{"id":19968,"date":"2023-09-25T10:39:00","date_gmt":"2023-09-25T08:39:00","guid":{"rendered":"https:\/\/integrae.it\/?p=19968"},"modified":"2023-10-06T10:41:27","modified_gmt":"2023-10-06T08:41:27","slug":"update-25-09-2023","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-25-09-2023\/","title":{"rendered":"UPDATE &#8211; 25.09.2023"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>In the half-yearly report as of June 30, 2023, Mondo TV announced that it had closed the first six months with a value of production of \u20ac 4.55 million, down 76.1% compared to the result in 1H22A (\u20ac 19.06 million). EBITDA for the period stood at \u20ac 2.06 million, down 83.6% compared to the value reported in 1H22A (\u20ac 12.56 million). EBIT came in slightly negative for approximately \u20ac -0.26 million, against \u20ac +4.23 million in 1H22A. Net Income came in equal to \u20ac -1.54, a sharp decrease compared to \u20ac 4.27 million in 1H22A. NFP, as of June 30, 2023, stood at a value of \u20ac 8.48 million, a clear improvement compared to the value at the beginning of the year of \u20ac 12.22 million.<br><br>In light of the results published in the half-yearly report for 1H23A we have adjusted our estimates for both the current year and coming years. In particular, we estimate a value of production for FY23E equal to \u20ac 9.60 million, and an EBITDA equal to \u20ac 4.15 million, corresponding to a margin of 43.2%. In the following years, we expect the value of production to rise to \u20ac 11.50 million (CAGR 23E-25E: 9.4%) in FY25E, with EBITDA equal to \u20ac 5.20 million, corresponding to a margin of 45.2%.<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 57.1 million. Using market multiples, the equity value of Mondo TV is equal to \u20ac 41.1\u00a0million (including a discount of 25%).\u00a0<strong>The result gives an average equity value of approximately \u20ac 49.1 million. The target price is \u20ac 0.90, with a BUY rating, and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>In the half-yearly report as of June 30, 2023, Mondo TV announced that it had closed the first six months with a value of production of \u20ac 4.55 million, down 76.1% compared to the<\/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":[304],"class_list":["post-19968","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-mondo-tv-2"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UPDATE - 25.09.2023 - 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-25-09-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 25.09.2023 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"In the half-yearly report as of June 30, 2023, Mondo TV announced that it had closed the first six months with a value of production of \u20ac 4.55 million, down 76.1% compared to the\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-25-09-2023\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2023-09-25T08:39:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-06T08:41:27+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 - 25.09.2023 - 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-25-09-2023\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 25.09.2023 - integrae.it \u2013 Financial Boutique","og_description":"In the half-yearly report as of June 30, 2023, Mondo TV announced that it had closed the first six months with a value of production of \u20ac 4.55 million, down 76.1% compared to the","og_url":"https:\/\/integrae.it\/en\/research\/update-25-09-2023\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2023-09-25T08:39:00+00:00","article_modified_time":"2023-10-06T08:41:27+00:00","og_image":[{"width":1748,"height":1240,"url":"https:\/\/integrae.it\/wp-content\/uploads\/2023\/04\/Logo-sito-Mondo-TV.jpg","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_misc":{"Written by":"amministratore integrae","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebSite","@id":"https:\/\/integrae.it\/en\/#website","url":"https:\/\/integrae.it\/en\/","name":"integrae.it \u2013 Financial Boutique","description":"CORPORATE FINANCE EQUITY RESEARCH EQUITY SALES &amp; 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