| In the press release of September 29, 2023, the Company announced the Board of Directors’ approval of the half-year results as of June 30, 2023. During the first part of 2023 fiscal year, the Company generated: Revenues of € 0.23 million, compared to € 0.51 million in 1H22A; EBITDA of -€ 0.10 million, compared to € 0.24 million in 1H22A; EBIT of -€ 016 million, compared to € 0.17 million in 1H22A; Net Income negative of € 0.20 million, compared to a profit of € 0.07 million in 1H22A; NFP amounted to € 0.49 million of debt in line with the December 31, 2022 figure of € 0.49 million of debt. The revenues for the period mainly refer to the distribution of licensing and television rights of the animated series of the proprietary library, in particular, the largest part is attributable to the sale of television rights of the animated series Robot Trains for certain territories. Regarding the expected evolution for the second part of the fiscal year, the exploitation of the proprietary library will continue with particular reference to the animated series Robot Trains, and the licensing exploitation of the animated series Grisù, produced by the Mondo Tv Group and for which the Company handles the international distribution, will commence. Therefore, the company expects to recover the loss of the first half of the year and close the year with a profit. Finally, it is reported that on June 27, 2023, the merger of the Company into Mondo TV France was approved by both boards of directors. The purpose of the transaction is to integrate the two businesses, and to make overall structural costs more efficient, thus taking advantage of the benefits of integrating management and increasing economies of scale. This merger process is expected to be completed by the end of the year. With the press release in mind, and awaiting to observe the outcomes of the merger project implementation and the impact of synergies, we confirm our recommendation: target price U/R, rating U/R and risk MEDIUM. |