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NWOR National World Plc

15.10
0.00 (0.00%)
03 Oct 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
National World Plc LSE:NWOR London Ordinary Share GB00BJN5J635 ORD 0.1P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.00% 15.10 30,930 08:00:00
Bid Price Offer Price High Price Low Price Open Price
15.00 15.20 15.10 15.10 15.10
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Periodical:pubg,pubg & Print 88.4M 2.7M 0.0101 14.95 40.42M
Last Trade Time Trade Type Trade Size Trade Price Currency
16:26:51 O 30,930 15.111 GBX

National World (NWOR) Latest News

National World (NWOR) Discussions and Chat

National World Forums and Chat

Date Time Title Posts
22/8/202412:26 National with Charts & News123
26/5/202207:40Remarkable price .-

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National World (NWOR) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2024-10-03 15:26:5115.1130,9304,673.83O

National World (NWOR) Top Chat Posts

Top Posts
Posted at 03/10/2024 09:20 by National World Daily Update
National World Plc is listed in the Periodical:pubg,pubg & Print sector of the London Stock Exchange with ticker NWOR. The last closing price for National World was 15.10p.
National World currently has 267,663,987 shares in issue. The market capitalisation of National World is £40,417,262.
National World has a price to earnings ratio (PE ratio) of 14.95.
This morning NWOR shares opened at 15.10p
Posted at 19/8/2024 20:03 by red ninja
2 x 500k unknown trades today that must have been the factor that presuambly raised the share price.
Posted at 10/8/2024 11:17 by napoleon 14th
Thanks, Rivaldo. Dowgate's assesment reads well too.
P/E c. 5.5 backed by progress ahead of expectations.
Only thing wrond is the share price!
Posted at 08/8/2024 09:11 by rivaldo
Dowgate Capital's update after the interims notes that the adjusted PBT was well ahead of expectations - £4.8m compared to the forecast £4.4m.

The £13m net cash - 30% of the entire m/cap - was also well ahead of the £10.5m forecast.

Here's their summary:

"Interim Results

National World has reported interim results that are ahead of our expectations and which underpin our FY24 forecasts. Group revenues advanced +17% to £48.8m (Q1 +19%, Q2 +16%) driven by acquisitions including Midlands News Association. Within this, we were encouraged to see strong growth in Digital (+12% to £10.0m) and a near doubling of Events (to £2.5m). The group continues to restructure its operating model, including an increase in automation.

Adjusted Operating Profit leapt +65% to £4.7m, comfortably ahead of DCe £4.2m, with margin expanding +2.6pts to 9.6%. Adjusted PBT increased +50% to £4.8m (DCe £4.4m) and Adjusted EPS rose +56% to 1.4p. The group declared an inaugural interim dividend of 0.2p, as forecast. It finished with net cash of £13.0m, ahead of DCe £10.5m.

We believe that National World continues to make strong progress in rebalancing its revenue streams, developing expert and specialist content (notably business and sport) and growing its national footprint. The group has been successful both in acquiring heritage assets and developing other revenue streams, notably in events. This has facilitated the evolution of the group to provide increasingly specialist content that can be monetised through multiple channels. Further, it is creating local digital marketplaces using the information gleaned from platform registration walls.

We view the H1 results as encouraging and they underpin our FY24 PBT/EPS estimates of £11.0m/3.0p. National World shares have been left behind compared with other B2C peers and we view them as anomalously valued at under 3x EV/EBITDA.

• H1 Results. Adjusted PBT rose +50% to £4.8m, ahead of DCe £4.4m.
• Revenues. Group revenues rose +17% to £48.8m with Q1 +19% and Q2 +16%. The six acquisitions completed in 2023 contributed £11.8m of revenue in H1 vs £2.0m in H1 last year. Print revenues rose +16% to £35.4m, Digital +12% to £10.0m and Other +48% to £3.4m, including Events revenues nearly doubling to £2.5m. Revenues in July are up +13% benefiting from acquisitions, new launches and heritage brand relaunches.
• Operating Profit. Adjusted Operating Profit rose +65% to £4.7m with margin expanding +2.6pts to 9.6%.
• Balance sheet. Net cash finished the period at £13.0m, equal to 5p per share. The group has no defined benefit pension obligations or earnouts.
• Forecasts. We view the encouraging H1 results as firmly underpinning our FY24 PBT/EPS estimates of £11.0m/3.0p."
Posted at 07/8/2024 09:29 by rivaldo
Cheers napoleon 14th, reads very well. The interims which were out whilst I was away on hols were excellent, with NWOR well on track to meeting and perhaps beating the 3p EPS forecast.

And the £13m cash pile represents 30% of the entire m/cap. With no pension liabilities, unlike RCH.

Also good to see an NED buying 30,000 shares after the results at 17.6p, well above the current share price.

And Harwood have been buying again - they're now up to 5.07% with 13.575m shares:
Posted at 03/8/2024 12:55 by napoleon 14th
Forensic analyst Small Caps Live writes very +ively:

National World (NWOR.L) - Half-Year Results. Strong results and outlook here:

"Revenues in July have increased by 13% year on year. The Company will continue to benefit in the second half from three key drivers - the acquired businesses, new launches and relaunches of heritage brands. Tight cost management remains a critical factor as in the whole sector.

Adjusted EBITDA of £5.0 million, up 61% and adjusted operating profit of £4.7 million, up 62%."

Not all of this is organic, where revenue is likely flat, if not down slightly. This would be much better than Reach, though, which they have an apparent dig at:

"The Company's primary focus is to build a sustainable and monetisable content business, embracing its news provision tradition but with a wider agenda across all platforms. This pivoting of the business has continued unabated despite the economic headwinds in the first half."

Broker Dowgate join in the Reach pile-on:

"Balance sheet. Net cash finished the period at £13.0m, equal to 5p per share. The group has no defined benefit pension obligations or earnouts."

They also say:

"We view the encouraging H1 results as firmly underpinning our FY24 PBT/EPS estimates of £11.0m/3.0p."

This is down from 3.1p but a very minor change. There is scope for their dividend forecast to be beaten, though, as National World has declared an interim dividend for the first time. They don’t say if they will reduce the final dividend accordingly but think there is a chance that this beats expectations for payout. The high dividend payout is one of the reasons some investors take the risk with Reach. However, fast forward a few years and Reach may be forced to cut theirs, given the weak balance sheet there, so National World may overtake their yield unless prices change to reflect the valuation disparity.

Like Reach, National World is a company that likes their adjustments, and for both companies, you could argue that restructuring is part of their business model, not a one-off item. Here, the figure has reduced to £ 0.6m from £1m, and the rest of the exceptional are goodwill write-downs, which we think is usually correct to adjust out,

So Mark would go for £4.1m operating profit, not the £4.7m declared, to be the true underlying, but this makes it still pretty much the cheapest UK trading company on an earnings basis.

So far, the share price rise has been modest, reflecting the confident but in-line outlook. However, this doesn’t even reverse the drop on no news that happened over the last month, presumably from boredom amongst smaller investors.

Running the numbers and assuming the restructuring costs are part of normal business and adjusting for cash, then this works out to be a P/E of 5.7 for FY24 and 5.1 for FY25 at the current buy price. On the same basis (and including agreed cash payments to the pension trustee), Reach is on 10.3x for a much riskier business that, in our opinion, is not run as well. We get the concerns with declining revenue and why some may want to avoid the sector, but it seems nonsensical that investors would prefer Reach in the sector on double the rating.
Posted at 01/8/2024 07:47 by gasheadmicky
positive statement but mostly seems to be 'in line' as saucepan says which is usually news that doesn't lead to a decent increase in the share price, all good news longer term though.
Posted at 31/7/2024 12:15 by thebd11
Got a first meeting with David, Sheree and Mark next week. Any specific questions people have for management do share....
Posted at 23/7/2024 14:11 by rivaldo
Has to be good news for NWOR - Google has just shelved its plans to kill cookies for advertisers:
Posted at 20/6/2024 10:06 by clanger66
I see Downing have sold their 4.15 percent stake now. Hopefully now this overhang has gone we might see some recovery in the share price. Broker f/cast for Dec year end is 3.1p putting the stock on a sub 5 multiple. No pension debt and dividend yield of 4.6%. Crazy cheap.
Posted at 31/5/2024 13:26 by napoleon 14th
Bought a few @ 15.345p (contrary to 14.5p/16p first quoted) as the T/O posibilities are interesting and Small Caps Life (free subs to a very interesting forensic analyst) closing comments:

"LFLs look to be slightly ahead. For us, flat is a win in these advertising markets. Extending these forward leads to revenue slightly below the £101m Dowgate forecast. However, in practice, we expect them to make at least one acquisition and beat forecasts.
Adjusting out the net cash, these forecasts leave the company on a P/E of just 4, even after a small share price rise this week. This seems far too cheap for a cash-generative company delivering flat like-for-like revenues in trough advertising markets. We can’t help feeling that if they could be bothered to do some proper IR, the share price would be at least double the current level. Let’s hope the institutions voting against key board members gives them the kick they need."
National World share price data is direct from the London Stock Exchange

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