The international business-to-business media group, today provides a trading update.
12-Oct-2017 – 301p – £338.4m
Trading Update For The Second Half Of The Year – In-line and perhaps a little upbeat too, the MD states “We expect good performances from our remaining shows in 2017 and the Group remains confident of delivering a strong result for the year as a whole”. TRS looks OK on the face of it although but I don’t like the Net Debt of £84m (25%+ of Mkt Cap).
The fact it’s on a PER of 15 the market may have been expecting a little more in this update.
12-Jan-2018 – 334p – £377.8m – PER 18.5
Trading Update For The 12 Months To End December 2017 – In-line and the outlook for 2018 is positive “our portfolio is strong”.
Still looks OK (good Operating Margin and ROCE) but does have Net Debt of £84m (20%+ of Mkt Cap). I will remain Neutral for now.
28-Feb-2018 – 308p – £348.4m – PER 17.8
Final Results For The 12 Months To End December 2017 – LFL Revenue up 7% but the rest is just too complicated for me.
This is going on my Avoid list. The seesaw results and fundamentals always confuse me (I think it’s related to bi-annual events). There’s simpler to understand companies than this out there and I prefer those.
17-May-2018 – 302p – £341.0m – PER 14.2
Trading Update On The Financial Year To Date – In-line with bookings ahead.
Remains on my Avoid list – The seesaw results and fundamentals always confuse me (I think it’s related to bi-annual events). There’s simpler to understand companies than this out there and I prefer those. I will now cease coverage of this company.
