Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.
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Singer Capital kept its "buy" rating for Centaur Media (CAU) with an increased target price of 52p, from 50p. The broker said that the publisher's first half was in-line with forecasts, while the firm has started the 2013 financial year slightly ahead of expectations. Singer added that the group is making good progress towards its goal of having 50% of its business come from digital markets. The stock trades on a prospective earnings multiple of just 7.5 times for 2013 and offers a dividend yield of 6%
Valuation: execution risks still, but potential 45% upside Based on benefits from structural changes already made, contributions from acquisitions and further restructuring, we expect another strong advance in earnings in FY13. Our forecasts are unchanged, but we trim EPS from 6.1p to 6.0p, due to a higher fully-diluted shares number. The shares are on a P/E of 6.4x for 2013 (calendarised), a 41% discount to the FTSE Media sector P/E. This reflects market uncertainty about execution risks in reaching corporate targets. If Centaur was on the same P/E discount (14%) as slower-growing (but with fewer restructuring risks) Wilmington, its share price would be 60p.
Centaur have just completed the acquisition of Econsultancy for an initial £12m. A further 38 million will be due in 2016. In the last year Econsultancy reported revenue of £6.6m and EBITDA of £1.1m. This adds to other recent acquisitions: FEM April 2011, £1.5m last year: IPL August 2011, £0.9m last year; VBR December 2011, ££0.5m last year; Excite December 2011, £0.2m last year; Profile February 2012, £3.1m last year. Only FEM is considered fully integrated so far so there is much work to do.
On the Centaur website are very clear and simple results presentations in pdf format. http://www.centaur.co.uk/section_iframe.asp?framecatid=120&path=http://online.hemscottir.com/ir/cau/ir.jsp?page=reports
13 July 2012 Peel Hunt reiterates its BUY recommendation for Centaur Media with a target price of 65p. 19 July 2012 Westhouse Securities retains its BUY recommendation for Centaur Media with a target price of 55p. 07 August 2012 Numis reiterates its BUY recommendation for Centaur Media with a target price of 72p. P.S. Here's some links about SCLP, one of the hottest stocks at the moment: http://www.euroinvestor.com/community/discussionthread.aspx?threadid=256596 http://www.euroinvestor.com/community/discussionthread.aspx?threadid=253089 http://www.euroinvestor.com/community/discussionthread.aspx?threadid=256935
EBITDA (earnings before interest, tax, depreciation and amortisation) margins should increase from 14% to 18%, while profits are said to be "in line". Net debt at the end of the year stood at £7.2m better than the £9.4m forecast. Peel Hunt reiterated its 'buy' rating and 65p target price for the stock on Thursday, "material upside" to the closing price of 31p the day before. "The balance sheet is far from stretched, the yield is substantial and well covered, and the management team has demonstrated a clear strategy and executed deals consistent with this," said analyst Malcolm Morgan.
Business information and events group Centaur Media rose strongly on Thursday after saying that trading in the last two months of the year has been in line with expectations. Centaur also announced that it has completed the acquisition of digital marketing information provider Econsultancy.com, first announced on June 22nd, for £12m. "FY12 has been a significant year of change for Centaur, culminating in the recently completed acquisition of Econsultancy," said Chief Executive Geoff Wilmot. "Our revenue mix has improved significantly, with a notable increase in the proportion of digital revenues. At the same time, we have delivered underlying revenue growth despite difficult trading conditions and have secured a significant improvement in margins," he said. Underlying revenues (continuing operations and adjusted for the impact of acquisitions) are expected to be 2% up year-on-year in the 12 months to June 30th, helped by strong underlying growth in Digital revenues, which now account for 30% of group sales, up from 26% last year. Events revenues have shown "good" growth with Marketing Week Live, its marketing event in London in June, reporting revenues up 23% on the previous year
The final quarter of Centaur Media's financial year - the second quarter of the calendar month - is usually a big one for the exhibitions organiser and publishing company. In the first nine months of the financial year, digital revenues were doing a lot better than print revenues, and it will be little surprise if that trend is repeated in Thursday's interim management statement (IMS). On the events side, broker Jefferies is expecting a "robust" fourth quarter performance. "We forecast year end net debt of £8m versus long running facilities of £40m," the broker said, leaving the way open for the group to hit the acquisition trail.
Valuation: Earnings enhanced, fair value rises The deal enhances FY13 earnings by 11% with our EPS (adjusted) forecasts raised from 5.5p to 6.1p. Our FY14 EPS forecasts are raised by 14% from 6.5p to 7.4p. On a calendarised basis the shares are on a P/E of 6.8x for 2012, a 42% discount to the FTSE Media sector, rising to 56% for 2013. On a 30% discount to the sector, fair value for 2013 is 51p (previous estimate 46p). If Centaur hits its FY14 EBITDA margin target of 25% (current estimate 20%), fair value would be 60p (previous estimate 53p).
Valuation: Potential re-rating as margins rise Centaur is currently on a 49% discount to the FTSE media sector P/E on a 2013 (calendarised) basis, with investor focus on weaker advertising, not the restructuring and recent acquisition benefits. Assuming a 30% discount to the sector and 2014 EBITDA margins of 20%, fair value is 46p. If Centaur hits its 2014 EBITDA margin target (25%) fair value would be 53p.
Big drop yesterday, big rise today... Anyone think they know why?
Good to see SP bouncing back today after the over-reaction to yesterdays' results (IMO) Decent yield and growth prospects and I have target price of 50p.
Sorry I mean 23 FEB!
CAU have been creeping their way up throughout Jan and an impressive 10/11% rise today - any commentary or observation anyone can share on these guys? Assume expecting some good results on 23 Jan?
Geoff Wilmot, Chief Executive, commented: "We remain encouraged by what has been a good first half. While the economic outlook is challenging, we see strong potential across each of the Business Publishing, Business Information and Exhibitions divisions and there remains a strong pipeline of potential acquisitions. "The second half of the year traditionally accounts for the majority of our earnings, and we anticipate trading in line with our expectations for the current financial year."
Half year trading update Centaur Media plc (LSE: CAU, the "Group"), the business information and events group, today issues a trading update for the six months to 31 December 2011. The Group expects to report profits in line with the Board's expectations with underlying revenues 4% ahead of the same period last year and EBITDA margins increased from 4.5% to 6.5%. November revenues were weaker than last year, principally reflecting event timing. December revenues returned to growth. Digital revenues continue to show strong underlying growth rates, while print revenues are broadly flat. The Group expects to report EBITDA and EBITDA margins ahead of the same period last year, reflecting the benefits of the restructuring initiatives and the impact of the disposals programme that was completed in H1. The Group continues to manage its cost base closely to reflect what remain challenging trading conditions. The Group completed the acquisition of IPL and VBR in the first six months of FY12 for a total initial consideration of £4.3m. Taking both these transactions into account, net debt at 31 December was £5.5m. Centaur's earnings and cash flows are heavily weighted towards the second half of the financial year and the Group expects to be cash positive by 30 June 2012. The Group retains a strong balance sheet. Deferred revenues of approximately £11.4m are 6% ahead of the same period last year. The Group will report exceptional costs for the first six months of the year related to further cost savings initiatives and the acquisitions of IPL and VBR. Earn-out payments that are contingent on future employment of the vendors will also be included as exceptional non cash charges for the acquisitions of FEM, IPL and VBR.
http://www.investegate.co.uk/Article.aspx?id=201201130700094921V
If you are looking to buy a recruitment magazine for the recruitment industry, a recursive idea, I appreciate, I might be able to get you a good price, says the Tempus column in the Times. This is the only non-core asset not yet sold by Centaur Media, the owner of trade titles such as The Lawyer, Design Weekand Money Marketing. When the trade press went into the downturn, there was a belief that it would be reasonably robust. Not true; the titles are reliant on advertising revenue, in particular for jobs. Centaur this summer completed a restructuring that involved the sale of those non-core titles, reorganisation into three divisions and the loss of about 10 per cent of the workforce. The market capitalisation is now significantly less than a year’s revenues, which makes the shares look cheap. But I would not buy yet, says the Times.
Geoff Wilmot, CEO said: "This is an encouraging set of results with adjusted profits, earnings and cash generation all significantly improved. The 18% increase in the dividend is both a recognition of these results and a signal of our confidence that we now have in place a stronger platform for growth. "We have restructured our business into three distinct operating units: business publishing, business information and exhibitions. We have made a number of senior management appointments. We have made small, but important bolt-on acquisitions as well as disposals, as we optimise our portfolio. "Centaur has acquired momentum and is well placed as a preferred provider of business information and services to our professional and commercial markets of choice."
Centaur Media plc (LSE: CAU), the business information and events group, has published its full year results for the year to 30 June 2011. Financial · Revenue up 14% to £68.3m (FY10 £59.9m) · Adjusted EBITDA up 50% to £9.9m (FY10: £6.6m) · Adjusted EBITDA margins increased from 11% to 14% · Adjusted profit before tax up 63% at £6.5m (FY10: £4.0m) · Loss before tax of £30.3m (FY10: profit £2.6m) includes non-cash impairment charge of £32.2m and exceptional charge of £3.4m · Adjusted basic EPS up 55% to 3.4p (FY10: 2.2p) · Proposed full year dividend up 18% to 2.0p (FY10: 1.7p) · Cash conversion 125% (FY10: 112%)
http://www.investegate.co.uk/Article.aspx?id=201109150700202660O
Centaur Media, which owns titles including Marketing Week, surprised analysts with news of a strong end to the year, saying profits would be at the top end of internal expectations. It boasts a valuation of around 11 times forward earnings for next year, according to Altium. That is hardly expensive. In fact, given the positive update, it looks downright cheap, says the Independent.