Mondo TV - YooHoo! Netflix deal drives significant upgrades
Underpinned by its recently announced Netflix global deal for YooHoo and Friends, as well as a couple of major new productions for the Chinese market, Mondo has significantly increased net profit expectations over the next five years. We upgrade our forecast net profit by 4%, 40% and 44% for the three forecast years, respectively. FY18 P/E and EV/EBIT parity with peers could drive the shares up towards €9.0 per share.Mondo TV is an Italian-based television company engaged in the production and distribution of animated TV series and full-length feature films for TV and cinema. Co. is involved in the entire production process which includes pre-production, production and post-production. The full production cycle calls for a period of time that generally falls between eight and 16 months. Co.'s distribution activities revolve around the distribution of cartoon series and animated features. TV distribution rights for Co.'s cartoon series are sold to public and private networks including Free TV, Pay TV, Pay for View, Cable TV, and satellite TV.
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