Roularta FY23 EBITDA of € 21.6m despite pressure on advertising and rising wages
Like the entire media sector, Roularta has increased advertising rates, but this price effect is unable to compensate sufficiently for declining volumes due to the slowing advertising market. Roularta Media Group achieved FY23 EBITDA of € 21.6m, despite pressure on advertising revenue and rising wage costs. We maintain our Accumulate rating and use a, DCF backed, € 17.5 Target Price.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.
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