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المجموعة السعودية للأبحاث والتسويق
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Investment Summary
• Saudi Research and Marketing Group (SRMG) is the largest integrated publishing business in the Middle East. The group is vertically integrated over publishing, advertising, printing and distribution, specialized publishing and multimedia businesses enabling it to capture the synergies down the value chain. The company mainly operates in the Middle East, Europe and North Africa.
• SRMG has a total of 15 publications and is looking to add more publications to its profile. SRMG publications have a strong brand name and are circulated throughout the Middle East. These publications can be categorized into dailies, weeklies and monthlies. The publications also include English, Urdu and Malayalam language publications which target the specified group.
• The media industry is largely affected by the changes in the economic and demographic factors. The sustained surge in oil price since the year 2000, which saw oil prices reach record highs in 2008 led to rapid economic development in the oil-rich GCC countries. Property, financial services and telecom sector witnessed massive growth leading to sharp increase in spending on advertising.
• We expect income from core operations to decline by 74.7% in 2009 as revenues and margins fall. Going forward we expect the income from core operations to grow at a 2009- 2012 CAGR of 47.7% partly due to low base and expected recovery in global economy.
• We initiate our coverage of SRMG with a ‘HOLD’ recommendation. We have used the Discounted Cash Flow Methodology (DCF) to arrive at a value of SR27.2 per share. The share at its current market price of SR28.4 (as on 1st November 2009) is trading at a premium of 4.4% to its fair value.
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| اسيا |
أوربا |
أمريكا |
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جميع البيانات عند إقفال السوق |
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