Learning Technologies Group (LTG)

Business description

Learning Technologies Group is a broad-based e-learning technology business, providing a range of software and services to both private enterprises and the public sector.

Stock data

Market cap.£307.1m
Last close54.00p
High / Low (52 weeks)55.0p / 30.0p
Stock market listingLN
Forecast net debt (£m)6.9
Forecast gearing ratio (%)9

Price performance

Relative *

* % Relative to local index

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Investment summary

Learning Technologies Group (LTG) announced a strong set of H1 results, incorporating c 18% underlying organic growth. LEO, Rustici, Preloaded and gomo have been performing exceptionally well and the numbers were slightly ahead of management plans. Consequently, we have upgraded our forecasts, with profits getting an additional boost from the incorporation of LTG accounting policies at NetDimensions. Given the attractive growth drivers, the P/E of c 24x our FY18e EPS is not demanding and our DCF analysis indicates upside potential of 31% to 87%.

Last updated on 19/09/2017

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2015A 19.9 4.3 3.9 0.76 71.1 42.6
2016A 28.3 7.7 6.4 1.18 45.8 74.8
2017E 50.5 13.4 11.1 1.65 32.7 38.6
2018E 58.0 18.0 15.5 2.17 24.9 20.9

Last updated on 19/09/2017

Latest video

Executive interview - Learning Technologies Group

Key management

Jonathan Satchell, CEO
Neil Elton, Group Finance Director
Andrew Brode, Non-executive Chairman

Company address

5th Floor Sherbourne House,
119-121 Cannon Street
United Kingdom
+44(0)207 402 1554
View website