New Risk • Oct 05
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 18% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. This is currently the only risk that has been identified for the company. Major Estimate Revision • Apr 19
Consensus EPS estimates fall by 20% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from €0.25 to €0.20 per share. Revenue forecast steady at €88.7m. Net income forecast to grow 186% next year vs 148% growth forecast for Media industry in Italy. Consensus price target broadly unchanged at €6.25. Share price was steady at €4.70 over the past week. Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 9 experienced directors. No highly experienced directors. 1 independent director (6 non-independent directors). Honorary President Umberto Bertele was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Major Estimate Revision • Oct 04
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from €55.0m to €56.1m. EPS estimate fell from €0.18 to €0.10 per share. Net income forecast to grow 57% next year vs 78% growth forecast for Media industry in Italy. Consensus price target broadly unchanged at €6.22. Share price was steady at €4.27 over the past week. Reported Earnings • Sep 23
First half 2022 earnings released: EPS: €0 (vs €0.074 in 1H 2021) First half 2022 results: EPS: €0. Revenue: €25.9m (up 53% from 1H 2021). Net income: €1.46m (up 6.9% from 1H 2021). Profit margin: 5.6% (down from 8.1% in 1H 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Media industry in Italy. Major Estimate Revision • Jul 19
Consensus revenue estimates increase by 11% The consensus outlook for revenues in 2022 has improved. 2022 revenue forecast increased from €49.4m to €55.0m. EPS estimate increased from €0.16 to €0.18 per share. Net income forecast to grow 19% next year vs 68% growth forecast for Media industry in Italy. Consensus price target up from €5.72 to €5.94. Share price rose 4.0% to €4.44 over the past week. Major Estimate Revision • Jul 14
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from €46.3m to €52.0m. EPS estimate unchanged from €0.15 at last update. Media industry in Italy expected to see average net income growth of 68% next year. Consensus price target up from €5.75 to €5.87. Share price was steady at €4.37 over the past week. Price Target Changed • Jul 07
Price target increased to €5.87 Up from €5.47, the current price target is an average from 3 analysts. New target price is 32% above last closing price of €4.45. Stock is up 77% over the past year. The company is forecast to post earnings per share of €0.16 for next year compared to €0.095 last year. Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 9 experienced directors. No highly experienced directors. 1 independent director (6 non-independent directors). Honorary President Umberto Bertele was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Major Estimate Revision • Apr 14
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate increased from €0.12 to €0.16. Revenue forecast unchanged at €46.3m. Net income forecast to grow 47% next year vs 78% growth forecast for Media industry in Italy. Consensus price target of €5.81 unchanged from last update. Share price was steady at €4.54 over the past week. Reported Earnings • Mar 31
Full year 2021 earnings: Revenues exceed analyst expectations Full year 2021 results: Revenue: €36.0m (up 30% from FY 2020). Net income: €1.80m (up 69% from FY 2020). Profit margin: 5.0% (up from 3.9% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.1%. Over the next year, revenue is forecast to grow 33%, compared to a 9.4% growth forecast for the industry in Italy. Major Estimate Revision • Mar 30
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from €46.3m to €47.7m. EPS estimate fell from €0.17 to €0.12 per share. Net income forecast to grow 47% next year vs 35% growth forecast for Media industry in Italy. Consensus price target of €5.81 unchanged from last update. Share price rose 5.8% to €4.53 over the past week. Reported Earnings • Sep 24
First half 2021 earnings released The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: €16.9m (up 27% from 1H 2020). Net income: €1.37m (up 60% from 1H 2020). Profit margin: 8.1% (up from 6.4% in 1H 2020). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Aug 02
Investor sentiment improved over the past week After last week's 16% share price gain to €3.55, the stock trades at a forward P/E ratio of 33x. Average forward P/E is 13x in the Media industry in Italy. Total returns to shareholders of 184% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €5.01 per share. Major Estimate Revision • Jul 20
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate increased from €0.086 to €0.11. Revenue forecast steady at €32.7m. Net income forecast to grow 92% next year vs 63% growth forecast for Media industry in Italy. Consensus price target up from €3.53 to €4.12. Share price rose 15% to €2.90 over the past week. Valuation Update With 7 Day Price Move • Jul 17
Investor sentiment improved over the past week After last week's 15% share price gain to €2.88, the stock trades at a forward P/E ratio of 33x. Average forward P/E is 15x in the Media industry in Italy. Total returns to shareholders of 147% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €4.43 per share. Price Target Changed • Jul 16
Price target increased to €3.78 Up from €3.48, the current price target is an average from 3 analysts. New target price is 39% above last closing price of €2.71. Stock is up 149% over the past year. Is New 90 Day High Low • Feb 08
New 90-day high: €2.08 The company is up 53% from its price of €1.36 on 10 November 2020. The Italian market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Media industry, which is up 17% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €3.94 per share. Is New 90 Day High Low • Jan 13
New 90-day high: €2.06 The company is up 55% from its price of €1.33 on 14 October 2020. The Italian market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Media industry, which is up 14% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €4.11 per share. Valuation Update With 7 Day Price Move • Dec 28
Investor sentiment improved over the past week After last week's 19% share price gain to €1.85, the stock is trading at a trailing P/E ratio of 71.9x, up from the previous P/E ratio of 60.2x. This compares to an average P/E of 31x in the Media industry in Italy. Total returns to shareholders over the past three years are 46%. Is New 90 Day High Low • Dec 22
New 90-day high: €1.58 The company is up 16% from its price of €1.36 on 23 September 2020. The Italian market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Media industry, which is up 11% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €3.96 per share. Is New 90 Day High Low • Nov 12
New 90-day high: €1.40 The company is up 28% from its price of €1.09 on 14 August 2020. The Italian market is up 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Media industry, which is up 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €3.31 per share. Is New 90 Day High Low • Sep 18
New 90-day high: €1.31 The company is up 24% from its price of €1.06 on 19 June 2020. The Italian market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Media industry, which is up 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €2.25 per share.