Keywords' FY20 results were in line with its trading update (FY20 revenues €373.5m, adjusted PBT €55.0m), with 12% organic growth in FY20 despite COVID-19. Adjusted EBITDA rose 29% to €74.2m, with PBT up 35% to €55.0m and adjusted PBT margins climbing to 14.7%, close to management's 15% long-term target. We believe the outlook for FY21 looks benign, with demand for Keywords' services continuing to build in the short to medium term. Sonia Sedler joined in January as COO to strengthen the management team and has been appointed interim joint CEO, alongside Jon Hauck (CFO), pending Andrew Day's return as CEO. We have updated our estimates for the €46.8m acquisition of Tantalus Media and introduced FY23 estimates. With net cash and facilities totalling €202.9m at year end, Keywords remains well placed for further M&A.Den vollständigen Artikel lesen ...