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Reed Elsevier has struck a very positive note, issuing full-year results that are, on the whole, in line with expectations, with all divisions making a positive contribution. Note the resilience of Elsevier (within STM) and very positive trends in the risk analysis business and the Exhibitions division. However, growth was more modest in Legal & Professional in the US and RBI (trade press). The group has raised its dividend (by 7%) and is increasing its share buyback programme by £300m.
IMS (Interim Management Statement) 9M FY2012 group results were published on a positive note, despite the somewhat vague annual prospects. Reed Elsevier is improving its operating efficiency and looks forward to favourable long-term prospects based largely on the proprietary nature of most of its published contents and the oligopolistic positions enjoyed on most of its markets. The Science, Medical, Insurance and Legal Information segments operate on long-term structural growth markets. The transition to digital (online systems) presented some risks. The paper version currently accounts for just 22% of group sales, indicating that the migration is well under control. Essentially a defensive share, Reed Elsevier continues to benefit from resilient LT growth.
The general mood at Reed Elsevier is very positive with the announcement of better-than expected first-half results — especially on the margin front — thanks to highly favourable momentum in all divisions. A key factor was the strong resilience shown by Elsevier (in STM publishing), the “Risk Management” division and the Exhibitions business, which benefits from the organisation of biennial events. However, the US Legal & Professional business and RBI are growing at a more moderate pace. The valuation is low and execution is improving.
The 2011 group results were published on a positive note, despite the somewhat vague 2012 prospects. Reed Elsevier is improving its operating efficiency and looks forward to favourable long-term prospects based largely on the proprietary nature of most of its published contents and the oligopolistic positions enjoyed on most of its markets. The Science, Medical, Insurance and Legal Information segments operate on long-term structural growth markets. The transition to digital (online systems) presented some risks. The paper version currently accounts for just 22% of group sales, indicating that the migration is well under control. This is essentially a defensive share. Reed Elsevier continues to benefit from resilient long-term growth.
The general mood at Reed Elsevier is very positive with the announcement of annual results ahead of expectations, especially for the margins (STM publishing at Elsevier proved resilient) and also thanks to the performance of the “Risk Management” division. The “Exhibitions” business also did well during the past financial year. On the other hand, as yet there is no real recovery in the US Legal & Professional business. RBI (magazines) returned to growth. PLUS code unchanged.
After publishing an IMS (Interim Management Statement) for the first 9 months of the year with no great surprises (although somewhat mixed for the “Risk” activity), and only indicating “top line” organic growth, the group has maintained unchanged prospects for 2011. At a recent meeting with analysts, Reed Elsevier took stock of its STM operation; although the group is a late cyclical stock, this activity is still proving resilient, while the other business segments are more sensitive.
Upbeat comments accompanied yesterday's reporting of interim results that slightly exceeded expectations. Reed Elsevier is clearly looking for an uptick in H2 2011 growth-without offering figures, however. While the Risk Solutions segment slowed somewhat, the RBI and Exhibition divisions offered pleasant surprises. Performance from the STM (Elsevier) division was also on an uptrend thanks to a solid research activity, while LexisNexis returned to growth. Maintained PLUS Code.
The group published a Q1 2011 Interim Management Statement with no great surprises and no numerical data; on the other hand, there were some encouraging signals. As a late cyclical stock, Reed Elsevier remains a major turnaround story, especially in “Legal” in the United States. The “Risks Solutions” division is still one of the Group’s main drivers. The news flow is set to improve, leading in turn to an upgrading of consensus expectations.
Results announced by Reed Elsevier for FY 2010 were slightly above consensus with a distinct recovery of organic growth. The trend is improving gradually, especially at LexisNexis, which is now organized in two divisions (Legal & Professional; Risk Solutions). Elsevier has confirmed its resilience (despite the pressure on academic budgets), while RBI proved robust after restructuring and Exhibitions performed better than expected. The slow re-rating should continue in 2011. PLUS code unchanged.
After 2010 which was regarded as a transitional year, the first quarters of 2011 are expected to confirm the encouraging signals which emerged from the publication of an IMS (Interim Management Statement) with few surprises in Q3. As a late cyclical stock, Reed Elsevier remains a major turnaround story. The news flow will continue to improve, leading in turn to an upgrade of the consensus expectations. Code unchanged.
This morning, Reed Elsevier published its traditional IMS for Q3 2010. This purely qualitative trading statement clarifies the prospects outlined for the market in the half-yearly publication. Encouraging signs are becoming more frequent for the different divisions, but the stock market momentum will remain modest in the short-term. As a late cycle stock, Reed Elsevier remains a significant turnaround story in the longer term perspective. With an attractive valuation, the re-rating is set to continue. PLUS code unchanged. The share is under some pressure at present.
Reed Elsevier published results for H1 2010 slightly above consensus expectations (not very high), in terms both of sales and of Ebit. Although the trend is only improving gradually, three key messages do emerge from this publication: 1. On the LexisNexis side, the slowdown of income is less pronounced. 2. Pressure for the reduction of academic budgets seems to be easing in the STM division (Elsevier). 3. Cyclical activities (RBI, Exhibitions) are experiencing a growth revival which will continue into 2011. PLUS code confirmed.
After a difficult 2009 (negative organic growth, managerial uncertainties, equity capital increase), 2010 must be regarded as a transitional year. The efforts which LexisNexis is obliged to make on the US “Legal” market in face of tough competition are the main feature of this phase of ongoing change. Elsevier is now in a better competitive position, while Reed Exhibitions and RBI will benefit from more favourable base effects.
Reed Elsevier has published 2009 results which reflect investors’ (rather low) expectations: in line for sales, but rather better in terms of the operating result. The first public appearance of the new CEO reassured the market somewhat because the group is now clearly in firm hands, even though the route map is still not clear. Guidance for 2010 suggests that H1 is set to remain difficult before a significant improvement sets in. The valuation remains attractive. PLUS code maintained.
After a particularly difficult year 2009 (negative organic growth, managerial uncertainties, capital increase) the group is positioned for re-rating in 2010 led by LexisNexis (development of risk analysis, a fast growing segment), Elsevier (better competitive position) and efforts to divest its most cyclical activities. The group should benefit from a recovery of the dollar. New PLUS code.
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