RE: Cavendish raise forecasts, and target price is up to 150p12 Sep 2025 08:31
Good coverage in today's Times:
Https://www.thetimes.com/business-money/companies/article/brave-bison-buys-mtm-consultancy-as-rapid-expansion-continues-c3fstpcfb
Extracts:
"Brave Bison buys MTM consultancy as rapid expansion continues
The marketing group backed by Lord Ashcroft raises its performance outlook as it agrees its fifth acquisition of the year
A London-listed marketing group backed by Lord Ashcroft has raised its performance outlook as it agreed its fifth acquisition of the year.
Brave Bison, which trades on London’s junior Aim market, said that a stronger performance during the second half of the year and the purchase of MTM, a corporate strategy consultancy, meant it would exceed current market expectations for this year and indicated stronger trading in 2026.
Analysts had forecast net revenue of £36.5 million and adjusted earnings before interest, taxes and other items of £8.1 million, including the impact of its recent acquisitions, compared with £21.3 million and £4.5 million a year earlier."
The shares, which have risen by just over two thirds since the start of this year, closed up 8¾p, or 13.5 per cent, at 73½p.
The purchase of MTM, whose clients include Google, Spotify and Samsung, for up to £12 million comes after Brave Bison bought MiniMBA from Centaur Media earlier this year, its largest deal to date, for £19 million."
"MiniMBA is a marketing skills and training business that provides MBA-level education through an online learning portal, with almost 6,000 marketing professionals taking its courses every year. As well as selling directly to marketers, it also has large enterprise customers including American Express and McDonald’s.
MTM generated net revenue of £8.3 million and adjusted earnings of £1.3 million last year.
Brave Bison has been heavily acquisitive since the brothers Oliver and Theo Green, executive chairman and chief growth officer respectively, took charge in 2020. Previous acquisitions have included Social Chain, the agency co-founded by the podcaster Steven Bartlett; clients include TikTok and Amazon Prime Video.
Oliver Green said the company had a busy year with five acquisitions to date, “improving our competitive position and entering new markets with the acquisition of MiniMBA”.
The company is backed by the billionaire Lord Ashcroft, the British-Belizean former deputy chairman of the Conservative Party, who has a 24 per cent stake in the group, as well as the Greens and News Corp, the owner of The Times."
"New clients won during the first half of the year included Tottenham Hotspur football club, Primark and EA Games, the video games producer."
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