Transformational deal(s)
Roularta announced the disposal of its 50% stake in Medialaan (TV broadcasting) and the acquisition of a 50% stake in Mediafin (financial newspapers), with a substantial impact on the positioning of Roularta (more focus on content and Print Media), its value proposition (focus on the group's core business with, potentially, stronger synergies) as well as its balance sheet structure (fully deleveraged, with a net cash position estimated at €170m). Our fair value estimate is raised to €22.1/share from €15.9.
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