Roularta's 1H16 EPS were 4% below our expectations, driven mainly by weak Print Media sales (down 4% vs flat expected) and start-up costs at Storesquare, offsetting strong underlying TV ad growth at Medialaan. We have revised down our 2016 and 2017 EPS forecasts by 6.1% and 2.4% respectively. Our revised 2017e earnings figures lead to a slightly downward-adjusted valuation, which now points to a fair share price of €28, down from €29.
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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