Ebiquity (EBQ)

Business description

Ebiquity is an independent marketing performance specialist and a leading provider of a range of business-critical data, analysis and consultancy services to advertisers and media owners on an international basis.

Investment summary

H117 results mirror the current media environment with the demand for greater transparency benefiting the contract compliance business but creating some headwinds in the US. H117 revenues increased 5.6% with like-for-like revenues flat. The contract compliance business performed well (MVM +9%) and the MI division returned to growth (4%). While the Marketing Effectiveness practice continued to grow, the US Multi Channel Analytics practice was affected by client churn and overall MPO revenues decreased 5.2%. While H1 results were mixed, the pipeline is strong and progress has been made on a number of fronts in delivering the Growth Acceleration Plan; the potential uplift this could bring to growth in the next few years is yet to be factored into the share price, which has drifted down 20% since the results and which we believe offers value at these levels.

Last updated on 13/12/2017

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2015A 76.6 14.2 11.2 10.8 10.2 8.1
2016A 83.6 14.6 11.8 11.3 9.7 8.0
2017E 89.6 15.1 11.7 10.1 10.9 9.7
2018E 96.7 14.2 11.0 9.3 11.8 9.2

Last updated on 08/12/2017

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Executive Interview - Ebiquity

Industry outlook

With a strong brand, a global footprint and relationships with 80% of the world’s largest 100 advertisers, Ebiquity, one of the few independent agencies in the sector, stands to benefit from the increasing demand for accountability and transparency in a complex media landscape. The group's growth acceleration plan aims to capitalise on its position to increase top-line growth on a more sustainable margin.

Last updated on 13/12/2017

Key management

Michael Higgins, Chairman
Michael Karg, CEO
Andrew Noble , CFO

Company address

Citypoint, One Ropemaker Street
United Kingdom
+44 (0) 20 7650 9600
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