Equity Analysis /
United Kingdom

GB : Time Out Group - Clouds lifting, recovery underway

    Anna Barnfather
    Anna Barnfather

    Analyst - Leisure

    Andrew Wilkinson
    Andrew Wilkinson

    Analyst - Leisure

    CGS-CIMB
    31 March 2022
    Published by

    Time Out has made great strides in its digital transformation as it seeks to consolidate its multi-channel global footprint. All seven markets are fully back open with improving momentum now restrictions are lifting, the reorganisation and cost reset has seen Media already turn EBITDA positive, and negotiations for additional management contracts are promising. Cash management is firmly on track with the base case and expected to rebuild in Q4. We keep forecasts and target price under review but note the gathering momentum and improving visibility.