| The value of production at the close of the fiscal year FY23A stands at €3.07 million, essentially in line with the previous year’s result of €3.12 million. EBITDA as of December 31, 2023, amounts to €1.73 million, tripling compared to 2022 (€0.59 million), with an EBITDA margin increasing from 18.8% in FY22A to 56.3% in FY23A. The EBIT for the period, after depreciation and impairments amounting to €1.05 million (€0.82 million in FY22A), records a value of €0.68 million, compared to the negative value of FY22A, which was €-0.23 million. The EBIT margin shifts from the negative value of 2022 (-7.5%) to a positive value of 22.2%. Net Income moves from €-0.24 million (FY22A) to €0.65 million (FY23A). The NFP shows a debt of €1.83 million, worsening compared to the previous fiscal year, where the figure totaled €1.44 million. In light of the results published for FY23A, we update our estimates both for the current year and for the coming years. Specifically, we estimate a production value of €2.40 million for FY24E 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 corresponded to an EBITDA margin of 56.3%. We conducted our valuation of the equity value of Mondo TV France 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 € 13.4 million. Using market multiples, the equity value of Mondo TV France is equal to € 11.0 million (including a 25% discount). The average equity value is therefore approximately € 12.2 million. The target price is € 0.03, with a BUY rating and MEDIUM risk. |