Valuation Update With 7 Day Price Move • Oct 21
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to €29.60, the stock trades at a trailing P/E ratio of 16.3x. Average trailing P/E is 12x in the Media industry in France. Total returns to shareholders of 60% over the past three years. Reported Earnings • Oct 18
First half 2024 earnings released First half 2024 results: EPS: €0.096. Revenue: €37.2m (up 1.2% from 1H 2023). Net income: €208.0k (up €608.0k from 1H 2023). Profit margin: 0.6% (up from net loss in 1H 2023). Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Jul 01
Now 26% undervalued after recent price drop Over the last 90 days, the stock has fallen 1.6% to €24.80. The fair value is estimated to be €33.32, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.8% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Jun 19
Now 20% undervalued Over the last 90 days, the stock has risen 1.5% to €26.60. The fair value is estimated to be €33.31, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.8% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Jun 11
Now 20% undervalued The stock has been flat over the last 90 days, currently trading at €26.60. The fair value is estimated to be €33.32, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.8% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • May 24
Now 22% undervalued Over the last 90 days, the stock has risen 2.3% to €26.20. The fair value is estimated to be €33.40, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.8% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • May 08
Now 23% undervalued Over the last 90 days, the stock has risen 4.0% to €25.80. The fair value is estimated to be €33.49, however this is not to be taken as a buy recommendation but rather should be used as a guide only. New Risk • Feb 05
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of French stocks, typically moving 6.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.4x net interest cover). Dividend is not well covered by earnings and cash flows. Dividend per share is over 9x earnings per share. Dividend per share is over 14x cash flows per share. Earnings have declined by 18% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.6% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (€53.6m market cap, or US$57.6m). New Risk • Nov 13
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.4x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.4x net interest cover). Dividend is not well covered by earnings and cash flows. Dividend per share is over 9x earnings per share. Dividend per share is over 14x cash flows per share. Earnings have declined by 18% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (€48.0m market cap, or US$51.3m). New Risk • Sep 12
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 95% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Dividend per share is over 9x earnings per share. Paying a dividend despite having no free cash flows. Earnings have declined by 19% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (€58.8m market cap, or US$63.1m). Valuation Update With 7 Day Price Move • May 09
Investor sentiment improves as stock rises 34% After last week's 34% share price gain to €51.00, the stock trades at a forward P/E ratio of 43x. Average forward P/E is 11x in the Media industry in France. Total returns to shareholders of 240% over the past three years. Upcoming Dividend • May 04
Upcoming dividend of €10.20 per share at 26% yield Eligible shareholders must have bought the stock before 11 May 2023. Payment date: 15 May 2023. Trailing yield: 26%. Within top quartile of French dividend payers (5.4%). Higher than average of industry peers (4.5%). Valuation Update With 7 Day Price Move • Mar 17
Investor sentiment improves as stock rises 52% After last week's 52% share price gain to €42.90, the stock trades at a forward P/E ratio of 44x. Average forward P/E is 11x in the Media industry in France. Total returns to shareholders of 170% over the past three years. Price Target Changed • Jan 31
Price target increased by 30% to €30.00 Up from €23.00, the current price target is provided by 1 analyst. New target price is 9.1% above last closing price of €27.50. Stock is up 23% over the past year. The company is forecast to post earnings per share of €0.77 for next year compared to €0.48 last year. Board Change • Jan 31
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. No independent directors (4 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. No independent directors (4 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Oct 12
Investor sentiment improved over the past week After last week's 19% share price gain to €29.30, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 10x in the Media industry in France. Total returns to shareholders of 44% over the past three years. Price Target Changed • Apr 27
Price target increased to €30.00 Up from €23.00, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of €30.00. Stock is up 54% over the past year. The company is forecast to post earnings per share of €0.77 for next year compared to €0.48 last year. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. No independent directors (4 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Apr 18
Full year 2021 earnings: Revenues miss analyst expectations Full year 2021 results: Revenue: €70.2m (up 17% from FY 2020). Net income: €1.04m (up €7.84m from FY 2020). Profit margin: 1.5% (up from net loss in FY 2020). Revenue missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 3.3%, compared to a 5.4% growth forecast for the industry in France. Price Target Changed • Mar 22
Price target increased to €30.00 Up from €23.00, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of €29.70. Stock is up 55% over the past year. The company is forecast to post earnings per share of €0.21 next year compared to a net loss per share of €2.66 last year. Price Target Changed • Oct 04
Price target increased to €23.50 Up from €21.20, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of €23.20. Stock is up 45% over the past year. Price Target Changed • Mar 05
Price target raised to €21.20 Up from €17.00, the current price target is provided by 1 analyst. The new target price is 11% above the current share price of €19.05. As of last close, the stock is up 0.3% over the past year. Is New 90 Day High Low • Feb 12
New 90-day high: €19.10 The company is up 20% from its price of €15.90 on 13 November 2020. The French market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Media industry, which is up 13% over the same period. Is New 90 Day High Low • Dec 22
New 90-day high: €18.90 The company is up 17% from its price of €16.10 on 22 September 2020. The French market is up 16% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Media industry, which is up 37% over the same period. Is New 90 Day High Low • Oct 30
New 90-day low: €15.05 The company is down 2.0% from its price of €15.40 on 31 July 2020. The French market is also down 2.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it underperformed the Media industry, which is up 4.0% over the same period.