VOCENTO: 2021-25 STRATEGIC PLAN - WE RAISE OUR ESTIMATES (ANÁLISIS BANCO SABADELL)
2021-25 Strategic Guidelines and estimates increase. New T.P. € 1.60/sh. BUYThe Investors Day focused on explaining market trends and the company’s growth strategy, which includes: (i) strengthening digitalisation, (ii) recovering and maintaining profitability and cash generation and (iii) boosting diversification and new opportunities (presence in Leads, training and other alternatives to fill out the group’s digitalisation). We take the opportunity to raise our estimates in order to include greater recovery of the advertising market and the macro environment than what our previous estimates (from June’20) reflected. Thus, we raise EBITDA by around +5% for the 2022-25e period and obtain a new T.P. of € 1.60/sh. (+47% vs. previous and +49% upside).
Vocento is engaged in the editing, distribution and sale of unit or periodic publications of general, cultural, sport, artistic or any other nature type of information, as well as the printing and sale of printing warehouses and any other activities related to the editorial industry and graphic arts. Co. is also engaged in the establishment, utilization and sale of radio stations, television stations and other types of installations for the emission, production and promotion of audiovisual media, as well as the production, edition and distribution of discs, tapes, magnet phonic tapes, programs, films and all other types of communication media.
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