Financials Reach plc

Equities

TNI

GB0009039941

Consumer Publishing

Market Closed - London S.E. Other stock markets 16:35:06 29/04/2024 BST			5-day change	1st Jan Change
75.5 ^GBX	+5.59%		+9.58%	+0.80%

03-06	JPMorgan raises IAG; Jefferies likes Experian	AN
03-05	Reach annual profit and revenue drop on lower digital and print sales	AN

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	403.5	443.1	877.9	296.5	235.5	237.6	-	-
Enterprise Value (EV) ¹	383.1	401.1	812.2	271.1	235.5	266.3	276.5	290.3
P/E ratio	-	-16.7 x	314 x	5.66 x	11 x	-	-	-
Yield	4.8%	2.97%	2.55%	7.72%	-	9.72%	9.72%	9.72%
Capitalization / Revenue	0.57 x	0.74 x	1.43 x	0.49 x	0.41 x	0.44 x	0.45 x	0.46 x
EV / Revenue	0.55 x	0.67 x	1.32 x	0.45 x	0.41 x	0.5 x	0.52 x	0.56 x
EV / EBITDA	2.19 x	2.49 x	4.91 x	2.15 x	1.99 x	2.34 x	2.4 x	2.75 x
EV / FCF	4.62 x	7.82 x	10.4 x	15.9 x	-	32.1 x	40.1 x	25.5 x
FCF Yield	21.6%	12.8%	9.59%	6.27%	-	3.12%	2.5%	3.93%
Price to Book	-	0.8 x	1.39 x	0.47 x	-	-	-	-
Nbr of stocks (in thousands)	308,450	308,565	310,761	311,769	314,376	314,703	-	-
Reference price ²	1.308	1.436	2.825	0.9510	0.7490	0.7550	0.7550	0.7550
Announcement Date	24/02/20	01/03/21	15/03/22	07/03/23	05/03/24	-	-	-

¹GBP in Million²GBP

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	702.5	600.2	615.8	601.4	568.6	537.4	527.3	520.1
EBITDA ¹	174.9	161.2	165.4	126.3	118.1	113.6	115.2	105.5
EBIT ¹	153.4	133.8	146.1	106.1	96.5	97.94	100.1	97.02
Operating Margin	21.84%	22.29%	23.73%	17.64%	16.97%	18.22%	18.99%	18.66%
Earnings before Tax (EBT)	-	0.4	73.3	66.2	36.7	-	-	-
Net income	-	-26.7	2.9	52.3	21.5	-	-	-
Net margin	-	-4.45%	0.47%	8.7%	3.78%	-	-	-
EPS	-	-0.0860	0.009000	0.1680	0.0680	-	-	-
Free Cash Flow ¹	82.9	51.3	77.9	17	-	8.3	6.9	11.4
FCF margin	11.8%	8.55%	12.65%	2.83%	-	1.54%	1.31%	2.19%
FCF Conversion (EBITDA)	47.4%	31.82%	47.1%	13.46%	-	7.31%	5.99%	10.8%
FCF Conversion (Net income)	-	-	2,686.21%	32.5%	-	-	-	-
Dividend per Share ²	0.0628	0.0426	0.0721	0.0734	-	0.0734	0.0734	0.0734
Announcement Date	24/02/20	01/03/21	15/03/22	07/03/23	05/03/24	-	-	-

¹GBP in Million²GBP

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2020 S2	2023 S1
Net sales	290.8	309.4	-
EBITDA	-	-	-
EBIT ¹	54.9	78.9	36.1
Operating Margin	18.88%	25.5%	-
Earnings before Tax (EBT)	-	-	-
Net income	-	-	-
Net margin	-	-	-
EPS	-	-	-
Dividend per Share	-	-	-
Announcement Date	28/09/20	01/03/21	25/07/23

¹GBP in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	28.7	38.9	52.7
Net Cash position ¹	20.4	42	65.7	25.4	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	0.2522 x	0.338 x	0.4996 x
Free Cash Flow ¹	82.9	51.3	77.9	17	-	8.3	6.9	11.4
ROE (net income / shareholders' equity)	-	-	19.3%	13.2%	-	-	-	-
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-	-
Assets	-	-	-	-	-	-	-	-
Book Value Per Share	-	1.790	2.030	2.010	-	-	-	-
Cash Flow per Share ²	0.2800	0.1700	0.2600	0.0600	-	0.0300	0.0200	0.0400
Capex ¹	3.9	1.9	6.5	13.7	-	10	9	3
Capex / Sales	0.56%	0.32%	1.06%	2.28%	-	1.86%	1.71%	0.58%
Announcement Date	24/02/20	01/03/21	15/03/22	07/03/23	05/03/24	-	-	-

¹GBP in Million²GBP

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Reach plc

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

0.755 GBP

Average target price

1.633 GBP

Spread / Average Target

+116.34%

Consensus

Annual profits - Rate of surprise

Company calendar

Sector Newspaper Publishing

	1st Jan change	Capi.
REACH PLC	+0.80%	298M
NEWS CORPORATION	-1.51%	13.94B
THE NEW YORK TIMES COMPANY	-10.88%	7.18B
SONAECOM, SGPS, S.A.	-9.29%	832M
D. B. CORP LIMITED	+5.89%	601M
DAILY JOURNAL CORPORATION	-0.74%	466M
GEDI GRUPPO EDITORIALE S.P.A.	+0.55%	266M
GRUPO CLARÍN S.A.	+131.26%	244M
NORTH MEDIA A/S	-7.08%	156M
REWORLD MEDIA	-20.51%	161M

Newspaper Publishing