Price Target Changed • May 04
Price target increased by 7.4% to €4.08 Up from €3.80, the current price target is an average from 5 analysts. New target price is 41% above last closing price of €2.89. Stock is down 31% over the past year. The company is forecast to post earnings per share of €0.51 for next year compared to €0.57 last year. Buying Opportunity • Apr 24
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 2.3%. The fair value is estimated to be €3.99, however this is not to be taken as a buy recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to decline by 0.9% per annum. Earnings is also forecast to decline by 4.5% per annum over the same time period. Buying Opportunity • Mar 06
Now 22% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be €4.02, however this is not to be taken as a buy recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to decline by 1.0% per annum. Earnings is also forecast to decline by 4.9% per annum over the same time period. Reported Earnings • Feb 24
Full year 2022 earnings released: EPS: €0.57 (vs €0.60 in FY 2021) Full year 2022 results: EPS: €0.57 (down from €0.60 in FY 2021). Revenue: €667.1m (down 23% from FY 2021). Net income: €178.3m (down 1.5% from FY 2021). Profit margin: 27% (up from 21% in FY 2021). The increase in margin was driven by lower expenses. Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, while revenues in the Media industry in Spain are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Price Target Changed • Jan 31
Price target decreased by 11% to €4.63 Down from €5.22, the current price target is an average from 9 analysts. New target price is 41% above last closing price of €3.29. Stock is down 20% over the past year. The company is forecast to post earnings per share of €0.54 for next year compared to €0.60 last year. Price Target Changed • Jan 22
Price target decreased to €4.86 Down from €5.29, the current price target is an average from 9 analysts. New target price is 46% above last closing price of €3.33. Stock is down 22% over the past year. The company is forecast to post earnings per share of €0.54 for next year compared to €0.60 last year. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 5 highly experienced directors. 3 independent directors (8 non-independent directors). Independent Director Javier Díez De Polanco was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Price Target Changed • Oct 20
Price target decreased to €5.53 Down from €5.97, the current price target is an average from 11 analysts. New target price is 91% above last closing price of €2.90. Stock is down 38% over the past year. The company is forecast to post earnings per share of €0.57 for next year compared to €0.60 last year. Valuation Update With 7 Day Price Move • Oct 20
Investor sentiment improved over the past week After last week's 16% share price gain to €2.90, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 11x in the Media industry in Europe. Total loss to shareholders of 48% over the past three years. Reported Earnings • Aug 01
Second quarter 2022 earnings released: EPS: €0.22 (vs €0.15 in 2Q 2021) Second quarter 2022 results: EPS: €0.22 (up from €0.15 in 2Q 2021). Revenue: €244.8m (down 4.4% from 2Q 2021). Net income: €71.3m (up 46% from 2Q 2021). Profit margin: 29% (up from 19% in 2Q 2021). The increase in margin was driven by lower expenses. Over the next year, revenue is forecast to stay flat compared to a 6.6% growth forecast for the industry in Spain. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 14% per year, which means it is performing significantly worse than earnings. Reported Earnings • May 14
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: €0.08 (down from €0.12 in 1Q 2021). Revenue: €167.2m (up 2.1% from 1Q 2021). Net income: €23.7m (down 35% from 1Q 2021). Profit margin: 14% (down from 22% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.6%. Earnings per share (EPS) also surpassed analyst estimates by 1.7%. Over the next year, revenue is forecast to grow 2.8%, compared to a 7.9% growth forecast for the industry in Spain. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 16% per year, which means it is performing significantly worse than earnings. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 6 highly experienced directors. 3 independent directors (9 non-independent directors). Independent Director Javier Díez De Polanco was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Mar 11
Investor sentiment improved over the past week After last week's 18% share price gain to €5.01, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 13x in the Media industry in Europe. Total loss to shareholders of 23% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €7.72 per share. Reported Earnings • Mar 01
Full year 2021 earnings: EPS exceeds analyst expectations Full year 2021 results: EPS: €0.58 (up from €0.57 in FY 2020). Revenue: €796.7m (down 3.5% from FY 2020). Net income: €181.0m (up 1.3% from FY 2020). Profit margin: 23% (up from 22% in FY 2020). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.7%. Over the next year, revenue is forecast to grow 14%, compared to a 702% growth forecast for the industry in Spain. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 13% per year, which means it is performing significantly worse than earnings. Reported Earnings • Oct 31
Third quarter 2021 earnings released: EPS €0.09 (vs €0.11 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: €160.7m (up 2.9% from 3Q 2020). Net income: €28.8m (down 13% from 3Q 2020). Profit margin: 18% (down from 21% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 10% per year, which means it is performing significantly worse than earnings. Reported Earnings • Jul 30
Second quarter 2021 earnings released The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €259.6m (up 48% from 2Q 2020). Net income: €48.7m (up 131% from 2Q 2020). Profit margin: 19% (up from 12% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 9% per year. Reported Earnings • May 09
First quarter 2021 earnings released: EPS €0.12 (vs €0.16 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: €183.9m (down 5.4% from 1Q 2020). Net income: €36.7m (down 25% from 1Q 2020). Profit margin: 20% (down from 25% in 1Q 2020). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 12% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • May 04
Investor sentiment improved over the past week After last week's 15% share price gain to €5.37, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 19x in the Media industry in Europe. Total loss to shareholders of 32% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €7.39 per share. Reported Earnings • Apr 12
Full year 2020 earnings released: EPS €0.57 (vs €0.66 in FY 2019) The company reported a poor full year result with weaker earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: €826.0m (down 12% from FY 2019). Net income: €178.7m (down 16% from FY 2019). Profit margin: 22% (in line with FY 2019). Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 16% per year, which means it is performing significantly worse than earnings. Analyst Estimate Surprise Post Earnings • Feb 27
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 2.0%. Earnings per share (EPS) also surpassed analyst estimates by 21%. Over the next year, revenue is forecast to grow 5.8% while theMedia industry in Spain is not expected to grow. Reported Earnings • Feb 26
Full year 2020 earnings released: EPS €0.57 (vs €0.65 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: €836.6m (down 11% from FY 2019). Net income: €178.7m (down 16% from FY 2019). Profit margin: 21% (down from 23% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 19% per year, which means it is performing significantly worse than earnings. Is New 90 Day High Low • Feb 25
New 90-day high: €4.96 The company is up 30% from its price of €3.83 on 27 November 2020. The Spanish 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 11% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €6.71 per share. Price Target Changed • Feb 25
Price target raised to €5.22 Up from €4.86, the current price target is an average from 16 analysts. The new target price is 5.3% above the current share price of €4.96. As of last close, the stock is up 7.4% over the past year. Is New 90 Day High Low • Feb 06
New 90-day high: €4.69 The company is up 63% from its price of €2.88 on 06 November 2020. The Spanish market is up 17% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Media industry, which is up 22% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €6.14 per share. Is New 90 Day High Low • Jan 14
New 90-day high: €4.60 The company is up 55% from its price of €2.97 on 16 October 2020. The Spanish market is up 19% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Media industry, which is up 19% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €6.20 per share. Is New 90 Day High Low • Dec 29
New 90-day high: €4.30 The company is up 36% from its price of €3.17 on 30 September 2020. The Spanish market is up 18% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Media industry, which is up 24% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €5.89 per share. Is New 90 Day High Low • Dec 10
New 90-day high: €4.29 The company is up 19% from its price of €3.61 on 10 September 2020. The Spanish market is up 13% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Media industry, which is up 20% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €5.93 per share. Is New 90 Day High Low • Nov 16
New 90-day high: €3.86 The company is up 30% from its price of €2.98 on 18 August 2020. The Spanish market is up 10.0% 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 €5.75 per share. Valuation Update With 7 Day Price Move • Nov 13
Market bids up stock over the past week After last week's 17% share price gain to €3.38, the stock is trading at a trailing P/E ratio of 7x, up from the previous P/E ratio of 6x. This compares to an average P/E of 15x in the Media industry in Europe. Total return to shareholders over the past three years is a loss of 58%.