MC-LINK – Equity Update 08.05.2017
FY16 results are higher than our estimates, especially concerning profitability. These results let the company to be ahead of our previous estimates of about 12 months. Total revenue grew by 12% YoY to € 43.5 million (in line with our estimate). This growth was strongly linked to the increase in revenues for line rental services (88% of Total Revenues), which ensures year-on-year stability of both revenue and financial flow, also thanks to BiG TLC acquisition. Ebitda rose 16% YoY to € 9.1m (€ 8.8m in our estimates), reaching an Ebitda margin of 21%. Ebit grew by 36.3% YoY to € 3.0m (€ 2.1 million in our estimates), which gives an Ebit margin of 6.8% (4.8% in our estimate). Net financial debt is € 17.5 million (€ 14.8 million in 2015 and € 17.8 million in our estimates) mainly due to the acquisition of BiG TLC (€ 2.1 mln).