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artnet

Termination of coverage

Update | Media | 21 Sep 2016

Edison Investment Research is terminating coverage on Artnet (ART). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.

artnet

Advertising growth remains key

Update | Media | 25 Aug 2016

H116 group revenues were slightly ahead of the prior year in both US dollar and euro terms, helped by continued growth in artnet News, where revenues were up 17% despite weaker Q2 advertising performance. Reduced losses from Auctions and the benefit of lower costs within the Price Database segment helped drive an 11% uplift in group contribution margin, partially offset by increased central expenses. Stronger operating cash flow drove higher net cash, which at end June was €0.9m, from €0.5m at the year-end. Our FY16e and FY17e forecasts are unchanged.

artnet

A brush with success

Update | Media | 18 Apr 2016

Following a year of investment and reorientation in FY14, artnet had good success in FY15 in turning its Gallery segment back into growth and in building strong web traffic o and hence group advertising revenues o with artnet News. In US dollar terms, FY15 group revenues were up 4% y-o-y, with currency swelling this to a 24% rise in euro terms. This implies a strong Q4, following top-line reported growth of 1% for Q1-Q3. The shift in mix is helping gross margins and with stable operating costs in US dollars, artnet has marched forward into profitability, with further progress forecast for FY16 and FY17.

artnet

Art market online

Outlook | Media | 19 Nov 2015

artnet's nine-month figures show revenues stable in US$, with the uplift in the € numbers reflecting currency movements. Good progress is being made in the reach of artnet News, driving traffic to all parts of the artnet website and increasing advertising revenues. The upcoming mobile app launch and Amazon co-operation should help continue momentum, lifting the top line and starting to deliver more meaningful returns, allowing the rating to move closer to online B2B and B2C operators and art businesses.

artnet

Online art market specialist

QuickView | Media | 09 Nov 2015

artnet has a strong reputation supplying online data and services to the global fine art market. The group has been investing heavily in the functionality and user experience of its website, at short-term cost to profits. However, the spend has given it the tools to exploit opportunities afforded by the growing online fine art market and to increase advertising revenues. Success in building its online auctions business is key to topline growth. The share price is at a discount to other quoted art and online businesses, which should narrow with a return to profitability.

artnet

Gaining luxury advertisers

Update | Media | 03 Sep 2015

Q215 results showed good progress expressed in euros, with the currency translation restraining reported performance in US dollars. artnet News is becoming well established as a prime source of market information, with monthly unique visits averaging 1.3 million over the first six months. It is expected to become self-sustaining by the year end. The higher traffic is helping drive advertising revenues from vendors of luxury goods, lifting the performance of the Gallery segment in both revenue and margin. Costs in H115 have been kept well under control and full-year guidance remains consistent with our projections.

artnet

For art's sake

Update | Media | 22 May 2015

The online element of the international fine art market has continued to appreciate in Q115, despite a duller auction market, and artnet's News platform has been building on the higher levels of interest. Revenues from advertising are growing strongly, with the relevant content and inventory attracting global luxury brands. Improvements to the user experience, with greater flexibility and personalisation, have yet to come through fully in the results from the other segments. With a more favourable currency position, we anticipate the group returning to profit in the current year.

artnet

Bidding for glory

Outlook | Media | 24 Nov 2014

artnet has a strong reputation supplying online data and services to the global fine art market. The group has been investing heavily in the functionality and user experience of its website, at short-term cost to profits. However, the spend should give it the tools to exploit the opportunities afforded by the growing online fine art market, as well as increasing advertising revenues. Success in building its online auctions business is key to top-line growth. The share price is at a discount to other quoted art and online businesses, which should narrow with better trading.

Activa Resources

Deutsche Börse Eigenkapitalforum 2014 Research Guide

Sector Commentary: | *Multiple Sectors | 11 Nov 2014

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artnet

Painting the scene

Update | Media | 01 Sep 2014

artnet continues to build its market presence, buoyed by the growth in the influence of online in the international fine art trade. Heavier investment in sales and marketing costs and the launch costs of the newly-revamped website are weighing on profitability short-term and we have brought back our numbers post the publication of the half-year figures. However, there are signs that the more ‘traditional' elements of the business are turning the corner, while the auctions business starts to gain more traction. The share price continues to fail to recognise the scale of the opportunity.

artnet

A lot of progress

Update | Media | 16 May 2014

artnet's Q114 results show revenues ahead by 4% and EBITDA by 9% over Q113, buoyed by good recovery in the international Fine Art market. The Auctions business is now starting to gain traction, growing its revenues by 36%, while the re-launch of the website at the end of April should support improved trading across the group. Our forecasts are unchanged on these figures. Despite better recent performance, the share price continues to stand at a heavy discount to online e-commerce and content businesses.

artnet

Back in black

Update | Media | 02 Apr 2014

artnet has reported a small profit for 2013 o a year when substantial changes were made to the business to better equip it for its rapidly changing and fast growing market. We expect the benefits of this programme and the associated realignment of overheads to be reflected in improving profitability through FY14. The share price is at a notable discount to other online commerce and content businesses.