Ori­gi­nal-Re­se­arch: Mex­e­dia SPA-SB (von GBC AG): Buy

Re­se­arch | 6 De­zem­ber 2023 00:00

Ori­gi­nal-Re­se­arch: Mex­e­dia SPA-SB – from GBC AG

Clas­si­fi­ca­ti­on of GBC AG to Mex­e­dia SPA-SB

Com­pa­ny Name: Mex­e­dia SPA-SB
ISIN: IT0005450819

Re­ason for the re­se­arch: Re­se­arch Re­port (Note)
Re­com­men­da­ti­on: Buy
Tar­get pri­ce: 36.00 EUR
Tar­get pri­ce on sight of: 31.12.2024
Last ra­ting ch­an­ge:
Ana­lyst: Mat­thi­as Greif­fen­ber­ger, Mar­cel Schaf­fer

Ad­van­cing Mex­e­dia: Ex­pan­ding Ser­vices, Stra­te­gic Ac­qui­si­ti­ons, and In­no­va­ti­ve Of­fe­rings

Du­ring the first half of 2023, the Mex­e­dia Group wit­nessed a sub­stan­ti­al sur­ge in re­ve­nue pro­pel­led by stra­te­gic ac­qui­si­ti­ons of Pho­ne­time Inc. and Match­com Te­le­com­mu­ni­ca­ti­ons Inc., exe­cu­ted th­rough Mex­e­dia Inc. The­se ac­qui­si­ti­ons stra­te­gi­cal­ly re­di­rec­ted re­ve­nue from Mex­e­dia Ltd.’s voice-ba­sed elec­tro­nic ter­mi­na­ti­on ser­vices to the flou­ris­hing U.S. mar­ket, with the goal of for­ti­fy­ing the com­pe­ti­ti­ve po­si­ti­on and stream­li­ning the in­te­gra­ti­on of the new­ly ac­qui­red en­ti­ties. Con­curr­ent­ly, Mex­e­dia S.p.A. SB, the pa­rent com­pa­ny, in­tro­du­ced SMS elec­tro­nic ter­mi­na­ti­on ser­vices, yiel­ding po­si­ti­ve im­pacts on both re­ve­nue and mar­gin. The Mex­e­dia Group achie­ved con­so­li­da­ted re­ve­nues of €133.36 mil­li­on in the in­iti­al six months of 2023, show­ca­sing an im­pres­si­ve growth of 59.4% com­pared to the cor­re­spon­ding pe­ri­od in the pre­vious year.

EBITDA re­main­ed stead­fast at €4.10 mil­li­on, re­flec­ting a 1.9% in­crease from the par­al­lel pe­ri­od in the pri­or year. Mex­e­dia Ltd. con­tri­bu­ted 71% to the EBITDA, while the re­mai­ning por­ti­on was at­tri­bu­ted to Mex­e­dia Inc. The dip in the EBITDA mar­gin stem­med from con­ti­nuous op­ti­miza­ti­on pro­ces­ses wi­thin the U.S. com­pa­nies.

Fi­nan­cial ex­pen­ses rose to €2.36 mil­li­on due to ele­va­ted working ca­pi­tal and for­eign ex­ch­an­ge los­ses lin­ked to the mul­ti­cur­ren­cy ope­ra­ti­ons of Match­com Te­le­com­mu­ni­ca­ti­ons Inc., com­pared to €1.72 mil­li­on in the cor­re­spon­ding pe­ri­od of the pre­vious year. The over­all net re­sult for the group amoun­ted to €1.44 mil­li­on, a slight de­crease from €1.58 mil­li­on in the same pe­ri­od of 2022.

Fol­lo­wing de­li­be­ra­ti­ons at the MKK Con­fe­rence, the fo­re­cast was fine-tu­n­ed, an­ti­ci­pa­ting re­ve­nues of €280 mil­li­on for 2023 and €300 mil­li­on for 2024. The ma­nage­ment is la­ser-fo­cu­sed on mar­gin im­pro­ve­ment, sus­tainable growth, and a gra­du­al tran­si­ti­on to op­por­tu­ni­ties with hig­her mar­gins.

The po­si­ti­ve mar­ket pro­jec­tions in the te­le­com­mu­ni­ca­ti­ons sec­tor are fue­led by the es­cala­ting de­mand for com­mu­ni­ca­ti­on ser­vices. Mex­e­dia stra­te­gi­cal­ly po­si­ti­ons its­elf for sub­stan­ti­al re­ve­nue growth th­rough in­itia­ti­ves such as the ac­qui­si­ti­on of Match­com Te­le­com­mu­ni­ca­ti­ons Inc. and Pho­ne­time Inc., along with the in­tro­duc­tion of Mex­e­dia ON. Mex­e­dia ON, a pi­vo­tal ele­ment in the growth stra­tegy, ser­ves as a Cus­to­mer Ex­pe­ri­ence Plat­form of­fe­ring in­no­va­ti­ve chan­nels like Me­ta­ver­se and Smart Voice As­sis­tance. The re­fi­ned fo­re­cast in­di­ca­tes an enhan­ced mar­gin, with an an­ti­ci­pa­ted EBITDA of €13.12 mil­li­on for 2023 and €18.15 mil­li­on for 2024. Mex­e­dia is com­mit­ted to a com­pre­hen­si­ve stra­tegy ai­med at boos­ting the EBITDA mar­gin, en­com­pas­sing the op­ti­miza­ti­on of exis­ting ser­vices and the in­tro­duc­tion of in­no­va­ti­ve so­lu­ti­ons.

Die voll­stän­di­ge Ana­ly­se kön­nen Sie hier down­loa­den:

Kon­takt für Rück­fra­gen
Hal­der­stras­se 27
86150 Augs­burg
0821241133 0
Of­fen­le­gung mög­li­cher In­ter­es­sens­kon­flik­te nach § 85 WpHG und Art. 20 MAR Beim oben ana­ly­sier­ten Un­ter­neh­men ist fol­gen­der mög­li­cher In­ter­es­sen­kon­flikt ge­ge­ben: (5a,6a,11); Ei­nen Ka­ta­log mög­li­cher In­ter­es­sen­kon­flik­te fin­den Sie un­ter:
Date and time of com­ple­ti­on of the re­se­arch re­port: 01.12.2023 (17:00)
Date and time of the first dis­clo­sure of the re­se­arch re­port: 06.12.2023 (12:00)

——————-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.



Hal­der­stra­ße 27
86150 Augs­burg

Pho­ne: +49 821 241133–0
E‑mail: office(@)gbc-ag.de

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