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Client research

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SThree PLC - Q2 Trading Update - Further upgrade to expectations

June 2022

SThree’s trading performance continues to stand at odds with the share price performance. +25% net fee growth in H1, combined with continued productivity growth driving short term margins have led to further earnings upgrades.
 

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Next Fifteen Communications Group PLC - Historically attractive valuation point

June 2022

Next Fifteen’s share price, in common with many of its peers, has come under significant short-term pressure. The shares are now down -34% from their recent record high and are down -28% YTD (compared to -5% YTD for the FTSE All Share and -26% YTD for the AIM All Share).

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Next Fifteen Communications Group PLC - Recommended Offer for M&C Saatchi – Trading update

May 2022

Next Fifteen has announced a Recommended Offer to acquire M&C Saatchi PLC. The Offer comprises 40p in cash and 207.2p in Next Fifteen equity and values M&C at an aggregate c.£310m. Based on current consensus estimates for M&C and guidance previously issued by M&C, we estimate the FY22 and FY23 exit PE multiples for M&C to be c.19x and 14x respectively pre post acquisition synergies. If we adjust for the cash component of the consideration, the acquisition, if completed, looks to be materially earnings enhancing for Next Fifteen. M&C shareholders will represent c.17% of the enlarged share register.

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Ocean Outdoor Limited - FY Results

May 2022

The final results have provided more colour to the FY21 recovery. Unsurprisingly, the results were in-line with expectations that had been upgraded back in September 2021 and more recently in February 2022.

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Active Net Zero Clean Energy Index

May 2022

Longspur Research and Radnor Capital Partners launched the Active Net Zero Clean Energy Index in June 2021 to allow investors to measure the performance of companies actively enabling climate solutions.

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Next Fifteen Communications Group PLC - Final Results

April 2022

Final results came in +6% ahead of our recently upgraded expectations, capping off a remarkable year of growth and progress for the group. On a purely organic basis, +26% revenue growth and continued margin expansion was hugely impressive.

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Wilmington PLC - H1 results & Rise National – 11% PBT upgrade

March 2022

Following on from an improving H2 for FY21, Wilmington has delivered a strong set of H1 results. Organic growth has strengthened to +12%. Although this has been partly buoyed by the welcome return of face to face event formats, critically the underlying organic growth pre face to face was a healthy +6%.

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Next Fifteen Communications Group PLC - Estimate upgrade

March 2022

The first two months of 2022 have been busy for Next 15. Firstly, the full year trading update pointed to a strong finish to the year resulting in a further upgrade to estimates. More recently, Mach49 secured the largest single contract win in Next 15’s history ($400m over five years). Finally, Next 15 has announced its largest acquisition to date, Engine UK, for a maximum value of £77m (£62m of initial cash consideration part funded by the successful placing of 4.5m new ordinary shares at 1110p raising £50m gross).

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Ocean Outdoor Limited - FY Trading Update

February 2022

The positive H1 results released back in September 2021 pointed to strong recovery momentum heading into the seasonally more important H2. Today’s trading update confirms that the strength of this recovery has been better than originally expected.

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Next Fifteen Communications Group PLC - Q4 Trading Update

February 2022

In line with the positive Q3 trading update, Next Fifteen have delivered a better than expected performance in Q4 and therefore for FY22 as a whole. We are upgrading our estimates for the fifth time this year, lifting revenue / PBT estimates by 1% / 6% respectively.

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