Edison Investment Research - ReWorld Media SA (MLREW) Reworld Media - Driving branding performance

Report

Edison Investment Research

Fiona Orford-Williams

Reworld Media - Driving branding performance

Reworld Media is delivering the financial returns on its strategy of digital transformation of well-established media brands, supplemented with the ad tech expertise of Tradedoubler (30% owned). FY17 figures show good revenue and margin progress from the media brands, with Tradedoubler starting to recover post repositioning and restructuring. The group also has a strengthening balance sheet. Our updated model suggests a strong uplift in adjusted PBT in FY18 driven by the growing digital element in Branding and the continuing turnaround at Tradedoubler. The rating is yet to reflect the improving quality of earnings or the scale of the opportunity.

20/03/2018 16 EN

Underlying

ReWorld Media SA

Reworld Media SA is a France-based company engaged in the online information services sector. It specializes in publishing Internet sites for the general public dedicated to sustainable development. In addition, it develops and sells content and animations for Web portals and implements sensitization means and tools for companies and local administrations. The Company operates two Websites: Developpementdurable.com, which is engaged in the publishing of economic, social, environmental and political news, and GchangeTout.com, dedicated to products and services exchange between individuals. It has also developed a platform reworld.com, dedicated to sustainable development.

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FR0010820274 Euronext Paris France

Provider

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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