Ori­gi­nal-Re­se­arch: Mex­e­dia S.p.A. SB (von GBC AG): BUY

Re­se­arch | 10 No­vem­ber 2023 00:00

Ori­gi­nal-Re­se­arch: Mex­e­dia S.p.A. SB – from GBC AG

Clas­si­fi­ca­ti­on of GBC AG to Mex­e­dia S.p.A. SB
Com­pa­ny Name: Mex­e­dia S.p.A. SB
ISIN: IT0005450819

Re­ason for the re­se­arch: GBC Ita­li­an Cham­pi­ons
Re­com­men­da­ti­on: BUY
Tar­get pri­ce: 46.50 EUR
Last ra­ting ch­an­ge: -

Ana­lyst: Mat­thi­as Greif­fen­ber­ger, Mar­cel Schaf­fer

„Tech­no­lo­gy com­pa­ny with com­mu­ni­ca­ti­on su­per app“ Trans­for­ma­ti­on into a tech­no­lo­gy com­pa­ny in the area of Cus­to­mer En­ga­ge­ment Busi­ness Ser­vices

Mex­e­dia S.p.A. – So­cie­tà Be­ne­fit (Mex­e­dia) is a tech com­pa­ny that star­ted in the te­le­com busi­ness. Mex­e­dia ser­ves as an in­ter­me­dia­ry for who­le­sa­le SMS and voice traf­fic, fa­ci­li­ta­ting in­ter­con­nec­tions bet­ween car­ri­ers. In the te­le­com­mu­ni­ca­ti­ons in­dus­try, in­ter­na­tio­nal pho­ne calls and SMS mes­sa­ges are trea­ted as tra­da­ble com­mo­di­ties that are ex­ch­an­ged who­le­sa­le bet­ween tel­cos. Voice traf­fic per­ta­ins to in­ter­na­tio­nal calls while A2P SMS traf­fic re­fers to mes­sa­ges re­cei­ved th­rough apps. Mex­e­dia also of­fers fi­xed and cost-ef­fec­ti­ve real-time li­qui­di­ty to its part­ners for voice and SMS ser­vices tra­ding. This li­qui­di­ty is se­cu­red against the re­ceiv­a­bles of insu­red deb­tors of its part­ners. To ac­com­plish this, Mex­e­dia con­ducts auc­tions of insu­red re­ceiv­a­bles from deb­tors to in­ves­tors in as­set-ba­cked se­cu­ri­ties and li­qui­di­ty pro­vi­ders th­rough the Mex­e­dia Ex­ch­an­ge. This ac­ti­vi­ty ge­ne­ra­tes an ar­bi­tra­ge mar­gin for Mex­e­dia by ca­pi­ta­li­zing on the spread gai­ned from ad­van­cing mo­ney in real-time against the auc­tion of its re­ceiv­a­bles. Mexedia’s te­le­com busi­ness has ex­hi­bi­ted strong growth and pro­fi­ta­bi­li­ty and the tran­si­ti­on into a tech com­pa­ny is fo­cu­sed on of­fe­ring ad­van­ced cus­to­mer en­ga­ge­ment busi­ness ser­vices to its cli­ents. To achie­ve this, Mex­e­dia has de­ve­lo­ped the Su­per App Mex­e­dia ON, an in­no­va­ti­ve plat­form, which Gart­ner de­fi­ned as a “tech­no­lo­gi­cal com­po­ser”, that in­te­gra­tes mo­du­lar and ea­si­ly ma­na­geable so­lu­ti­ons, al­lo­wing busi­nesses to enhan­ce cus­to­mer in­ter­ac­tion and op­ti­mi­ze com­pa­ny ope­ra­ti­ons, lea­ding to si­gni­fi­cant sa­vings in both cos­ts and time.

Mex­e­dia ON spe­cia­li­zes in ser­vices such as Cus­to­mer Ex­pe­ri­ence, Busi­ness Au­to­ma­ti­on, and Busi­ness In­tel­li­gence. It le­ver­a­ges the la­test tech­no­lo­gies, from AI mo­dels to IoT sys­tems, and un­con­ven­tio­nal chan­nels, like Aug­men­ted Rea­li­ty and Vir­tu­al Rea­li­ty, which com­pa­nies can use sim­ply and in­tui­tively wi­thin the plat­form.

In 2022, the com­pa­ny ex­pe­ri­en­ced a 6.9% in­crease in re­ve­nue, rea­ching € 140.9m (PY: € 131.8m) due to new and bet­ter deals in voice and SMS traf­fic. The ma­jo­ri­ty of re­ve­nue was ge­ne­ra­ted by their Irish sub­si­dia­ry using a clas­sic busi­ness mo­del. De­spi­te an in­crease in ex­pen­ses, the EBITDA show­ed a si­gni­fi­cant im­pro­ve­ment with an 18.7% in­crease to € 8.37m (€ 7.05m). The net re­sult in­creased by 49.8% to € 4.43m (PY: € 2.96m).

A key cor­ner­stone of their growth stra­tegy is go­ing to be the new Mex­e­dia ON plat­form, de­si­gned as a Su­per App for busi­nesses, espe­ci­al­ly in the pho­ne in­dus­try, to im­pro­ve cus­to­mer en­ga­ge­ment and pro­vi­de a seam­less and con­sis­tent ex­pe­ri­ence. The plat­form of­fers many fea­tures in­clu­ding vir­tu­al agents and as­sistants, om­nich­an­nel com­mu­ni­ca­ti­ons, au­to­ma­ti­on, data ana­ly­tics, and in­no­va­ti­ve chan­nels such as aug­men­ted rea­li­ty and vir­tu­al rea­li­ty. It also in­cludes an app store to ac­ti­va­te both pro­prie­ta­ry and third-par­ty Mini-Apps, en­su­ring a wi­der ran­ge of choices. A ca­ta­log of tail­or-made so­lu­ti­ons can be ac­ti­va­ted ba­sed on in­di­vi­du­al needs: SMS, chat, voice, re­la­tio­nal AI, pay­ments, and au­then­ti­ca­ti­ons; but also aug­men­ted rea­li­ty and voice smart as­sistants. A mini-App for every ob­jec­ti­ve.

We ex­pect Mex­e­dia to ge­ne­ra­te re­ve­nues of € 324.11m in 2023, fol­lo­wed by € 361.22m in 2024 and € 397.29m in 2025. The com­pa­ny has ex­pan­ded into the US, streng­the­ned its po­si­ti­on in exis­ting mar­kets and di­ver­si­fied its cus­to­mer base. We fo­re­cast a ste­ady up­ward trend for Mex­e­dia in the co­ming fi­nan­cial ye­ars.

Ba­sed on our DCF mo­del, we have de­ter­mi­ned a pri­ce tar­get of € 46.50 and, against the back­drop of the high up­si­de po­ten­ti­al, we as­sign a BUY ra­ting.

Die voll­stän­di­ge Ana­ly­se kön­nen Sie hier down­loa­den:
http://​www​.more​-ir​.de/​d​/​2​8​2​0​9​.​pdf

Kon­takt für Rück­fra­gen
GBC AG
Hal­der­stra­ße 27
86150 Augs­burg
⁰⁸²¹⁄₂₄₁₁₃₃ 0
research@​gbc-​ag.​de
++++++++++++++++
Dis­clo­sure of po­ten­ti­al con­flicts of in­te­rest in ac­cordance with Sec­tion 85 WpHG and Art. 20 MAR The fol­lo­wing po­ten­ti­al con­flict of in­te­rest exists at the com­pa­ny ana­ly­sed abo­ve: see in­di­vi­du­al stu­dies; a ca­ta­lo­gue of po­ten­ti­al con­flicts of in­te­rest can be found at:
https://​www​.gbc​-ag​.de/​d​e​/​O​f​f​e​n​l​e​g​ung
+++++++++++++++
Edi­to­ri­al dead­line: 06.11.2023
Date and time of com­ple­ti­on of the re­se­arch re­port (ger­man ver­si­on): 09.11.2023 (08:13 am)
Date and time of the first dis­clo­sure of the re­se­arch re­port (ger­man ver­si­on): 09.11.2023 (10:00 am)
Date and time of com­ple­ti­on of the re­se­arch re­port (eng­lish ver­si­on): 09.11.2023 (8:07 pm)
Date and time of the first dis­clo­sure of the re­se­arch re­port (eng­lish ver­si­on): 10.11.2023 (10:30 am)

——————-über­mit­telt durch die EQS Group AG.——————-

Für den In­halt der Mit­tei­lung bzw. Re­se­arch ist al­lei­ne der Her­aus­ge­ber bzw.
Er­stel­ler der Stu­die ver­ant­wort­lich. Die­se Mel­dung ist kei­ne An­la­ge­be­ra­tung
oder Auf­for­de­rung zum Ab­schluss be­stimm­ter Bör­sen­ge­schäf­te.