Edison Investment Research Limited
London, UK, 10 June 2021
Mondo TV (MTVI): MeteoHeroes are go for gaming
Mondo TV Group has had a strong start to the year, with continuing deals on its key properties, including MeteoHeroes, Grisù and Agent 203. New contracts include a first to develop, produce and distribute a video game based on MeteoHeroes for Sony from the group's upgraded studio subsidiary in the Canary Islands. The funding round from Atlas, completed in Q121, has put the group on a sound financial footing. With its extensive library and a strong front list, Mondo TV is in a good position to benefit from the continued appetite for content from broadcasters and streamers.
Parity to global peers on averaged earnings multiples across FY20-22e would imply a value of €3.84/share (April 2021: €3.81). A DCF (WACC of 11.5%, terminal growth 2%) suggests a price of €2.10. The midpoint of these is €2.97 (April 2021: €2.91). We would expect Mondo's valuation discount to close further as the financial benefit of recent deals flows through to revenues.
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