{"id":16388,"date":"2023-04-17T09:46:37","date_gmt":"2023-04-17T07:46:37","guid":{"rendered":"https:\/\/integrae.it\/?p=16388"},"modified":"2023-04-17T09:46:39","modified_gmt":"2023-04-17T07:46:39","slug":"update-17-04-2023-3","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-17-04-2023-3\/","title":{"rendered":"UPDATE &#8211; 17.04.2023"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>At the end of 2022, the value of production stood at \u20ac37.80 million, up 6.3% on the previous year\u2019s result (\u20ac 35.56 million), but down on our estimate of \u20ac 41.50 million. EBITDA recorded a value of \u20ac 25.44 million, up 4.4% on 2021 (\u20ac 24.36 million), but lower than our previous estimate of \u20ac 29.20 million. EBIT came in at \u20ac -70.10 million (\u20ac 6.73 million in 2021), after amortization and depreciation mainly related to the impairment of library assets equal to \u20ac 95.53 million. The Net Income came in negative, equal to \u20ac -69.90 million, compared to \u20ac 5.43 million in the previous period. The NFP stands at \u20ac 12.22 million, down on the \u20ac 8.51 million in 2021.<br><br>In light of the results published in the annual report for FY22A, we have adjusted our estimates for both the current year and the coming years. In particular, we estimate a value of production for FY23E equal to \u20ac 17.00 million, and an EBITDA equal to \u20ac 7.00 million, corresponding to a margin of 41.2%. In the following years, we expect the value of production to rise to \u20ac 20.20 million (CAGR 23E-25E: 9.0%) in FY25E, with EBITDA equal to \u20ac 9.55 million (corresponding to a margin of 47.3%), up from \u20ac 7.00 million in FY23E (corresponding to an EBITDA margin of 41.2%).<br><br>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 \u20ac 82.2 million. Using market multiples, the equity value of Mondo TV is equal to \u20ac 41.8 million (including a discount of 25%). The result gives an average equity value of approximately \u20ac 62.0 million.\u00a0<strong>The target price is \u20ac 1.15, with a BUY rating, and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>At the end of 2022, the value of production stood at \u20ac37.80 million, up 6.3% on the previous year\u2019s result (\u20ac 35.56 million), but down on our estimate of \u20ac 41.50 million. EBITDA recorded<\/p>\n","protected":false},"author":5,"featured_media":16348,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[282],"class_list":["post-16388","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-mondo-tv-suisse-2"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UPDATE - 17.04.2023 - integrae.it \u2013 Financial Boutique<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/integrae.it\/en\/research\/update-17-04-2023-3\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 17.04.2023 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"At the end of 2022, the value of production stood at \u20ac37.80 million, up 6.3% on the previous year\u2019s result (\u20ac 35.56 million), but down on our estimate of \u20ac 41.50 million. EBITDA recorded\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-17-04-2023-3\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-17T07:46:37+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-04-17T07:46:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2023\/04\/Logo-sito-Mondo-TV.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1748\" \/>\n\t<meta property=\"og:image:height\" content=\"1240\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"amministratore integrae\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"UPDATE - 17.04.2023 - integrae.it \u2013 Financial Boutique","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/integrae.it\/en\/research\/update-17-04-2023-3\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 17.04.2023 - integrae.it \u2013 Financial Boutique","og_description":"At the end of 2022, the value of production stood at \u20ac37.80 million, up 6.3% on the previous year\u2019s result (\u20ac 35.56 million), but down on our estimate of \u20ac 41.50 million. 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