Financials MFE-Mediaforeurope N.V. Borsa Italiana

Equities

MS

NL0015000H23

Broadcasting

Delayed Borsa Italiana Other stock markets 10:05:34 09/12/2021 pm IST			5-day change	1st Jan Change
2.372 ^EUR	-0.34%		-.--%	-.--%

18/04	MFE demands improvement from ProSieben after taking hit	RE
18/04	MFE-Mediaforeurope N.V. Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	605	474	2,492	1,161	1,487	1,764	-	-
Enterprise Value (EV) ¹	1,953	1,538	3,361	1,161	1,487	2,486	2,293	2,159
P/E ratio	15.6 x	17.4 x	7.78 x	-	-	8.28 x	7.7 x	7.55 x
Yield	32%	-	-	-	-	6.64%	6.86%	6.64%
Capitalization / Revenue	0.21 x	0.18 x	0.86 x	0.41 x	0.53 x	0.61 x	0.61 x	0.61 x
EV / Revenue	0.67 x	0.58 x	1.15 x	0.41 x	0.53 x	0.86 x	0.8 x	0.75 x
EV / EBITDA	4.26 x	4.04 x	6.56 x	2.97 x	3.85 x	5.87 x	4.01 x	3.53 x
EV / FCF	5.01 x	4.93 x	6.79 x	-	-	9.31 x	8.31 x	7.27 x
FCF Yield	19.9%	20.3%	14.7%	-	-	10.7%	12%	13.8%
Price to Book	1.22 x	0.89 x	0.53 x	-	-	0.7 x	0.63 x	0.59 x
Nbr of stocks (in thousands)	2,27,428	2,27,222	4,64,411	5,16,034	5,42,480	5,60,224	-	-
Reference price ²	13.30	10.43	6.225	2.808	3.267	3.772	3.772	3.772
Announcement Date	11/03/20	26/04/21	28/04/22	19/04/23	18/04/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,926	2,637	2,914	2,801	2,810	2,898	2,868	2,869
EBITDA ¹	458.3	380.5	512.5	391.4	386.4	423.1	572.1	611.7
EBIT ¹	354.6	269.7	475.6	322.5	-	335.1	340.6	330.3
Operating Margin	12.12%	10.23%	16.32%	11.51%	-	11.56%	11.88%	11.51%
Earnings before Tax (EBT) ¹	381.7	285.9	555.4	337.2	279.7	397.5	386	383.5
Net income ¹	190.3	139.3	374.1	216.9	209.2	259	277.4	283.5
Net margin	6.5%	5.28%	12.84%	7.74%	7.44%	8.94%	9.67%	9.88%
EPS ²	0.8500	0.6000	0.8000	-	-	0.4557	0.4901	0.4995
Free Cash Flow ¹	389.6	311.8	495	-	-	267	276	297
FCF margin	13.32%	11.82%	16.99%	-	-	9.21%	9.62%	10.35%
FCF Conversion (EBITDA)	85.01%	81.94%	96.59%	-	-	63.11%	48.25%	48.55%
FCF Conversion (Net income)	204.73%	223.83%	132.32%	-	-	103.09%	99.51%	104.76%
Dividend per Share ²	4.250	-	-	-	-	0.2504	0.2586	0.2503
Announcement Date	11/03/20	26/04/21	28/04/22	19/04/23	18/04/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 S1	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2023 S2
Net sales ¹	1,387	605.4	921.6	654.3	734.2	1,388	511.6	901.1	646.6	723	492.6	948.2	-
EBITDA	-	-	183.9	136	-	-	106.4	-	-	-	-	-	-
EBIT	198.7	76.3	200.6	15.3	96.7	112	-14.4	-	19.3	101.6	-22.6	-	-
Operating Margin	14.32%	12.6%	21.77%	2.34%	13.17%	8.07%	-2.81%	-	2.98%	14.05%	-4.59%	-	-
Earnings before Tax (EBT) ¹	-	77.5	-	-	-	-	-	191.5	16.5	-	-	185.1	161.4
Net income ¹	-	-	100.3	-	-	-	-	138.4	10.1	-	-	138.2	122.1
Net margin	-	-	10.88%	-	-	-	-	15.36%	1.56%	-	-	14.57%	-
EPS	-	-	0.2000	-	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	15/09/21	10/11/21	28/04/22	25/05/22	28/09/22	28/09/22	16/11/22	19/04/23	24/05/23	01/08/23	24/11/23	18/04/24	18/04/24

¹EUR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,348	1,064	869	-	-	722	529	395
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.942 x	2.797 x	1.696 x	-	-	1.706 x	0.9254 x	0.6459 x
Free Cash Flow ¹	390	312	495	-	-	267	276	297
ROE (net income / shareholders' equity)	7.79%	5.41%	14.1%	-	-	8.74%	8.79%	8.51%
ROA (Net income/ Total Assets)	3.46%	2.38%	6.45%	-	-	5.93%	5.83%	-
Assets ¹	5,500	5,852	5,802	-	-	4,368	4,757	-
Book Value Per Share ²	10.90	11.70	11.70	-	-	5.400	5.970	6.430
Cash Flow per Share	4.200	3.600	2.170	-	-	-	-	-
Capex ¹	567	492	497	-	-	428	416	434
Capex / Sales	19.36%	18.64%	17.04%	-	-	14.76%	14.5%	15.14%
Announcement Date	11/03/20	26/04/21	28/04/22	19/04/23	18/04/24	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for MFE-Mediaforeurope N.V.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

3.772 EUR

Average target price

3.65 EUR

Spread / Average Target

-3.23%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

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