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

<p>Reach’s interims show it is on track to meet full-year expectations. The statement highlights the new CEO’s strategic priorities: driving deeper and broader connections with audiences, accelerating the use of AI and technology, and diversifying revenue sources. The underlying macroeconomic backdrop is still difficult and further shifts in traffic referral routes, notably via Google, are problematic. However, Reach has plenty of experience in mitigating market challenges. Compelling content, in appropriate formats (especially video), should continue to build digital audiences and generate the associated data to attract advertisers, both in the UK and US markets. With inherently strong cash conversion and the end in sight for the substantive funding needed to settle historical legal issues and pension obligations, Reach can start to be more proactive in building a route back to growth.</p>

Reach’s interims show it is on track to meet full-year expectations. The statement highlights the new CEO’s strategic priorities: driving deeper and broader connections with audiences, accelerating the use of AI and technology, and diversifying revenue sources. The underlying macroeconomic backdrop is still difficult and further shifts in traffic referral routes, notably via Google, are problematic. However, Reach has plenty of experience in mitigating market challenges. Compelling content, in appropriate formats (especially video), should continue to build digital audiences and generate the associated data to attract advertisers, both in the UK and US markets. With inherently strong cash conversion and the end in sight for the substantive funding needed to settle historical legal issues and pension obligations, Reach can start to be more proactive in building a route back to growth.

<p>Reach’s FY24 results were ahead of market expectations after a strong Q4, with a return of the digital segment to growth for the full year and a resilient performance in the print assets against a structurally declining market. Operating cost containment was also ahead, leading to an improvement in adjusted operating profit margin from FY23’s 17% to 19% in FY24. Further operating cost efficiencies are indicated for FY25, although the underlying macro continues to look unsettled. The time horizon to the reduction of Reach’s substantial cash requirements of the pension schemes and historical legal issues is shortening, with the former set to resolve by FY28 and the latter in FY26. This should help the market look beyond and assess Reach on its substantial audiences and improving monetisation strategies.</p>

Reach’s FY24 results were ahead of market expectations after a strong Q4, with a return of the digital segment to growth for the full year and a resilient performance in the print assets against a structurally declining market. Operating cost containment was also ahead, leading to an improvement in adjusted operating profit margin from FY23’s 17% to 19% in FY24. Further operating cost efficiencies are indicated for FY25, although the underlying macro continues to look unsettled. The time horizon to the reduction of Reach’s substantial cash requirements of the pension schemes and historical legal issues is shortening, with the former set to resolve by FY28 and the latter in FY26. This should help the market look beyond and assess Reach on its substantial audiences and improving monetisation strategies.

Your Partner for Growth, Hybridan

Hybridan

Your Partner for Growth

Our passion is raising growth capital for exciting, fast growth companies that want to take their business to the next level. We raise capital for companies both listed and unlisted in the most efficient manner possible and pride ourselves as being one of the few consistently profitable broking firms in the City. This has been achieved through a highly disciplined approach when seeking to create both corporate and institutional relationships.

<ul>
<li>Abingdon Health 6.25p £11.71m (ABDX.L) The international developer, manufacturer and regulatory services provider for rapid diagnostic tests and medtech announces that, further to its announcement yesterday, it has completed and closed the placing to raise gross proceeds of £3.3m.</li>
<li>As part of the Placing, Chris Hand, Executive Chairman of the Company, has agreed to subscribe for £30k.</li>
<li>In addition to the Placing, the Company is providing existing eligible shareholders with the opportunity to subscribe for Retail Offer Shares at the Placing Price, to raise up to £200k. </li>
</ul>


Abingdon Health 6.25p £11.71m (ABDX.L) The international developer, manufacturer and regulatory services provider for rapid diagnostic tests and medtech announces that, further to its announcement yesterday, it has completed and closed the placing to raise gross proceeds of £3.3m.
As part of the Placing, Chris Hand, Executive Chairman of the Company, has agreed to subscribe for £30k.
In addition to the Placing, the Company is providing existing eligible shareholders with the opportunity to subscribe for Retail Offer Shares at the Placing Price, to raise up to £200k. 


Sosandar PLC - Hybridan Small Cap Feast: 14/10/2025

Fundamental Analyses, Contrarian Cashflows

Contrarian Cashflows

Fundamental Analyses

The purpose of Contrarian Cashflows is to document my investment research and share it with everyone who is interested in value investing. My long term aspiration for Contrarian Cashflows is to become a platform for professional investors and serious amateurs where they can get inspiration and discuss investing-related topics.
I plan to publish one company deep dive per month that is guided by my investment approach. All information I use for my write-ups is publicly available and most of the time directly sourced from public filings issued by the respective companies. To guarantee maximum transparency, for every post I provide a list of all used sources in the resources section.
Contrarian Cashflows is built around the principles of respect, honesty, open-mindedness and a touch of humour. Please consider these principles in any engagement interaction with me, other readers and the content on this blog. Misbehaviour is not tolerated.
If you want to reach out to me directly, the best way is via LinkedIn, Twitter or email. You can find the details at my homepage contrariancashflows.com

Thematic (Sector/Industry)

<ul><li>Each week, I’ll share five intriguing investment ideas that recently caught my attention.</li><li>These ideas are meant to spark your research and help you kickstart the week ahead with fresh insights.</li><li>Because these ideas are the result of my first-level idea generation process, they require more in depth research. Therefore, the ideas will often be concise, with occasional references to valuable work from other practitioners that I encourage you to explore.</li></ul>

Each week, I’ll share five intriguing investment ideas that recently caught my attention.These ideas are meant to spark your research and help you kickstart the week ahead with fresh insights.Because these ideas are the result of my first-level idea generation process, they require more in depth research. Therefore, the ideas will often be concise, with occasional references to valuable work from other practitioners that I encourage you to explore.

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>SPAC National World confirmed that it is at the early stages of exploring a possible offer for UK's largest local publisher <a href="https://www.smartkarma.com/entities/reach-plc" target="_blank" data-smartkarma-citation="entities:22183:1" rel="noopener">Reach (RCH LN)</a>, whose share price had dropped 64% YTD.</li>
<li>The approach comes when Reach seems to be turning a corner and digital is growing, more specifically data-led initiatives. The top ten shareholders own 61% of the share capital.</li>
<li>A good offer should be tabled to convince the suffering top ten shareholders (61% in aggregate). My TP is 163.4p (comparables/DCF). The shares are trading at 4.0x NTM P/E.</li>
</ul>


SPAC National World confirmed that it is at the early stages of exploring a possible offer for UK's largest local publisher Reach (RCH LN), whose share price had dropped 64% YTD.
The approach comes when Reach seems to be turning a corner and digital is growing, more specifically data-led initiatives. The top ten shareholders own 61% of the share capital.
A good offer should be tabled to convince the suffering top ten shareholders (61% in aggregate). My TP is 163.4p (comparables/DCF). The shares are trading at 4.0x NTM P/E.


United Kingdom

Reach PLC operates as a newspaper publisher. The Company publishes current affairs and sports news, political stories, and editorials through web sites, magazines, and exhibitions. Reach serves customers in the United Kingdom.

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

Reach (RCH LN)

Reach — Clarifying the narrative

Reach’s interims show it is on track to meet full-year expectations. The statement highlights the new CEO’s strategic priorities: driving deeper...

Edison Investment Research

Reach — Reach for the stars

Reach’s FY24 results were ahead of market expectations after a strong Q4, with a return of the digital segment to growth for the full year and a...

Edison Investment Research

Sosandar PLC - Hybridan Small Cap Feast: 14/10/2025

In addition to the Placing, the Company is providing existing eligible shareholders with the opportunity to subscribe for Retail Offer Shares at...

Hybridan

Monday Delight: 28/04/25

Each week, I’ll share five intriguing investment ideas that recently caught my attention. These ideas are meant to spark your research and help...

Contrarian Cashflows

National World/Reach: Possible Offer

SPAC National World confirmed that it is at the early stages of exploring a possible offer for UK's largest local publisher Reach, whose share...

Jesus Rodriguez Aguilar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)