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Edel’s H118 results to March showed good top-line progress (+8%) and an uplift in EBITDA margins from 9.3% to 9.8% as digital activities gained in importance. While revenue was marginally behind expectations, an unchanged full-year forecast assumes a stronger H2 than usual, reflecting the good momentum. The investment programme is starting to pay back, with a full year’s impact in FY19e, when forecast margins have edged up. Edel has changed its status to a partnership limited by shares, reflecting the importance of the founding family’s interests (64% shareholding). The shares trade at a substantial discount to global entertainment content and publishing stocks, partly explained by the limited market liquidity.

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