New Risk • May 29
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 53% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. This is currently the only risk that has been identified for the company. Board Change • May 20
Less than half of directors are independent Following the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 7 non-independent directors. Non Executive Independent Director Marina Rubini was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Dec 30
Less than half of directors are independent Following the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 7 non-independent directors. Non Executive Independent Director Marina Rubini was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Dec 25
Arnoldo Mondadori Editore S.p.A. to Report Fiscal Year 2025 Results on Mar 19, 2026 Arnoldo Mondadori Editore S.p.A. announced that they will report fiscal year 2025 results on Mar 19, 2026 Announcement • Mar 17
Arnoldo Mondadori Editore S.p.A., Annual General Meeting, Apr 16, 2025 Arnoldo Mondadori Editore S.p.A., Annual General Meeting, Apr 16, 2025, at 11:00 W. Europe Standard Time. Announcement • Jan 17
Arnoldo Mondadori Editore S.p.A. to Report Fiscal Year 2024 Results on Mar 12, 2025 Arnoldo Mondadori Editore S.p.A. announced that they will report fiscal year 2024 results on Mar 12, 2025 Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: €0.20 (vs €0.21 in 3Q 2023) Third quarter 2024 results: EPS: €0.20 (down from €0.21 in 3Q 2023). Revenue: €318.7m (flat on 3Q 2023). Net income: €52.2m (down 3.5% from 3Q 2023). Profit margin: 16% (in line with 3Q 2023). Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Media industry in Germany. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Nov 11
Upcoming dividend of €0.06 per share Eligible shareholders must have bought the stock before 18 November 2024. Payment date: 20 November 2024. Payout ratio is a comfortable 55% and this is well supported by cash flows. Trailing yield: 5.0%. Within top quartile of German dividend payers (4.8%). Lower than average of industry peers (6.4%). Announcement • Oct 15
Arnoldo Mondadori Editore S.p.A. to Report Q3, 2024 Results on Nov 13, 2024 Arnoldo Mondadori Editore S.p.A. announced that they will report Q3, 2024 results on Nov 13, 2024 Reported Earnings • Aug 02
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: €221.1m (up 9.2% from 2Q 2023). Net income: €14.2m (down 19% from 2Q 2023). Profit margin: 6.4% (down from 8.6% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 1.7% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Media industry in Germany. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 16
First quarter 2024 earnings released: €0.027 loss per share (vs €0.02 loss in 1Q 2023) First quarter 2024 results: €0.027 loss per share (further deteriorated from €0.02 loss in 1Q 2023). Revenue: €166.1m (up 3.8% from 1Q 2023). Net loss: €7.09m (loss widened 36% from 1Q 2023). Revenue is forecast to grow 2.0% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Media industry in Germany. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • May 13
Upcoming dividend of €0.06 per share Eligible shareholders must have bought the stock before 20 May 2024. Payment date: 22 May 2024. Payout ratio is a comfortable 50% and this is well supported by cash flows. Trailing yield: 5.2%. Within top quartile of German dividend payers (4.6%). In line with average of industry peers (5.5%). Reported Earnings • Mar 15
Full year 2023 earnings released Full year 2023 results: Revenue: €904.7m (flat on FY 2022). Net income: €62.4m (up 20% from FY 2022). Profit margin: 6.9% (up from 5.8% in FY 2022). Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Media industry in Germany. Reported Earnings • Nov 09
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: €317.6m (down 1.7% from 3Q 2022). Net income: €54.1m (down 2.5% from 3Q 2022). Profit margin: 17% (in line with 3Q 2022). Revenue is forecast to stay flat during the next 3 years compared to a 5.6% growth forecast for the Media industry in Germany. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Aug 08
Now 20% undervalued Over the last 90 days, the stock is up 4.7%. The fair value is estimated to be €2.59, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.0% over the last 3 years. Earnings per share has grown by 48%. Revenue is forecast to grow by 4.1% in 2 years. Earnings is forecast to grow by 9.0% in the next 2 years. Reported Earnings • Aug 03
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: €202.4m (flat on 2Q 2022). Net income: €17.4m (up 23% from 2Q 2022). Profit margin: 8.6% (up from 7.0% in 2Q 2022). Revenue is forecast to stay flat during the next 3 years compared to a 4.7% growth forecast for the Media industry in Germany. Announcement • Jun 30
Arnoldo Mondadori Editore S.p.A. (BIT:MN) signed the contract to acquire 51% stake in Star Shop Distribuzione Srl for enterprise value of €9 million. Arnoldo Mondadori Editore S.p.A. (BIT:MN) signed the contract to acquire 51% stake in Star Shop Distribuzione Srl for enterprise value of €9 million on June 29, 2023. Consideration will be paid in cash at closing. The transaction is subject to issue by the Antitrust Authority. The contract also envisage the signing of put & call option to acquire remaining 49% share of Star Shop Distribuzione. Sergio Cavallerin and Matteo Cavallerin continue to hold the role of Executive Directors in the Star Shop Distribuzione. For Financial year 2022, Star Shop reports revenue of €34.2 million, EBITDA of €2 million and net profit of €1.2 million. Upcoming Dividend • May 15
Upcoming dividend of €0.11 per share at 5.6% yield Eligible shareholders must have bought the stock before 22 May 2023. Payment date: 24 May 2023. Payout ratio is a comfortable 49% and this is well supported by cash flows. Trailing yield: 5.6%. Within top quartile of German dividend payers (4.7%). Lower than average of industry peers (6.5%). Reported Earnings • May 12
First quarter 2023 earnings released: €0.02 loss per share (vs €0.044 loss in 1Q 2022) First quarter 2023 results: €0.02 loss per share (improved from €0.044 loss in 1Q 2022). Revenue: €160.0m (up 4.5% from 1Q 2022). Net loss: €5.20m (loss narrowed 54% from 1Q 2022). Revenue is forecast to stay flat during the next 3 years compared to a 4.2% growth forecast for the Media industry in Germany. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 21
Full year 2022 earnings released Full year 2022 results: Revenue: €903.0m (up 12% from FY 2021). Net income: €52.1m (up 18% from FY 2021). Profit margin: 5.8% (up from 5.5% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 4.7% growth forecast for the Media industry in Germany. Announcement • Dec 17
Arnoldo Mondadori Editore S.p.A. (BIT:MN) acquired Webboh Societa A Responsabilita Limitata Semplificata. Arnoldo Mondadori Editore S.p.A. (BIT:MN) acquired Webboh Societa A Responsabilita Limitata Semplificata on December 15, 2022.Arnoldo Mondadori Editore S.p.A. (BIT:MN) completed the acquisition of Webboh Societa A Responsabilita Limitata Semplificata on December 15, 2022. Reported Earnings • Nov 16
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: €323.1m (up 20% from 3Q 2021). Net income: €55.5m (up 23% from 3Q 2021). Profit margin: 17% (in line with 3Q 2021). Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Media industry in Germany. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 7 non-independent directors. Non-Executive Independent Director Alceo Rapagna was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 12
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: €323.1m (up 20% from 3Q 2021). Net income: €55.5m (up 23% from 3Q 2021). Profit margin: 17% (in line with 3Q 2021). Revenue is forecast to grow 2.4% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Media industry in Germany. Reported Earnings • Aug 02
Second quarter 2022 earnings released: EPS: €0.054 (vs €0.056 in 2Q 2021) Second quarter 2022 results: EPS: €0.054 (down from €0.056 in 2Q 2021). Revenue: €202.0m (up 15% from 2Q 2021). Net income: €14.2m (down 2.3% from 2Q 2021). Profit margin: 7.0% (down from 8.3% in 2Q 2021). Over the next year, revenue is forecast to grow 5.3%, compared to a 8.4% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Announcement • Jun 08
Arnoldo Mondadori Editore S.p.A. (BIT:MN) acquired Edizioni Star Comics Srl. Arnoldo Mondadori Editore S.p.A. (BIT:MN) acquired Edizioni Star Comics Srl on June 6, 2022.The Purchase price, will be paid in full in cash at closing, will be subject to final adjustment based on the net financial position at the closing date. The defined agreements also envisage the underwriting of call option contracts, which give the
Mondadori Group the right to acquire the remaining 49% stake in Edizioni Star Comics, exercisable in two equal tranches starting from the approval of the 2024 and 2027 financial statements, respectively, at a price to be set on the basis of the average EBITDA of the relevant previous three years. In 2021, Edizioni Star Comics recorded strong growth in results versus the prior year: revenue of € 21.6 million, EBITDA of € 7.2 million, net profit of € 5.1 million. Deal is conditional, inter alia, upon the spin-off of the property component as well as the consent of the Japanese and Korean licensors who own the rights to some of the company's publications. The transaction is expected to close by 30 June 2022.
Arnoldo Mondadori Editore S.p.A. (BIT:MN) completed the acquisition of Edizioni Star Comics Srl on June 6, 2022. Upcoming Dividend • May 16
Upcoming dividend of €0.085 per share Eligible shareholders must have bought the stock before 23 May 2022. Payment date: 25 May 2022. Trailing yield: 4.4%. Within top quartile of German dividend payers (4.3%). Lower than average of industry peers (7.2%). Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 7 non-independent directors. Non-Executive Independent Director Alceo Rapagna was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Dec 17
Arnoldo Mondadori Editore S.p.A. (BIT:MN) acquired De Agostini Scuola S.p.A. from De Agostini Editore S.p.A. for €135.7 million. Arnoldo Mondadori Editore S.p.A. (BIT:MN) signed an agreement to acquire De Agostini Scuola S.p.A. from De Agostini Editore S.p.A. for an Enterprise Value of approximately €160 million on July 12, 2021. As per terms of transaction, agreement, which also makes all of the brands currently covering De Agostini Scuola’s school textbook publishing market available to the Mondadori Group, includes the typical representations and warranties for the purchaser. The consideration for the transaction will be settled in cash at the closing date by drawing on the acquisition-related line of credit, recently defined as part of the loan agreement signed by the Group on 12 May.
De Agostini Scuola posted in 2020 revenue of €70.8 million, reported EBITDA of €21.4 million and net profit of €12.2 million. Completion of the transaction is subject to the authorizations of law from the competent Antitrust authority. As of November 8, 2021, the Antitrust authority has approved the transaction. EPS and FCF accretive deal from first year (starting 2022). Finalization of the transaction estimated by the end of 2021.
Arnoldo Mondadori Editore S.p.A. (BIT:MN) cDeompleted the acquisition of Agostini Scuola S.p.A. from De Agostini Editore S.p.A. on December 16, 2021. Reported Earnings • Nov 16
Third quarter 2021 earnings released: EPS €0.17 (vs €0.17 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were flat. Third quarter 2021 results: Revenue: €268.5m (up 6.1% from 3Q 2020). Net income: €45.0m (up 4.6% from 3Q 2020). Profit margin: 17% (in line with 3Q 2020). Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 17% per year. Reported Earnings • Aug 01
Second quarter 2021 earnings released: EPS €0.058 (vs €0.023 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €175.6m (up 14% from 2Q 2020). Net income: €14.5m (up €20.4m from 2Q 2020). Profit margin: 8.3% (up from net loss in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 12% per year. Valuation Update With 7 Day Price Move • Jul 16
Investor sentiment improved over the past week After last week's 15% share price gain to €1.93, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 25x in the Media industry in Germany. Total returns to shareholders of 27% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €3.31 per share. Announcement • Jul 03
Mondadori Group Says Negotiations Underway for the Possible Acquisition of De Agostini Scuola With regard to the news reports published July 1, 2021, Arnoldo Mondadori Editore S.p.A. (BIT:MN) informed that negotiations are underway for the acquisition of 100% of De Agostini Scuola S.p.A., a school textbooks publisher owned by De Agostini Editore S.p.A. The ongoing process, which follows the acceptance of a binding offer, envisages the signing of the contract subject to the successful outcome of further important stages, such as the sharing between the parties of specific contractual terms being discussed and the positive completion of confirmatory due diligence activities by the Mondadori Group. The transaction would be consistent with the repeatedly announced strategy of focusing on the core business of books, in which the Mondadori Group boasts a longstanding leadership in Trade and is one of the top school textbooks players. Completion, if any, of the transaction will be promptly disclosed to the market and would be subject to the authorizations of la w by the competent Antitrust authority. Reported Earnings • May 19
First quarter 2021 earnings released: €0.039 loss per share (vs €0.074 loss in 1Q 2020) The company reported a solid first quarter result with reduced losses, improved revenues and improved control over expenses. First quarter 2021 results: Revenue: €144.8m (up 7.0% from 1Q 2020). Net loss: €10.2m (loss narrowed 47% from 1Q 2020). Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 7% per year. Reported Earnings • Mar 20
Full year 2020 earnings released The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: €744.0m (down 16% from FY 2019). Net income: €4.50m (down 85% from FY 2019). Profit margin: 0.6% (down from 3.3% in FY 2019). Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Feb 12
New 90-day high: €1.63 The company is up 26% from its price of €1.29 on 13 November 2020. The German 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 21% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €1.82 per share. Announcement • Jan 31
Arnoldo Mondadori Editore S.p.A. (BIT:MN) acquired Hej! S.R.L. Arnoldo Mondadori Editore S.p.A. (BIT:MN) acquired Hej! S.R.L. on January 29, 2021. As per the transaction, Hej! S.R.L.’s team will join Arnoldo Mondadori Editore S.p.A. and Hej! S.R.L.’s founders Stefano Argiolas and Paolo De Santis will retain their role of managing directors.
Arnoldo Mondadori Editore S.p.A. (BIT:MN) completed the acquisition of Hej! S.R.L. on January 29, 2021. Is New 90 Day High Low • Dec 05
New 90-day high: €1.52 The company is up 41% from its price of €1.08 on 04 September 2020. The German market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Media industry, which is up 25% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €1.40 per share. Analyst Estimate Surprise Post Earnings • Nov 12
Revenue misses expectations Revenue missed analyst estimates by 0.7%. Over the next year,revenue is forecast to stay flat, in line with the revenue forecast for the Media industry in Germany. Is New 90 Day High Low • Nov 11
New 90-day high: €1.27 The company is up 16% from its price of €1.10 on 13 August 2020. The German market is flat over the last 90 days, indicating the company outperformed over that time. However, it underperformed 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 €1.41 per share. 
