reports
- Marcel Schaffer
- Matthias Greiffenberger
Researchstudie (Anno) - Edel SE & Co. KGaA - 28.03.2024
Edel ist eines der führenden unabhängigen Musikunternehmen Europas mit weiteren Schwerpunkten in den Bereichen Bücher und Home Entertainment. Edel bietet Künstlern, Autoren, Labels, Verlagen und weiteren Rechteinhabern eine einzigartige Produkt- und Dienstleistungsvielfalt an. Hierfür wird die gesamte Wertschöpfungskette von Marketing über digitale und physische Distribution bis hin zur Fertigung von Schallplatten, CDs, DVDs und Blu-rays sowie Büchern angeboten.
- Marcel Schaffer
- Matthias Greiffenberger
Researchstudie (Update) - Edel SE & Co. KGaA - 12.07.23
Edel ist eines der führenden unabhängigen Medienunternehmen Europas mit weiteren Schwerpunkten in den Bereichen Bücher und Home Entertainment. Edel bietet Künstlern, Autoren, Labels, Verlagen und weiteren Rechteinhabern eine einzigartige Produkt- und Dienstleistungsvielfalt an. Hierfür wird die gesamte Wertschöpfungskette von Marketing über digitale und physische Distribution bis hin zur Fertigung von Schallplatten, CDs, DVDs und Blu-rays sowie Büchern angeboten.
- Marcel Schaffer
- Matthias Greiffenberger
Researchstudie (Anno) - Edel SE & Co. KGaA - 04.04.23
Edel ist eines der führenden unabhängigen Musikunternehmen Europas mit weiteren Schwerpunkten in den Bereichen Bücher und Home Entertainment. Edel bietet Künstlern, Autoren, Labels, Verlagen und weiteren Rechteinhabern eine einzigartige Produkt- und Dienstleistungsvielfalt an. Hierfür wird die gesamte Wertschöpfungskette von Marketing über digitale und physische Distribution bis hin zur Fertigung von Schallplatten, CDs, DVDs und Blu-rays sowie Büchern angeboten.
- Matthias Greiffenberger
Investment im Fokus - Edel SE & Co. KGaA - 25.07.22
Edel ist eines der führenden unabhängigen Musikunternehmen Europas mit weiteren Schwerpunkten in den Bereichen Bücher und Home Entertainment. Edel bietet Künstlern, Autoren, Labels, Verlagen und weiteren Rechteinhabern eine einzigartige Produkt- und Dienstleistungsvielfalt an. Hierfür wird die gesamte Wertschöpfungskette von Marketing über digitale und physische Distribution bis hin zur Fertigung von Schallplatten, CDs, DVDs und Blu-rays sowie Büchern angeboten.
- Matthias Greiffenberger
Researchstudie (Initial Coverage) - Edel SE & Co. KGaA - 13.07.22
Edel ist eines der führenden unabhängigen Musikunternehmen Europas mit weiteren Schwerpunkten in den Bereichen Bücher und Home Entertainment. Edel bietet Künstlern, Autoren, Labels, Verlagen und weiteren Rechteinhabern eine einzigartige Produkt- und Dienstleistungsvielfalt an. Hierfür wird die gesamte Wertschöpfungskette von Marketing über digitale und physische Distribution bis hin zur Fertigung von Schallplatten, CDs, DVDs und Blu-rays sowie Büchern angeboten.
- Fiona Orford-Williams
Edel - ermination of coverage
Edison Investment Research is terminating coverage on: • 2G Energy (2GB) • Apontis Pharma (APPH) • Artec technologies (A6T) • Beta Systems (BSSA) • Blue Cap (B7E) • Cyan (CYR) • Consus Real Estate (CC1) • Daldrup & Soehne (4DS) • DATAGROUP (D6H) • Datron (DAR) • Delignit (DLX) • Deutsche Börse (DB1) • Deutsche Grundstücksauktionen (DGR) • Deutsche Rohstoff (DR0) • DVS Technology (DIS) • Edel (EDL) • Ernst Russ (HXCK) • Exasol (EXL) • expert.ai (EXAI/EXSY) • Fashionette (FSNT) • Formycon (FYB) ...
- Fiona Orford-Williams
Edel - Streaming and vinyl press ahead
Edel’s FY21 results (to 30 September) showed the benefits of continuing strong demand for the group’s wide range of digital content, alongside the sustained demand for physical vinyl. H221 revenue was 26% ahead of the prior year, delivering overall FY21 revenue growth of 17% to €251m, well ahead of management’s guided range of €220–230m. Inflation and supply chain issues ate into H221 margins and this is set to be an ongoing feature through FY22, with guidance on revenue and net income broadly f...
- Fiona Orford-Williams
Edel - Streaming and vinyl press ahead
Edel’s FY21 results (to 30 September) showed the benefits of continuing strong demand for the group’s wide range of digital content, alongside the sustained demand for physical vinyl. H221 revenue was 26% ahead of the prior year, delivering overall FY21 revenue growth of 17% to €251m, well ahead of management’s guided range of €220–230m. Inflation and supply chain issues ate into H221 margins and this is set to be an ongoing feature through FY22, with guidance on revenue and net income broadly f...
- Fiona Orford-Williams
Edel - Digital and physical up in harmony
Edel’s H121 figures showed good progress, with revenues ahead by 11% to €123.3m and an EBITDA margin of 13.0%, up from 9.2% in H120. Digital revenues continued to benefit from the growth of the music streaming platforms, while the continuing popularity of vinyl is supporting results at optimal media. The expansion of co-operation with Universal Music Group bodes well particularly for FY22 and on, with guidance increased also for FY21. The share price is up 83% over the past 12 months yet it cont...
- Fiona Orford-Williams
Edel - Good demand for lockdown entertainment
Edel’s FY20 results were ahead of previous indications, as demand for home entertainment content rose due to pandemic restrictions across Europe. The group’s range of physical and digital provision enabled it to counter the impact of closures of physical retail. A lower cost base at optimal media helped support H2 margins, but momentum remains firmly in digital, particularly in music. Here the group is well placed to continue to benefit from streaming growth. The shares trade at a substantial di...
- Fiona Orford-Williams
Edel - Mixed media markets
Edel’s H120 figures showed a 3% uplift in revenues versus H119, but at a slightly lower gross margin reflecting the shift in mix. Kontor New Media is benefiting from the continued growth of streaming and the book and vinyl markets have continued to perform well. However, sales of CDs, DVDs and Blu-ray are still under pressure, exacerbated by the closure of physical retail outlets due to COVID-19. The shares trade at a discount to global entertainment content and publishing stocks on historical...
- Fiona Orford-Williams
Edel - Further shift in mix to digital
Edel’s FY19 figures showed flat revenues against FY18, with a dip in profitability. This mostly reflects lower demand and pricing pressure at optimal media, the segment handling physical production and distribution. Increased depreciation following earlier capital investment exacerbated the effect on EBIT, down 25%. The shift in revenue to digital benefits working capital and the reversion of capex to maintenance levels should also help reduce group debt, refinanced post year-end on more favou...
- Fiona Orford-Williams
Edel - Streaming positivity
Edel’s H119 results to March showed a modest improvement in revenues, which were up 2% on the prior period, and a broadly stable EBITDA and margin. Increased depreciation impacts further down the income statement. Management has been passed down a generation to Jonas Haentjes, post Edel’s transition to a partnership limited by shares (the founding family retains its 64% stake). The shares trade at a substantial discount to global entertainment content and publishing stocks, partly due to the...
- Fiona Orford-Williams
Edel - Mixed media
Edel’s FY18 results showed a 6% sales increase and 7% improvement in EBITDA as it benefited from continued demand for vinyl and subsidiary Kontor New Media’s strong positioning in digital music. H2 was markedly tougher, as foreshadowed in the November trading update, reflecting pressure on the book publishing, one-off issues at Pandastorm Pictures and a write-down at Edel Italy. Guidance for FY19 indicates broadly stable revenues but significantly improved profitability, benefiting from the ...
- Fiona Orford-Williams
Edel - Pressing ahead
Edel’s H118 results to March showed good top-line progress (+8%) and an uplift in EBITDA margins from 9.3% to 9.8% as digital activities gained in importance. While revenue was marginally behind expectations, an unchanged full-year forecast assumes a stronger H2 than usual, reflecting the good momentum. The investment programme is starting to pay back, with a full year’s impact in FY19e, when forecast margins have edged up. Edel has changed its status to a partnership limited by shares, refl...
- Fiona Orford-Williams
Making records
Edel AG’s interim results show continued progress, particularly at Optimal Media where there was ‘significant’ progress in sales and earnings, buoyed by the continued resurgence of vinyl. Only the first few weeks of the new deal with Universal Music will have been included. Kontor New Media also made good progress and has been expanding its reach, while the books offering also performed well. The record label had less positive trading, with no major break-out hits released. The group is majority...
- Fiona Orford-Williams
All-round entertainer
Edel AG is unusual in combing extensive entertainment content (owned and/or licensed) with the ability to manufacture physical assets and distribute both physical and digital formats. The resurgence of demand for vinyl has boosted its recent manufacturing earnings, while the breadth and diversity of the overall offering provides considerable portfolio benefits. The group is majority family-owned, with limited market liquidity. This partially explains the modest rating, at a discount to global en...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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