Leading International Investment Research, Edison Investment Research

Edison Investment Research

Leading International Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Equity Bottom-Up

GB Group’s CEO Dev Dhiman’s first full year has seen initiatives addressing the company’s foundations rather than its short-term growth. This is a necessary step if management are to optimise longer-term shareholder value. Accordingly, any share price disappointment regarding H225 and H126 growth rates needs to be set against the group’s increasing optionality around capital allocation and the reassurance of an unchanged FY26 financial outlook.

GB Group’s CEO Dev Dhiman’s first full year has seen initiatives addressing the company’s foundations rather than its short-term growth. This is a necessary step if management are to optimise longer-term shareholder value. Accordingly, any share price disappointment regarding H225 and H126 growth rates needs to be set against the group’s increasing optionality around capital allocation and the reassurance of an unchanged FY26 financial outlook.

GB Group — FY25 focuses on fundamentals over growth

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

<a href="https://www.smartkarma.com/entities/ctos-digital-bhd" target="_blank" data-smartkarma-citation="entities:33496:1" rel="noopener">CTOS Digital (1054055D MK)</a> is a regional market leader for credit bureaux in the ASEAN region, with a presence in Malaysia and Thailand. CTOS is Malaysia’s leading CRA (credit reporting agency), with a revenue market share of 71.2% in 2020, according to IMR.  CTOS has launched an IPO to raise RM1.2 billion ($290 million) at an initial price of RM1.10 per share. The primary/secondary split is 18%/82%. The selling shareholders are Inodes (backed by the Creador Group), Chung Tze Keong (co-founder), Chung Tze Wen (co-founder) and Ng Gaik Lin. Pricing will be announced on 7 July and the shares will be listed on 19 July.CTOS has a dominant position in Malaysia, which is the second-largest CRA market in ASEAN by revenue. The recent acquisition of Basis, a Malaysian CRA, further cements its position in Malaysia. CTOS' market share is supported by the industry’s high barriers to entry, CTOS’s proprietary database ecosystem and a full suite of digital solutions with a focus on new value-added services. CTOS’ acquisition strategy has also enabled it to gain a foothold in merging credit reporting markets outside of Malaysia. For example, the acquisition of a 20% interest in <a href="https://www.smartkarma.com/entities/business-online-pcl" target="_blank" data-smartkarma-citation="entities:18347:1" rel="noopener">Business Online (BOL TB)</a>, the largest credit bureaux in Thailand, provides an entry point into the Thai market.    <div class="content-highlight">CTOS is complementing its strong market position by delivering solid revenue growth (on a like-for-like basis), strong customer retention rates, sector leading margin and strong cash generation. Overall, we think that the CTOS story warrants a closer look.  We will discuss valuation in our next note.  </div>

CTOS Digital (1054055D MK) is a regional market leader for credit bureaux in the ASEAN region, with a presence in Malaysia and Thailand. CTOS is Malaysia’s leading CRA (credit reporting agency), with a revenue market share of 71.2% in 2020, according to IMR.  CTOS has launched an IPO to raise RM1.2 billion ($290 million) at an initial price of RM1.10 per share. The primary/secondary split is 18%/82%. The selling shareholders are Inodes (backed by the Creador Group), Chung Tze Keong (co-founder), Chung Tze Wen (co-founder) and Ng Gaik Lin. Pricing will be announced on 7 July and the shares will be listed on 19 July.CTOS has a dominant position in Malaysia, which is the second-largest CRA market in ASEAN by revenue. The recent acquisition of Basis, a Malaysian CRA, further cements its position in Malaysia. CTOS' market share is supported by the industry’s high barriers to entry, CTOS’s proprietary database ecosystem and a full suite of digital solutions with a focus on new value-added services. CTOS’ acquisition strategy has also enabled it to gain a foothold in merging credit reporting markets outside of Malaysia. For example, the acquisition of a 20% interest in Business Online (BOL TB), the largest credit bureaux in Thailand, provides an entry point into the Thai market.    CTOS is complementing its strong market position by delivering solid revenue growth (on a like-for-like basis), strong customer retention rates, sector leading margin and strong cash generation. Overall, we think that the CTOS story warrants a closer look.  We will discuss valuation in our next note.  

CTOS Digital IPO Initiation: Keeping Tabs

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

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

Edison Investment Research is terminating coverage on Doctor Care Anywhere (DOC), Argentex Group (AGFX), Newmont Corporation (NEM), GB Group (GBG), Abliva (ABLI) and TIE Kinetix (TIE). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.

Previously published reports can still be accessed via our website.

Edison Investment Research is terminating coverage on Doctor Care Anywhere (DOC), Argentex Group (AGFX), Newmont Corporation (NEM), GB Group (GBG), Abliva (ABLI) and TIE Kinetix (TIE). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.

Previously published reports can still be accessed via our website.


GB Group (GBG) reported a mixed performance in H123: strong growth in its Fraud and Location businesses was offset by weaker performance in the Identity business resulting in pro forma constant currency revenue growth of 3.4% y-o-y. Cryptocurrency headwinds and slowing economic growth drive downgrades to our Identity revenues and normalised EPS forecasts. Integration of Acuant is now complete and GBG is showing early signs of leveraging Acuant’s products and technology across the group.

GB Group (GBG) reported a mixed performance in H123: strong growth in its Fraud and Location businesses was offset by weaker performance in the Identity business resulting in pro forma constant currency revenue growth of 3.4% y-o-y. Cryptocurrency headwinds and slowing economic growth drive downgrades to our Identity revenues and normalised EPS forecasts. Integration of Acuant is now complete and GBG is showing early signs of leveraging Acuant’s products and technology across the group.

GB Group - H123 performance masks strategic progress

United Kingdom

GB Group plc develops, sells, and supports business application software.  The Company also provides database management and analysis services, as well as licenses technology.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

GB Group PLC (GBG LN)

GB Group — FY25 focuses on fundamentals over growth

GB Group’s CEO Dev Dhiman’s first full year has seen initiatives addressing the company’s foundations rather than its short-term growth. This is a...

Edison Investment Research

CTOS Digital IPO Initiation: Keeping Tabs

CTOS is complementing its strong market position by delivering solid growth, strong customer retention rates, sector leading margin and strong cash...

Arun George

GB Group - Termination of coverage

Edison Investment Research is terminating coverage on GB Group (GBG). Please note you should no longer rely on any previous research or estimates...

Edison Investment Research

GB Group - Termination of coverage

Edison Investment Research is terminating coverage on Doctor Care Anywhere (DOC), Argentex Group (AGFX), Newmont Corporation (NEM), GB Group (GBG),...

Edison Investment Research

GB Group - H123 performance masks strategic progress

GB Group (GBG) reported a mixed performance in H123: strong growth in its Fraud and Location businesses was offset by weaker performance in the...

Edison Investment Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)