GORILLA_TOES
10 Mar 2016
Robbie Burns Naked Trader Just Bought in [link]
gretel
10 Mar 2016
Lots of good news ETO's Spotlight boosted in the UK last week by its Oscar success:[link] Following its Oscar Best Picture win, eOne’s Spotlight boosted 69% to add $468,000 (£330,388) for $7.7m (£5.4m) after six weeks in play."And also in Australia"Winning best picture and original screenplay at the Academy Awards has given Spotlight a healthy boost in Australian cinemas.The topical drama bout the Boston Globe's investigation into the Catholic Church's cover-up of sexual abuse had a 94 per cent increase in its takings on the weekend – adding $455,000 to reach $4.4 million."Also Spotlight's producer Anonymous is up for sale and there is a rumour ETO are interested. "Entertainment One, which has been on a buying spree as of late, also is interested in buying a piece of Anonymous."[link] the Badlands has finally got the official go ahead for a second series by ABC.[link] of deals for ETO's music, but this is the biggest. A new boss and ETO have also taken over his record label:"eOne taps veteran attorney Chris Taylor to run its music division" "Canada’s independent film, TV and music company Entertainment One has appointed music industry attorney and entrepreneur Chris Taylor to the role of President, Entertainment One Music. In his new role, Taylor will oversee eOne’s global music operations and lead teams in Los Angeles, New York, Nashville and Toronto. He will also lead strategic growth initiatives across music licensing, publishing, label and distribution. As part of the deal, Taylor brings into eOne’s fold his independent recording, publishing and artist management company Last Gang, whose roster includes record label clients Death From Above 1979, Chromeo and Ryan Hemsworth, and management clients Lights and Arkells. Established in 2003, Last Gang will continue to operate under Taylor as a label of eOne."
janebolacha
07 Mar 2016
Re: Edison note on ETO. Claude, I believe the present enterprise value and share price are very largely underpinned by the independently-assessed value of the owned content portfolio and thus, for me, the downside risk is limited, that is on my present knowledge. The importance and value of content in the tv and film universe has certainly not gone away and it seems to me that ETO's ambition to "double the size of the business" is crudely related to that perception by the executive management. The main risk I would see would be of the executive management being unrestrained by hard-nosed financial considerations, in respect of both potential acquisitions and in balance sheet structuring. I feel they have been allowed too loose a financial rein in recent major decisions, the Peppa Pig deal and the placing included, and the market would perhaps they rather take a breather, absorb and demonstrate success in the various new ventures, rather than talking about even more acquisitions in the near future, something that might well stress the balance sheet. That's something I would prefer to see. So, for the share price and the PER, I feel it is the management's ambitions which are, perhaps paradoxically, shooting itself in the foot. I feel the market sees a disconnect between the executive management's predilection for volume and debt-driven growth and the kind of "good" growth produced from higher margins and smarter working that would be more comfortable for investors. Return on capital is only 10.7% - compare that to the cost of the last notes, 6.875% plus costs, and the market's concern becomes clear. That said, the downside risk seems limited and the lower share price, together with the lower sterling exchange rate, may well have ETO on someone's shopping list. To sum up, for me ETO needs to be less volume-growth ambitious but instead needs to start sweating the assets it already has and produce higher-quality results that way. I am holding, not buying more but not selling, either.All IMHO, DYOR.Best wishes,Jane.
claude reins
04 Mar 2016
Re: Edison note on ETO. What di you think Jane? Where should the PER and SP be at this time? Is it still suffering from the bad press about the refinancing, refinforced by the poor performance in film this year? The co-partnership programme sedms a goiod way to go and the chosen partners strong ones. The Peppa Pig valuation is something which is debated with some feeling it is coming to an end, but the point is made that it is underdeveloped in quite a lot of big markets.So......sticking your neck out, where do you stand in the Strong Buy to Hold (or even Sell) spectrum? Always interested in your thoughts. Best regards.
janebolacha
03 Mar 2016
Edison note on ETO. [link]
sage in the hills
02 Mar 2016
Up 10% one day, down 13% the next .... where does that leave us ? Square OneSAGE
marketmover77
02 Mar 2016
Re: Good trading update today So why has the price tanked almost 15%? Seems very little commentary around apart from a broker downgrade from Buy to Add - hardly catastrophic.You'd have thought at these levels a 3% revenue drop was priced in?
gretel
02 Mar 2016
Good trading update today Looks good to me: - overall trading in line with expectations - re-assertion of positive free cash flows this year - net debt in line with expectations - TV/Family storming ahead, with Peppa and PJ Masks looking great for global growth - Film division down as expected, but a really strong line-up for this coming year Consensus forecast of 19.3p EPS for the year about to end makes the current share price cheap imho.
dubzy
29 Feb 2016
Re: ETO win Best Film Oscar! Has the worm turned, did we bottom out at 128p ?? Lets hope so, its been a painful few months...Onwards....
gretel
29 Feb 2016
ETO win Best Film Oscar! ETO's film Spotlight won Best Film last night.This is a great boost for the ETO brand and can't help but boost their profile and reputation.And of course it should boost box office and DVD/online revenues too:"EOne is handling international sales of “Spotlight” in all territories outside of the U.K., Canada, Spain, Benelux and Australia/New Zealand, where the company is distributing the film directly, and in the U.S., where the film is being distributed by Open Road, which is planning for a wide release."[link]
oldjoe1
24 Feb 2016
Re: ETO, VERY BULLISH BROKER NOTE.......... Expecting these broker targets to be substantially revised up in the next 48 hours when the brokers pen there new notes after results today. Entertainment One Group broker viewsDate Broker Recommendation Price Old target price New target price Notes11 Feb Peel Hunt Buy 145.70 200.00 200.00 Reiterates13 Jan Investec Buy 145.70 295.00 267.00 Reiterates18 Dec JP Morgan Cazenove Overweight 145.70 - - Reiterates
janebolacha
24 Feb 2016
Rally today Rally due to Cazenove broker comment referred to by FT Alphaville "Markets Live" (right at the end):[link] matters of note:1. Deal with Fox:[link] Rumoured acquisition:[link] me, the Fox deal is positive but the rumoured acquisition, at a time when the market already has concerns about the level of debt of ETO, could well be seen negatively.All IMHO, DYOR.
oldjoe1
24 Feb 2016
Re: ETO, VERY BULLISH BROKER NOTE........ ETO Entertainment One........JP Morgan have a 301p target price.
oldjoe1
24 Feb 2016
ETO, VERY BULLISH BROKER NOTE........ ETO Entertainment One (media FTSE 250), having a blinder today after results.This broker note though is VERY BULLISH..........CazenovaeOne shares have been weak in the last 12m (down c.-50%) which we believehas been driven by several factors including a) a reduced 2016 film slate,b) one-off effects that have reduced cash flow, c) the company’s £200m rightsissue to gain control of Peppa Pig and d) the company’s recent £285mrefinancing (at 6.875%). However, as highlighted before, we expect FY16results (end March 16) to be the tipping point for cash conversion (JPMe 55%in FY16, vs. 38% in FY15) and remain buyers into the upcoming 9M15trading statement (likely first week of March). With the shares now trading onc.6.5x cal. 2016E P/E, we see risk-reward as very attractive given severalgrowth opportunities from TV production, the Mark Gordon company androlling out the Family business (Peppa Pig and other) globally. Our2016E/2017E adj. EPS estimates of 19.8p/20.6p are above BBG consensus at19.6p/20.1p.We forecast improving FCF metrics for FY16. Rightly or wronglyeOne’s ability to generate cash remains a key focus area for investors.Given that the company is continuing its growth strategy, we expect interimproduction financing to continue increasing (JPMe 2016/2017/2018£100m/£135m/£170m). However, we calculate that FY2016 results mayprovide an inflexion point in terms of cash generation with operating CFgrowing faster than investment spend (with the cash generative Familybusiness gaining further importance in the Group context). We calculateimproving FCF going forward (JPMe £75m/£97m/£112m for2016E/2017E/2018E for adj FCF).Our estimates may prove too conservative. We calculate 2016E-2018Eadjusted Group EBITDA CAGR of +15% with TV Production (+24%) andFamily (+17%) as key growth drivers. Further upside potential comes fromthe Mark Gordon business which could produce hit series (eg similar toMGC’s Grey’s Anatomy, Criminal Minds), performing materially betterthan we currently anticipate.Our 2016E/2017E EPS estimates change by -4.5%/-2.4% largely due tohigher interest in 16E and marginally lower EBITDA margins in 17E.
sage in the hills
19 Feb 2016
From 370p down to 130p in 6 months ? ..... am i looking at the right stock ? ........ or is there a glitch in the sp feed ?SAGE
