reports
- Fiona Orford-Williams
Mondo TV - Termination of coverage
Edison Investment Research is terminating coverage on PIERER Mobility (PMAG), Allarity Therapeutics (ALLR), WANdisco (WAND), Quantum Genomics (ALQGC), and Mondo TV (MTVI). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.
- Fiona Orford-Williams
Mondo TV - Disco Dragon has all the moves
Mondo TV posted a strong Q3 performance, with production value for 9M21 up 32% on the prior year and EBIT ahead by 20%. Encouragingly, the progress is across several key properties. A further 13 episodes of Disco Dragon were delivered by Mondo France in Q3, while Grisù, Agent 203 and Meteoheroes all continue to perform strongly. Properties in earlier stages of development are also building traction. The group is on track to meet its business plan projections and our forecasts are unchanged. The ...
- Fiona Orford-Williams
Mondo TV - Disco Dragon has all the moves
Mondo TV posted a strong Q3 performance, with production value for 9M21 up 32% on the prior year and EBIT ahead by 20%. Encouragingly, the progress is across several key properties. A further 13 episodes of Disco Dragon were delivered by Mondo France in Q3, while Grisù, Agent 203 and Meteoheroes all continue to perform strongly. Properties in earlier stages of development are also building traction. The group is on track to meet its business plan projections and our forecasts are unchanged. The ...
- Fiona Orford-Williams
Mondo TV - Production value well ahead
Mondo TV’s interims show a big step up in production value to €17.5m at end June (+36% y-o-y), with delivery of 26 episodes of Disco Dragon from Mondo TV France a large element. The regular stream of newsflow of sales and licensing agreements continued through H1, underpinning forecast progress for FY22. The newer deals give a broader international reach, reducing the weighting of Asia in the mix. The €10.5m funding from Atlas Special Opportunities has secured the balance sheet, allowing for the...
- Fiona Orford-Williams
Mondo TV - Production value well ahead
Mondo TV’s interims show a big step up in production value to €17.5m at end June (+36% y-o-y), with delivery of 26 episodes of Disco Dragon from Mondo TV France a large element. The regular stream of newsflow of sales and licensing agreements continued through H1, underpinning forecast progress for FY22. The newer deals give a broader international reach, reducing the weighting of Asia in the mix. The €10.5m funding from Atlas Special Opportunities has secured the balance sheet, allowing for the...
Mondo TV Spa: 1 director
A director at Mondo TV Spa sold 701,500 shares at 1.454EUR and the significance rating of the trade was 87/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly sh...
Edison Investment Research Limited: Mondo TV (MTVI): MeteoHeroes are g...
Edison Investment Research Limited Edison Investment Research Limited: Mondo TV (MTVI): MeteoHeroes are go for gaming 10-Jun-2021 / 08:00 GMT/BST London, UK, 10 June 2021 Mondo TV (MTVI): MeteoHeroes are go for gaming Mondo TV Group has had a strong start to the year, with continuing deals on its key properties, including MeteoHeroes, Grisù and Agent 203. New contracts include a first to develop, produce and distribute a video game based on MeteoHeroes for Sony from the group's upgraded studio subsidiary in the Canary Islands. The funding round from Atlas, completed in Q121,...
- Fiona Orford-Williams
Mondo TV - MeteoHeroes are go for gaming
Mondo TV Group has had a strong start to the year, with continuing deals on its key properties, including MeteoHeroes, Grisù and Agent 203. New contracts include a first to develop, produce and distribute a video game based on MeteoHeroes for Sony from the group’s upgraded studio subsidiary in the Canary Islands. The funding round from Atlas, completed in Q121, has put the group on a sound financial footing. With its extensive library and a strong front list, Mondo TV is in a good position to be...
- Fiona Orford-Williams
Mondo TV - The deals keep coming
Mondo TV produced good FY20 results, with production value up by 14% to €30.4m and an uptick in EBITDA margin (on production value) from 61.4% to 61.8%. The strengthening of the balance sheet through Atlas’s capital injection (the €10.5m bond conversion is now complete) has given the group the resource to invest in its Toon2Tango JV and in the development of its own 3D CGI animation studio in Gran Canaria. The dispute with the tax authorities is now resolved. With robust global content demand an...
- Fiona Orford-Williams
Mondo TV - Tax settlement agreed
Mondo TV has settled its outstanding tax disputes in respect of FY12 and FY14. While it maintains that the conversion of deferred tax assets into tax credits was implemented correctly, the potential for further disputes with respect to similar procedures carried out in other years makes this a sensible and pragmatic resolution. The potential risk from the claims in full in respect of 2012–19 was up to €30.8m, plus legal costs. With penalties and interest, the total payment now agreed for 2012–19...
- Fiona Orford-Williams
Mondo TV - Good pipeline into FY21 and beyond
Mondo TV continues to report production, distribution and licensing deals that will drive its future revenue and profits, supported by the €10.5m funding agreed with Atlas Special Opportunities. Q3 figures show broadly flat revenues for the year-to-date, with nine-month EBITDA margins up from 71.4% to 74.7%, reflecting reduced operating costs. We have pulled our full year revenue estimate back by 14% to reflect lower growth than we originally expected, translating to a reduction of just 4% at EB...
- Fiona Orford-Williams
Mondo TV - New funding in place
Mondo TV has announced a succession of distribution and licensing deals through H120, covering a wide range of properties and geographies. To fund the necessary investment and to build its in-house capabilities for 3D CGI animation, it has agreed further funding of up to €10.5m with Atlas Special Opportunities in the form of convertible bonds. Global appetite for children’s TV content remains healthy, with animation benefiting from the reduced filming of live action, and we would expect the flow...
- Fiona Orford-Williams
Mondo TV - Screening well
Good traction on key properties, such as MeteoHeroes and BatPat 2, helped drive a 19% increase in production value for Q120 over the prior year, with an 8% uplift in EBIT to €1.9m. The Toon2Tango collaboration is already generating interesting properties and distribution opportunities. Global appetite for children’s TV content remains good, if anything strengthened by the impact of COVID-19. Mondo’s multi-territory operations allow production to continue without significant interruption. ...
- Fiona Orford-Williams
Mondo TV - Growing library in a content-hungry world
Mondo TV’s Q3 results continued in the more positive vein established in H1, with the flow of new content and licensing agreements carrying through into Q4 across a good range of properties, including new titles in the German JV with Toon2Tango. In October, the group announced new licensing deals in Russia with Gazprom Media and PJSC MegaFon for the streaming of Mondo TV library content. These deals help rebalance group revenues, historically heavily biased to Asia. Management’s business pla...
- Fiona Orford-Williams
Mondo TV - Setting the scene for profit recovery
Mondo TV has returned to profit in the first half of FY19, on its rebased business model with a more concentrated portfolio. Financial performance is tracking to management’s plan and our only forecast changes reflect IFRS 16 adoption. Visibility through H219 and into FY20 on the production pipeline is improving. The streaming of YooHoo & Friends on Netflix raises the group’s profile and the Toon2Tango partnership opens more European opportunities. The shares are valued well below global con...
- Fiona Orford-Williams
Mondo TV - Tracking on trading
Mondo TV’s Q119 figures are as flagged, tracking to its December 2018 business plan. Our revenue and earnings numbers are unchanged. YooHoo to the Rescue is now airing globally on Netflix, giving a strong start to management’s ambitions to broaden geographic revenue spread. The group has settled with three of the four Asian customers that withdrew in H218, but remains in dispute with one. It has also disclosed that it is subject to a further tax authority investigation, which it is confident...
- Fiona Orford-Williams
Mondo TV - Child’s play
Mondo TV has started FY19 in much improved financial health, with a more concentrated portfolio centred on properties with good potential globally. YooHoo has been sold to Netflix as an original series and is now airing internationally, generating revenues and also acting as a flagship project. Licensing revenues should pick up in its wake. Robot Trains should also contribute from this year. The highly competitive environment between terrestrial and SVoD carriers provides a strong trading backdr...
- Fiona Orford-Williams
Mondo TV - Focus on profitable properties
Mondo TV is set to focus its efforts on a smaller number of more profitable properties, following a difficult H218. The group’s geographic spread will also be readjusted – partly as a result of existing Asian clients scaling back their purchasing – giving a better balance between destination markets. The global market appetite for quality content remains strong with channel proliferation. On reduced forecast revenues, Mondo TV remains comfortably profitable, with net cash on the balance sh...
Mondo TV - Exploring new horizons
The 50% increase in net profit in FY17 was delivered to budget and forecasts. We maintain our forecast for a further 45% increase in EBITDA in FY18, underpinned by existing relationships and returning brands. As Mondo scales up, new opportunities are presenting themselves: a potential minority investment in a new theme park in China provides evidence of the group’s widening ambitions as its licensing business grows. The weakness in the share price this year leaves the company at a 40-50% disco...
Mondo TV - YooHoo! Netflix deal drives significant upgrades
Underpinned by its recently announced Netflix global deal for YooHoo and Friends, as well as a couple of major new productions for the Chinese market, Mondo has significantly increased net profit expectations over the next five years. We upgrade our forecast net profit by 4%, 40% and 44% for the three forecast years, respectively. FY18 P/E and EV/EBIT parity with peers could drive the shares up towards €9.0 per share.
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