All eyes on 2019
​Roularta published 2016 results that were below our forecasts due mainly to heavy opex investments in digital initiatives. We see two factors that provide support to the share price: (1) the media sector M&A rerating which is underway and (2) an improvement in the underlying profitability of Roularta, culminating in the expected 44% EPS jump in 2019e. Roularta should continue to invest heavily in Storesquare, but we see uppide when the market starts to look beyond 2018, with our 2019-based SOTP pointing to fair value of €28/share to €33/share.
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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