Centaur Media - MAP23 plan delivers a higher-quality business

Centaur's FY23 results mark the end of its MAP23 margin acceleration plan, with the adjusted EBITDA margin more than doubling over its three-year course to 26%, ahead of the original 23% target. This is despite an unhelpful economic backdrop with extended pressure on corporate marketing budgets. Centaur's strategy for the next period will be outlined on 23 April at a capital markets day, at which time we will extend our forecast horizon to FY25. We expect the new plan to enhance the business model, rather than rethink it. FY23 results were in line with January's update, with a greater uplift in dividend, putting the shares on a sub-market rating and a premium yield.

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