Roularta FIRST LOOK - 1H23 revenue and profit under pressure
Roularta's 1H23 revenues were down 6.0% y/y to € 159m mainly due to a difficult advertising and readership market. In addition, higher paper, energy and personnel charges caused EBITDA to fall from €17.8m to € 8.4m.We lower our Target Price from € 24 to €21 as Roularta's 1H23 revenue and profit were under pressure due to increased costs and economic uncertainty. We maintain our Accumulate rating as we see potential in Roularta announced additional investment in development of digital package (bundle) that could offer prospects.
Roularta Media Group NV (RMG) is a Belgium-based company engaged in the publication and printing of news and magazines, newspapers and free sheets, as well as in the audiovisual media and electronic publishing. For the wider public, RMG produces free sheets, open network television (TV), radio and the Vlan.be Internet site. For special target groups, RMG produces magazines, a news TV station and portal sites. Its printed media business includes the sale of all printed publications, such as free sheets, newspapers, magazines, newsletters, books and related services. its audiovisual media business comprises advertising on TV and radio, production and broadcasting, as well as all related services. In addition, through bvba Bright Communication and bvba Bright Communication Antwerpen, the Company organizes STERCK. networking events and publishes STERCK. magazine.
We are a financial services provider for several types of professional clients, each with distinct needs.
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