Valuation Update With 7 Day Price Move • May 08
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €3.80, the stock trades at a trailing P/E ratio of 18.2x. Average trailing P/E is 14x in the Media industry in Italy. Total returns to shareholders of 64% over the past three years. Reported Earnings • Apr 17
Full year 2025 earnings released Full year 2025 results: Revenue: €13.9m (up 1.7% from FY 2024). Net income: €549.0k (up €732.0k from FY 2024). Profit margin: 3.9% (up from net loss in FY 2024). The move to profitability was primarily driven by lower expenses. Valuation Update With 7 Day Price Move • Apr 15
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €2.80, the stock trades at a trailing P/E ratio of 23x. Average trailing P/E is 14x in the Media industry in Italy. Total returns to shareholders of 19% over the past three years. New Risk • Apr 14
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. 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 Share price has been highly volatile over the past 3 months (9.2% average weekly change). Market cap is less than US$10m (€8.40m market cap, or US$9.91m). Minor Risk Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Valuation Update With 7 Day Price Move • Mar 16
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to €3.68, the stock trades at a trailing P/E ratio of 30.2x. Average trailing P/E is 14x in the Media industry in Italy. Total returns to shareholders of 90% over the past three years. Valuation Update With 7 Day Price Move • Feb 25
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €3.54, the stock trades at a trailing P/E ratio of 29x. Average trailing P/E is 15x in the Media industry in Italy. Total returns to shareholders of 80% over the past three years. Valuation Update With 7 Day Price Move • Jan 08
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €2.66, the stock trades at a trailing P/E ratio of 21.8x. Average trailing P/E is 15x in the Media industry in Italy. Total returns to shareholders of 36% over the past three years. Valuation Update With 7 Day Price Move • Nov 26
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €2.18, the stock trades at a trailing P/E ratio of 17.9x. Average trailing P/E is 15x in the Media industry in Italy. Total returns to shareholders of 4.8% over the past three years. Valuation Update With 7 Day Price Move • Oct 07
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €1.74, the stock trades at a trailing P/E ratio of 14.3x. Average trailing P/E is 16x in the Media industry in Italy. Total loss to shareholders of 13% over the past three years. New Risk • Jun 30
New major risk - Revenue and earnings growth Earnings have declined by 33% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.2x net interest cover). Share price has been highly volatile over the past 3 months (8.5% average weekly change). Earnings have declined by 33% per year over the past 5 years. Market cap is less than US$10m (€3.12m market cap, or US$3.66m). New Risk • May 14
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 Italian stocks, typically moving 7.3% 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 (1.2x net interest cover). Market cap is less than US$10m (€3.02m market cap, or US$3.37m). Minor Risk Share price has been volatile over the past 3 months (7.3% average weekly change). New Risk • Apr 15
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. 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 (1.4x net interest cover). Market cap is less than US$10m (€3.94m market cap, or US$4.47m). Minor Risk Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). New Risk • Apr 14
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 (0.3x net interest cover). Earnings have declined by 66% per year over the past 5 years. Market cap is less than US$10m (€5.35m market cap, or US$5.70m). Minor Risk Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). New Risk • Sep 29
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 0.3x 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 (0.3x net interest cover). Earnings have declined by 66% per year over the past 5 years. Market cap is less than US$10m (€6.14m market cap, or US$6.50m). Board Change • Nov 16
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 2 independent directors. 7 non-independent directors. Non-Executive & Independent Director Pietro Galli was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Sep 30
First half 2022 earnings released: EPS: €0 (vs €0 in 1H 2021) First half 2022 results: EPS: €0 (in line with 1H 2021). Revenue: €6.22m (up 70% from 1H 2021). Net loss: €367.0k (loss widened 44% from 1H 2021). 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. 2 independent directors (5 non-independent directors). Non Executive Director Aleksandra Strach 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. Reported Earnings • Oct 03
First half 2021 earnings released The company reported a solid first half result with reduced losses, improved revenues and improved control over expenses. First half 2021 results: Revenue: €3.93m (up 171% from 1H 2020). Net loss: €255.0k (loss narrowed 30% from 1H 2020). Is New 90 Day High Low • Jan 20
New 90-day low: €2.88 The company is down 10.0% from its price of €3.20 on 22 October 2020. The Italian market is up 14% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Media industry, which is up 15% over the same period. Is New 90 Day High Low • Oct 21
New 90-day low: €3.22 The company is down 10.0% from its price of €3.56 on 23 July 2020. The Italian market is down 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Media industry, which is down 4.0% over the same period. Reported Earnings • Oct 04
First half earnings released Over the last 12 months the company has reported total losses of €333.2k, with earnings decreasing by €1.04m from the prior year. Total revenue was €3.98m over the last 12 months, down 34% from the prior year. Is New 90 Day High Low • Sep 30
New 90-day low: €3.44 The company is down 4.0% from its price of €3.60 on 02 July 2020. The Italian market is down 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Media industry, which is down 1.0% over the same period.