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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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