Announcement • Aug 01
Brave Bison Group plc cancelled the acquisition of remaining 72..5% stake in System1 Group PLC Brave Bison Group plc (AIM:BBSN) proposed to acquire remaining 72.15% stake in System1 Group PLC (AIM:SYS1) on for £29.8 million June 8, 2026. The proposal was an exchange ratio of 3.5988 new Brave Bison shares for each System1 share. Brave Bison Group plc proposed to acquire remaining 72.15% stake in System1 Group PLC for £29 million on July 10, 2026. The terms of the Possible Offer are that for each System1 share in issue, shareholders will receive £0.68 in cash and 2.7553 new Brave Bison shares. The Possible Offer represents a value for each System1 share of approximately £3.27. Brave Bison Group plc proposed to acquire remaining 72.15% stake in System1 Group PLC on for £29.4 million July 30, 2026. Under the terms of the Offer, each shares owned by System1 Shareholders will be entitled to receive £1.35 in cash and 2.04 new Brave Bison shares. The cash consideration of the Possible Offer, if made, would be fully funded by a credit facility made available on a certain funds basis and is in advanced stages of negotiation. No equity fundraising would be required to implement the Combination. System1 shareholders would own approximately 19% of the enlarged group (assuming acceptance in full of the Possible Offer) and would stand to participate directly in the future value creation potential of the enlarged group, including the benefits of increased scale, potential cost synergies and future growth opportunities. As required by Rule 2.6(a) of the Code, Brave Bison is required, by not later than 5:00 p.m. (London time) on 7 August 2026, being 28 days after today's date, either to announce a firm intention to make an offer for System1 in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies.
The transaction is subject to approval of merger agreement by target board and approval of offer by target shareholders. As of July 8, 2026, following the Initial Proposal no further proposal had been received from Brave Bison and as a result, the Board unanimously and unequivocally rejected the Initial Proposal. As of July 13, 2026, it has considered the Revised Proposal with its advisers and believes it materially undervalues System1. The Board unanimously and unequivocally rejects the Revised Proposal. The Board believes the Revised Proposal does not reflect this positive outlook. Shareholders are advised to take no action at this time.
Henrik Persson, Ben Jeynes and Teddy Whiley of Cavendish Capital Markets Limited acted as financial advisor for Brave Bison Group plc. Simon Bridges, Andrew Potts and Harry Rees of Canaccord Genuity Limited acted as financial advisor for System1 Group PLC. Paul Richards and Alex Bond of Addleshaw Goddard LLP acted as legal advisor for Brave Bison Group plc.
Brave Bison Group plc cancelled the acquisition of remaining 72.15% stake in System1 Group PLC on July 31, 2026. The Board does not see the Revised Offer or the Alternative Offer as representing an acceptable fair value for all shareholders and, as a result, the Board of System1unanimously and unequivocally rejects the Revised Offer and the Alternative Offer. Board Change • Jul 31
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 5 experienced directors. 1 highly experienced director. Director Lewis Robinson was the last director to join the board, commencing their role in 2026. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Declared Dividend • Jul 10
Dividend of UK£0.06 announced Shareholders will receive a dividend of UK£0.06. Ex-date: 24th September 2026 Payment date: 19th October 2026 Dividend yield will be 2.0%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is covered by both earnings (58% earnings payout ratio) and cash flows (59% cash payout ratio). The dividend has increased by an average of 3.4% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 36% to shift the payout ratio to a potentially unsustainable range, which is more than the 5.7% EPS decline seen over the last 5 years. New Risk • Jul 09
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 3.6% Last year net profit margin: 12% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Profit margins are more than 30% lower than last year (3.6% net profit margin). Market cap is less than US$100m (UK£40.2m market cap, or US$53.8m). Reported Earnings • Jul 09
Full year 2026 earnings released: EPS: UK£0.10 (vs UK£0.35 in FY 2025) Full year 2026 results: EPS: UK£0.10 (down from UK£0.35 in FY 2025). Revenue: UK£37.0m (down 1.3% from FY 2025). Net income: UK£1.31m (down 71% from FY 2025). Profit margin: 3.6% (down from 12% in FY 2025). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Announcement • Jul 09
System1 Group PLC Proposes Ordinary Dividend for the Year 2026 System1 Group PLC proposed to pay an final ordinary dividend of 6.0 pence per share for FY26, which will be put to the Group's annual general meeting on 25 September 2026. Announcement • Jul 08
System1 Group PLC, Annual General Meeting, Sep 25, 2026 System1 Group PLC, Annual General Meeting, Sep 25, 2026. Valuation Update With 7 Day Price Move • Jun 02
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to UK£3.38, the stock trades at a trailing P/E ratio of 8.7x. Average forward P/E is 11x in the Media industry in the United Kingdom. Total returns to shareholders of 97% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at UK£5.05 per share. New Risk • May 05
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported September 2025 fiscal period end). Share price has been volatile over the past 3 months (9.8% average weekly change). Market cap is less than US$100m (UK£36.5m market cap, or US$49.5m). Announcement • Apr 21
System1 Group PLC to Report Fiscal Year 2026 Results on Jul 08, 2026 System1 Group PLC announced that they will report fiscal year 2026 results at 8:00 AM, GMT Standard Time on Jul 08, 2026 Announcement • Apr 10
System1 Group PLC Launches Next Evolution Of Test Your Ad Platform System1 Group PLC announced the next phase of its creative measurement tool, Test Your Ad, combining proven consumer-based measurement with smarter diagnostics, more intuitive reporting, award-winning thought leadership and new AI-enabled capabilities. System1 introduces Instant Insights to Test Your Ad reports. These AI-assisted executive summary pop-ups allow marketers to quickly move from insight to action. Rather than users interpreting every chart and metric themselves, Instant Insights surfaces what matters and explains the significance of results. It also shares evidence from System1's extensive thought leadership library, including Orlando Wood's publications Lemon and Look out, The Creative Dividend with Effie and The Long & the Short (Form) of It with TikTok. System1 is currently beta testing a predictive AI creative measurement tool in select markets which has been trained against its Test Your Ad Competitive Edge database, the world's largest database of emotional norms. The tool accurately estimates the likely human emotional response and distinctiveness response to advertising. System1 has also rolled out additional improvements for Test Your Ad, making reports more insightful, usable and shareable with non-marketers in the business. These include: Second-by-Second Reasons for Emotion, linking scenes in an ad to consumer verbatims to help marketers visualize how people are feeling moment by moment; Distinctive Brand Assets, showing which brand assets are being noticed and remembered; Key Metric Demographics, helping teams understand how creative lands across different demographic groups; Glide Navigation, enabling smoother report browsing and easier sharing across teams. Valuation Update With 7 Day Price Move • Mar 17
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to UK£2.52, the stock trades at a trailing P/E ratio of 6.5x. Average forward P/E is 9x in the Media industry in the United Kingdom. Total returns to shareholders of 65% over the past three years. Announcement • Mar 05
System1 Group plc Announces Cessation of John Kearon as Director, Effective March 3, 2026 System1 Group PLC confirms that John Kearon has ceased to be a director of the Company with immediate effect, effective March 3, 2026. Announcement • Mar 03
System1 Group plc Announces the Appointment of Lewis Robinson to the Board, Effective from 2 March 2026 System1 Group PLC announce the appointment of Lewis Robinson to the board of the Company with effective from 2 March 2026. Lewis has a background in asset management, advising several family offices on public and private investments. He is Founder and Director of Crucible Clarity Fund Plc, an Isle of Man fund which invests in a portfolio of UK-listed businesses. Lewis Robinson has elected to waive any remuneration in respect of his role. Lewis Simon Robinson, aged 33 years, holds or has held the following directorships or partnerships during the five years preceding the date of this announcement. New Risk • Mar 02
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 5.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (5.0% average weekly change). Market cap is less than US$100m (UK£25.1m market cap, or US$33.7m). Valuation Update With 7 Day Price Move • Mar 02
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to UK£2.35, the stock trades at a trailing P/E ratio of 6x. Average forward P/E is 10x in the Media industry in the United Kingdom. Total returns to shareholders of 30% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at UK£3.34 per share. Announcement • Jan 20
System1 Group PLC Maintains Earnings Guidance for the Fiscal Year 2026 System1 Group PLC maintained earnings guidance for the fiscal year 2026. For the year, the Board maintained the FY26 guidance it provided on 23 September 2025 and in the interim results on 2 December 2025. The guidance provided in the 23 September 2025 announcement was for FY26 Revenue to be broadly in line with the £37 million achieved in FY25. Valuation Update With 7 Day Price Move • Dec 10
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to UK£2.35, the stock trades at a trailing P/E ratio of 6x. Average forward P/E is 11x in the Media industry in the United Kingdom. Total returns to shareholders of 70% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at UK£1.34 per share. Announcement • Nov 05
System1 Introduces Test Your Ad Competitive Edge System1 introduced Test Your Ad Competitive Edge, the open creative effectiveness database of more than 100,000 ads that gives brands the ultimate competitive advantage through a comprehensive, real-time view of their category and inspiration from best-in-class creative. The relaunched product builds on the strength of System1's proprietary Premium database, which has been developed and expanded over the past six years. Advertisers can see not just how their campaigns perform, but how they stack up against competitors. Combining System1's market-leading emotional response data with continuous ad tracking refreshed daily, Test Your Ad Competitive Edge allows teams to benchmark, learn, and optimize creative faster than ever before. Spend data also helps guide smarter media investment. With Test Your Ad Competitive Edge, marketers can: Rank & Compare - With tracking and rankings across 11 sectors and 108 sub-c categories, Test Your Ad Competitive Edge enables brands to see how their ads perform versus competitors and category norms. Predict Impact - Access System1's proprietary Star, Spike and Fluency metrics, derived from real audiences that forecast brand growth and short-term sales. Shape Creative Strategy - With System1's FaceTrace®?, identify which emotional territories and creative approaches truly work. Discover Trends - AI search, timely notifications, and curated collections allow to stay ahead of the curated. Track & Report - View detailed reports, compare and share insights in minutes. Inform and Improve Future Creative - System1's consultancy service offers additional strategic insight as a premium, option add-on to help brands optimize existing and future creative. Reported Earnings • Oct 22
First half 2026 earnings released: EPS: UK£0.18 (vs UK£0.14 in 1H 2025) First half 2026 results: EPS: UK£0.18 (up from UK£0.14 in 1H 2025). Revenue: UK£4.72m (down 74% from 1H 2025). Net income: UK£2.23m (up 27% from 1H 2025). Profit margin: 47% (up from 9.6% in 1H 2025). The increase in margin was driven by lower expenses. Revenue is forecast to grow 27% p.a. on average during the next 2 years, compared to a 1.3% growth forecast for the Media industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Announcement • Oct 22
System1 Group PLC Remains Earnings Guidance for the Year 2026 System1 Group PLC remains earnings guidance for the year 2026. For the year, the company remains revenue for FY26 is expected to be broadly in line with the £37 million achieved in FY25. Board Change • Oct 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 5 experienced directors. 1 highly experienced director. CEO & Executive Director James Gregory was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Buy Or Sell Opportunity • Sep 23
Now 39% undervalued after recent price drop Over the last 90 days, the stock has fallen 39% to UK£2.60. The fair value is estimated to be UK£4.27, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 85%. Announcement • Sep 23
System1 Group PLC to Report First Half, 2026 Results on Dec 02, 2025 System1 Group PLC announced that they will report first half, 2026 results on Dec 02, 2025 Upcoming Dividend • Sep 18
Upcoming dividend of UK£0.11 per share Eligible shareholders must have bought the stock before 25 September 2025. Payment date: 17 October 2025. Payout ratio is a comfortable 16% and this is well supported by cash flows. Trailing yield: 1.3%. Lower than top quartile of British dividend payers (5.5%). Lower than average of industry peers (4.1%). Recent Insider Transactions • Aug 14
Founder recently bought UK£439k worth of stock On the 8th of August, John Kearon bought around 102k shares on-market at roughly UK£4.32 per share. This transaction amounted to 3.6% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was John's only on-market trade for the last 12 months. Declared Dividend • Jul 11
Dividend increased to UK£0.11 Dividend of UK£0.11 is 120% higher than last year. Ex-date: 25th September 2025 Payment date: 17th October 2025 Dividend yield will be 2.7%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by both earnings (16% earnings payout ratio) and cash flows (14% cash payout ratio). The dividend has increased by an average of 3.2% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 42% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Jul 10
Full year 2025 earnings released: EPS: UK£0.35 (vs UK£0.16 in FY 2024) Full year 2025 results: EPS: UK£0.35 (up from UK£0.16 in FY 2024). Revenue: UK£37.4m (up 25% from FY 2024). Net income: UK£4.47m (up 120% from FY 2024). Profit margin: 12% (up from 6.8% in FY 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 1.3% growth forecast for the Media industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Announcement • Jul 10
System1 Group PLC, Annual General Meeting, Sep 24, 2025 System1 Group PLC, Annual General Meeting, Sep 24, 2025. New Risk • Jul 09
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 7.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (7.8% average weekly change). Market cap is less than US$100m (UK£49.5m market cap, or US$67.3m). New Risk • Jun 22
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported September 2024 fiscal period end). Market cap is less than US$100m (UK£53.9m market cap, or US$72.5m). Valuation Update With 7 Day Price Move • Apr 23
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to UK£4.35, the stock trades at a trailing P/E ratio of 17.4x. Average forward P/E is 12x in the Media industry in the United Kingdom. Total returns to shareholders of 62% over the past three years. Announcement • Apr 23
System1 Group PLC to Report Fiscal Year 2025 Results on Jul 09, 2025 System1 Group PLC announced that they will report fiscal year 2025 results at 8:00 AM, GMT Standard Time on Jul 09, 2025 Price Target Changed • Mar 05
Price target increased by 8.6% to UK£9.13 Up from UK£8.40, the current price target is an average from 2 analysts. New target price is 55% above last closing price of UK£5.90. Stock is up 48% over the past year. The company posted earnings per share of UK£0.16 last year. Reported Earnings • Dec 05
First half 2025 earnings released: EPS: UK£0.14 (vs UK£0.049 in 1H 2024) First half 2025 results: EPS: UK£0.14 (up from UK£0.049 in 1H 2024). Revenue: UK£18.3m (up 38% from 1H 2024). Net income: UK£1.76m (up 180% from 1H 2024). Profit margin: 9.6% (up from 4.7% in 1H 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 16% p.a. on average during the next 2 years, compared to a 1.2% growth forecast for the Media industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 29
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to UK£5.90, the stock trades at a trailing P/E ratio of 36.8x. Average forward P/E is 14x in the Media industry in the United Kingdom. Total returns to shareholders of 67% over the past three years. New Risk • Oct 29
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: UK£74.9m (US$97.1m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. This is currently the only risk that has been identified for the company. Announcement • Sep 26
System1 Group plc Approves Final Cash Dividend for the Financial Year 2023/2024 System1 Group PLC announced the result of the Company's AGM that was held on 25 September 2024. To company declared a final dividend of 5 pence per share on each of the Company's ordinary shares for the financial year 2023/2024. Upcoming Dividend • Sep 19
Upcoming dividend of UK£0.05 per share Eligible shareholders must have bought the stock before 26 September 2024. Payment date: 18 October 2024. Trailing yield: 0.7%. Lower than top quartile of British dividend payers (5.3%). Lower than average of industry peers (3.6%). Price Target Changed • Jul 12
Price target increased by 37% to UK£8.40 Up from UK£6.15, the current price target is provided by 1 analyst. New target price is 15% above last closing price of UK£7.30. Stock is up 342% over the past year. The company posted earnings per share of UK£0.16 last year. Valuation Update With 7 Day Price Move • Jul 10
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to UK£6.63, the stock trades at a trailing P/E ratio of 41.4x. Average forward P/E is 14x in the Media industry in the United Kingdom. Total returns to shareholders of 208% over the past three years. Announcement • Jul 05
System1 Group PLC Proposes Dividend for the Fiscal Year 2024, Payable on 18 October 2024 In April 2024 the Board of System1 Group PLC announced its intention to resume paying dividends, in line with the existing policy to distribute 30-40% of after-tax earnings through the cycle. At this stage the Board expect this to be through the declaration of a single ordinary dividend each year alongside the Company's full year results. The Board is proposing a dividend of 5.0 pence per share for FY24 (record date 27 September 2024) which will be put to the Group's annual general meeting on 25 September 2024 and will be payable on 18 October 2024. Reported Earnings • Jul 05
Full year 2024 earnings released: EPS: UK£0.16 (vs UK£0.032 in FY 2023) Full year 2024 results: EPS: UK£0.16 (up from UK£0.032 in FY 2023). Revenue: UK£30.0m (up 28% from FY 2023). Net income: UK£2.03m (up 403% from FY 2023). Profit margin: 6.8% (up from 1.7% in FY 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 17% p.a. on average during the next 2 years, compared to a 2.7% growth forecast for the Media industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has increased by 47% per year, which means it is well ahead of earnings. Announcement • Jul 04
System1 Group PLC, Annual General Meeting, Sep 25, 2024 System1 Group PLC, Annual General Meeting, Sep 25, 2024. Announcement • Jun 28
System1 Group PLC to Report Fiscal Year 2024 Results on Jul 03, 2024 System1 Group PLC announced that they will report fiscal year 2024 results at 8:00 AM, GMT Standard Time on Jul 03, 2024 New Risk • Jun 23
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 6.6% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Market cap is less than US$100m (UK£62.2m market cap, or US$78.6m). Valuation Update With 7 Day Price Move • Apr 12
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to UK£4.90, the stock trades at a trailing P/E ratio of 50.1x. Average forward P/E is 16x in the Media industry in the United Kingdom. Total returns to shareholders of 165% over the past three years. Buy Or Sell Opportunity • Apr 12
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 66% to UK£4.90. The fair value is estimated to be UK£3.97, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 2.8% over the last 3 years. Meanwhile, the company has become profitable. Valuation Update With 7 Day Price Move • Feb 09
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to UK£4.20, the stock trades at a trailing P/E ratio of 42.9x. Average forward P/E is 16x in the Media industry in the United Kingdom. Total returns to shareholders of 149% over the past three years. New Risk • Jan 25
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of British stocks, typically moving 12% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings have declined by 6.6% per year over the past 5 years. Minor Risk Market cap is less than US$100m (UK£45.9m market cap, or US$58.4m). Price Target Changed • Jan 24
Price target increased by 13% to UK£4.50 Up from UK£4.00, the current price target is provided by 1 analyst. New target price is 58% above last closing price of UK£2.85. Stock is up 51% over the past year. The company posted earnings per share of UK£0.032 last year. Announcement • Jan 24
System1 Group PLC Provides Revenue Guidance for the Fiscal Year 2024 System1 Group PLC provided revenue guidance for the fiscal year 2024. Revenue for the current financial year is expected to be at least £29 million compared to £23.4 million a year ago. Reported Earnings • Dec 09
First half 2024 earnings released: EPS: UK£0.049 (vs UK£0.017 loss in 1H 2023) First half 2024 results: EPS: UK£0.049 (up from UK£0.017 loss in 1H 2023). Revenue: UK£13.3m (up 27% from 1H 2023). Net income: UK£627.0k (up UK£837.0k from 1H 2023). Profit margin: 4.7% (up from net loss in 1H 2023). The move to profitability was driven by higher revenue. Revenue is forecast to grow 8.4% p.a. on average during the next 2 years, compared to a 4.5% growth forecast for the Media industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Dec 06
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to UK£2.20, the stock trades at a trailing P/E ratio of 69x. Average forward P/E is 17x in the Media industry in the United Kingdom. Total returns to shareholders of 20% over the past three years. Announcement • Oct 24
System1 Group PLC to Report First Half, 2024 Results on Dec 06, 2023 System1 Group PLC announced that they will report first half, 2024 results on Dec 06, 2023 Announcement • Sep 27
System1 Group PLC Provides Revenue Guidance for the Second Quarter and First Half Fiscal Year 2024 System1 Group PLC provided revenue guidance for the second quarter and first half fiscal year 2024. Total revenue for the first half fiscal year 2024 is expected to be approximately 25% higher than the comparable period in fiscal year 2023. Second quarter revenue is set to surpass the recent fiscal year 2023 fourth quarter peak and deliver double-digit growth on first quarter fiscal year 2024. Announcement • Aug 31
System1 Group PLC, Annual General Meeting, Sep 27, 2023 System1 Group PLC, Annual General Meeting, Sep 27, 2023, at 09:00 Coordinated Universal Time. Location: at the offices of Reed Smith LLP at The Broadgate Tower, 20 Primrose Street, London EC2A 2RS London United Kingdom Agenda: To receive and adopt the financial statements of the Company for the financial year 2022/2023 and the reports of the directors and auditors on those financial statements; to receive, adopt and approve the directors' remuneration report for the financial year 2022/2023; to re-elect Mr John Kearon, who retires by rotation and offers himself for re-election by general meeting, as a director of the Company; to re-elect Ms Sophie Tomkins, who retires by rotation and offers herself for re-election by general meeting, as a director of the Company; to re-elect Mr Chris Willford, who retires by rotation and offers himself for re-election by general meeting, as a director of the Company; and to consider other matters. Reported Earnings • Aug 02
Full year 2023 earnings released: EPS: UK£0.032 (vs UK£0.074 in FY 2022) Full year 2023 results: EPS: UK£0.032 (down from UK£0.074 in FY 2022). Revenue: UK£23.4m (down 2.9% from FY 2022). Net income: UK£404.0k (down 58% from FY 2022). Profit margin: 1.7% (down from 4.0% in FY 2022). Revenue is forecast to grow 9.6% p.a. on average during the next 2 years, compared to a 5.0% growth forecast for the Media industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Announcement • Jul 13
System1 Group PLC to Report Fiscal Year 2023 Results on Aug 01, 2023 System1 Group PLC announced that they will report fiscal year 2023 results on Aug 01, 2023 New Risk • Jun 29
New major risk - Revenue and earnings growth Earnings have declined by 14% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 14% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported September 2022 fiscal period end). Share price has been volatile over the past 3 months (10% average weekly change). Market cap is less than US$100m (UK£19.3m market cap, or US$24.4m). Announcement • May 04
System1 Group PLC Announces Board Changes System1 Group PLC announced that at the General Meeting held on April 21, 2023, the company approved the appointment of Stefan Barden as Executive Chairman and a Director of the Company. And the retirement of Philip Machray as a Non-Executive Director. Board Change • Dec 14
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Non-Executive Director Phil Machray was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Dec 01
First half 2023 earnings released: UK£1.70 loss per share (vs UK£0.088 profit in 1H 2022) First half 2023 results: UK£1.70 loss per share (down from UK£0.088 profit in 1H 2022). Revenue: UK£10.5m (down 15% from 1H 2022). Net loss: UK£210.0k (down 119% from profit in 1H 2022). Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 6.7% growth forecast for the Media industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Buying Opportunity • Nov 30
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 33%. The fair value is estimated to be UK£1.87, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.7% over the last 3 years. Earnings per share has grown by 25%. Revenue is forecast to grow by 12% in 2 years. Earnings is forecast to grow by 57% in the next 2 years. Valuation Update With 7 Day Price Move • Nov 01
Investor sentiment deteriorated over the past week After last week's 16% share price decline to UK£1.80, the stock trades at a trailing P/E ratio of 23.9x. Average forward P/E is 18x in the Media industry in the United Kingdom. Negligible returns to shareholders over past three years. Reported Earnings • Jul 13
Full year 2022 earnings released: EPS: UK£0.074 (vs UK£0.13 in FY 2021) Full year 2022 results: EPS: UK£0.074 (down from UK£0.13 in FY 2021). Revenue: UK£24.1m (up 5.5% from FY 2021). Net income: UK£955.0k (down 44% from FY 2021). Profit margin: 4.0% (down from 7.4% in FY 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to stay flat compared to a 10% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Price Target Changed • Feb 22
Price target decreased to UK£3.85 Down from UK£4.30, the current price target is provided by 1 analyst. New target price is 51% above last closing price of UK£2.55. Stock is up 40% over the past year. The company posted earnings per share of UK£0.13 last year. Valuation Update With 7 Day Price Move • Feb 22
Investor sentiment deteriorated over the past week After last week's 32% share price decline to UK£2.55, the stock trades at a trailing P/E ratio of 12.2x. Average forward P/E is 28x in the Media industry in the United Kingdom. Total returns to shareholders of 26% over the past three years. Buying Opportunity • Feb 18
Now 20% undervalued Over the last 90 days, the stock is up 20%. The fair value is estimated to be UK£4.57, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 5.7% per annum over the last 3 years. The company has become profitable over the last year.