| The production value at the close of the first half of 2024 stands at €1.41 million, marking a significant increase of 9.2% compared to the result of 1H23A, which was €1.29 million. EBITDA as of June 30, 2024, amounts to €0.80 million, showing a solid growth of 85.4%. Operating EBIT for 1H24A, after depreciation and amortization of €0.43 million (€0.55 million in 1H23A), records a value of €0.37 million, compared to the negative value recorded in 1H23A of €-0.12 million. Net Income is also positive, rising from €-0.12 million in 1H23A to €0.36 million as of June 30, 2024. The NFP stands at €0.74 million in debt, showing an improvement compared to the previous year, when the figure amounted to €1.83 million. In light of the incorporation of Mondo TV France and the results published for 1H24A, we are slightly adjusting our estimates for both the current year and the coming years. In particular, we estimate a production value for FY24E of €2.40 million and an EBITDA of €1.40 million, corresponding to a margin of 58.2%. For the following years, we expect the production value to increase to €5.50 million (CAGR 23A-26E: 21.5%) in FY26E, with an EBITDA of €2.30 million (corresponding to a margin of 41.8%), growing from €1.73 million in FY23A, which represented an EBITDA margin of 56.3%. We conducted the equity value assessment of Mondo TV France based on the DCF methodology and the multiples of a sample of comparable companies. The DCF method (which prudently includes a specific risk of 2.5% in the WACC calculation) results in an equity value of €13.6 million. The equity value of Mondo TV France using market multiples is €12.8 million (including a 25% discount). This leads to an average equity value of approximately €13.2 million. The target price is set at €0.03, with a BUY rating and MEDIUM risk. |