Mondo TV profile pic

Mondo TV

MI: MTVI

€59.6m market cap

€1.73 last close

Mondo TV is a global media group focused on the production, acquisition and exploitation of animated children’s television series. It owns the rights to >1,600 TV episodes and films, which it distributes across 75 markets.

Investment summary

Mondo TV has announced a succession of distribution and licensing deals through H120, covering a wide range of properties and geographies. To fund the necessary investment and to build its in-house capabilities for 3D CGI animation, it has agreed further funding of up to €10.5m with Atlas Special Opportunities in the form of convertible bonds. Global appetite for children’s TV content remains healthy, with animation benefiting from the reduced filming of live action, and we would expect the flow of deals to continue in H2. Our FY20 and FY21 forecasts are essentially unchanged.

Y/E Dec
Revenue (€m)
EBITDA (€m)
PBT (€m)
EPS (fd) (c)
P/E (x)
P/CF (x)
2018A 18.9 11.2 (30.1) (56.3) N/A 3.3
2019A 23.1 16.4 6.2 11.3 15.3 11.9
2020E 28.6 20.0 8.5 14.1 12.3 3.8
2021E 32.0 23.2 9.2 14.6 11.9 3.5
Industry outlook

Global appetite for children’s TV content remains good – if anything strengthened by the impact of COVID-19. With additional launches such as Disney+, the appetite for quality content remains high. Children’s content is valued to attract household subscriptions – particularly valued when schools are shut. Licensing and merchandising markets are likely to be more difficult with trade events postponed, household spending under pressure and lower advertising budgets.

Last updated on 17/09/2020
Register to receive research on Mondo TV as it is published
Sector
TMT
Share price graph
Balance sheet
Forecast net cash (€m) 3
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (7.9) (16.9) 50.3
Relative* (7.0) (17.8) 65.5
52-week high/low €2.7/€1.1
*% relative to local index
Key management
Matteo Corradi CEO
Carlo Marchetti FD