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Mondo TV

Focus on profitable properties

Update | Media | 17 Dec 2018

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 sheet, and should return to being cash flow positive in FY20 in our modelled scenario. Our view is that the attrition of the share price has been overdone.

Mondo TV

Exploring new horizons

Update | Media | 17 May 2018

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% discount to slower growing peers.

Mondo TV

YooHoo! Netflix deal drives significant upgrades

Update | Media | 04 Dec 2017

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 EUR 9.0 per share.

Mondo TV

Guidance raised for full year

Update | Media | 06 Oct 2017

Mondo’s licensing activities advanced significantly in the first half of the year, supporting a 67% increase in net profit. With Mondo’s developed pipeline, we are confident regarding delivery of the group’s FY17 budget and we increase our FY17e net profit by 5%, broadly in line with management’s raised guidance. We believe Mondo’s c 30% valuation discount to peers is unwarranted given the improving record of delivering to plan.

Mondo TV

Management expects “best year ever”

Update | Media | 10 Aug 2017

Mondo’s H1 trading update points to revenues up 39% and with a strong contribution from higher-margin library, licensing and merchandise sales, EBIT up 68%. Much of the pipeline is committed moving into the second half, and we believe the group is on track to deliver on its budget for FY17, which management confirms is expected to be Mondo’s best ever year.

Mondo TV

Executive interview - Mondo TV

Edison TV: | Media | 07 Aug 2017

Mondo TV is a leading Italian producer and distributor of children’s animated television series, as well as live teen fiction. It focuses on the production of children’s television content whose characters can be exploited for licensing and merchandising. Through its fifty year history, it has also built a large library of over 1,600 TV episodes and films, which it distributes across 75 markets. Headquartered in Rome, it also holds controlling stakes in listed subsidiaries Mondo TV France (30%), Mondo TV Suisse (64%) and Mondo TV Iberoamerica (72%). It owns the rights to over 1,600 TV episodes and films, which it distributes across 75 markets. 80% of revenues are generated in Asia, 10% in Italy, 7% in Europe and 3% in America.

Mondo TV

Executive interview - Mondo TV (Italian)

Edison TV: | Media | 07 Aug 2017

Mondo Tv è una società italiana leader nella produzione e distribuzione di serie animate e live fiction per ragazzi, che si è focalizzata in contenuti televisivi che possano avere possibilità di sfruttamento del licensing e merchandising.

Mondo TV

World-class animations group

Initiation | Media | 19 Jul 2017

Mondo TV has radically improved its financial profile over the last three years and targets a tripling of EBITDA over the next five. Funding is in place and the new strategy is underpinned by a number of shows with high-margin licensing and merchandising potential. Announcements of additional licensing deals or significant new partners should help build confidence in the deliverability of its ambitious targets and close the 20% FY18 EV/EBIT discount to peers.

Mondo TV

An animated year

QuickView | Media | 11 Apr 2017

Mondo's FY16 results, which were delivered ahead of guidance and show a significant increase in sales from the strategically important Asian market, are a confident step towards delivering its ambitious five-year growth plan. The shares, at the bottom of peers on 2017e P/E, have yet to catch up.

Mondo TV

Termination of coverage

Update | Media | 30 Jul 2013

Edison Investment Research is terminating coverage on 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.

Mondo TV

Tough times

Update | Media | 03 Feb 2012

Mondo TV made good progress in 2011, operationally and financially, but economic headwinds have prompted management to revise its business plan for 2012-13. We have consequently reduced our estimates, particularly for 2012. As we have previously written, the timeline of deliveries still points to a big payback in 2013. The proposed capital increase of €11.3m, partially guaranteed by the major shareholder, will strengthen the balance sheet but overhangs the shares until resolved.

Mondo TV

Capital increase

Update | Media | 17 Nov 2011

Q3 results continued the promising trend although the full year outcome still depends on trading in the seasonally strong Q4, against a challenging market backdrop. Mondo TV has been investing heavily in new titles, with payback expected in 2012 and more particularly 2013. The proposed capital increase, recently widened to allow all shareholders to participate, will strengthen the balance sheet and facilitate further development of new animations and associated distribution and marketing.