{"id":25826,"date":"2024-07-18T08:53:00","date_gmt":"2024-07-18T06:53:00","guid":{"rendered":"https:\/\/integrae.it\/?p=25826"},"modified":"2024-07-18T08:53:00","modified_gmt":"2024-07-18T06:53:00","slug":"update-18-07-2024","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-18-07-2024\/","title":{"rendered":"UPDATE &#8211; 18.07.2024"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>The value of production at the close of the fiscal year FY23A stands at \u20ac3.07 million, essentially in line with the previous year\u2019s result of \u20ac3.12 million. EBITDA as of December 31, 2023, amounts to \u20ac1.73 million, tripling compared to 2022 (\u20ac0.59 million), with an EBITDA margin increasing from 18.8% in FY22A to 56.3% in FY23A. The EBIT for the period, after depreciation and impairments amounting to \u20ac1.05 million (\u20ac0.82 million in FY22A), records a value of \u20ac0.68 million, compared to the negative value of FY22A, which was \u20ac-0.23 million. The EBIT margin shifts from the negative value of 2022 (-7.5%) to a positive value of 22.2%. Net Income moves from \u20ac-0.24 million (FY22A) to \u20ac0.65 million (FY23A). The NFP shows a debt of \u20ac1.83 million, worsening compared to the previous fiscal year, where the figure totaled \u20ac1.44 million.\u00a0<br><br>In light of the results published for FY23A, we update our estimates both for the current year and for the coming years. Specifically, we estimate a production value of \u20ac2.40 million for FY24E and an EBITDA of \u20ac1.40 million, corresponding to a margin of 58.2%. For the following years, we expect the production value to increase to \u20ac5.50 million (CAGR 23A-26E: 21.5%) in FY26E, with an EBITDA of \u20ac2.30 million (corresponding to a margin of 41.8%), growing from \u20ac1.73 million in FY23A, which corresponded to an EBITDA margin of 56.3%.<br><br>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 \u20ac 13.4 million. Using market multiples, the equity value of Mondo TV France is equal to \u20ac 11.0 million (including a 25% discount). The average equity value is therefore approximately \u20ac 12.2 million. <strong>The target price is \u20ac 0.03, with a BUY rating and MEDIUM risk.<\/strong><br><br><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>The value of production at the close of the fiscal year FY23A stands at \u20ac3.07 million, essentially in line with the previous year\u2019s result of \u20ac3.12 million. EBITDA as of December 31, 2023, amounts<\/p>\n","protected":false},"author":5,"featured_media":12147,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[293],"class_list":["post-25826","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-mondo-tv-france-2"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UPDATE - 18.07.2024 - 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-18-07-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 18.07.2024 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"The value of production at the close of the fiscal year FY23A stands at \u20ac3.07 million, essentially in line with the previous year\u2019s result of \u20ac3.12 million. 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