Reported Earnings • Aug 06
Second quarter 2025 earnings released: EPS: €0.081 (vs €0.052 in 2Q 2024) Second quarter 2025 results: EPS: €0.081 (up from €0.052 in 2Q 2024). Revenue: €61.6m (up 7.9% from 2Q 2024). Net income: €5.30m (up 56% from 2Q 2024). Profit margin: 8.6% (up from 6.0% in 2Q 2024). Revenue is forecast to stay flat during the next 3 years compared to a 1.9% growth forecast for the Media industry in Italy. Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Jul 31
Now 21% undervalued The stock has been flat over the last 90 days, currently trading at €1.10. The fair value is estimated to be €1.38, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Jun 23
Now 20% undervalued Over the last 90 days, the stock has risen 43% to €1.10. The fair value is estimated to be €1.38, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company has become profitable. Board Change • Jun 05
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. 5 experienced directors. No highly experienced directors. Independent Non-Executive Director Veronica Diquattro is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • May 16
First quarter 2025 earnings released: €0.06 loss per share (vs €0.007 loss in 1Q 2024) First quarter 2025 results: €0.06 loss per share (further deteriorated from €0.007 loss in 1Q 2024). Revenue: €47.5m (down 4.7% from 1Q 2024). Net loss: €4.20m (loss widened €3.73m from 1Q 2024). Over the last 3 years on average, earnings per share has increased by 96% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 10
Investor sentiment improves as stock rises 35% After last week's 35% share price gain to €1.08, the stock trades at a trailing P/E ratio of 7.7x. Average trailing P/E is 9x in the Media industry in Italy. Total returns to shareholders of 104% over the past three years. Reported Earnings • Mar 21
Full year 2024 earnings released: EPS: €1.40 (vs €0.12 in FY 2023) Full year 2024 results: EPS: €1.40 (up from €0.12 in FY 2023). Revenue: €2.22b (up €2.00b from FY 2023). Net income: €91.0m (up €83.3m from FY 2023). Profit margin: 4.1% (up from 3.6% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 131% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: €0 (vs €0.006 loss in 3Q 2023) Third quarter 2024 results: EPS: €0 (improved from €0.006 loss in 3Q 2023). Revenue: €49.3m (up 11% from 3Q 2023). Net loss: €29.0k (loss narrowed 92% from 3Q 2023). Over the last 3 years on average, earnings per share has increased by 96% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. New Risk • Aug 04
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 28% 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: Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (€45.9m market cap, or US$50.1m). Reported Earnings • Aug 04
Second quarter 2024 earnings released: EPS: €0.065 (vs €0.078 in 2Q 2023) Second quarter 2024 results: EPS: €0.065 (down from €0.078 in 2Q 2023). Revenue: €61.1m (up 9.6% from 2Q 2023). Net income: €3.40m (down 33% from 2Q 2023). Profit margin: 5.6% (down from 9.1% in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 19
First quarter 2024 earnings released: €0.01 loss per share (vs €0.006 profit in 1Q 2023) First quarter 2024 results: €0.01 loss per share (down from €0.006 profit in 1Q 2023). Revenue: €51.5m (up 5.3% from 1Q 2023). Net loss: €469.0k (down 229% from profit in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 10
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: €0.12 (up from €0.008 in FY 2022). Revenue: €223.1m (up 5.5% from FY 2022). Net income: €7.70m (up €7.16m from FY 2022). Profit margin: 3.4% (up from 0.3% in FY 2022). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.8%. 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 9% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 19
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: €50.1m (up 11% from 3Q 2022). Net loss: €364.0k (down 128% from profit in 3Q 2022). Revenue is forecast to grow 3.4% p.a. on average during the next 2 years, compared to a 3.1% growth forecast for the Media industry in Italy. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Aug 18
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 38% 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: Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (€39.5m market cap, or US$43.0m). New Risk • Aug 04
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 102% 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. Currently, the following risks have been identified for the company: Minor Risks High level of debt (102% net debt to equity). Market cap is less than US$100m (€36.5m market cap, or US$40.3m). Reported Earnings • Aug 03
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: €60.6m (up 5.7% from 2Q 2022). Net income: €5.05m (up 66% from 2Q 2022). Profit margin: 8.3% (up from 5.3% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.9% p.a. on average during the next 2 years, compared to a 2.4% growth forecast for the Media industry in Italy. Reported Earnings • Mar 29
Full year 2022 earnings released: EPS: €0.008 (vs €0.32 loss in FY 2021) Full year 2022 results: EPS: €0.008 (up from €0.32 loss in FY 2021). Revenue: €221.8m (up 9.0% from FY 2021). Net income: €500.0k (up €21.5m from FY 2021). Profit margin: 0.2% (up from net loss in FY 2021). Revenue is forecast to stay flat during the next 2 years compared to a 2.8% growth forecast for the Media industry in Italy. Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Board Change • Nov 16
High number of new and inexperienced directors There are 10 new directors who have joined the board in the last 3 years. The company's board is composed of: 10 new directors. 2 experienced directors. No highly experienced directors. Chairman Edoardo Garrone is the most experienced director on the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Price Target Changed • Aug 18
Price target decreased to €0.73 Down from €0.84, the current price target is provided by 1 analyst. New target price is 49% above last closing price of €0.49. Stock is down 4.3% over the past year. Reported Earnings • Jul 31
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: €59.0m (up 12% from 2Q 2021). Net income: €3.05m (up 31% from 2Q 2021). Profit margin: 5.2% (up from 4.4% in 2Q 2021). Over the next year, revenue is forecast to grow 1.8%, compared to a 8.4% growth forecast for the industry in Italy. Board Change • Jun 01
High number of new and inexperienced directors There are 10 new directors who have joined the board in the last 3 years. The company's board is composed of: 10 new directors. 2 experienced directors. No highly experienced directors. Chairman Edoardo Garrone is the most experienced director on the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • May 16
First quarter 2022 earnings: Revenues in line with analyst expectations First quarter 2022 results: Revenue: €48.0m (up 9.0% from 1Q 2021). Net loss: €3.45m (loss narrowed 39% from 1Q 2021). Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 4.0%, compared to a 6.2% growth forecast for the industry in Italy. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Price Target Changed • May 07
Price target decreased to €0.73 Down from €0.84, the current price target is provided by 1 analyst. New target price is 40% above last closing price of €0.52. Stock is up 0.4% over the past year. The company is forecast to post earnings per share of €0.014 next year compared to a net loss per share of €0.32 last year. Board Change • May 02
High number of new and inexperienced directors There are 10 new directors who have joined the board in the last 3 years. The company's board is composed of: 10 new directors. 2 experienced directors. No highly experienced directors. Chairman Edoardo Garrone is the most experienced director on the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Price Target Changed • Apr 27
Price target increased to €0.84 Up from €0.70, the current price target is provided by 1 analyst. New target price is 67% above last closing price of €0.50. Stock is down 3.1% over the past year. The company is forecast to post earnings per share of €0.076 next year compared to a net loss per share of €0.32 last year. 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 Vanja Romano was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 19
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: €0.32 loss per share (down from €0.015 loss in FY 2020). Revenue: €203.5m (up 6.6% from FY 2020). Net loss: €21.0m (loss widened €20.0m from FY 2020). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 6.5%, compared to a 6.2% growth forecast for the industry in Italy. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 11
Third quarter 2021 earnings released The company reported a soft third quarter result with weaker earnings and weaker control over costs, although revenues improved. Third quarter 2021 results: Revenue: €48.4m (up 9.4% from 3Q 2020). Net loss: €363.0k (down 119% from profit in 3Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 73 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 06
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: €54.9m (up 22% from 2Q 2020). Net income: €2.32m (up 283% from 2Q 2020). Profit margin: 4.2% (up from 1.3% in 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 101 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 25
Full year 2020 earnings released: €0.015 loss per share (vs €0.018 loss in FY 2019) The company reported a solid full year result with reduced losses and improved control over expenses, although revenues were flat. Full year 2020 results: Revenue: €200.4m (flat on FY 2019). Net loss: €1.00m (loss narrowed 17% from FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 88 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 16
Third quarter 2020 earnings released: EPS €0.03 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: €48.6m (up 15% from 3Q 2019). Net income: €1.93m (up €3.18m from 3Q 2019). Profit margin: 4.0% (up from net loss in 3Q 2019). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 104% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Oct 14
New 90-day high: €0.50 The company is up 6.0% from its price of €0.47 on 16 July 2020. The Italian market is down 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Media industry, which is down 1.0% over the same period. Is New 90 Day High Low • Sep 25
New 90-day low: €0.43 The company is down 11% from its price of €0.48 on 26 June 2020. The Italian market is down 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Media industry, which is flat over the same period.