Jun 19th 2012 - Edison Investment Research today published a report on Centaur Media (CAU.L, LSE:CAU, LON:CAU) entitled "Progress Against Plan". In summary, the report says:
Between 2011 and 2014, Centaur aims to double the share of digital revenue in the group total, reducing dependence on advertising, while also doubling group revenues and EBITDA margins (to >25%). Progress against plan has been good. Due to acquisitions, digital revenues are rising and we estimate EBITDA margins of 17.4% in 2012 (2011: 14%). But despite progress in H112 (EBITDA margins rose 50%) and a reassuring May IMS, short-term investor focus is on weak advertising, not the benefits of restructuring, leaving the shares as among the cheapest of the UK B2B groups. Once investors raise their sights we expect the share price to move ahead.
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