Board Change • May 20
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. 6 experienced directors. No highly experienced directors. No independent directors (3 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. New Risk • Oct 02
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended June 2023. This is considered a major risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risks Latest financial reports are more than 1 year old (reported June 2023 fiscal period end). Interest payments are not well covered by earnings (0.8x net interest cover). Minor Risk Market cap is less than US$100m (€13.8m market cap, or US$15.2m). New Risk • Apr 19
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.8x net interest cover). Share price has been highly volatile over the past 3 months (11% average weekly change). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Shareholders have been diluted in the past year (6.5% increase in shares outstanding). Market cap is less than US$100m (€13.8m market cap, or US$14.7m). New Risk • Apr 14
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 6.5% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.8x net interest cover). Share price has been highly volatile over the past 3 months (11% average weekly change). Minor Risks Shareholders have been diluted in the past year (6.5% increase in shares outstanding). Market cap is less than US$100m (€13.8m market cap, or US$14.6m). New Risk • Oct 08
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 0.8x 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 (0.8x net interest cover). Share price has been highly volatile over the past 3 months (9.0% average weekly change). Minor Risks Shareholders have been diluted in the past year (7.8% increase in shares outstanding). Market cap is less than US$100m (€30.1m market cap, or US$31.9m). Reported Earnings • Oct 06
First half 2023 earnings released First half 2023 results: Revenue: €48.3m (up 45% from 1H 2022). Net loss: €9.34m (down €11.3m from profit in 1H 2022). Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 2.6% growth forecast for the Media industry in Italy. Price Target Changed • Sep 11
Price target decreased by 23% to €1.80 Down from €2.35, the current price target is an average from 2 analysts. New target price is 238% above last closing price of €0.53. Stock is down 73% over the past year. The company is forecast to post earnings per share of €0.12 for next year compared to €0.018 last year. Buying Opportunity • Jun 05
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 34%. The fair value is estimated to be €1.09, 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 grow by 12% per annum. Earnings is also forecast to grow by 48% per annum over the same time period. Major Estimate Revision • May 17
Consensus EPS estimates increase by 20% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from €0.10 to €0.12. Revenue forecast steady at €98.8m. Net income forecast to grow 671% next year vs 120% growth forecast for Media industry in Italy. Consensus price target of €2.35 unchanged from last update. Share price rose 4.8% to €0.87 over the past week. Buying Opportunity • May 17
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 40%. The fair value is estimated to be €1.12, 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 grow by 12% per annum. Earnings is also forecast to grow by 48% per annum over the same time period. Reported Earnings • Apr 17
Full year 2022 earnings released Full year 2022 results: Revenue: €79.3m (up 28% from FY 2021). Net income: €1.05m (down 73% from FY 2021). Profit margin: 1.3% (down from 6.3% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 1.6% growth forecast for the Media industry in Italy. Valuation Update With 7 Day Price Move • Mar 03
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €1.33, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 8x in the Media industry in Italy. Total loss to shareholders of 50% over the past year. Price Target Changed • Feb 28
Price target decreased by 8.3% to €2.86 Down from €3.12, the current price target is an average from 2 analysts. New target price is 96% above last closing price of €1.46. Stock is down 53% over the past year. The company is forecast to post earnings per share of €0.12 for next year compared to €0.076 last year. Valuation Update With 7 Day Price Move • Dec 30
Investor sentiment improved over the past week After last week's 21% share price gain to €2.00, the stock trades at a trailing P/E ratio of 26.9x. Average forward P/E is 7x in the Media industry in Italy. Total loss to shareholders of 44% over the past year. 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. 6 experienced directors. No highly experienced directors. No independent directors (3 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. Price Target Changed • Oct 18
Price target decreased to €3.77 Down from €4.40, the current price target is an average from 2 analysts. New target price is 101% above last closing price of €1.88. Stock is down 52% over the past year. The company is forecast to post earnings per share of €0.25 for next year compared to €0.076 last year. Reported Earnings • Oct 03
First half 2022 earnings released: EPS: €0 (vs €0 in 1H 2021) First half 2022 results: EPS: €0 (in line with 1H 2021). Revenue: €33.8m (up 22% from 1H 2021). Net income: €1.92m (up 30% from 1H 2021). Profit margin: 5.7% (up from 5.3% in 1H 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Media industry in Italy. Valuation Update With 7 Day Price Move • Jul 08
Investor sentiment improved over the past week After last week's 24% share price gain to €2.28, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 8x in the Media industry in Italy. Total loss to shareholders of 1.9% over the past 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. 6 experienced directors. No highly experienced directors. No independent directors (3 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 19
Full year 2021 earnings: Revenues miss analyst expectations Full year 2021 results: Net income: €3.89m (up 125% from FY 2020). Revenue missed analyst estimates by 3.9%. Major Estimate Revision • Apr 06
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate increased from €0.20 to €0.25. Revenue forecast unchanged at €95.7m. Net income forecast to grow 281% next year vs 62% growth forecast for Media industry in Italy. Consensus price target up from €4.57 to €4.70. Share price fell 14% to €2.85 over the past week. Valuation Update With 7 Day Price Move • Mar 23
Investor sentiment improved over the past week After last week's 23% share price gain to €3.02, the stock trades at a trailing P/E ratio of 64.1x. Average forward P/E is 9x in the Media industry in Italy. Simply Wall St's valuation model estimates the intrinsic value at €4.51 per share. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorated over the past week After last week's 15% share price decline to €2.67, the stock trades at a trailing P/E ratio of 56.7x. Average forward P/E is 9x in the Media industry in Italy. Simply Wall St's valuation model estimates the intrinsic value at €4.52 per share. Major Estimate Revision • Jan 20
Consensus EPS estimates fall by 23% The consensus outlook for earnings per share (EPS) in 2021 has deteriorated. 2021 revenue forecast decreased from €67.1m to €65.1m. EPS estimate also fell from €0.13 per share to €0.10 per share. Net income forecast to grow 183% next year vs 15% growth forecast for Media industry in Italy. Consensus price target broadly unchanged at €4.57. Share price was steady at €3.70 over the past week.