Motive Television (MTV)

Business description

Mondo TV is a global media group with a focus on the production, acquisition and exploitation of animated children’s television series. It owns the rights to over 1,500 TV episodes and films, which it distributes across 75 markets. 80% of revenues are generated in Asia, 10% in Italy, 7% in Europe and 3% in America.

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (c) P/E (x) P/CF (x)
2015A 16.8 8.9 5.4 11.69 51.8 N/A
2016A 27.4 18.1 12.7 32.37 18.7 N/A
2017E 37.6 28.0 18.7 45.68 13.3 N/A
2018E 47.0 36.2 21.8 52.91 11.5 N/A

Last updated on 04/12/2017

Latest research

Turning point

Outlook | Media | 23/08/2012

Contracts, please

Update | Media | 25/04/2012

Funding the future

Update | Media | 26/10/2011

CME’s letter of intent

Flash note | Media | 12/10/2011

Business building

Update | Media | 10/08/2011

Much interest, but delays

Update | Media | 06/07/2011

Broadcasters go digital

Outlook | Media | 09/05/2011

Investment summary

Mondo’s first-half results demonstrate the significant progress the group has made in developing its licensing business over the last year. Revenues, which increased by 34% y-o-y to €15.3m, include €10.6m licensing sales (H116: €0.3m). While production and rights sales were lower than the same period last year, this is a function of the timing of deliveries rather than a lack of projects. We expect these revenues to increase in the second half of the year, with the completion of Season 2 of Sissi and additional episodes of Invention Story and The Rowly Powlys. EBITDA of €11.1m increased by 40%, due to mix effects, as well as the ongoing benefit from the group’s reorganisation. Management slightly increased guidance for net profit this year by 3% from €11.6m to €12.0m; the shares reacted well to the news, but continue to trade at a discount to peers.

Last updated on 02/11/2017

Industry outlook

The market for children’s entertainment has been reinvigorated with the growth of VOD platforms looking for multi-territory content. Animations travel well and, as seen from the success of eOne’s Peppa Pig, brands that travel have the potential to yield significant returns. Smaller brands can also be very profitable; Mondo, with its flexible cost base and high share of revenues from licensing and merchandising sales, enjoys 46% EBIT margins.

Last updated on 02/11/2017

Key management

Orlandi Corradi, Chairman
Matteo Corradi, CEO
Carlo Marchetti, FD

Company address

Via Brenta
11 00198
Rome
Italy
+39 06 86323293
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