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

Next 15 faced a number of challenges in the year to end January, with a difficult macroeconomic backdrop, relatively high exposure to the tech sector and the loss of the Mach49 contract. This masked some strong performances elsewhere within the group, particularly at SMG where existing relationships with retailers have been extended and important new customers brought on board. Next 15 has been responding to market conditions through simplifying the group structure (with more to do here), taking out duplicated costs and working to drive greater alignment between the various group companies and activities. The balance sheet is in good enough health to support continuing bolt-on M&A, investment in AI and new capabilities, with the maintained dividend providing an attractive yield.

Next 15 faced a number of challenges in the year to end January, with a difficult macroeconomic backdrop, relatively high exposure to the tech sector and the loss of the Mach49 contract. This masked some strong performances elsewhere within the group, particularly at SMG where existing relationships with retailers have been extended and important new customers brought on board. Next 15 has been responding to market conditions through simplifying the group structure (with more to do here), taking out duplicated costs and working to drive greater alignment between the various group companies and activities. The balance sheet is in good enough health to support continuing bolt-on M&A, investment in AI and new capabilities, with the maintained dividend providing an attractive yield.

Next 15 Group — Adapting in a volatile market

Next 15 Group's net revenues grew 2.5% in the year to January, despite difficult markets. Adjusted operating margin rose from 20.2% to 21.0%, helped by head office cost savings. In common with much of the sector, spending by tech clients was soft, down 17% like-for-like. The group did well, though, in growing spend from non-tech clients, up 11%, making for a strong overall performance in a market beset by ongoing macro uncertainty. Next 15 has been building its AI capabilities for some time and this is now starting to show in efficiency and margin. It has the balance sheet strength to keep investing here, internally and through M&A, which should stand it in good stead as client confidence improves.

Next 15 Group's net revenues grew 2.5% in the year to January, despite difficult markets. Adjusted operating margin rose from 20.2% to 21.0%, helped by head office cost savings. In common with much of the sector, spending by tech clients was soft, down 17% like-for-like. The group did well, though, in growing spend from non-tech clients, up 11%, making for a strong overall performance in a market beset by ongoing macro uncertainty. Next 15 has been building its AI capabilities for some time and this is now starting to show in efficiency and margin. It has the balance sheet strength to keep investing here, internally and through M&A, which should stand it in good stead as client confidence improves.

Next 15 Group - Baked in AI opportunities

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

In last week's Int'l Compass (Sept. 2), we highlighted emerging markets (EEM-US, Shanghai Comp) and Japan (TOPIX, TOPIX Small) as areas of bullish interest, with short-term bullish inflections suggesting the tide was turning in favor of these markets. This remains the focus in today's report, and especially on Japan; bullish price inflections and breakouts have started to proliferate, which suggests this could be the start of a broad-based rally for Japan in the weeks and months ahead.

In last week's Int'l Compass (Sept. 2), we highlighted emerging markets (EEM-US, Shanghai Comp) and Japan (TOPIX, TOPIX Small) as areas of bullish interest, with short-term bullish inflections suggesting the tide was turning in favor of these markets. This remains the focus in today's report, and especially on Japan; bullish price inflections and breakouts have started to proliferate, which suggests this could be the start of a broad-based rally for Japan in the weeks and months ahead.

Buy Japan On This Breakout ; TOPIX Breaking Out To 21-Year Highs; Actionable Theme: Growth Sectors

United Kingdom

Next 15 Group plc is a technology and data-driven growth consultancy firm. The Company uses data to generate the insights that help businesses, optimizes their brand and build the mission-critical digital assets, and help customers redesign their business model and create new ventures to maximize the value of their organization. Next 15 Group serves clients worldwide.

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Next 15 Group (NFG LN)

Next 15 Group — Adapting in a volatile market

Next 15 faced a number of challenges in the year to end January, with a difficult macroeconomic backdrop, relatively high exposure to the tech...

Edison Investment Research

Next 15 Group - Baked in AI opportunities

Next 15 Group's net revenues grew 2.5% in the year to January, despite difficult markets. Adjusted operating margin rose from 20.2% to 21.0%,...

Edison Investment Research

Buy Japan On This Breakout ; TOPIX Breaking Out To 21-Year Highs; Actionable Theme: Growth Sectors

Japan (TOPIX, TOPIX Small) was a big focus for us last week, and it remains the focus in today's report; this could be the start of a broad-based...

Vermilion Research

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