Updates

S4 Capital

May 2023

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

While the shares have been battered by concerns over the US economy (its biggest market) S4’s results beat expectations with EBITDA of £124.2m beating its guidance of £120m, on sales of £891m (+24%). Adjusted eps was 11.8p (consensus: 11.7p) and net debt was £110.2m (beating guidance for £130m-£170m). As broker Citi notes there will be a sigh of relief that “concerns over whether the complexity of the roll-up nature of the business would hinder operational / financial performance) have been allayed.” Without highly rated paper for more deal, Sorrell has rolled his sleeves up on basic housekeeping with strong cost control / staff utilization and this time avoiding a delay to results. Admittedly it’s pared back organic revenue gui ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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