Stock data
| Market cap. | £49.1m |
| Last close | 34.75p |
| High / Low (52 weeks) | 56.2p / 30.5p |
| Stock market listing | LSE |
| Forecast net debt (£m) | 8.1 |
| Forecast gearing ratio (%) | 6 |
| Team | Consumer |
| Sector | Media & Entertainment |
Price performance
| % | 1m | 3m | 12m |
|---|---|---|---|
| Actual | (5.44) | (10.9) | (37.39) |
| Relative * | (0.8) | (3.58) | (31.19) |
* % Relative to local index
Other companies covered in sector
| Y/E Jun | Revenue (£m) | EBITDA (£m) | PBT (£m) | EPS (fd) (p) | P/E (x) | P/CF (x) |
|---|---|---|---|---|---|---|
| 2010A | 59.9 | 6.6 | 3.7 | 2.0 | 17.4 | 7.9 |
| 2011A | 68.3 | 9.9 | 6.7 | 3.4 | 10.2 | 5.2 |
| 2012E | 67.8 | 11.8 | 8.5 | 4.4 | 7.9 | 5.6 |
| 2013E | 72.0 | 14.3 | 10.7 | 5.5 | 6.3 | 3.4 |
Last updated on 17/04/2012
Latest research
Strategy delivers
Update | Media & Entertainment | 05/03/2012
Caution and confidence
Update | Media & Entertainment | 18/01/2012
Strong start to the year
Flash note | Media & Entertainment | 17/11/2011
Generational change
Update | Media & Entertainment | 14/10/2011
Quiet revolution
Update | Media & Entertainment | 16/09/2011
Driving into digital
Update | Media & Entertainment | 15/07/2011
Positive IMS
Update | Media & Entertainment | 11/05/2011
Advertising bounce
Outlook | Media & Entertainment | 25/02/2011
Investment summary
In H112, EBITDA margins rose from 4.4% to 6.0% on a 4% rise in underlying revenue, helped by disposals and cost cutting. Four acquisitions, mainly digital and subscription based, have been made in FY12 so far at a cash cost of £12.5m. Digital revenue was 32% of the group total (H111 29%). The shares are below their YTD peak (45p) and offer scope for continued re-rating as restructuring and acquisitions lift underlying growth rates.
Last updated on 23/04/2012
Industry outlook
Advertising is still the most volatile part of Centaur's revenue mix, especially recruitment (25% of total advertising) and can vary a lot by the industry served. In marketing, recruitment advertising is stable now after a weak H1, but recruitment in engineering is strong after a 15% H1 rise, while law is seeing limited growth in recruitment, but more in display. Overall, for all revenue streams, forward bookings in the opening weeks of H212 are up 9% in business publishing, 8% in business information, which is almost entirely digital, and 17% for exhibitions.
Last updated on 23/04/2012
Key management
| Patrick Taylor, Chairman |
| Geoff Wilmott, CEO |
| Mark Kerswell, CFO |
Company address
| St. Giles House 50 Poland Street London W1F 7AX United Kingdom View website |
