€63.2m market cap
€2.78 last close
Edel AG is one of Europe’s leading independent media groups. It is both a publisher and a producer. Edel offers the music, film and book industry a unique full-service model, covering marketing and production as well as the distribution of audio content, video content and books.
Investment summary
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 discount to global entertainment content and publishing stocks on historical EV/EBITDA and EV/sales multiples, in part due to limited liquidity.
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| Timo Steinberg | CFO/COO |
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