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The Marketing Group (TMG)

Business description

The Marketing Group is building a global full-service marketing network. Each company within the group provides specialist marketing services brought together, within communities of practice, to form an international network that can address a global market.

Investment summary

The Marketing Group’s (TMG) Q118 update shows the group delivering sales broadly in line and EBITDA a little ahead of expectations through good cost control. This discipline should stand TMG in good stead as it builds its business both within the existing agencies and in potential further acquisitions. Our forecasts are unchanged on this update. With the TRUTH blockchain-enabled media agency continuing to garner high levels of industry interest, the scale of the discount of the rating to the peer group is looking increasingly anomalous.

Last updated on 03/05/2018

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (c) P/E (x) P/CF (x)
2016A 8.6 1.6 1.5 7.81 2.6 11.1
2017A 22.9 1.5 1.2 3.43 5.8 7.5
2018E 24.8 1.5 1.3 2.74 7.3 9.9
2019E 26.6 2.1 1.9 4.39 4.6 3.9

Last updated on 03/05/2018

Latest research

Focused on delivery

Update | Media | 03/05/2018

Moving to the next stage

Update | Media | 04/04/2018

Acquisition of German wildcard

Flash note | Media | 29/11/2017

Q3 update gives reassurance and upgrade

Update | Media | 15/11/2017

Ready to move forward

Initiation | Media | 27/09/2017

Promising maiden results

QuickView | Media | 28/02/2017

Agglomeration on a global scale

QuickView | Media | 16/12/2016

Latest video

Executive interview - The Marketing Group

Industry outlook

The level of disruption to the media sector status quo has reached new heights, exacerbated by the dominance of Google and Facebook within the (digital) market, along with some of the largest consumer clients taking marketing communications in-house or setting zero-based budgets. This unsettled backdrop may throw up some interesting opportunities for M&A at all scale levels.

Last updated on 27/04/2018

Key management

Don Elgie, Chairman
Adam Graham, CEO
Mike McElhatton, CFO

Company address

Enterprise House
Ocean Village
SO14 3XB
United Kingdom
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