Report
Arnaud Goossens
EUR 147.72 For Business Accounts Only

All eyes on 2019

​Roularta published 2016 results that were below our forecasts due mainly to heavy opex investments in digital initiatives. We see two factors that provide support to the share price: (1) the media sector M&A rerating which is underway and (2) an improvement in the underlying profitability of Roularta, culminating in the expected 44% EPS jump in 2019e. Roularta should continue to invest heavily in Storesquare, but we see uppide when the market starts to look beyond 2018, with our 2019-based SOTP pointing to fair value of €28/share to €33/share.

Underlying
Roularta Media Group N.V.

Roularta Media Group NV. Roularta Media Group NV (RMG) is a Belgium-based company engaged in the publication and printing of news and magazines, newspapers and free sheets, as well as in the audiovisual media and electronic publishing. For the wider public, RMG produces free sheets, open network television (TV), radio and the Vlan.be Internet site. For special target groups, RMG produces magazines, a news TV station and portal sites. Its printed media business includes the sale of all printed publications, such as free sheets, newspapers, magazines, newsletters, books and related services. its audiovisual media business comprises advertising on TV and radio, production and broadcasting, as well as all related services. In addition, through bvba Bright Communication and bvba Bright Communication Antwerpen, the Company organizes STERCK. networking events and publishes STERCK. magazine.

Provider
Merodis Equity Research
Merodis Equity Research

Merodis Equity Research offers bespoke equity research backed by our extensive experience in equity markets at top-tier investment banks in London, Paris and Brussels serving institutional investors worldwide. Analysts at Merodis Equity Research have achieved #1 Extel rankings in the past for Benelux equity research.

Please note that we may have been mandated by the company to produce the research report (clearly indicated on the front page of the report), but that (1) our fees are not linked at all to our opinions and views, and (2) that we refund the company with the proceeds from the sale of our research as to remain 100% independent. This is an innovative business model, which we hope will contribute to improving the visibility towards worldwide investors of small & mid caps that deserve wider market attention and ownership.

Analysts
Arnaud Goossens

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