| In the first half of 2024, Mondo TV recorded a production value of €4.39 million, remaining relatively stable compared to €4.55 million in the same period of 2023. EBITDA, although showing a slight decrease from 1H23A (from €2.06 million to €2.02 million), remains at solid levels. The EBITDA margin increased slightly, rising from 45.3% to 45.9%. In terms of EBIT, the Group saw a significant improvement, moving from a negative value of €-0.26 million in 1H23A to a positive value of €0.29 million in 1H24A. Mondo TV’s Net Income stands at €0.12 million, showing a notable improvement compared to the negative result of €-1.54 million recorded in the first half of 2023. The NFP is €7.10 million in debt, an improvement compared to €7.59 million in debt at the beginning of the year. In light of the results published in the half-year report for 1H24A, we are adjusting our estimates for both the current year and the coming years. In particular, we estimate a production value for FY24E of €9.00 million and an EBITDA of €4.10 million, corresponding to a margin of 45.6%. For the following years, we expect the production value to increase to €10.80 million (CAGR 23A-26E: 4.4%) in FY26E, with an EBITDA of €5.70 million, corresponding to a margin of 52.8%. We conducted the equity value assessment of Mondo TV 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 €34.1 million. The equity value of Mondo TV using market multiples is €33.6 million (including a 25% discount). This leads to an average equity value of approximately €33.9 million. The target price is set at €0.50, with a BUY rating and MEDIUM risk. |