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David Levin, Chief Executive Officer of UBM plc said: "With seven UBM events running in 2013, three of which are new geo-adaptions of UBM shows which are already successful in other countries, Turkey is an exciting market for UBM and for our joint venture partners. We continue to see great opportunities in countries like Turkey, Brazil, India, China and across the AEAN countries for us to leverage our global infrastructure and event portfolio to support the development of national and global trade in the fast-growing markets we have chosen to operate in."
CONT EFEM organises the International Istanbul Mothers, Babies, Children Products Fair (MBCP) (see http://bebekfuari.com/eng/) and Wintexpo Autumn Winter Baby Child Fashion Fair (Wintexpo), the leading baby shows in Turkey. Launched in 1992 in Istanbul, MBCP is now the third largest baby products show in Europe, with the 2012 edition occupying 30,000 square metres of exhibition space at CNR Expo. EFEM's owners, Erdal Baykara and Hüseyin Irmak, and EFEM's eight staff will remain with the business. EFEM generated revenues of approximately £1m in 2011. As at 2 September 2012, the business's gross assets were less than £0.1m. The acquisition is expected to exceed UBM's cost of capital criterion in its first full year of ownership. The EFEM shows have clear synergies with UBM's annual Shanghai International Children-Baby-Maternity Industry Expo (CBME) (see www.cbmexpo.com), Asia's largest baby products show which this year attracted over 1,200 international exhibitors and more than 53,000 visitors, occupying over 115,000 square metres of exhibition space, representing 44% growth over 2011. UBM will launch geo-adaptations of CBME in Brazil and India in 2013. Working in a separate joint venture established in 2010 with Turkish partner Rotaforte, UBM also now runs two Istanbul Jewelry Shows a year in March and October, (see www.istanbuljewelryshow.com). These shows have successfully extended UBM's Asia-centred jewellery tradeshow portfolio - which comprises more than a dozen shows across China, India, Singapore and Japan and includes the world's largest tradeshow, the September Hong Kong Jewellery & Gem Fair - to Turkey. In 2013 UBM will launch a further three geo-adapted events in Turkey: FI Istanbul (the latest geo-adaptation in the Food Ingredients portfolio, see http://www.ingredientsnetwork.com/events), Black Hat Istanbul (a geo-adaptation of IT security events, see www.blackhat.com) and IFSEC Istanbul (a further geo-adaptation of the IFSEC brand http://www.ifsec.co.uk/Content/ UBM-Lives-Security-Portfolio) .
UBM plc builds its events business in Turkey Acquires 70% stake in EFEM, organiser of the leading baby product tradeshow in Turkey UBM plc today announces it has acquired a 70% equity share in EFEM, one of Turkey's leading tradeshow organisers from its private owners and has formed a joint venture company with EFEM to be called UBM ICC. UBM ICC will develop EFEM's existing baby products shows and will further expand UBM's global portfolio of baby product exhibitions. Following this transaction, UBM will run a total of eight events in Turkey in 2013, three of which will be new geo-adapted launch events. UBM has consistently invested in the development of its event portfolio in fast-growing markets and geographies. In 2011 UBM generated 40% of its events revenues in emerging markets. Working with in-country joint venture partners to bring together local market knowledge and experience with UBM's international capabilities and resources, UBM has built a track record of successfully accelerating the development of existing local events. UBM has also successfully launched new versions of existing UBM tradeshows adapted to meet local market needs and the need of international visitors and exhibitors, a process known as geo-adaptation. UBM's acquisition of a 70% stake in EFEM and the establishment of the UBM ICC joint venture extends a long-standing relationship between EFEM and UBM Asia which began with reciprocal sales and marketing arrangements for their respective baby-child-maternity tradeshows.
http://www.investegate.co.uk/Article.aspx?id=20121018070100PF58D
UBM: Westhouse Securities raises target from 715p to 805p, buy rating kept.
Panmure Gordon reiterated its "sell" recommendation for UBM (UBM), but with an increased target price of 620p, from 450p. The broker approves of the firm's strategy to exit the data services businesses and focus solely on events hosting. Panmure values the firm's data services division at 220 million pounds, noting that the disposal would reduce the group's gearing, but warned that it may be difficult for it to attain this price, due to falling EBIT margins.
UBM Sell 03-Aug-12 £324,753.50 David Levin 50,000 @ 649.51p
Outlook summary We are mindful of the risks to the wider macroeconomic environment, particularly in Europe. However, we believe UBM is well aligned with the potential for global growth in terms of our geographic footprint, the markets we serve and the products and services we deliver. Given strong performance year to date, we now project: Events underlying full year growth will be in the region of 12% to 14%; on the other hand, Marketing Services underlying growth between 0% and 2%, reflecting declines in print faster than originally anticipated. Our other segments remain on track with our previously articulated expectations as we anticipate improving performance from our Data Services business through the year. While segmental guidance is in the aggregate trending positively, we are retaining our consolidated guidance to reflect the uncertain external environment.
Media group UBM (UBM) enjoyed growing demand for its events business, with forward bookings for its top 20 conferences rising by 12.7% in the six months ended 30th June. With strong results from emerging markets, especially China, the firm expects to see full year growth of between 12% and 14% from the division. The company's PR Newswire business also achieved growth, of 3.9% to 100.1 million pounds, with US markets remaining resilient and continued growth being seen in Asia and Latin America. UBM shares gained 45.5p to 652.5p.
THESE ARE THE LATEST BROKER'S RECOMMENDATIONS FOR THE MONTH OF JULY. 09 July 2012 Citigroup retains its Hold recommendation for UBM but raises its target price from 610p to 660p. 10 July 2012 Deutsche Bank retains it Buy recommendation for UBM with a target price of 780p. 13 July 2012 Morgan Stanley retains its Overweight rating for UBM with a target price of 680p. 16 July 2012 Alphavalue downgrades UBM to Add but raises its target price slightly from 704p to 707p. Numis retains its Add rating for UBM with a target price of 635p. 19 July 2012 Nomura retains its Buy recommendation for UBM with a target price of 675p. Exane BNP Paribas reiterates its Outperform rating for UBM and has a target price of 760p. Investec retains its Buy recommendation for UBM with a target price of 694p. Source: http://sharedealing.nandp.co.uk/broker-views/UBM/UBM 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=256596 http://www.euroinvestor.com/community/discussionthread.aspx?threadid=253089
I have to point out to UBM investors that Panmure Gordon's rating of UBM is uniquely idiosyncratic. In fact other brokers, and they are numerous, are almost without exception, bullish about UBM going forward. In my next post I shall try to give a more balanced picture of broker sentiment overall.
15-Jun-12 UBM UBM Panmure Gordon Sell - target 475.00p Reiteration
Panmure Gordon downgrades UBM from hold to sell, target price cut from 600p to 500p.
UBM, or United Business Media as it used to be known, released quarterly results yesterday. Its big events division is having a storming time, with revenues ahead by 19%, PR Newswire is flat while the marketing services unit is making a loss. But UBM’s shares trade at just 10 times forward earnings and with total group revenues growing at 11% Tempus thinks this stock is a buy, “if you accept the long term strategy”.
David Levin, Chief Executive Officer, UBM said: "UBM performed well in the first quarter. We were particularly pleased by the performance of our Events businesses, most notably Game Developers Conference and Ecobuild in its first edition under UBM ownership. PR Newswire has had a solid start to the year with subdued growth in the US partially offset by international growth, notably in China. Data Services revenues were lower than anticipated, largely reflecting phasing factors which we expect will unwind through the year. As expected, UBM's online Marketing Services revenues exceeded Print revenues for a full reporting period for the first time. Overall we are on track for the full year. Based on trading conditions so far, we now expect that underlying growth for Events will be in the range of 10% - 12%, but this will offset slower growth in PR volumes and advertising activity, particularly in print magazines. We now expect growth in both PR Newswire and Marketing Services to come in at the lower end of our guidance ranges. Although conditions in a number of our markets remain challenging, and year-on-year comparisons will get tougher as the year progresses, the business is performing well, and we maintain our consolidated guidance for 2012."
Interim Management Statement Good Q1 performance - group guidance maintained Unaudited results for the three months ended 31 March 2012 Highlights - Q1 revenue up 11.1% to £264.2m (Q1 2011: £237.7m); underlying revenue growth of 6.9% - Adjusted operating profit up by 25.8% to £56.1m (Q1 2011: £44.6m) - Adjusted operating profit margin up to 21.2% (Q1 2011: 18.8%) - Strong performance from 2011 acquisitions, notably Ecobuild - Group guidance for 2012 confirmed; higher organic growth in Events expected to offset slower pace in PR Newswire and Marketing Services
http://www.investegate.co.uk/Article.aspx?id=20120425070000P2434
PRICE TARGET 630p STOP LOSS 568p TICKER UBM CURRENT 590p
On October 18th Business events organiser and publisher UBM said underlying revenues for the nine months to the end of September had risen 8.5% on the previous year to £706.2m. Adjusted operating profit at the publishers of Property Week and Farmer's Guardian rose by 16.4% to £127.5m giving a margin of 18.1% (Sept 2010: 17.0%). The company added that its events business continue to demonstrate excellent growth and strong margins, particularly in China and across the emerging markets. As well as decent revenue growth and improving margins, UBM is of interest as an emerging markets play, a factor that could go some way to explain the sharp rebound in the shares to end 2011. This recovery is expected to continue in the run up to the preliminary announcement on February 28th, and as such warrants a buy rating
Dream Scenario: UBM shares continue to squeeze higher on the back of its emerging market growth attractions. Nightmare Scenario: The trading update next week reveals that too much of the good news is already in the share price.
Shares in UBM have rebounded sharply from a December sub-450p bear trap, and while the 20-day moving average is held at 568p, we anticipate upside and a retest of former March resistance through 630p.
In-line with its strategy of focusing on its events and data services businesses, UBM (UBM) sold its UK agriculture and medical general practitioner portfolio for 10 million pounds. The assets, which include the Farmers Guardian and Pulse magazines, the Mental Health Forum and Pulse Seminars, generated revenues of 12.1 million pounds in 2011. Meanwhile, the group also reported that it sold its online marketplace for the sale and purchase of small and medium UK businesses, Daltons. Shares in UBM crept up 2p to 582p.
And the Independent has also covered UBM, like the Times giving it a hold recommendation. Because of the economic outlook we're still wary of upgrading to a buy, even if the valuation looks increasingly compelling. All the same, this is no time to exit, not least because of that yield, it says.
UBM was a pure media business, but the printed word is of decreasing importance, magazines comprising only 12% of revenues and not quite 4% of profits, and most remaining titles have some synergistic link to events. This means less reliance on fickle advertising and more on more robust earnings from events. The shares sell on less than nine times this year’s earnings and offer the support of a 5.5% dividend yield. A strong hold unless you take a very negative view of the global economy, says the Times.
Good figures here