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4-Traders Homepage  >  Equities  >  Euronext Alternext  >  Reworld Media    ALREW   FR0010820274

Delayed Quote. Delayed  - 06/23 05:28:27 pm
2.04 EUR   +0.99%
02/02 REWORLD MEDIA : Pro-forma annual revenues estimated at €200m –..
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EQS-News: Edison issues initiation on Reworld Media (ALREW)

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03/06/2017 | 10:39am CEST

EQS-News: Edison Investment Research Limited / Key word(s): Forecast/Research Update

Edison issues initiation on Reworld Media (ALREW)

06-March-2017 / 09:38 GMT/BST

London, UK, 06 March 2017

Edison issues initiation on Reworld Media (ALREW)

Reworld Media combines leading media brands with performance marketing via its consolidated 30% TradeDoubler shareholding, providing advertisers with a strong data-driven proposition. Management has reinvigorated its brands, investing in their digital offers and driving reach, while structural profitability has improved through extensive overhead reduction. TradeDoubler (TD) reported adjusted positive EBITDA in H216 and management has indicated that group FY16e EBITDA will be roughly treble that of FY15. Medium-term earnings growth will be driven by operating leverage, along with the fast-growing digital share of global marketing spend, which should then reflect in the valuation.

A sum-of-the-parts approach based on forward EV/EBITDA and EV/gross profit (GP) multiples for global media peers and for the TD stake, suggests a valuation of around EUR2.32 could be justified. However, this only takes account of short-term projections. If Reworld could achieve an industry average EBITDA margin (c 18%) in the medium term, a DCF approach suggests a much higher price of EUR3.13, with the current price implying an EBITDA margin of just 11.7%.

Click here to view the full report.

All reports published by Edison are available to download free of charge from its website


About Edison: Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Edison is authorised and regulated by the Financial Conduct Authority.

Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities.

Contact details:Learn more at www.edisongroup.com and connect with Edison on:

LinkedIn https://www.linkedin.com/company/edison-investment-research
Twitter www.twitter.com/Edison_Inv_Res
YouTube www.youtube.com/edisonitv

Dissemination of a UK FINANCIAL NEWS, transmitted by EQS Group.

The issuer is solely responsible for the content of this announcement.

End of Announcement - EQS News Service

550547  06-March-2017 


© DGAP, source Corporate News

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Financials (€)
Sales 2017 186 M
EBIT 2017 4,50 M
Net income 2017 2,20 M
Finance 2017 0,90 M
Yield 2017 -
P/E ratio 2017 30,91
P/E ratio 2018 12,67
EV / Sales 2017 0,37x
EV / Sales 2018 0,32x
Capitalization 70,6 M
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Reworld Media Technical Analysis Chart | ALREW | FR0010820274 | 4-Traders
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Pascal Chevalier Chairman
Gautier Normand Chief Operating Officer
Pablo Nowenstein International Director
Jeremy Parola Director-Web marketing
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