Alter Ego Media benefits from the scope for the Greek media market to catch up with more mature markets, its leading positions in television and digital media, and its ambitious diversification strategy into live entertainment events and streaming, TP ICAP notes in a report initiating coverage of the stock.
With the restructuring phase largely complete and having achieved a marked improvement in profitability and returns, we believe recent acquisitions will be the main driver of growth from here, supplemented by greater monetisation of content, growth in the Live Entertainment business and further margin expansion. We initiate coverage of the stock with a “Buy” rating and a €8.3 target price, based on a discounted cash flow (DCF) valuation.
Unlike mature European advertising markets, Greece continues to benefit from a cycle of economic and advertising convergence, supporting both television and digital revenues, the firm notes.
Alter Ego Media is well positioned to capitalise on this growth, thanks to its leading market positions and continued market share gains. Revenue grew at a compound annual growth rate (CAGR) of 16% over 2021-2025, and we expect it to maintain a strong growth rate, with a CAGR of 11% over 2025-2028.
This growth is accompanied by strong operating leverage, with the EBIT margin rising from 3.8% in 2022 to 20.8% in 2025. Further streamlining of content cost management and a more favourable business mix are expected to support additional margin expansion, taking our estimate for the FY2028E EBIT margin to 27.7%.
Since Mega returned to television screens, Alter Ego Media has built a portfolio of established brands spanning television, print, digital media and content production.
The acquisitions of Newsit and Tlife have strengthened its leading position in digital publishing, while More.gr, Greece’s leading online ticketing platform, offers a new growth avenue in entertainment.
The planned new joint platform, co-owned by Antenna Group and Motor Oil, complements this strategy by expanding the distribution opportunities for Greek content and creating additional opportunities for recurring revenue. The Group is therefore developing an integrated ecosystem that can leverage audiences, data and monetisation capabilities across its businesses.
Growth in digital revenues and the expansion of the Live Entertainment business are expected to support earnings growth over the medium term. More.gr holds a leading position in its market and has further monetisation potential through sponsorships and commercial synergies.
At the same time, disciplined management of programming costs and broader exploitation of content across multiple channels and release windows are expected to support further margin expansion. Beyond these key earnings drivers, the Group also has assets that could unlock additional value, including its stake in Digea, where potential monetisation represents a further source of value creation.
The stock trades at attractive valuation multiples, at 7.4 times estimated enterprise value to EBIT for 2027E (EV/EBIT), representing an average discount of around 30% to European peers, despite the Group’s stronger profile in terms of growth, profitability and free cash flow (FCF) generation.