infrastructure. We think that any buyer would be looking for a well‐structure which could be used as a vehicle to continue consolidating the space in the UK and internationally. |
Posted at 26/5/2022 07:40 by babscabs NWOR National World in line update today .Share prices has been drifting continuously lower down to a remarkable 20p level valuing the company circa 40 million . Deduct cash of 21.5 million gives 18.5 million . In line profits of circa 8-9 million gives PE of a crazy 2 . Unlike Reach no pension deficit, It is to quote my old FD “clean as a whistle” . It has great titles and a strong team and is not a declining business . Looks like an anomaly to me but I was saying that at 30p ! |
Posted at 08/4/2022 11:35 by red ninja Share had a snippet on NWOR today from a piece on micro cap funds :-"National World (NWOR), an ‘illiquid and under-the-radar company trading at the bottom end of the main market’ according to MacKenzie. ‘National World was a reverse into the regional publishing assets of the old Johnston Press. The management team are top calibre, with experience seldom found in £70 million market caps." |
Posted at 16/12/2021 21:51 by opaldouglas Sphere - mainstream brokers really do provide a dreadful services for pricing with illiquid small caps.My current take: RCH, NWOR and most aim small caps, what a conundrum at the moment! I severely reduced my aim exposure at the end of summer. Central bank policy tightening/rate rising environments into slowing growth aren't usually a good combination. Ala, big is beautiful whilst small caps without pricing power do struggle. That being said, consumers are in rude health, growth is slowing but from a high "covid money giveaway" watermark and nobody seriously thinks the FED has the means to raise rates to a meaningful level, well certainly not mr bond market! Easy winners on Aim have come and gone and it's not really a stock pickers market in my eyes, that being said I'm still positioned mainly via funds, etfs and long/short strategies at the moment with only a handful of stocks. Looking at NWOR, momentum from h1 has continued and full year results will provide some much needed meat on the bones. Revs are ahead and pretty much where I forecast previously, with info released to date we're looking at circa £12.5m gross profits, with an additional 3.5m of cost savings (could be more as indicated in trading statement), although I think the full 4.2m will flow through into next year. 2m digital capex, 4m restructuring and say another 2m property early exit fees (might land in next years accounts) brings us to a 8m net profit for the year. I've penciled in a not so racy 12.5pe giving NWOR a 100m mcap, add back in cash of 23m and ignore intangible assets for now gives me a fair value of circa 123m at this moment in time vs current mcap of 75m. Profit is further backed up by 4m free cash flow since June which matches my annual 8m estimate nicely. I'd say NWOR should be valued on 22 earnings looking ahead, but it is fair to wait for results to land. I can see some disruption on print due to Omnicron, but I actually think this will be small in comparison to h1 2021 lockdowns based on info available to date. the big driver is digital which looks to have kicked out 1.3m profits in 21, rising to 2.6m in 22 and 5.3m in 23. This is based upon a 25% growth rate and increasing margin from 10% to 22.5% whilst print profits stabilise and slowly dissipate. If and it's a big "if" digital can drive growth to 5.3m net profits in 23 and print stands still at circa 11.1m you can see how 16m net profits are achievable (add in extra annualised 4.3m cost savings and say 2m digital capex so potentially a further 2.3m) in just over two years. throw in free cash of 8m in 21, 16m in 22 and 18.5m in 23 and potentially some acquisitions. Give me a profit of 18.5m on a racy 20 PE in 2023 with cash in the bank of nearly 60m (all things being equal, i.e no info on acquisitions at the moment) and we're looking at a fair value of circa £430m mcap vs £75m today. Of course lots can go wrong, but the potential is very much there. I like Reach, but I think the upside here is greater. Stay safe out there OD |
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