Publicis Q1 revenues and organic growth of +4.1% was a same beat on our +3.1% estimate, although was behind Omnicom’s recently reported +5.2% and the warning tucked away in Publicis’s outlook section that it expects a lower rate of organic growth in Q2 will probably see a negative reaction on the shares this […]
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DMGT has become an increasingly interesting investment proposition, but the opportunity may not persist for too long. On one side, there is a strengthening cyclical and structural play in both B2B and B2C. Obscuring this however is a short term negative technical position with the shares as they approach the 6 June, when the shares […]
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Valuation recovery running ahead of trading momentum Stock: UBM Plc (UBM LN) Price: 634p Target: 595p Upside: -6% Recommendation: Trading Sell Investment summary UBM was or top pick in our “Telecom & Media Dividend Watch†review at the beginning of the year (4 Jan 2012) and after a +29% share price appreciation since then (+24% […]
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France Telecom (FTE-FR) Share Price: €11.6 Target Price: €9.9 Upside: -15% Recommendation: SELL EVENT: FY11 results released today. Revenues were in line with consensus at €45.3bn (-1.6% underlying; -1.7% in Q4), but with near misses for EBIT (€7.9bn vs €8.3bn consensus) and EPS (€1.46 vs €1.53 consensus). EBITDA declined by an underlying -4.8% to €15.1bn […]
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Reed Elsevier Price: 530p/€9.1 Recommendation: HOLD Target Price: 543p/€10.2 Upside: +2%/+12% Next event: FY11 results – Thurs 16th Feb “Boycott Elsevier campaign” The issue of Journal pricing is one that refuses to die. Normally, the rhetoric gets fired up in the run up the year-end subscription renewal season. This time however, those negotiations passed relatively […]
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AMAZON (AMZN-US) Price: $177 Target: $158 Recommendation; HOLD – Long term over-weight (seek entry at around our $158 TP) Amazon – You can deliver growth, or margins, but woe betide a ‘go go’ growth stock disappointing on both metrics. In our analysis of the relationship between revenue growth and growth ratings of what we called […]
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When debt holders are prepared to sell out at only 35% of face value, what does this say about the value of the equity? Aptly timed for Friday 13th, Yell announced the first tranche of its £159m debt re-purchase programme with the purchase of debt with a face value equivalent to £137.5m for consideration of only […]
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Once upon a time, small and impoverished countries could still enjoy top quality TV programmes, even if it meant having to acquire most of them from abroad. This was because the value of these secondary rights reflected these countries capacity to pay and the basis on which the programme rights were sold and bought; by country. To […]
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