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Client research

different companies, similar needs, bespoke solutions

 

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Circle Property Plc – Total Returns Analysis

July 2018

Measured by Total Return (NAV growth plus dividends), the best performing UK real estate company over the last two years is a £65m market cap, regional office owner/developer that many investors will not have heard of. What marks Circle out from the crowd? Download link below.

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Next Fifteen Communications Group Plc – Final Results 2018

April 2018

NFC’s full year results did not contain any surprises following the January trading update. The key point was the continuation of the H2 high single digit organic revenue growth. Whilst this by no means guarantees the full year outcome; it is a good start and underpins current year expectations.

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Communisis Plc – Initiation of Coverage

March 2018

Like its peers, Communisis is managing a structural transition from the analogue to digital world. This process has not been without its challenges. However, the proof is in the pudding and the performance over the last four years has been impressive. Despite the headlines surrounding declines in traditional print marketing; revenue and profit have grown.

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Next Fifteen Communications Group Plc – Trading Update

February 2018

NFC has provided a full year trading update with FY18E expected to be in line with expectations. Beneath the surface this breaks down into a better than expected UK performance; a return to healthy 5% plus organic growth in the US; but softened by the recent strength of Sterling relative to the dollar.

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Next Fifteen Communications Group Plc – Interim Results 2017

October 2017

Given poor news-flow from elsewhere in the peer group (a WPP online advertising wobble is never helpful for sentiment, despite very little direct read across for NFC); these interim results were reassuringly solid. The key North American business continues to deliver healthy organic growth whilst the UK is experiencing both organic growth and M&A contribution.

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Next Fifteen Communications Group Plc – M&A Strategy – Accretive, Value Focus, Lower Risk

August 2017

Next Fifteen (NFC) has announced the acquisitions of Velocity Partners and Circle Research for a combined net initial consideration of £9m (£7.9m in cash). Both acquisitions are in line with the NFC M&A strategy; single digit acquisition multiple; entrepreneurial continuing management, digital focus with North American ambitions.

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Next Fifteen Communications Group Plc – Final Results 2017

April 2017

Final results were ahead of our, and market, expectations at several levels reflecting strong organic growth; a good performance from acquisitions; US dollar benefit and, not least, operational efficiencies across the group. Whilst North American growth captured most of the headlines; the contribution from the UK, EMEA and APAC was significant.

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Next Fifteen Communications Group Plc – Initiation of Coverage

January 2017

Over the last three years the market has rewarded Next Fifteen for strong, consistent double digit North American organic growth. The high dollar exposure continues to be a positive tailwind. However, substantive progress outside the US has been overshadowed. Margins (ex US) have improved substantially and the shape of the UK business has been transformed.

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