Proactiveinvestors United Kingdom Daily Mail and General Trust https://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom Daily Mail and General Trust RSS feed en Wed, 17 Jul 2019 05:19:49 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Liberum ups rating for Daily Mail & General to ‘hold’ from ‘sell’ in the wake of upbeat first-half results ]]> https://www.proactiveinvestors.co.uk/companies/news/221213/liberum-ups-rating-for-daily-mail--general-to-hold-from-sell-in-the-wake-of-upbeat-first-half-results-221213.html Liberum Capital added to the good news for Daily Mail & General Trust PLC (LON:DMGT) on Thursday by upgrading its rating for the newspaper publisher to ‘hold’ from ‘sell’ in the wake of today’s upbeat first-half results.

The City broker’s analyst made the move as they placed their target price for DMGT ‘under review’, with the shares jumping 9.6% higher to 740p in mid-morning trading.

READ: Daily Mail and General Trust surges as consumer media business has good first half

In a note to clients, the Liberum analysts said: “The highlight of DMGT's 1H results was their comment that FY19E Consumer Media revenues (46% of group revenues) should be better than expected, with a low single digit decline vs mid-single digit previously guided.”

They added: “Advertising, particularly at Mail Online, looks to be holding up better than expected, which is not what we expected when we downgraded DMGT to Sell in April, when we thought Brexit issues would impact advertising numbers and we had concerns over Mail Online's advertising growth.”

The analysts concluded: “Given this, and that we expect consensus numbers to rise slightly despite management's comments that they are comfortable with FY expectations, we upgrade from Sell to Hold.”

Target price hikes too

DMGT shares were also helped by target price hikes from two brokers.

JPMorgan Cazenove raised its target to 800p from 770p as it repeated an ‘overweight’ rating on the stock, while Credit Suisse moved up to 741p from 585p with a ‘neutral’ rating maintained.

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Thu, 30 May 2019 10:35:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/221213/liberum-ups-rating-for-daily-mail--general-to-hold-from-sell-in-the-wake-of-upbeat-first-half-results-221213.html
<![CDATA[News - Daily Mail and General Trust surges as consumer media business has good first half ]]> https://www.proactiveinvestors.co.uk/companies/news/221207/daily-mail-and-general-trust-surges-as-consumer-media-business-has-good-first-half-221207.html Shares in publishing and exhibitions group Daily Mail and General Trust PLC (LON:DMGT) surged on Thursday after an encouraging outlook statement in its interim results.

The shares were up more than 7% after the company unveiled underlying revenue growth of 1% year-on-year in the six months to the end of March.

READ Daily Mail & General to distribute stake in Euromoney and £200mln in cash to eligible A share holders

Adjusted profit before tax fell 3% to £100mln from £103mln the year before but was up 19% on a like-for-like basis.

Reported profit before tax more than halved to £50mln from £113mln 12 months earlier.

The company said lower consumer media revenue growth and operating margins are expected in the second half of the financial year but as a result of the good first-half performance, the underlying rate of revenue decline for the full year is now expected to be in the low-single digits (in percentage terms) rather than the mid-single digits previously guided to.

The consumer media full year operating margin is still expected to be in the high-single digits, the company said.

The business-to-business (B2B) divisions are collectively still expected to deliver a full year underlying revenue growth rate in the low-single digits and an operating margin in the mid-teens, due to higher planned investment in the second half.

UK RNS today #3 -

DMGT - still in turnaround mood but citing good consumer media business, edging div up and debt <x1 ebitda

Pennon - 'strong performance' with EPS/div growth of c. 6.5% as Viridor waste business driving the numbers along with greater efficiencies at SW Water

— Chris Bailey (@Financial_Orbit) May 30, 2019

"DMGT delivered a good performance in the first half of the year, achieving underlying growth in revenue, cash generation and profit. Consumer Media delivered a particularly strong performance and we saw continued growth in our B2B portfolio,” said Paul Zwillenberg, the chief executive officer of DMGT.

“The strategy we are pursuing is transforming DMGT and delivering results. The distribution of our stake in Euromoney and the £200mln special dividend was a defining moment for DMGT. We returned nearly £900mln, or 38% of our market capitalisation, to our shareholders. Our balance sheet remains strong despite this considerable capital return and an additional £117mln made available to our pension schemes. We are confident we can invest for growth and maximise the portfolio's true potential, continuing the transformation we started three years ago,” he added.

“Consumer Media delivered a strong performance in the first half. Given the inherent lack of visibility of our advertising revenue streams, exacerbated by the uncertain macro environment, we remain cautious about the remainder of the year. Guidance for B2B remains unchanged with higher planned investment in the second half, notably in RMS. The board remains confident that the group's strategy and strong balance sheet will, over the medium term, deliver consistent earnings growth to underpin DMGT's long-standing commitment to sustainable annual real dividend growth," he concluded.

In mid-morning trading, shares in DMGT were 9.3% higher at 738p.

In a note to clients, analysts at Numis Securities repeated their 'buy' rating and 877p target price on DMGT and said they see a "small risk on the upside to estimates".

 -- Adds share price, analyst comment --

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Thu, 30 May 2019 09:12:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/221207/daily-mail-and-general-trust-surges-as-consumer-media-business-has-good-first-half-221207.html
<![CDATA[RNS press release - Half year 2019 Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/3529/LSE20190530070007_14091613/ Thu, 30 May 2019 07:00:07 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3529/LSE20190530070007_14091613/ <![CDATA[News - Daily Mail owner to become victim of Brexit alongside ITV, says Liberum ]]> https://www.proactiveinvestors.co.uk/companies/news/218235/daily-mail-owner-to-become-victim-of-brexit-alongside-itv-says-liberum-218235.html Daily Mail and General Trust PLC (LON:DMGT) is likely to join ITV PLC (LON:ITV) in becoming an “un-beneficiary of Brexit uncertainty”, Liberum said.

Last week, Liberum downgraded its estimates for ITV on concerns that uncertainty on Brexit would hit advertising numbers for the rest of the year.

For the same reason, the broker has today cut its recommendation on DMGT, which owns the Daily Mail and Metro newspapers, to ‘sell’ from ‘hold’ and lowered its target price to 620p from 625p.

READ: Daily Mail & General to distribute stake in Euromoney and £200mln in cash to eligible A share holders

“Our concern is an obvious one: namely that advertising revenues in DMG Media are hit both by advertisers in general deciding to hold off on committing advertising revenues and the ongoing secular weaknesses in the retail sector, which is one of the biggest advertising categories for DMG Media,” Liberum said.

“DMG Media is one third of group profits and print advertising revenues are circa 29% of DMG Media revenues with Mail Online (which is geographically more diversified and which is more protected structurally) making up another 21% of DMG Media revenues.”

Brexit uncertainty to hit property information revenues 

Liberum said another factor to consider is the impact the uncertainty will likely have on UK property transaction volumes, which is the main driver of DMGT’s European property information revenues.

The European property information business accounts for about 10% of group revenue and 15% of total profits, Liberum estimates.

“Thus, we would argue that circa 23% of group revenues (print advertising revenues + European property information revenues) are directly at risk from the Brexit uncertainty, with at least part of another 9% of revenues (Mail Online) possibly at risk,” Liberum said.

Euromoney stake sale to boost earnings

Liberum also revised its earnings estimates to reflect DMGT’s decision to sell its 49% stake in financial publisher, Euromoney.

The deal saw DMGT return Euromoney shares and cash to shareholders.

“The Euromoney transaction involved a reduction in the share count and, unlike our previous forecasts, we have assumed that DMGT puts in additional cost savings to offset revenue declines so there is not the sharp drop off in DMG Media margins we had assumed previously,” Liberum said.

“The net result of this is that, perversely, adjusted EBITDA forecasts actually rise despite lower revenues.”

Liberum cut its 2019 forecast for revenue by 3.8% to £1.36bn and raised its expectation for earnings (EBITDA) by 7.8% to £189.6mln.

In late morning trading, shares in DMGT fell 0.3% to 671.1p.

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Tue, 09 Apr 2019 11:34:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/218235/daily-mail-owner-to-become-victim-of-brexit-alongside-itv-says-liberum-218235.html
<![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/3529/LSE20190402133003_14025818/ Tue, 02 Apr 2019 13:30:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3529/LSE20190402133003_14025818/ <![CDATA[RNS press release - Euromoney Institutional Investor ]]> https://www.proactiveinvestors.co.uk/companies/rns/3529/LSE20190326181501_14016739/ Tue, 26 Mar 2019 18:15:01 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3529/LSE20190326181501_14016739/ <![CDATA[RNS press release - Result of Class Meeting ]]> https://www.proactiveinvestors.co.uk/companies/rns/3529/LSE20190326160301_14016613/ Tue, 26 Mar 2019 16:03:01 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3529/LSE20190326160301_14016613/ <![CDATA[RNS press release - Euromoney Institutional Investor ]]> https://www.proactiveinvestors.co.uk/companies/rns/3529/LSE20190306180004_13992980/ Wed, 06 Mar 2019 18:00:04 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3529/LSE20190306180004_13992980/ <![CDATA[News - Daily Mail & General to distribute stake in Euromoney and £200mln in cash to eligible A share holders ]]> https://www.proactiveinvestors.co.uk/companies/news/215710/daily-mail--general-to-distribute-stake-in-euromoney-and-200mln-in-cash-to-eligible-a-share-holders-215710.html Daily Mail & General Trust PLC (LON:DMGT) plans to return all its remaining shares in financial magazine publisher Euromoney Institutional Investor PLC (LON:ERM) and £200mln in cash to eligible holders of its listed ‘A’ non-voting shares, a move which - together with a share reduction - will increase the Rothmere family’s holding in the newspaper publishing group.

DMGT, which was a founding investor in Euromoney and is its largest shareholder, confirmed last week that it was considering its options with regards to its around 49% stake in the firm

READ: Daily Mail & General Trust says reviewing options in respect of its remaining holding in Euromoney

In a statement on Monday, DMGT said each of its A shareholders will receive 0.19933 Euromoney share, plus 68.13p in cash. The company said the number of its A shares will also be reduced as part of the capital distributions, on the basis of a reduction of 0.46409 for each existing A share.

The Rothermere family shareholders will not get any Euromoney shares but will receive £17mln in aggregate in cash, which is 65% less than the amount they would have received had they participated fully in the cash distribution. Because of their only partial participation, the Rothermere family holdings in DMGT will increase to 36% from 24%.

DMGT chief executive, Paul Zwillenberg commented:  "In total, the distributions will result in almost £900mln of assets being returned to shareholders, who will benefit from direct ownership of Euromoney while retaining exposure to a simplified DMGT Group.”

In a separate statement, Euromoney chief executive officer, Andrew Rashbass said: "The proposed distribution would result in a more diversified shareholder base for Euromoney and we would expect it to result in increased liquidity in our shares.

“This should benefit both existing shareholders and those joining the register as a result of the proposed distribution. It will also underline Euromoney's status as a fully independent company.”

In mid-morning trading, Euromoney shares were 4.5% lower at 1,242p, while DMGT A shares were 5% higher at 679p.

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Mon, 04 Mar 2019 10:29:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/215710/daily-mail--general-to-distribute-stake-in-euromoney-and-200mln-in-cash-to-eligible-a-share-holders-215710.html
<![CDATA[RNS press release - Proposed distributions: Euromoney shares and £200m ]]> https://www.proactiveinvestors.co.uk/companies/rns/3529/LSE20190304070003_13988150/ Mon, 04 Mar 2019 07:00:03 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3529/LSE20190304070003_13988150/ <![CDATA[News - Daily Mail & General Trust says reviewing options in respect of its remaining holding in Euromoney ]]> https://www.proactiveinvestors.co.uk/companies/news/215220/daily-mail--general-trust-says-reviewing-options-in-respect-of-its-remaining-holding-in-euromoney-215220.html Daily Mail & General Trust PLC (LON:DMGT) has confirmed it is reviewing its options in respect of its remaining holding in financial magazine publisher Euromoney PLC (LON:ERM), a move consistent with its stated strategy of increasing portfolio focus.

Over the weekend, The Sunday Times reported that the Daily Mail owner was considering offloading its 49% stake in Euromoney in a move that would help to fund a ££750mln special cash return to shareholders.

READ: Daily Mail and Metro owner maintains full year guidance after online advertising growth boosts first-quarter revenue

The Sunday Times cited a source close to the situation as saying that the holding had become "non-core" and was under review.

In a brief statement responding to the speculation, DMGT said it has not received any proposal nor is it in discussions with any party to acquire its holding in Euromoney.

The group said it will make a further announcement if it becomes relevant and appropriate.

DMGT cut its stake in Euromoney to 49% from 67% in December 2017 after selling around 32.3mln Euromoney shares at 975p each raising gross proceeds of around £315mln.

In morning trading on Monday, Euromoney shares were trading at 1,292p each, down 0.5% on Friday’s close. DMGT hares were 1.5% higher at 626p.

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Mon, 25 Feb 2019 11:10:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/215220/daily-mail--general-trust-says-reviewing-options-in-respect-of-its-remaining-holding-in-euromoney-215220.html
<![CDATA[RNS press release - Media speculation ]]> https://www.proactiveinvestors.co.uk/companies/rns/3529/LSE20190225070006_13979576/ Mon, 25 Feb 2019 07:00:06 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3529/LSE20190225070006_13979576/ <![CDATA[News - Daily Mail and Metro owner maintains full year guidance after online advertising growth boosts first-quarter revenue ]]> https://www.proactiveinvestors.co.uk/companies/news/213233/daily-mail-and-metro-owner-maintains-full-year-guidance-after-online-advertising-growth-boosts-first-quarter-revenue-213233.html Daily Mail General Trust PLC (LON:DMGT) left its full-year guidance unchanged after underlying revenue in the first quarter rose 2%, led by demand for online advertising.

The owner of the Daily Mail and Metro newspapers said revenue in its consumer media division increased 1% in the quarter with advertising revenue up 4% but circulation revenue from its newspaper titles down 3%.

Digital advertising growth of 10% offset a 1% decline in print advertising as more consumers opt to get their news fix online.

READ: Daily Mail and Metro owner's shares plunge as it warns on challenging newspaper market

The group’s business-to-business (B2B) operations saw revenue gain 3%, driven by a strong performance in education technology unit Hobsons.

For the year, the company continues to expect the B2B division to deliver “low-single-digit” underlying revenue growth with an adjusted operating profit margin in the “mid-teens”.  

The consumer media unit is forecast to post a “mid-single digit” underlying drop in revenue with the adjusted operating profit margin in the “high-single digits”.

LIberum upgraded its recommendation on the stock to 'hold' fom sell but lowered its target price to 625p from 685p to reflect its "double-digit" adjusted earnings per share downgrade. 

The broker said while it has cut its estimates, this is "likely to understate the level of future earnings given the likelihood of acquisitions, facilitated by DMGT’s circa £200mln net cash position".

"On the Q1 trading update, we think focus will be on the surprisingly robust print advertising performance (only down 1%) in fiscal Q1 and this helped deliver a solid +2% underlying revenue growth performance for the group."

Shares rose 1.2% to 585p in morning trading.

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Thu, 24 Jan 2019 08:23:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/213233/daily-mail-and-metro-owner-maintains-full-year-guidance-after-online-advertising-growth-boosts-first-quarter-revenue-213233.html
<![CDATA[RNS press release - First Quarter Trading Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/3529/LSE20190124070004_13944821/ Thu, 24 Jan 2019 07:00:04 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3529/LSE20190124070004_13944821/ <![CDATA[News - Daily Mail and Metro owner's shares plunge as it warns on challenging newspaper market ]]> https://www.proactiveinvestors.co.uk/companies/news/210204/daily-mail-and-metro-owner-s-shares-plunge-as-it-warns-on-challenging-newspaper-market-210204.html Daily Mail & General Trust PLC (LON:DMGT), swung to a 2018 profit but warned that it expects newspaper circulation volumes to continue to decline next year as more people get their news online.

The owner of the Daily Mail and Metro newspapers posted a pre-tax profit of £692mln for the year to September 30, compared to a loss of £112mln last year, after pocketing £642mln from the sale of its 29.9% stake in ZPG in May. ZPG, the parent company of Zoopla, PrimeLocation and uSwitch, was sold to California-based tech investor Silver Lake.

Daily Mail also sold real estate data firm EDR to Silver Lake and Battery Ventures for US$205mln in March and its loss-making viral video-sharing website Elite Daily to Bustle Digital Group in April.

The disposals improved its balance sheet with the company moving into net cash of £233mln at the end of September from net debt of £464mln at the start of the year.

On the back of its healthier cash position, the group raised its dividend to 23.3p from 22.7p last year.

Adjusted profit and revenue fall 

However, adjusted pre-tax profit fell to £182mln from £226mln last year, reflecting the impact of the reduced portfolio of businesses, a weaker US dollar and difficult conditions in the newspaper market.

Revenue dropped to £1.4bn from £1.7bn last year, led by declines in its property information unit and consumer media businesses of 17% and 4% respectively on a reported basis. On an underlying basis, revenues were flat. 

Last year the company placed its struggling US property information business, Xceligent into liquidation, following a strategic review.

READ: Daily Mail and General places struggling, US property information business into Chapter 7 liquidation

In the consumer media unit, underlying growth from MailOnline of 5% was more than offset by a 5% decrease in circulation revenues and a 5% drop in print advertising revenues.

Advertising market conditions expected to remain volatile 

For the 2019 financial year, the company expects underlying revenues in the consumer media division to fall by “mid-single” digits as it believes advertising market conditions are likely to remain volatile and sees circulation volumes falling. That will offset an increase in the cover price of the Daily Mail, the firm said.

The business-to-business division will be affected by the decision to streamline the portfolio with underlying revenue growth expected to be in the “low-single” digits.

The insurance risk, property information, EdTech, energy information and events businesses are all expected to deliver underlying revenue growth.

 “As we move into FY 2019, our vision for DMGT's future remains unchanged; we seek to deliver profitable growth across a diversified portfolio, driven by our long-term approach to investment and increased focus on innovative technologies,” said chief executive Paul Zwillenber.

“The board remains confident that the group's strategy, supported by our strong balance sheet, will over the medium term, deliver consistent earnings growth to underpin DMGT's long-standing commitment to sustainable annual real dividend growth."

Shares plunged 10.5% to 618p in morning trading.

Liberum maintains 'sell' rating 

Liberum maintained a 'sell' rating and target price of 685p, saying it thinks the shares are likely to react badly to the 2019 guidance.

"We expect consensus adjusted operating profit for FY19E to fall from £153mln to £135mln-140mln (Liberum estimate £127mln) although the earnings per share impact may be less because guidance is for £15mln interest costs (Liberum estimate £30mln)," it added.

"However, the focus will be on the weak operational guidance."

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Thu, 29 Nov 2018 09:20:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/210204/daily-mail-and-metro-owner-s-shares-plunge-as-it-warns-on-challenging-newspaper-market-210204.html
<![CDATA[RNS press release - Full Year Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/3529/LSE20181129070010_13884378/ Thu, 29 Nov 2018 07:00:10 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3529/LSE20181129070010_13884378/ <![CDATA[RNS press release - DAILY MAIL & GENERAL TRUST PLC - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3529/PRNRNS_201810091110PR_NEWS_UKDISCLO_0089/ Tue, 09 Oct 2018 16:10:00 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3529/PRNRNS_201810091110PR_NEWS_UKDISCLO_0089/ <![CDATA[News - Daily Mail downgraded on slowdown fears ]]> https://www.proactiveinvestors.co.uk/companies/news/205863/daily-mail-downgraded-on-slowdown-fears-205863.html City broker Liberum Capital has downgraded its view of Daily Mail and General Trust PLC (LON:DMGT), moving to ‘sell’ from ‘hold’.

Explaining the downgrade, analyst Ian Whittaker said: “It is a tricky call as management are taking the right steps and the company's net cash position gives it firepower to reshape its business.

Decline more structurally driven?

“However, numbers for 2019 are under pressure from rising print prices and, less so, slowness in events.”

“We also have concerns MailOnline’s decline in top-line growth is maybe more structurally, than cyclically, driven.”

With a price target of 685p, the stockbroker sees 5% downside to the current price of 725.5p.

Whittaker added: “MailOnline’s slowing growth has been blamed on cyclical factors but we think it is more structurally driven namely the shift in Online advertising to video, where it is less prominent.”

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Thu, 27 Sep 2018 11:28:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/205863/daily-mail-downgraded-on-slowdown-fears-205863.html
<![CDATA[RNS press release - Directorate Change ]]> https://www.proactiveinvestors.co.uk/companies/rns/3529/LSE20180926170056_13806010/ Wed, 26 Sep 2018 17:00:56 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3529/LSE20180926170056_13806010/ <![CDATA[RNS press release - DAILY MAIL & GENERAL TRUST PLC - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3529/PRNRNS_201809100827PR_NEWS_UKDISCLO_0085/ Mon, 10 Sep 2018 13:27:00 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3529/PRNRNS_201809100827PR_NEWS_UKDISCLO_0085/ <![CDATA[RNS press release - DAILY MAIL & GENERAL TRUST PLC - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3529/PRNRNS_201808281209PR_NEWS_UKDISCLO_0121/ Tue, 28 Aug 2018 17:09:00 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3529/PRNRNS_201808281209PR_NEWS_UKDISCLO_0121/ <![CDATA[RNS press release - DAILY MAIL & GENERAL TRUST PLC - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3529/PRNRNS_201808211115PR_NEWS_UKDISCLO_0085/ Tue, 21 Aug 2018 16:15:00 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3529/PRNRNS_201808211115PR_NEWS_UKDISCLO_0085/ <![CDATA[RNS press release - DAILY MAIL & GENERAL TRUST PLC - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3529/PRNRNS_201808081054PR_NEWS_UKDISCLO_0094/ Wed, 08 Aug 2018 15:54:00 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3529/PRNRNS_201808081054PR_NEWS_UKDISCLO_0094/ <![CDATA[RNS press release - Nine Month Trading Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/3529/LSE20180726070002_13731680/ Thu, 26 Jul 2018 07:00:02 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3529/LSE20180726070002_13731680/ <![CDATA[RNS press release - DAILY MAIL & GENERAL TRUST PLC - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3529/PRNRNS_201807101049PR_NEWS_UKDISCLO_0103/ Tue, 10 Jul 2018 15:49:00 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3529/PRNRNS_201807101049PR_NEWS_UKDISCLO_0103/ <![CDATA[RNS press release - DAILY MAIL & GENERAL TRUST PLC - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3529/PRNRNS_201807020714PR_NEWS_UKDISCLO_0113/ Mon, 02 Jul 2018 12:14:00 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3529/PRNRNS_201807020714PR_NEWS_UKDISCLO_0113/ <![CDATA[RNS press release - DAILY MAIL & GENERAL TRUST PLC - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3529/PRNRNS_201806291154PR_NEWS_UKDISCLO_0122/ Fri, 29 Jun 2018 16:54:00 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3529/PRNRNS_201806291154PR_NEWS_UKDISCLO_0122/ <![CDATA[RNS press release - DAILY MAIL & GENERAL TRUST PLC - Transaction in Own Shares ]]> https://www.proactiveinvestors.co.uk/companies/rns/3529/PRNRNS_201806251213PR_NEWS_UKDISCLO_0112/ Mon, 25 Jun 2018 17:13:00 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3529/PRNRNS_201806251213PR_NEWS_UKDISCLO_0112/ <![CDATA[RNS press release - DAILY MAIL & GENERAL TRUST PLC - GM Statement ]]> https://www.proactiveinvestors.co.uk/companies/rns/3529/PRNRNS_201806251134PR_NEWS_UKDISCLO_0107/ Mon, 25 Jun 2018 16:34:00 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3529/PRNRNS_201806251134PR_NEWS_UKDISCLO_0107/ <![CDATA[RNS press release - DAILY MAIL & GENERAL TRUST PLC - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3529/PRNRNS_201806140708PR_NEWS_UKDISCLO_0066/ Thu, 14 Jun 2018 12:08:00 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3529/PRNRNS_201806140708PR_NEWS_UKDISCLO_0066/ <![CDATA[RNS press release - DAILY MAIL & GENERAL TRUST PLC - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3529/PRNRNS_201806081000PR_NEWS_UKDISCLO_0089/ Fri, 08 Jun 2018 15:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3529/PRNRNS_201806081000PR_NEWS_UKDISCLO_0089/ <![CDATA[RNS press release - DAILY MAIL & GENERAL TRUST PLC - Directorate Change ]]> https://www.proactiveinvestors.co.uk/companies/rns/3529/PRNRNS_201806070200PR_NEWS_UKDISCLO_0011/ Thu, 07 Jun 2018 07:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3529/PRNRNS_201806070200PR_NEWS_UKDISCLO_0011/ <![CDATA[RNS press release - Half Year 2018 Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/3529/LSE20180524070009_13653155/ Thu, 24 May 2018 07:00:09 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3529/LSE20180524070009_13653155/ <![CDATA[RNS press release - DAILY MAIL & GENERAL TRUST PLC - Form 8.3 - ZPG Plc ]]> https://www.proactiveinvestors.co.uk/companies/rns/3529/PRNRNS_201805170922PR_NEWS_UKDISCLO_0082/ Thu, 17 May 2018 14:22:00 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3529/PRNRNS_201805170922PR_NEWS_UKDISCLO_0082/ <![CDATA[RNS press release - Silver Lake's recommended cash offer for ZPG Plc ]]> https://www.proactiveinvestors.co.uk/companies/rns/3529/LSE20180511071013_13637570/ Fri, 11 May 2018 07:10:13 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3529/LSE20180511071013_13637570/ <![CDATA[RNS press release - DAILY MAIL & GENERAL TRUST PLC - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3529/PRNRNS_201805091015PR_NEWS_UKDISCLO_0089/ Wed, 09 May 2018 15:15:00 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3529/PRNRNS_201805091015PR_NEWS_UKDISCLO_0089/ <![CDATA[RNS press release - Appointment of corporate broker ]]> https://www.proactiveinvestors.co.uk/companies/rns/3529/LSE20180509070009_13633755/ Wed, 09 May 2018 07:00:09 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3529/LSE20180509070009_13633755/ <![CDATA[RNS press release - DAILY MAIL & GENERAL TRUST PLC - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3529/PRNRNS_201804101041PR_NEWS_UKDISCLO_0097/ Tue, 10 Apr 2018 15:41:00 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3529/PRNRNS_201804101041PR_NEWS_UKDISCLO_0097/ <![CDATA[RNS press release - DAILY MAIL & GENERAL TRUST PLC - Completion of disposal of EDR ]]> https://www.proactiveinvestors.co.uk/companies/rns/3529/PRNRNS_201804051321PR_NEWS_UKDISCLO_0107/ Thu, 05 Apr 2018 18:21:00 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3529/PRNRNS_201804051321PR_NEWS_UKDISCLO_0107/ <![CDATA[RNS press release - Agreement to dispose of EDR ]]> https://www.proactiveinvestors.co.uk/companies/rns/3529/LSE20180313070007_13564164/ Tue, 13 Mar 2018 07:00:07 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3529/LSE20180313070007_13564164/ <![CDATA[RNS press release - DAILY MAIL & GENERAL TRUST PLC - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3529/PRNRNS_201803081304PR_NEWS_UKDISCLO_0118/ Thu, 08 Mar 2018 18:04:00 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3529/PRNRNS_201803081304PR_NEWS_UKDISCLO_0118/ <![CDATA[RNS press release - Appointment of RMS CEO ]]> https://www.proactiveinvestors.co.uk/companies/rns/3529/LSE20180301173102_13551908/ Thu, 01 Mar 2018 17:31:02 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3529/LSE20180301173102_13551908/ <![CDATA[RNS press release - DAILY MAIL & GENERAL TRUST PLC - Transaction in Own Shares ]]> https://www.proactiveinvestors.co.uk/companies/rns/3529/PRNRNS_201802221238PR_NEWS_UKDISCLO_0109/ Thu, 22 Feb 2018 17:38:00 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3529/PRNRNS_201802221238PR_NEWS_UKDISCLO_0109/ <![CDATA[RNS press release - DAILY MAIL & GENERAL TRUST PLC - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3529/PRNRNS_201802121136PR_NEWS_UKDISCLO_0107/ Mon, 12 Feb 2018 16:36:00 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3529/PRNRNS_201802121136PR_NEWS_UKDISCLO_0107/ <![CDATA[RNS press release - DAILY MAIL & GENERAL TRUST PLC - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3529/PRNRNS_201802081002PR_NEWS_UKDISCLO_0086/ Thu, 08 Feb 2018 15:02:00 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3529/PRNRNS_201802081002PR_NEWS_UKDISCLO_0086/ <![CDATA[RNS press release - DAILY MAIL & GENERAL TRUST PLC - Result of AGM ]]> https://www.proactiveinvestors.co.uk/companies/rns/3529/PRNRNS_201802070723PR_NEWS_UKDISCLO_0069/ Wed, 07 Feb 2018 12:23:00 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3529/PRNRNS_201802070723PR_NEWS_UKDISCLO_0069/ <![CDATA[RNS press release - Investor Briefing ]]> https://www.proactiveinvestors.co.uk/companies/rns/3529/LSE20180201070007_13517198/ Thu, 01 Feb 2018 07:00:07 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3529/LSE20180201070007_13517198/ <![CDATA[RNS press release - DAILY MAIL & GENERAL TRUST PLC - Transaction in Own Shares ]]> https://www.proactiveinvestors.co.uk/companies/rns/3529/PRNRNS_201801251245PR_NEWS_UKDISCLO_0100/ Thu, 25 Jan 2018 17:45:00 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3529/PRNRNS_201801251245PR_NEWS_UKDISCLO_0100/ <![CDATA[RNS press release - First Quarter Trading Update FY 2018 ]]> https://www.proactiveinvestors.co.uk/companies/rns/3529/LSE20180125070005_13508748/ Thu, 25 Jan 2018 07:00:05 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3529/LSE20180125070005_13508748/ <![CDATA[News - Exane BNP Paribas less bearish on DMGT, says most risks are now priced in ]]> https://www.proactiveinvestors.co.uk/companies/news/190541/exane-bnp-paribas-less-bearish-on-dmgt-says-most-risks-are-now-priced-in-190541.html Analysts at Exane BNP Paribas have upgraded Daily Mail and General Trust PLC (LON:DMGT) from ‘underperform’ to ‘neutral’.

The Daily Mail owner has issued a series of profits warnings over the past year or so and has seen its shares fall by almost 20% as a result.

READ: Daily Mail and General places struggling, US property information business into Chapter 7 liquidation

Exane analyst William Packer said that makes the stock look undervalued compared to its peers, given that it is currently trading at about a 30% discount to some of them.

After having to slash forecasts in 2017, Packer reckons the company’s guidance for 2018 is “appropriately cautious”.

“After a disappointing FY17, the B2B portfolio outlook is in better shape for FY18 – e.g. solar headwinds receding, Xelligent closure, oil and gas events improving.”

On top of that, the analyst also notes that DMGT has been upfront with its issues which means there shouldn’t be too many unwanted surprises for investors this time around.

“We see a number of factors limiting downside in other divisions: I) the company now guides for limited RMS(One) monetisation in 2018; II) the company is conservatively guiding for a c5% revenue decline at DMG media, implying no price increases, a tough print UK ad market and a slowdown at Mail Online,” said Packer.

That’s in the short-term, but Exane is much more upbeat about the medium-term outlook for DMGT.

READ: DMGT slumps as it warns of further declines in newspaper advertising after 2017 loss

“In particular, at RMS(One) feedback from early adopters has been mildly positive, while significant losses going forward are included in our group forecasts,” said Packer.

The analyst added that the RMS business “retains significant long-term value”, while DMG events is still an “attractive asset in a consolidating space”.

As well as moving his rating up to ‘neutral’, Packer its thinks shares are worth 630p – considerably higher than his last target of 530p.

Shares were up 0.8% to 613p.

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Wed, 24 Jan 2018 11:16:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/190541/exane-bnp-paribas-less-bearish-on-dmgt-says-most-risks-are-now-priced-in-190541.html