George Frangeskides, Exec-Chair at Alba Mineral Resources, discusses grades at the Clogau Gold Mine. Watch the full video here.
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For the record Investec has ERM's target price at £12.50 and Peel Hunt has it at £12.35..
ERM. Recent Share price weakness, suggests ERM is undervalued – two thirds of revenues are in US$, which since last year is stronger against GBP, this could lead to adj. revenue improvement of 5%. Coupled with strong balance sheet – net debt at £37m is c0.3times EBITDA, means there is room for added value acquisitions. The big acquisition in July 2014 was the annual event - Indaba, the African Mining show. This event was held in Feb 2015, which is the first time ERM will benefit from the event, as last year they only reported overhead costs. ERM is expected to breathe new life into the event and is expected to generate revenues of over £10m and profits of £5m. In addition, ERM appointed a new head of training last year, so we can expect to see an improvement in both revenues and margins. There is much to be positive about.
Advertising revenue declined by 8% at constant current to 11.2m and subscriptions declined 2% at constant currency to 49m. The decline in subscription revenues was described as being in line with the gradual decrease in growth rates experienced since the end of 2011. The decline in advertising was described as being consistent with a trend seen in the second half of financial year 2012. Net debt as of December 31st was described as 26.5m, representing a decrease of 4.3m since the year-end.
International online information and events group Euromoney Institutional Investor has reported a small increase in its revenue during the period from October 1st to January 30th, according to an interim management statement issued by the company on Thursday. The company recorded a total revenue for the period of �95.1m compared to �94.6m in the corresponding quarter in 2012. Since reporting its 2012 results in November, the company stated that trading had continued in line with the board's expectations. Challenging trading conditions were experienced in the second half of financial year 2012 which had continued into the first quarter of financial year 2013, the report indicated.
Euromoney: Investec raises target price from 865p to 990p and reiterates a buy recommendation.
Euromoney: Westhouse Securities downgrades from add to neutral with its target price at 898p.
Euromoney: UBS raises target price from 730p to 775p, neutral rating kept.
Euromoney Institutional: Westhouse Securities raises target price from 855p to 893p, add rating remains unchanged.
Outlook The uncertainty over Europe remains, as does a solution to the pending US fiscal cliff. Meanwhile global financial institutions face the combined challenges of difficult markets, increased capital requirements and a tougher regulatory environment. Inevitably they have responded by cutting costs, particularly people, and exiting some parts of their business. The board expects this challenging trading background to continue at least into the early part of 2013. Subscriptions account for half the group's revenues and therefore provide some protection against weak markets in 2013, as does the group's reliance on emerging markets for more than a third of its revenues. However, the negative trends in advertising and delegate revenues in the last quarter are expected to continue into the first quarter of financial year 2013, although the outlook for event sponsorship is more positive. First quarter trading has started in line with the board's expectations but as usual at this time, forward revenue visibility beyond the first quarter is limited, other than for subscriptions. For 2013, the group plans to continue its programme of investing in the digital transformation of its publishing businesses and in improving the quality of its products. The board is confident its strategy for investing in new products and digital publishing and using its strong balance sheet to fund acquisitions, its exposure to emerging markets, and its tight control of operating costs will continue to sustain it through these difficult market conditions. As the world economy begins an albeit slow recovery, financial and other markets will also gradually improve, enhancing our prospects.
Commenting on the results, chairman Richard Ensor said: "The record results for the year reflect the challenging market conditions as well as the successful implementation of our strategy. Investment in online information businesses and emerging markets has created a global portfolio with a resilient business model. Subscription revenues now account for more than 50% of group revenues, and more than a third of our revenues is derived from emerging markets. "In 2013, we will continue to invest in our products to ensure that we are well placed to benefit from any improvement in the global economy."
· Revenues increased by 9% to £394.1m · Adjusted profit before tax up 15% to £106.8m · Adjusted operating margin maintained at 30% with continued investment in new products and technology · Subscriptions account for more than 50% of revenues for the first time · Net debt reduced by £88.4m reflecting strong cash flows and operating cash conversion · Final dividend increased by 18% to 14.75p · First quarter trading has started in line with board's expectations · Uncertain macro-economic trading outlook, especially for advertising
Padraic Fallon, Chairman of business publishing group Euromoney Institutional Investor, has died after fighting cancer for more than a year. Fallon had been chairman of Euromoney since 1992 and announced last year that he planned to retire at the annual general meeting in January 2013. Managing Director, Richard Ensor, was chosen as his successor and will now immediately take up the role of Executive Chairman. Ensor's old role will be taken up by Christopher Fordham, who has been an executive director of Euromoney since 2003.
Westhouse Securities reiterated its "buy" recommendation for Euromoney Institutional Investor (ERM) with a target price of 855p. The financial magazine publisher will release a fourth quarter update on 27th September and the broker expects to see full year revenue growth of 8.4%, benefiting from a contribution from its Ned Davis Research acquisition. Westhouse also forecasted EBITDA growth of 17.5%, reflecting the company's increased focus on cost control and a shift in sales mix to higher margin digital products
Business publisher and exhibitions firm Euromoney Institutional Investor said trading has been in line with expectations since its last update in late July. As flagged in July, market conditions became noticeably tougher from June, particularly in Europe. As a result, revenues for the fourth quarter are expected to be broadly in line with the same period last year, with growth in subscriptions offset by weakness in advertising and delegate revenues. Total revenues for the year to September 30, 2012 are expected to show a headline increase of around 9% on 2011. The underlying increase, excluding acquisitions, is expected to be 3%. Adjusted profit before tax is expected to be a record amount of at least £105m, up from £92.7m the year before, with the profit line benefitting from a reduction in net finance costs as the company's debt plunges, as well as a lower long-term incentive expense. At current exchange rates, group net debt at September 30th, 2012 is expected to be no more than £40m, against £88.5m at March 31st, reflecting the group's strong second half operating cash flows. Movements in the US dollar exchange rate have not had a significant effect on net debt levels, the group revealed. Peel Hunt said the net debt level was lower than it had expected and might open the door to acquisitions "to engineer growth that the economic climate is failing to deliver." The broker has left its price target unchanged at 780p and is making no change to its earnings forecasts.
Sector peer Euromoney is also issuing a pre-close period statement and Peel Hunt says that although there are always worries relating to the group's key September profit month, this year the concerns are heightened, what with Iranian scandals and LIBOR issues "muddying the water for a key advertising sector the risk is greater than normal." "A second issue will be the company comment, if any, on the subscription outlook. This represents more than half group revenue and is slow to both accelerate/decelerate, and so any adverse comment will [have an] impact [on] 2013 forecasts," the broker reckons. Westhouse Securities believes "characteristically strong cash generation should also be evident," in Euromoney's trading update. "We estimate year end net debt of £65m (versus £119m at end FY11A [fiscal 2011] and £89m at the half year), creating a strong platform for acquisition activity - although management indicated earlier in the year that valuation levels were proving prohibitive in this regard," Westhouse said. "From a trading perspective, we expect a robust performance from subscription revenues (c.53% of group total), but would be surprised if the pressure on sponsorship and advertising activities reported in July's IMS [interim management statement] has abated," Westhouse suggested.
Peel Hunt has upgraded its rating for international publishing and events group Euromoney Institutional Investor from hold to buy and maintained its target price at 800p. "Though results were in line and guidance on trading not significantly changed, we are upgrading by 6% this year at the EPS [earnings per share] line as the company enjoys a one-off credit at the CAP cost line and a 4% improvement on proposed tax rate," said analyst Malcolm Morgan.
Investec reiterated its "buy" recommendation on specialist publications company Euromoney Institutional Investor (ERM), noting that despite near term pressure from volatile market movements, the firm remains a 'high quality operator'. The company has been focusing on increasing its subscription base in the US and emerging markets, limiting its risk to current problems within the Eurozone. In addition, although Euromoney's valuation trades roughly in line with its peers - at eight times EV/EBITDA - the broker holds a positive view of management, installing belief that the shares offer medium term potential.
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. P.S. Here's a couple of links about SCLP, one of the hottest stocks at the moment: http://www.euroinvestor.com/community/discussionthread.aspx?threadid=252803 http://www.euroinvestor.com/community/discussionthread.aspx?threadid=253089
Singer Capital maintained its "buy" stance on Euromoney Institutional Investor (ERM) with a target price of 792p. The financial magazine publisher announced plans to develop its emerging markets business, which the broker said accounted for 27% of revenues in the 2011 financial year (36% including emerging market products sold to non-emerging market customers). Singer's earnings forecasts put the shares on a prospective multiple of 12.6 times for 2012, falling to 11.4 times in 2013.
Euromoney Institutional Investor falls back. The business-to-business publisher and events organiser, has seen a slow-down in the rate of growth of advertising and event sponsorship sales in the last couple of months but bookings for events and courses have held up well, while subscriptions revenues, which account for approximately half the group's total revenues, have continued to grow at similar rates to the third quarter. Total revenues for the year to September 30, 2011 are expected to show a headline increase of around 10% on 2010.
Numis upgrades Euromoney from add to buy, target price raised from 666p to 700p.
CONT The group's final results are sensitive to a number of factors between now and September 30, including exchange rate movements and late sales. In the event the adjusted operating profit^ is £107 million or more, the profit target under the group's capital appreciation plan (CAP 2010) will be achieved a year earlier than expected. This would give rise to an additional accelerated long-term incentive expense of £6.6 million under IFRS2, even though individual awards under CAP 2010 will not vest until February 2013, with a corresponding reduction in long-term incentive expense in financial years 2012 and 2013. In this case the total long-term incentive expense will be £16.0 million and the adjusted profit before tax* will be £84 million or more. At current exchange rates, group net debt at September 30, 2011 is expected to be no more than £125 million, against £102.7 million at March 31. The increase in net debt follows the acquisition of Ned Davis Research Group for approximately £66 million in August, offset by strong second half operating cash flows. The year end results will be announced on the morning of November 10, 2011, followed by an analyst presentation and investor meetings.
EUROMONEY INSTITUTIONAL INVESTOR PLC PRE-CLOSE TRADING UPDATE Euromoney Institutional Investor PLC ("Euromoney"), the international publishing, events and electronic information group, today issues a pre-close trading update ahead of the announcement of its results for the year to September 30, 2011. Since issuing its Interim Management Statement on July 15, 2011, markets have suffered from concerns over increased fiscal risk and reductions in forecasts for global economic growth. This has resulted in a slowing in the rate of growth of advertising and event sponsorship sales. In contrast, delegate bookings for events and training courses have held up well, and subscriptions revenues, which account for approximately half the group's total revenues, have continued to grow at similar rates to the third quarter. Total revenues for the year to September 30, 2011 are expected to show a headline increase of approximately 10% on 2010. This recent weakness in advertising and event sponsorship sales has not had a significant impact on trading for the key month of September. The group expects to announce a record adjusted operating profit^ of not less than £106 million for the year to September 30, 2011 (2010: £100.1 million). Adjusted net finance costs# are expected to be £7.0 million (2010: £9.3 million) and the share of profits in associates is expected to be £0.3 million (2010: £0.3 million). After deducting a long-term incentive expense of £9.4 million, the adjusted profit before tax* will be not less than £90 million.
http://www.investegate.co.uk/Article.aspx?id=201109230700097917O