| The value of production at the end of FY23A came in at € 3.32 million, an increase of 6.4% compared to the previous year’s result of € 3.12 million. EBITDA amounted to € 1.25 million, marking a substantial increase of 112.4% compared to the figure for 2022 (€ 0.59 million). EBIT, after depreciation and amortization of € 1.19 million (€ 0.82 million in FY22A), was € 0.06 million, compared to the negative value of € -0.23 million recorded in FY22A. Net Income went from € -0.24 million to € -0.04 million. The NFP stands at a value of € 1.83 million of debt, worsening compared to FY22A, in which the figure amounted to € 1.44 million. In light of the incorporation of Mondo TV Suisse and the results published for FY23A, we have updated our estimates for both the current year and the following years. In particular, we now estimate an FY24E value of production of € 2.40 million, and an EBITDA of € 1.40 million, corresponding to a margin of 58.2%. In the following years, we expect the value of production to reach € 5.50 million (CAGR 23A-26E: 18.3%) in FY26E, with EBITDA equal to € 2.30 million (corresponding to a margin of 41.8%), up from € 1.25 million in FY23A (corresponding to an EBITDA margin of 37.6%). 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 € 13.8 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 € 12.4 million. The target price is € 0.03, with a BUY rating and MEDIUM risk. |