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EBQ

Ebiquity PLC

Media First-pass screen £15m
380/1000 Overall fit
AI beneficiary 35% 42
Operating leverage 25% 35
Valuation 25% 30
Downside protection 15% 50

First-pass take

Declining revenue (-4%), compressed margins (6.3% vs 10.3%), and £10m North America goodwill impairment signal distressed operations in a cyclical advertising market. AI exposure limited to internal ERAbot productivity tool; no core AI revenue. Net cash adequate (£13m) and UK&I grew 5%, but North America tumbled 23% with tightened post-refinance covenants.

Flags

loss-makingrevenue-decliningmargin-compressiongoodwill-impairedno-dividendcyclicalrefinance-recentcovenant-riskno-valuation-data