Lbg Media PLC

First-pass take

LBG Media is a profitable, cash-generative digital media company with AI-enhanced operations for content production and client engagement, but lacks direct AI revenue exposure or enterprise AI spending tailwinds. Declining EBITDA margins (28.4%→27.4%) despite 7% revenue growth, cyclical discretionary advertising dependency, and undisclosed customer concentration limit appeal under the investment thesis. Net cash (£30.8m, zero debt) provides resilience but doesn't offset weak growth and margin trajectory.