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  • January 23, 2017

    Atlassians’ Acquisition of Trello

    Atlassian, an Enterprise Software company has agreed to the acquisition of Trello, a project management application. We discuss reasoning behind the acquisition, what each company are to gain from the acquisition, and the impact this acquisition is expected to have on Atlassian’s revenue.
  • The pace of consolidation continues — Superloop acquires BigAir
    The pace of consolidation continues — Superloop acquires BigAir
    October 17, 2016

    The pace of consolidation continues — Superloop acquires BigAir

    Superloop has acquired BigAir to create a wholesale and retail alternative to the nbn across corporate, campus, metro and regional markets in Australia with a merged entity enterprise value of around $500 million. We discuss the key drivers for the acquisition, the impact to the market and immediate outcomes following completion.

  • August 15, 2016

    A third digital ad force: Verizon and Yahoo

    To diversify revenue in a saturated US mobile market, telecoms giant Verizon Communications followed an earlier merger with AOL by acquiring Yahoo for $4.8 billion. The combined online ad platforms are likely to become the most viable contender for third place in the US, after Google and Facebook. Verizon’s mobile subscriber data could narrow the market leaders’ targeting and measurement advantage, but regulation and customer reception pose risks.

  • August 2, 2016

    Steady progress: ITV H1 2016 results

    ITV H1 2016 revenues and EBITA showed double-digit growth year on year, though the greater share came from ITV Studios acquisitions of independent producers and H1 2016 was sequentially down on H2 2015, with ITV Studios accounting for most of the decrease. ITV Family NAR was flat year on year. Though Brexit has led to growing fears of a sharp downturn, ITV appears relatively well placed to handle such an outcome: ITV Main channel 7% uptick in H1 viewing share; £25 million targeted cost efficiencies in 2017; healthy balance sheet. ITV Studios revenues have doubled in scale since 2011 following 15 acquisitions of independent production companies; yet just how well the underlying business is performing organically is hard to assess due to the bumpiness of short term trends.

  • November 11, 2015

    Trinity Mirror buys scale with Local World

    By fully acquiring Local World, Trinity Mirror has bought scale advantage in the local media marketplace, and accelerated a much needed growth story for digital assets. The medium term outlook for local media continues to look stormy, underlining the importance of investment in technology and new platforms for publishing, journalism and marketing, essential for longer term sustainability. Consolidation is needed to drive a more cost-effective investment phase as the transition to digital continues apace, provided the competition authorities do not interfere.
  • September 2, 2015

    Numericable-SFR: Costs down but growth elusive

    Ten months after the acquisition of France’s SFR by Numericable, cost cutting targets appear likely to be exceeded, but the promised resumption of revenue growth may still take time to materialise as downward price pressures persist and the subscriber base has yet to stabilise. Profitability has increased faster than expected, while debt ratios look sustainable and set to decline. The challenge is to relaunch marketing while achieving the guided ambitious EBITDA margin growth. Investments, even if lower than planned, may be enough to sustain network competitiveness. The rationale for consolidation between Numericable, Bouygues and/or Iliad remains strong. But Numericable’s model looks sustainable without this. Side investments in media may at best bring political clout. The main risk stands with parent company’s Altice’s debt-finance expansion.

  • July 27, 2015

    TalkTalk Group Q1 2015/16 results: Work in progress

    TalkTalk’s June quarter delivered Group revenue growth of 3.5% with a modest slowdown in consumer, impacted by acquisitions and disposals, and a sharper drop in business. In a competitive trading environment, organic growth was likely suppressed, with the company’s focus being more on integrating the acquired bases of Virgin Media and Tesco. Guidance was reiterated with clear routes towards revenue growth targets of 5% in FY16 and confidence in the (challenging) medium term goal of 25% EBITDA margin in FY17.