Liberum raises target price on Ascential following earnings
Ascential
314.80p
16:40 26/04/24
Analysts at Liberum raised their target price on media firm Ascential from 410.0p to 500.0p on Wednesday after the group's digital commerce unit's recent outperformance.
FTSE 250
19,824.16
16:59 26/04/24
FTSE 350
4,470.09
16:59 26/04/24
FTSE All-Share
4,423.59
17:14 26/04/24
Media
11,859.60
16:59 26/04/24
Liberum said Ascential's digital commerce unit outperformed both market and its own expectations, delivering 27% pro-forma revenue growth.
However, Liberum stated that the market reacted negatively to a 9% share placing announced in conjunction with Ascential's results.
"We however are now more bullish, given commentary around a healthy pipeline of digital commerce deals to execute which in the past have optically looked expensive, but given the growth rate of these assets provide material value 2-3 years following acquisition," said the analysts, who also reiterated their 'buy' rating on the stock.