| At the end of 2022, revenues amounted to € 1.30 million, up both on the € 1.05 million of the previous year (+23.6%) and on our estimate of € 1.10 million. EBITDA came in at € 0.31 million, lower than both the value reported at the end of 2021 (€ 0.33 million) and our estimate of € 0.45 million. Similarly, the EBITDA margin, calculated on the value of production, worsened from 31.2% in FY21A to 20.8% in FY22A. EBIT, after amortization and depreciation of € 0.16 million, stood at € 0.15 million at the end of 2022. Net Income was € 0.03 million. The NFP at the end of 2022 stood at a value of € 0.48 million. In light of the results published in the annual report for FY22A, we have partially adjusted our estimates for both the current year and the coming years. In particular, we estimate FY23E revenues of € 1.20 million, and an EBITDA of € 0.55 million, corresponding to a margin of 45.8%. In the following years, we expect revenues to settle at € 1.30 million in FY25E, with an EBITDA of € 0.80 million (corresponding to a margin of 61.5%), up from € 0.31 million in FY22A (corresponding to an EBITDA margin of 20.8%). We conducted our valuation of the equity value of Mondo TV Suisse based on the DCF method and multiples of a sample of comparable companies. The DCF method (including, for prudential purposes, a specific risk of 2.5% in the calculation of the WACC) returned an equity value of € 4.6 million. Using market multiples, the equity value of Mondo TV Suisse was calculated as € 6.4 million (including a discount of 25%). The result gives an average equity value of approximately € 5.5 million. The target price is € 0.55, with a BUY rating, and MEDIUM risk. |