LeadMedia: H1 2013 results – Entering an investment and new commercial development step
CORPORATE, Fair Value EUR6.4 vs. EUR6.5 (-10%)
In July, LeadMedia Group reported H1 2013 revenue of EUR 9.7m, down -9.2% vs. H1 2012 due to an unfavourable BRL/EUR exchange rate and to an increasing operational focus on the gross margin vs. gross sales. The gross margin strongly increased over the period to EUR 7.1m (vs. EUR 5.7m in H1 2012), i.e. a 72.4% margin. Due to anticipated integration efforts and investments in technology bridge, H1 2013 EBITDA came in at EUR1.0m vs. EUR 1.4m in H1 2012. The Gamned structuring integration is requiring further investments which will temporarily impact the group’s profitability. We still consider that the Group has the means to enter a new growth story. Our revised valuation leads a EUR 6.4m Fair Value.
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