Report
Fiona Orford-Williams

Edel - Streaming positivity

Edel’s H119 results to March showed a modest improvement in revenues, which were up 2% on the prior period, and a broadly stable EBITDA and margin. Increased depreciation impacts further down the income statement. Management has been passed down a generation to Jonas Haentjes, post Edel’s transition to a partnership limited by shares (the founding family retains its 64% stake). The shares trade at a substantial discount to global entertainment content and publishing stocks, partly due to the limited market liquidity.
Underlying
Edel AG

Edel SE & Co KgaA Formerly known as Ed el AG. Edel SE & Co KgaA is a Germany-based company engaged in the media business. It produces, markets and distributes compact disc (CDs), digital versatile discs (DVDs), Blu-rays, vinyl and long playing (LPs) records. It also produces audio plays and DVDs for children's entertainment, as well as provides services in the fields of merchandising, cross-marketing, and children's publishing. It engages also in the physical and digital marketing of international crime drama releases, procures films with marketing rights, and markets feature films and series through various channels, including cinema, home entertainment, video on demand (VoD), TV sales, airline, covermount stores, and bookshops, as well as through digital network. In addition, it publishes and distributes posters, calendars, children's audio books and DVDs, as well as markets digital content, among others. It provides commercial printing services, logistics and fulfillment services, and licensing and royalty services.

Provider
Edison Investment Research
Edison Investment Research

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, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts
Fiona Orford-Williams

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