| The production value as of December 31, 2023, amounted to € 9.49 million, marking a decrease of 74.9% compared to the figure of the previous year, equal to € 37.80 million, but substantially in line with our estimate of € 9.60 million. EBITDA came in at € 4.67 million, marking a decrease of 81.6% compared to the value for FY22A of € 25.44 million, but was higher than our previous estimate of € 4.15 million. EBIT for FY23A, after depreciation and amortization of € 5.47 million (€ 95.53 million in FY22A), stands at € -0.80 million, compared to the negative value of FY22A of € -70.10 million. Consolidated Net Income amounted to € 0.62 million, marking an improvement respect the negative data of the previous year, equal to € -69.90 million. n light of the results published in the annual report for FY23A, we have adjusted our estimates for both the current year and the following years. In particular, we now estimate an FY24E value of production of € 9.00 million, and an EBITDA of € 6.00 million, corresponding to a margin of 66.7%. In the following years, we expect the value of production to reach € 12.30 million (CAGR 23A-26E: 9.0%) in FY26E, with EBITDA equal to € 7.30 million (corresponding to a margin of 59.3%), up from € 4.67 million in FY23A (corresponding to an EBITDA margin of 49.2%). We conducted our valuation of the equity value of Mondo TV 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 € 41.6 million. Using market multiples, the equity value of Mondo TV is equal to € 48.3 million (including a discount of 25%). The result gives an average equity value of approximately € 44.9 million. The target price is € 0,70, with a BUY rating, and MEDIUM risk. |