Alter Ego Media posted stronger-than-expected performance in the first half, according to Pantelakis Securities, which estimates that the listed company is on track to exceed its annual profitability targets.
Net profits amounted to €5.4 million, up 4.3 times year-on-year and €1.9 million higher than the brokerage’s estimate. The strong performance of digital advertising and the expansion of margins were decisive, with the sharp reduction in costs acting as a key driver.
The publishing segment stood out, with revenue up 33% to €26.5 million and EBITDA at €6.8 million, up 80%. The EBITDA margin improved by 5.9 points, to 25.8%. In television, EBITDA rose 27%, to €16.8 million, despite the marginal increase in revenue.
Pantelakis notes that the second half is seasonally stronger due to increased advertising spending at the end of the year.
The brokerage maintains a Buy recommendation and a target price of €7.5 per share.