The main conclusion from Alter Ego Media's second-half results is that the transformation strategy is now clearly reflected in the figures, Edison writes.
Management's goal is to evolve the group from a traditional media company, dependent on advertising, into a broader media and entertainment business, with more diversified revenue sources and higher profitability.
Advertising represented about 83% of the group's revenue in H1 26, versus 88% in FY25, as Live Entertainment contributed for the first time at the first-half level and revenue from television program licensing nearly doubled.
At the same time, the acquisitions of NEWSIT and TLIFE have strengthened AEM's position in digital publications, while the core Broadcasting and Content Creation (BCC) segment recorded significantly higher profitability despite the moderate increase in revenue.
We increased our EBITDA estimates for FY26 through FY28 by about 1%, which leads to an increase in our estimated fair value to 7.3 euros per share, from 7.1 euros previously, the analysts write.
It is worth noting that earlier, Pantelakis Securities also issued a report on the stock with a target price of €7.5.