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Tremor has reported Q3 21 organic net revenue growth of +54% to $76.7m (+1% ahead of consensus at $75.6m), and adjusted EBITDA of $42.3m at a margin on net revenue of 55% (+14% ahead of consensus at $37.1m). Tremor’s Programmatic division and its CTV revenue are driving its strong organic growth with +56% and +115% yoy respectively, and it is continuing to achieve quarterly performance that is ahead of many of its US-listed peers’ Q3 organic revenue growth of +22-54%, with adjusted EBITDA margin
Companies: Tremor International Ltd.
Companies: Time Out Group PLC
Interims from Mirada, the leading provider of integrated software for digital TV operators and broadcasters, saw a return to revenue growth (+10% to $6.0m) as the deployment of Android TV set top boxes (STBs) at izzi Telecom accelerated. Coupled with good cost control, adj. EBITDA increased 96% to $1.1m. izzi remains Mirada’s core customer but it is progressing opportunities in Latin America and Southeast Asia, has embraced a new reseller sales model, and recently increased its North American an
Companies: Mirada PLC
Yesterday’s very encouraging trading statement (which led us to upgrade our FY21F adj. EPS estimate by 7%) and upbeat capital markets session reinforced our conviction that STV offers one of the most compelling investment cases within our Media coverage universe. In this report we summarise our key take-aways from these touch points and reiterate our 570p fair value estimate.
Companies: STV Group plc
Payment of the Q1 bond coupon cancelled.
The COVID-19 crisis will massively weigh on the group’s businesses.
Cost cutting and capex postponement on the cards.
Visibility is getting close to zero.
We believe the group can’t avoid a capital increase despite the low share price.
Companies: Solocal Group
Reach’s interims were strongly ahead of SCM estimates for H1 sales and EBITDA, by 5% and 4% respectively. Digital sales (23%/revs) grew 43% y/y to £69m supported by 150% y/y growth in unique registrations to 6.7m, whilst underlying Print decline decelerated to just -5% y/y (H2’20: -18%; H1’20: 20%) as weaker comparatives were lapped. The Group has posted positive sales growth for the first time in a number of years, rising +3% y/y (like-for-like) to £302.3m, and delivering AOP of £68.9m (Margins
Companies: Reach plc
Exactly one year ago, the FTSE 100 closed at 5,862, having fallen 100 points on the day, the lowest point since mid-May 2020, due in part, to the strength of sterling vs US$ at $1.34. One year on, the FTSE 100 has risen to 7,119, a rise of 21%, it remains 7% below the peak in January 2020. From an international viewpoint, US and European markets continue to trade at record highs. The US Federal Reserve is close to withdrawing some of its economic support this year as inflation picks up and the e
Companies: AMYT BAG BVC BRSD CLG CML FBD GDWN INV MACF MNZS MIO NRR NSF NBI MATD PREM QFI RUA SCS STVG SUR SNX UPGS VAST VLS
Companies: Kape Technologies Plc
Centaur Media’s strong operational performance has continued into H2, with both revenue and EBITDA margin now guided to exceed current market expectations. Outperformance is being driven primarily by the Group’s XEIM (Marketing) segment, where Econsultancy subscriptions ran ahead of management forecasts driven by new business wins, whilst Mini MBA continues to see high double-digit growth (H1’21: 84% y/y). The Lawyer segment has also performed strongly, and is now guided to deliver 7% y/y growth
Companies: Centaur Media plc
Tremor has announced the complementary $14.7m acquisition of Spearad, which is a global Connected TV (CTV) ad server and media management platform. It enables broadcasters and TV content companies to deliver seamless TV-like ad experiences in CTV and OTT environments, through a platform that can centrally manage and optimise both direct-sold and programmatic CTV campaigns. The Spearad platform will be integrated into Unruly’s Supply Side Platform (SSP), and enable Tremor to offer new and existin
S4 Capital has reported continued very strong growth in Q3, with LFL Gross Profit up +42% taking 9m growth to +47%. Reported Gross Profit nearly doubled to £144.4m, comfortably ahead of DCe £133.8m. The two year LFL Gross Profit stack was up +65%. The group continues to invest heavily in human capital to support this level of growth, particularly in whopper client structures, emerging services areas and technology platforms. The group has secured its sixth whopper in HP and has identified 19 fur
Companies: S4 Capital plc
ITV had a strong performance in 9m21. It included strong total advertising revenue growth in Q3 21 (+32% vs -7% in Q3 20). The outlook is positive for Q4 21 with advertising revenue growth estimated at +11-13%. ITV Studios revenue growth (+32% in 9m21 vs +26% in H1 21) was driven by the delivery of programmes in the UK and international markets and higher revenue from streaming platforms. Q4 21 should benefit from the strong pipeline of programmes.
Companies: ITV PLC
Reach has provided a strong update highlighting H2 revenues up +1% y/y to date (SCM H2e: - 3%), with Digital revenues growing +17% y/y. Unique user registrations continue to rise (>8m; July’21: 6.7m) providing a highly attractive source of first-party data for digital advertisers, which combined with further traction supporting advertisers’ digital campaigns using Reach’s ‘PLUS’ products, paves the way for sustainable ongoing improvement in yields. Ongoing recovery in Print advertising yields re