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Entertainment One

On course to double EBITDA by 2020

Update | Media | 22 May 2018

An excellent performance from Family & Brands and strong growth in Television offset declines in Film to deliver EBITDA growth of 11%, which is in line with forecasts. The group is in good shape entering FY19 and is on track to deliver to its five-year plan to double EBITDA by 2020. The shares are on a c 40% P/E and c 20% EV/EBITDA discount to global peers and we believe they offer good value.

Entertainment One

PJ Masks catching Peppa

Update | Media | 21 Nov 2017

eOne’s H118 results delivered a 36% increase in EBITDA driven by an outstanding performance in Family with Peppa Pig making its mark in China and the rapid global roll out of PJ Masks establishing it as a global brand. Management has reiterated that the company is on track to deliver full year expectations; we have updated our forecasts for mix effects but leave our overall EBITDA forecast unchanged.

Entertainment One

Library value up 13% and H118 trading on track

Update | Media | 27 Sep 2017

Operating performance across all Entertainment One (eOne) divisions is in line with management's full year expectations, with the H1/H2 weighting expected to be broadly in line with last year. As the group's business grows, so does its library valuation, which has increased by 13% y-o-y to $1.7bn, underpinning c 80% of the current EV.

Entertainment One

Firing on all cylinders

Update | Media | 24 May 2016

Strong growth in Television and Family was boosted by acquisitions and offset a weak performance in Film, as forecast. Television and Family accounted for 61% of EBITDA, have excellent pipelines and, with a stronger film slate, FY17 should see strong growth across all divisions. We see plenty of scope for the significant ratings gap vs peers to close.


Mixed media

Update | Media | 07 Feb 2019

Edel’s FY18 results showed a 6% sales increase and 7% improvement in EBITDA as it benefited from continued demand for vinyl and subsidiary Kontor New Media’s strong positioning in digital music. H2 was markedly tougher, as foreshadowed in the November trading update, reflecting pressure on the book publishing, one-off issues at Pandastorm Pictures and a write-down at Edel Italy. Guidance for FY19 indicates broadly stable revenues but significantly improved profitability, benefiting from the major investment programme completed in FY18. The shares trade at a clear discount to global entertainment content and publishing stocks, partly explained by the limited market liquidity.

Entertainment One

2019: Year of the (Peppa) Pig

Update | Media | 20 Nov 2018

Entertainment One’s interims are in line with expectations. Our FY19 and FY20 revenue forecasts are trimmed but we have lifted expected margins, leaving EBITDA and EPS broadly unchanged. This reflects the further mix shift to Family & Brands, where good momentum continues behind Peppa Pig and PJ Masks, especially in China. Film & TV is part-way through its transition from distribution to content production, with divisional EBITDA also impacted by an H2-weighted release schedule. The net effect was a group EBITDA margin of 14.8% (H118: 13.3%). Changing consumption patterns provide a strong backdrop to high-quality content providers such as eOne. We regard the shares as attractively priced on earnings and with regard to the portfolio valuation of $2.0bn.

Heliad Equity Partners

NAV decline driven by listed holdings

Update | Investment trusts | 05 Oct 2018

Heliad’s results and NAV were influenced by the overall conditions in the equity markets, with all but one listed holding (DEAG Deutsche Entertainment) posting a share price decline in H118. Major portfolio developments during the period include the reduction of the FinTech Group stake, participation in the pre-IPO funding round of Cyan and acquisition of Cubitabo by Sleepz. Heliad’s shares currently trade at a 29% discount to the last reported NAV of EUR 10.38 (as at end-June 2018), with an even wider discount if we take into account FinTech’s current share price.

Entertainment One

Library valuation uplift

Flash note | Media | 27 Sep 2018

Entertainment One’s (eOne’s) pre-close trading update confirms the group is trading well and is on track to meet full-year market forecasts. There is no change to our forecasts at this juncture. The group’s rights library has been independently reassessed and has increased to a value of US$2.0bn, from US$1.7bn at the time of the last valuation in March 2017. The group’s current market capitalisation is c GBP 1.8bn (US$2.3bn). Recent strong share price performance has narrowed the discount to peers, but further positive news flow would allow additional upside.

Entertainment One

Unlocking the value of creativity

Update | Media | 17 Sep 2018

Entertainment One’s (eOne’s) capital markets day (CMD) presentation highlighted its strong content and depth of management, with its independence allowing the luxury of platform agnosticism. With the major tech platforms building audience engagement to drive their broader business models, high-quality content remains a key differentiator that plays to eOne’s strengths. The strategy for Family & Brands is to focus on a tight portfolio, maximising merchandising and licensing opportunities. Recent strong share price performance has narrowed the discount to peers, but further positive newsflow would allow additional upside. Our forecasts are unchanged.

Entertainment One

Nothing unscripted about Whizz Kid acquisition

Update | Media | 09 Apr 2018

eOne’s bolt on acquisition of Whizz Kid in the UK further builds on its expanding capabilities in the non-scripted television production segment. The GBP 6.9m consideration paid for a 70% interest will be part funded utilising some of the excess proceeds of the recent placing and shares.

Entertainment One

On track for full year

Update | Media | 04 Apr 2018

eOne’s FY18 trading update puts the group on track to deliver to expectations with continued excellent momentum in Family, a solid performance from Television and a better second half in Film.

Entertainment One

Takes full ownership of MGC

Update | Media | 30 Jan 2018

eOne has announced the proposed acquisition of the remaining 49% of the Mark Gordon Company (MGC) for $209m, financed with a mixture of new equity and debt. We estimate that the deal will be slightly earnings accretive in its first year before an anticipated $7-10m of cost synergies. In our view it is a logical extension of the group’s strategy to build a diversified content business.