EMERALD FINANCIAL A DVISERS

Market Intelligence & Data Analysis

28 October 2015

Roularta Media Group

BELGIUM
Bloomberg: ROU:EN
Reuters: RLRT.BR

Click here for access to a detailed 59-page

equity research report which is available on
ResearchPool.com

Axel Funhoff
axel.funhoff@emerald-advisers.com
Arnaud W. Goossens
arnaud.goossens@emerald-advisers.com

Please refer to important disclosures

on the next page of this report

Monthly Benchmarking & Data Analysis

Still at steep discount to sector
Despite the recent exit of its loss-making operations in France, Roularta Media Group still trades
at a substantial discount to the Media Sector, even though its profitability (both EBITDA and
EBIT margin) is in line or above the median in the media sector. Also, expected ROE figures are
higher for Roularta than for the Media Sector as a whole (15.6% vs. 10.3%), while consensus also
expects sales, EBITDA and EPS to outgrow the sector. The market expects Roulartas EBITDA to
grow by 9.3% CAGR (2015e-17e), while it expects the sector as a whole to grow its EBITDA by a
median of 7.6% over the same time period.
Earnings forecasts and trading multiples
The market expects Roularta to generate c75% of its net profits from its 50% stake in Medialaan
during 2015 and c25% from its traditional Printed Media business. While Roulartas shares
currently trade at 8.4x in terms of 2016e P/E, the Free-to-Air-Sector trades at a 2016e P/E of
17.4x, while the Print Media Sector trades at 12.0x 2016e P/E. Applying Sector valuation
multiples of 17.4x and 12.0x for Free-to-Air and Print Media & Others, for 75% and 25% of
Roulartas earnings, respectively, at current analyst consensus earnings estimates of 2.20 for
2016e, the theoretical fair value for Roularta shares would be 35. This compares to Roulartas
current share price of 19.6.
Liquidity gap narrows
Roulartas shares also still suffer from a lack of liquidity, compared to the Media Sector as a
whole, even though its shares liquidity has recently sharply improved. Roulartas shares
currently have a liquidity of c12% in terms of annualised share turnover versus market
capitalisation. This compares to c16% for the Sector as a whole. To some extent, Roulartas
lower comparable liquidity is a Belgian phenomenon (most of Belgian small- and mid-caps are
less liquid than their international peers). While Roulartas share liquidity gap broadly moves
between -20% and -90%, compared to the sector as a whole, it is currently at -25%.
www.emerald-advisers.com

Company profile

Company description
Roularta is Belgium's leading media company
offering
(1) local weekly free newspapers in Flanders (De
Streekkant, De Zondag, Steps),
(2) audiovisusal free-to-air broadcasting in Flanders
through its 50% ownership of Medialaan (VTM, 2BE,
QMusic, Joe FM),
(3) nationwide weekly news and business magazines
(Knack, Le Vif L'Express, Trends, Trends Tendance) ,
(4) internet (Digilocal, Proxistore, own websites).
Combined group sales are almost entirely generated
in Belgium through
(1) TV and radio advertising (26% of group),
(2) print media advertsing (28%),
(3) readers market including subscriptions (18%),
(4) third-party printing (11%),
(5) other sources of revenues including internet and
line extensions (16%).
Roularta's consolidated accounts include the full
contribution of its print media activity (ad and
readers market, ex-Bayard), its internet activity, line
extensions and third-party printing. The 50% stakes in
Medialaan and Bayard are equity-accounted.
Medialaan's net contribution weighs 77% of the
group's combined net profit and 64% of combined
EBIT. We value the stake in Medialaan alone at
EUR23/share, 74% of the estimated equity value.

Combined sales breakdown (2014)

Thirdparty
printing
11%

Line
extensions
13%

Readers
18%
Internet
ad
3%

Shareholders
Treasury
shares
5%

Print ad
29%

Free float
14%

Bestinver
10%
Family &
related
71%

TV & radio
ad
26%

Combined EBIT breakdown (2015e)

Print
media &
others
36%

Consolidated net profit breakdown (2015e)

Print
media &
others
23%

Medialaan
64%
Medialaan
77%

Source: FactSet, Emerald Financial Advisers

www.emerald-advisers.com

Share price performance

Roularta 3-year share price performance vs peers (rebased)

30

Roularta 10-year share price performance vs peers (rebased)

80
70

25

60
20

50

15

40
30

10

20
5
0
Oct-12

10
Apr-13
Roularta

Oct-13

Apr-14

Free-to-Air

Oct-14

0
Nov-05

Apr-15

Print media & others

Nov-07

Roularta

Nov-09
Free-to-Air

Nov-11

Nov-13

Print media & others

Source: FactSet, Emerald Financial Advisers

www.emerald-advisers.com

Benchmarking summary

PRINTING

FREE TV

PRINT & OTHER MEDIA

Company

Freefloat Liquidity
(%) 2015 (daily,m)

Impresa
Spir
Solocal
Gruppo Editoriale L'Esp.
Mondadori
RCS
Vocento
Telegraaf
Sanoma
Connect
Tarsus
Trinity Mirror
Wilmington
Independent News
Eniro
Axel Springer
PRINT MEDIA AVERAGE
PRINT MEDIA MEDIAN
Roularta (combined)
% prem./(disc.) vs median
Roularta (consolidated)
% prem./(disc.) vs median

50
32
100
40
38
76
79
7
57
100
84
73
67
55
84
40
61
62
25
-60
25
-60

0.07
0.03
3.59
0.49
0.37
2.22
0.15
0.05
1.42
0.40
0.28
0.41
0.29
0.32
0.66
8.47
1.20
0.38
0.09
-77.7
0.09
-77.7

TF1
M6
Mediaset
Mediaset Espaa
Atresmedia
RTL
Prosieben
ITV
FREE TV AVERAGE
FREE TV MEDIAN
Medialaan (*)
% prem./(disc.) vs median

50
44
65
53
39
24
98
93
58
52

8.18
2.81
41.98
22.11
10.79
1.14
27.49
40.60
19.39
16.45

Depr/
EBITDA

Capex/
Sales

-20%
19%
28%
34%
na
78%
na
55%
35%
35%
32%
40%
37%
-23%
33%
29%
34%
25%
-26.3
39%
16.3

1%
2%
7%
2%
0%
5%
1%
3%
3%
0%
3%
1%
3%
2%
5%
3%
3%
2%
2%
-29.0
5%
89.3

28%
37%
82%
6%
13%
17%
15%
13%
26%
16%
14%
-13.6

2%
9%
51%
21%
4%
3%
3%
1%
12%
4%
3%
-18.5

ND/EBITDA
2016e

2017e

4.2
0.2
3.0
5.0
2.5
-0.6
2.8
2.0
1.4
-0.2
1.3
-1.0
3.8
1.7
2.1
2.0
0.8
-59.2
2.2
13.0

4.8
2.6
3.8
0.2
3.2
3.3
1.7
-0.5
2.5
1.7
1.9
-0.4
1.1
-1.6
3.9
1.4
1.9
1.8
0.1
-95.8
0.4
-78.0

4.0
1.7
3.5
0.1
2.8
2.7
1.2
-0.9
2.2
1.5
1.0
-0.6
0.7
-2.2
4.0
1.1
1.4
1.4
-0.6
-143.7
-1.1
-182.2

13.4
-0.3
28.8
10.8
6.9
8.1
9.4
6.0
17.7
4.0
33.7
21.2
23.0
13.4
17.1
17.3
14.4
13.4
12.3
-8.6
8.1
-39.6

13.7
2.2
29.7
11.8
7.3
10.5
10.8
6.7
19.7
4.3
32.6
21.8
23.6
13.9
17.3
18.1
15.3
13.8
13.1
-4.7
9.5
-31.1

15.0
3.5
29.7
12.1
7.7
11.1
11.0
9.1
21.0
4.5
34.7
22.6
24.0
13.8
17.0
18.8
16.0
14.4
14.2
-1.8
10.5
-27.2

11.4
-4.8
23.2
8.1
4.9
-1.1
5.0
-3.9
4.1
3.4
32.4
17.8
21.1
11.9
9.2
13.0
9.7
8.7
9.3
7.5
5.3
-39.4

11.8
-1.7
23.7
9.1
5.2
5.7
6.5
-2.9
6.7
3.6
31.1
18.4
21.7
11.9
8.2
13.6
10.8
8.6
10.0
15.1
6.2
-28.1

13.2
-0.4
23.5
9.4
5.7
6.6
6.8
3.3
7.7
3.8
33.1
19.7
22.1
12.0
8.1
14.5
11.8
8.8
11.0
25.3
7.1
-18.7

4.3
-4.1
6.9
4.8
1.2
-4.0
1.5
-0.7
0.0
1.1
15.4

5.3
-0.9
8.6
5.2
1.9
2.4
2.9
-0.1
3.2
2.1
14.2

8.1
24.9
-45.3
7.7
1.5
1.5
5.4
264.4
8.8
486.7

-3.4
-0.8
1.6
-1.1
0.8
0.5
1.9
0.3
0.0
0.4
-0.2
-140.0

-2.8
-0.9
0.8
-1.2
0.4
0.5
1.6
0.1
-0.2
0.3
-0.2
-161.6

-2.7
-0.9
0.3
-1.3
0.3
0.4
1.5
0.0
-0.3
0.1
-0.2
-229.8

11.0
23.3
12.4
22.9
17.4
22.6
28.6
30.1
21.0
22.8
22.0
-3.3

12.3
23.2
15.4
25.9
22.5
22.9
28.0
30.9
22.6
23.1
22.5
-2.5

13.8
24.4
18.5
27.4
24.8
23.6
27.5
31.9
24.0
24.6
23.5
-4.5

8.0
16.2
8.5
21.5
15.5
19.2
24.4
27.7
17.6
17.7
18.9
6.9

9.5
16.2
11.9
25.1
20.6
19.6
24.3
28.6
19.5
20.1
19.5
-3.0

11.2
17.6
14.8
28.0
23.1
20.2
24.1
29.8
21.1
21.6
20.6
-4.8

6.1
9.7
2.4
17.8
11.9
12.4
14.6
20.3
11.9
12.1
13.3
9.7

2015e
5.5

EBITDA margin (%)

2015e
2016e
2017e

EBIT margin (%)

2015e
2016e
2017e

Net margin (%)

2015e
2016e
2017e

2015e

ROE (%)
2016e

2017e

6.6
0.4
8.6
5.3
2.4
3.1
3.3
2.1
3.8
2.3
20.3

7.4
-19.5

8.5
-4.8

10.0
2.0

4.9
7.8
2.2
2.5
4.2
2.8
52.8

5.6
13.5
14.2
4.6
5.7
6.4
208.2
29.2

5.6
14.5
17.3
5.3
3.8
7.2
165.1
44.3

10.5
10.0
0.6
8.3
4.9
3.2
6.2
93.1
10.1
213.6

11.4
10.3
1.8
8.6
6.0
3.8
7.0
81.4
11.5
199.4

26.2
361.3
0.5
10.9
35.7
4.9
16.0
226.7
16.0
226.7

28.6
66.1
0.5
12.0
28.5
10.3
15.6
52.2
15.6
52.2

6.4
9.8
4.6
20.2
16.5
12.6
15.0
21.2
13.3
13.8
13.7
-0.7

7.6
10.7
6.2
22.3
18.4
12.9
15.1
22.2
14.4
14.0
14.4
3.1

6.7
20.8
3.7
14.7
25.2
25.1
57.3
55.9
26.2
23.0
19.5
-15.3

7.8
21.1
7.2
17.1
34.4
26.4
58.6
50.3
27.9
23.7
20.4
-13.9

2015-17F CAGR (%)

EPS
EBITDA
Sales

29.1
38.8
-0.9
13.1
25.4
11.5
15.5
34.7
15.5
34.7

26.6
na
5.0
10.8
37.7
200.6
51.2
-5.3
61.8
1.2
5.3
1.1
9.6
-2.1
na
11.1
29.6
10.2
15.2
49.3
15.2
49.3

8.5
na
0.7
6.6
12.5
18.7
9.6
18.7
8.1
5.4
5.3
0.5
9.9
1.0
-7.2
7.6
7.1
7.6
9.3
21.7
14.3
88.4

2.8
-0.1
-0.8
0.4
6.4
1.4
1.4
-3.3
-0.8
-0.5
3.7
-2.7
7.6
-0.5
-6.8
3.4
0.7
0.2
1.8
1,054.2
0.5
236.6

9.2
22.8
10.2
19.4
38.2
27.5
55.5
42.8
28.2
25.1
22.2
-11.6

17.4
7.6
70.6
20.9
32.4
5.0
10.8
8.7
21.7
14.1
6.8
-51.5

13.9
4.6
29.7
16.6
27.5
4.7
8.0
8.5
14.2
11.2
5.9
-46.8

1.5
2.3
6.0
6.7
6.7
2.6
10.0
5.3
5.1
5.7
2.5
-56.0

0.9
12.7
12.5
12.7
10.2
10.2
10.4
1.6
4.2
4.5
24.9
31.5
5.6
5.8
St Ives
100
0.28
58%
2%
1.5
1.2
QuadGraphics
51
3.35
71%
3%
2.6
2.5
3.0
10.5
10.2
10.0
3.7
3.7
3.5
1.0
1.2
1.3
3.8
4.5
4.1
6.3
-4.9
Dai Nippon Printing
84
16.18
56%
4%
na
na
PRINTING AVERAGE
78
6.60
62%
3%
2.0
1.8
1.9
11.6
11.4
11.3
6.9
7.0
7.0
1.3
2.7
2.9
3.8
14.7
17.8
5.9
0.4
PRINTING MEDIAN
84
3.35
58%
3%
2.0
1.8
1.9
11.6
11.4
11.3
6.9
7.0
7.0
1.3
2.7
2.9
3.8
14.7
17.8
5.9
0.4
Roularta (combined)
25
0.09
25%
2%
0.8
0.1
-0.6
12.3
13.1
14.2
9.3
10.0
11.0
5.4
6.2
7.0
16.0
15.6
15.5
15.2
9.3
% prem./(disc.) vs median
-70
-97.4
-57.3
-39.6
-60.2
-95.9
-130.7
6.0
15.6
24.9
34.5
42.6
56.8
315.9
128.2
140.5
321.2
6.1
-12.9
156.1 2,030.4
Source: Emerald Financial Advisers, Factset
(*) Roularta has joint-control of Medialaan with 50%-ownership; the stake is equity-accounted. Based on Medialaan's consolidated accounts in Roularta's reporting. For capex/sales, depreciation is a capex proxy. For ROE, "net asset vaue" is an Equity proxy.

www.emerald-advisers.com

5.8
-2.5
na
1.6
1.6
1.8
9.7

Analyst Recommendations, Development of Earnings Expectations

Roularta Share, Consensus View

EPS Worms
6

While consensus earnings estimates for

Roularta Media Group has trended down for
about eight years, following the acquisition of
GER in France in 2006, the shares have profited
from broadly positive consensus earnings
revisions during the past couple of years.
The most recent earnings revision for expected
2016 earnings has been positive.
At present, analyst consensus rates Roularta
Neutral with a 2016e EPS of 2.2 vs. 2015e of
2.10.
By comparison, the free-to-air media sector
trades at 17.4x 2016e P/E. Roularta generates
about three quarters of its net profit from its
50% stake in Medialaan, which is a Flemish
Free-to-Air media company, while the other
quarter of Roulartas profits comes from its
traditional printing business.
The Print Media sector currently trades at 12x
2016e P/E.
Applying median sector multiples to Roulartas
consensus earnings estimates (75% Free-to-Air
and 25% Print Media) would generate a fair
value of 35 for Roulartas shares.

5
4
3
2
1
0
Dec-03 Dec-06 Dec-09 Dec-12

Consensus EPS 2014-16

2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016

3.5
3.0
2.5
2.0
1.5
1.0
0.5

2014
2015
2016

0.0
Jul-11 Jul-12 Jul-13 Jul-14 Jul-15

Development of Analyst Recommendations vs peers

Sell

Buy
Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14
Roularta
Sector median

Source: FactSet, Emerald Financial Advisers

www.emerald-advisers.com

P/E valuation relative to the sector

Valuation
At present, Roularta shares still trade at a
discount of about 50%, compared to the Freeto-Air Media sector in Europe and at an about
20% discount to the Print Media Sector.
Again, the company is expected to generate
about 75% of its profits from its 50% stake in
Medialaan (the largest Flemish Free-to-Air
company) in 2015, while only 25% of its profits
is generated in the traditional Print Media
Sector.
Most recently, Roularta shares have somewhat
reduced their valuation discount to the
European Media Sector, thanks to their
excellent share price performance during 2015.
In the historical context, Roulartas shares
traded without a discount to the Sector in 2006,
the year in which the company bought GER in
France an acquisition which turned out to be
unsuccessful over time and which Roularta
therefore exited in 2015.

P/E ratio of Roularta vs. Sector

P/E ratio of Roularta vs. Print Media

30

30

20

20

10

10

0
Jan-03

Jan-06
ROU

Jan-09
F-T-A

Jan-12

Jan-15

20%

Jan-06
Roularta

Print Med & Oth

Premium/(Discount) of Roularta vs. Free-to-Air

40%

Jan-09

Jan-12

Jan-15

Print Media peers

Premium/(Discount) of Roularta vs. Print Media

20%
0%

0%

-20%

-20%

-40%

-40%

-60%

-60%
-80%
Jan-03

0
Jan-03

Jan-06

Jan-09

Jan-12

Jan-15

-80%
Jan-03

Jan-06

Jan-09

Jan-12

Jan-15

Source: FactSet, Emerald Financial Advisers

www.emerald-advisers.com

Divisional valuation indicators

Print Media sector valuation correlation with EBIT margins

4.5

4.0

4.0

3.5

3.5

y = 0.11x - 0.14
R = 0.81

3.0

Prosieben

3.0

Medialaan

2.5

2.5

2.0

2.0

TF1

1.0

1.0

Roularta (Print Media)

0.5

10
20
EBIT margin (%) 16e

Atresmedia
RTL

M6

0.5

Roularta (combined)
-10

ITV
Mediaset
Espaa

Mediaset

1.5

1.5

0.0

y = 0.1314x - 0.2121
R = 0.9004

EV/Sales 16e

EV/Sales 16e

Free-to-air TV sector valuation correlation with EBIT margins

0.0
30

40

10
20
EBIT margin (%) 16e

30

Source: FactSet, Emerald Financial Advisers

www.emerald-advisers.com

Divisional valuation indicators

Print Media valuation correlation with expected EPS growth

PEG
2.0x

35.0
30.0

PEG
1.0x

Free-to-air TV valuation correlation with expected EPS growth

PEG 0.5x

30.0

25.0

P/E 16e

P/E 16e

PEG
1.0x

PEG 0.5x
Mediaset

25.0

PEG
0.25x

20.0
15.0

TF1
Prosieben
20.0
Mediaset
M6
Espaa
RTL
Atresmedia
ITV
15.0
10.0

10.0

Roularta

5.0
0.0

PEG
2.0x

35.0

5.0
0.0

-20

20
40
EPS CAGR 2015-17e

60

80

20

40
60
EPS CAGR 2015-17e

80

Source: FactSet, Emerald Financial Advisers

www.emerald-advisers.com

PRINTING

FREE TV

PRINT & OTHER MEDIA

Valuation summary

Company

Country

Impresa
Spir
Solocal
Gruppo Editoriale L'Esp.
Mondadori
RCS
Vocento
Telegraaf
Sanoma
Connect
Tarsus
Trinity Mirror
Wilmington
Independent News
Eniro
Axel Springer
PRINT MEDIA AVERAGE
PRINT MEDIA MEDIAN
Roularta (combined)
% prem./(disc.) vs median
Roularta (consolidated)
% prem./(disc.) vs median

PORTUGAL
FRANCE
FRANCE
ITALY
ITALY
ITALY
SPAIN
NETHERLANDS
FINLAND
UNITED KINGDOM
UNITED KINGDOM
UNITED KINGDOM
UNITED KINGDOM
IRELAND
SWEDEN
GERMANY

Price
(local)
0.64
9.61
7.90
0.99
1.12
0.75
1.75
4.10
3.45
1.69
2.23
1.64
2.71
0.17
1.39
50.91

MCap
(local m)
107
59
307
391
294
386
211
190
561
413
226
423
235
232
638
5,037

BELGIUM

19.64

258

BELGIUM

19.64

258

TF1
M6
Mediaset
Mediaset Espaa
Atresmedia
RTL
Prosieben
ITV
FREE TV AVERAGE
FREE TV MEDIAN
Roularta (combined)
% prem./(disc.) vs median

FRANCE
FRANCE
ITALY
SPAIN
SPAIN
LUXEMBOURG
GERMANY
UNITED KINGDOM

13.19
17.95
4.54
10.40
11.64
78.26
47.76
2.52

2,796
2,267
5,164
3,760
2,625
12,020
10,449
10,132

BELGIUM

19.64

258

St Ives
QuadGraphics
Dai Nippon Printing
PRINTING AVERAGE
PRINTING MEDIAN
Roularta (combined)
% prem./(disc.) vs median
Source: Emerald Financial

UNITED KINGDOM
UNITED STATES
JAPAN

1.84
12.80
1,231.00

240
635
782,577

19.64

258

BELGIUM

2015e

P/E
2016e

2017e

2015e

EV/Sales
2016e

2017e

2015e

10.2

8.1

4.2
14.2
17.3
82.4
29.9
18.1
22.7
8.6
11.1
5.2
16.7
7.0
46.3
22.0
21.1
16.7
9.7
-42.0
9.7
-42.0

3.8
12.0
10.8
13.0
15.3
13.7
10.2
8.7
16.6
5.2
15.1
7.0
121.9
19.6
18.7
12.0
8.4
-30.3
8.4
-30.3

23.5
18.5
62.7
21.3
22.8
16.5
21.3
15.7
25.3
21.3
9.7
-54.4

EV/EBITDA
2016e

2017e

2015e

EV/EBIT
2016e

2017e

2015e

P/B
2016e

2017e

2015e

DYield
2016e

6.4
41.3
3.8
11.6
9.1
9.1
13.1
20.2
8.7
8.4
10.0
5.1
13.9
7.3

1.2
0.2

1.1
0.2

1.0
0.2

2017e

8.8

8.0
9.6

6.8
6.0

10.3

9.3

7.7

0.7
0.8

0.7
0.8

0.6
0.8

0.7
0.4
0.6
0.6
0.3
0.8
0.3
2.8
0.7
2.3
0.4
1.0
1.7
0.9
0.7
0.5
-24.4
0.5
-27.4

6.5
6.7
9.0
7.3
5.8
4.7
7.4
9.2
3.3
12.0
4.5
5.3
10.7
7.2
7.0
5.7
-19.1
6.8
-2.9

5.8
6.3
6.3
5.9
5.4
4.2
6.8
12.9
3.1
10.6
3.8
5.5
9.7
6.9
6.3
4.6
-27.3
4.9
-22.6

5.6
5.7
5.5
5.2
3.7
3.8
6.4
8.0
2.9
9.6
3.2
5.7
8.9
5.8
5.7
3.5
-39.0
3.4
-40.3

8.5
9.4
13.7

7.5
8.9
11.5
9.8

20.1
8.9
9.6
3.9
13.1
5.0
9.8
14.2
10.6
9.7
7.5
-22.6
13.2
36.3

12.3
8.1
13.5
3.7
11.5
4.4
11.7
12.9
9.6
9.8
6.0
-38.2
8.9
-8.7

7.2
7.8
9.4
8.4
10.3
10.4
7.6
8.4
3.3
10.4
3.7
11.9
11.5
8.4
8.4
4.5
-46.8
5.9
-30.4

0.7
1.5
2.0
0.7
0.8
0.7
19.3
5.1

0.7
1.4
1.7
0.7
0.8
0.6
17.2
4.7

0.6
1.3
1.4
0.7
0.8
0.6
11.6
4.2

4.4
6.8
0.6
2.3
3.3
1.2
1.5
28.3
1.5
28.3

4.2
3.5
0.6
2.3
2.8
1.1
1.3
15.4
1.3
15.4

3.9
2.4
0.6
2.3
2.3
1.0
1.1
8.5
1.1
8.5

0.0
0.0
0.0
3.2
0.0
0.0
0.0
0.0
3.5
5.4
3.7
3.0
2.8
0.0

0.0
0.0
0.0
4.1
0.0
0.0
0.0
1.6
4.4
5.6
3.9
3.5
3.0
0.0

0.0
0.0
0.9
4.2
1.4
0.9
0.0
1.7
5.8
5.8
4.1
4.1
3.1
0.0

17.8
12.4
9.1
7.3
-19.9
7.3
-19.9

0.7
0.5
0.7
0.7
0.4
0.8
0.3
3.1
0.7
2.8
0.6
0.9
1.8
1.0
0.7
0.7
0.5
0.7
6.4

0.7
0.5
0.7
0.6
0.4
0.8
0.3
4.2
0.7
2.5
0.5
1.0
1.8
1.1
0.7
0.6
-11.8
0.6
-11.1

3.6
1.7
0.0
0.0
na
0.0
na

3.8
2.0
1.6
1.7
5.2
0.8
-52.7

4.0
2.4
1.7
3.9
125.2
1.5
-11.9

20.2
17.8
31.3
17.0
15.3
15.8
18.8
14.3
18.8
17.4
8.4
-51.8

17.0
15.9
21.5
14.5
13.0
15.0
17.3
13.3
16.0
15.5
7.3
-52.8

1.0
1.6
1.7
3.6
2.8
2.2
3.8
3.5
2.5
2.5
0.7
-72.0

1.0
1.5
1.5
3.3
2.6
2.1
3.4
3.3
2.3
2.4
0.6
-74.5

1.0
1.5
1.4
3.0
2.4
2.0
3.1
3.1
2.2
2.2
0.5
-77.9

9.1
6.8
13.8
15.7
16.3
9.6
13.4
11.7
12.1
12.5
5.7
-54.7

8.2
6.7
9.9
12.7
11.6
9.2
12.1
10.6
10.1
10.2
4.6
-55.4

6.9
6.2
7.6
11.1
9.8
8.6
11.3
9.7
8.9
9.2
3.5
-62.1

12.5
9.9
20.2
16.8
18.3
11.3
15.6
12.8
14.7
14.2
7.5
-47.3

10.7
9.5
12.9
13.1
12.7
10.7
14.0
11.4
11.9
12.0
6.0
-49.9

8.6
8.6
9.4
10.8
10.5
10.1
12.9
10.4
10.2
10.2
4.5
-56.1

1.6
3.8
2.3
3.0
5.4
4.2
11.9
8.2
5.1
4.0
1.5
-62.7

1.6
3.7
2.2
2.8
5.1
4.1
10.3
6.4
4.5
3.9
1.3
-67.4

1.5
3.6
2.2
2.8
4.8
4.1
9.0
5.1
4.1
3.8
1.1
-70.8

3.8
4.9
1.2
4.0
3.5
5.8
3.8
2.4
3.7
3.8
0.0
-100.0

3.9
5.0
2.2
4.9
5.4
6.2
4.3
2.9
4.3
4.6
1.7
-62.9

4.3
5.4
3.1
5.4
6.8
5.5
4.6
3.4
4.8
5.0
3.9
-21.6

9.3
12.1

8.9
9.6

8.3
10.7

0.9
0.4

0.8
0.4

0.7
0.4

7.0
3.8

6.3
3.8

5.8
4.4

8.7
11.0

7.7
10.5

7.0
12.4

2.0
0.4

2.4
0.4

2.9
0.5

4.2
9.4

4.4
9.4

4.7
9.4

10.7
10.7
9.7
-9.3

9.3
9.3
8.4
-9.5

9.5
9.5
7.3
-23.3

0.6
0.6
0.7
8.4

0.6
0.6
0.6
1.9

0.6
0.6
0.5
-16.0

5.4
5.4
5.7
5.0

5.0
5.0
4.6
-9.6

5.1
5.1
3.5
-31.7

9.8
9.8
7.5
-23.9

9.1
9.1
6.0
-33.6

9.7
9.7
4.5
-53.7

1.2
1.2
1.5
20.1

1.4
1.4
1.3
-9.9

1.7
1.7
1.1
-32.8

6.8
6.8
0.0
-100.0

6.9
6.9
1.7
-75.3

7.0
7.0
3.9
-44.5

Advisers, Factset

www.emerald-advisers.com

Sales growth expectations, 2015-2016

Expected Sales Growth, 2015-2016

While Consensus expects the European Media
Sector to generate slightly negative sales
growth in 2015 but slightly positive sales
growth in 2016, Roulartas consensus sales
expectations are largely influenced by its sale of
its French Magazine business, GER.
On an underlying basis, it seems reasonable to
expect Roularta to grow in line with the market
possibly slightly ahead, as its magazine
business has stabilised during 2015, while Free
sheets and Medialaan are also adding to the
growth.
The European Media Sector clearly remains both
a mature and largely saturated sector with sales
growth of a couple of percent in times of
economic growth and with lightly negative sales
growth in times of economic contraction. The
ongoing trend of media digitisation structurally
reduces the sector-wide Print Media top-line by
c0.5% to a couple of percent at most. Therefore,
overall, and across the cycle, the European
Media Sector is growing, also thanks to its
efforts to more and more migrate its content to
digital platforms. This is also the case for
Roularta.

2015 expected sales growth (%)

20%

ROU-BRU

10%
0%
-10%
-20%
-30%

15%

IPR-LIS

IPDCDUB
ES-MIL

10%

IPDCDUB
ES-MIL

TMGAMS

-50%
Dec-11 Dec-12 Dec-13 Dec-14

2015 expected sales growth, Roularta vs. peers

20%

5%

MN-MIL

0%
-5%
Oct-14

Apr-15

Oct-15

TMGAMS

2016 expected sales growth, Roularta vs. peers

3%

10%

2%

0%

1%

-10%
-20%

0%

-30%

-1%

-40%
-50%
Dec-11

ROU-BRU

IPR-LIS

MN-MIL

-40%

2016 expected sales growth (%)

20%

Dec-12

Dec-13

ROU-BRU

Dec-14
Peer avg.

-2%
Oct-14

Apr-15
ROU-BRU

Peer avg.

Oct-15

Source: FactSet, Emerald Financial Advisers

www.emerald-advisers.com

10

EBITDA growth and margin expectations, 2015-2016

EBITDA, 2015-2016

2015 expected EBITDA growth (%)

80%

Consensus analyst estimates of Roulartas 2015

and 2016 EBITDA has been more volatile than
that of the Sector as a whole as well as that of
most of its Sector peers.
Importantly, both EBITDA growth as well as the
EBITDA margin is expected positive for Roularta,
with EBITDA margins expected to exceed the
sector average*. By exiting its loss-making
French business and by concentrating on
operational excellence, next to systematically
developing digital media activities, Roulartas
EBITDA should continue to trend up over time.
*In Roulartas specific case, its reported EBITDA
margin (as also probably reflected by Factset
consensus) is positively influenced by the IFRS
11 treatment of its 50% stake in Medialaan,
whereby 50% of Medialaans net profit is
accounted for in Roulartas EBITDA and EBIT,
but where Medialaans sales are not accounted
for in Roulartas top-line, which somewhat
inflates Roulartas profit margins versus the
Sector average. Emerald Financial Advisers
estimates exclude equity accounted results from
the EBITDA and EBIT lines. We expect 8%
EBITDA margin in 2015 and 10% in 2016.

ROU-BRU

60%

IPR-LIS

40%

IPDCDUB
ES-MIL

20%
0%
-20%

MN-MIL

-40%

TMGAMS

-60%
Dec-11 Dec-12 Dec-13 Dec-14

20%

2016 expected EBITDA growth (%)

ROU-BRU

15%

IPR-LIS

10%

IPDCDUB
ES-MIL

5%
0%

MN-MIL

-5%
-10%
Oct-14

Apr-15

Oct-15

TMGAMS

2015 expected EBITDA margin, Roularta vs. peers 2016 expected EBITDA margin, Roularta vs. peers
20%

20%

15%

15%

10%

10%

5%

5%

0%
Oct-14

Apr-15
ROU-BRU

Peer avg.

Oct-15

0%
Oct-14

Apr-15
ROU-BRU

Peer avg.

Oct-15

Source: FactSet, Emerald Financial Advisers

www.emerald-advisers.com

11

Consensus Payout Expectations, 2015-2016

Dividend Payout

2015 expected Payout, Sector

160

Since 2012, Roularta has not paid a dividend to

its shareholders on the back of its loss-making
French Magazine business GER. With this
business exited, it is likely that Roularta returns
to paying a dividend again in the future.
Its average payout ratio prior to its acquisition
in France, Roulartas payout ratio was c32%
(2002-2006), which is broadly in line with the
Sector average.
Consensus currently expects Roulartas dividend
payout ratio to be 15% in 2016, in line with our
forecast. We expect a 30% payout in 2017
respectively.

2016 expected Payout, Sector

ROU-BRU

140
120

IPR-LIS

100

IPDCDUB
ES-MIL

80
60
40

MN-MIL

20

TMGAMS

0
Dec-11 Dec-12 Dec-13 Dec-14

140

IPDCDUB
ES-MIL

80
60
40

MN-MIL

20
0
Oct-14

Apr-15

Oct-15

TMGAMS

2016 expected payout, Roularta vs. Peers

60

50

50

40
30

30

20

20

10

10
0
Dec-11

IPR-LIS

100

2015 expected payout, Roularta vs. Peers

40

ROU-BRU

120

Dec-12

Dec-13

ROU-BRU

Dec-14
Peer avg.

0
Oct-14

Apr-15
ROU-BRU

Oct-15
Peer avg.

Source: FactSet, Emerald Financial Advisers

www.emerald-advisers.com

12

Expected development of net-debt-to-EBITDA, 2015-2016

Net-debt-to-EBITDA

2015 NFD/EBITDA, sector

8

The level of financial leverage in the Media

Sector has been very high in 2011 and 2012, but
trended down to c. 1.7x, in terms of Netfinancial-debt-to-EBITDA. Roulartas net-debtto-EBITDA ratio has exceeded 2x only during
2014.
Consensus expects Roulartas net-debt-toEBITDA ratio to move further down during 2016
to levels of about 0.7x, compared to c2x for the
Media Sector as a whole.
This essentially means that Roularta has
relatively more financial leeway, compared to
the sector as a whole.

ROU-BRU

IPR-LIS
IPDCDUB
ES-MIL

4
2

MN-MIL

TMGAMS

-2
Dec-11 Dec-12 Dec-13 Dec-14

2015 NFD/EBITDA, Roularta vs. Peers

8

2016 NFD/EBITDA, sector

ROU-BRU

5
4

IPR-LIS

IPDCDUB
ES-MIL

2
1
0

MN-MIL

-1
-2
-3
Oct-14

2.5

MN-MIL
Apr-15

Oct-15

2016 NFD/EBITDA, Roularta vs. Peers

1.5

1
2
0
Dec-11

0.5
Dec-12

Dec-13

ROU-BRU

Dec-14
Peer avg.

0
Oct-14

Apr-15
ROU-BRU

Oct-15
Peer avg.

Source: FactSet, Emerald Financial Advisers

www.emerald-advisers.com

13

Historical Sales Growth Rates and Margin Development

Historical Sales Growth, Sector

0.4

Historical EBITDA Margin, Sector

ROU-BRU

0.2

IPR-LIS

IPDC-DUB

-0.2

ES-MIL

-0.4

MN-MIL

-0.6

TMG-AMS

-0.8
2004 2006 2008 2010 2012 2014

Historical Sales Growth, Roularta vs. Peers

100%

Historical EBIT Margin, Sector

80%

ROU-BRU

60%

IPR-LIS

40%

IPDC-DUB

20%

ES-MIL

0%
-20%

MN-MIL

-40%
-60%
2004 2006 2008 2010 2012 2014

TMG-AMS

Historical EBITDA Margin, Roularta vs. Peers

30%

Historical EBIT Margin, Roularta vs. Peers

20%

20%

15%

15%

10%

10%

5%

5%

0%

0%

-5%

2006

2008
ROU-BRU

2010

2012
Avg

2014

-5%
2004

2006

2008
ROU-BRU

2010

2012
Avg

2014

TMG-AMS

-30%
2004 2006 2008 2010 2012 2014

0.2

-0.8
2004

MN-MIL

-20%

25%

-0.6

ES-MIL

-10%

25%

-0.4

IPDC-DUB

0%

30%

-0.2

IPR-LIS

10%

0.4

ROU-BRU

20%

-10%
2004

2006

2008
ROU-BRU

2010

2012

2014

Avg

Source: FactSet, Emerald Financial Advisers

www.emerald-advisers.com

14

Historical Capex, NWC, and FCF Development

Historical Capex (% sales), Sector

18%

Historical FCF/Sales, Sector

ROU-BRU

16%
14%
12%
10%
8%
4%

5%

IPR-LIS

IPDC-DUB

10%

IPDC-DUB

0%

IPDC-DUB

5%

ES-MIL

0%

MN-MIL

-5%
-10%
2004 2006 2008 2010 2012 2014

Historical Capex (% sales), Roularta vs. Peers

TMG-AMS

Historical FCF/Sales, Roularta vs. Peers

-5%

-20%
2004 2006 2008 2010 2012 2014

8%

15%

5%

6%

10%

4%

5%

2%

0%

ROU-BRU

2010

2012
Avg

2014

-5%
2004

TMG-AMS

Historical NWC/Sales, Roularta vs. Peers

10%

2008

MN-MIL

-15%

20%

2006

ES-MIL

-10%

10%

0%
2004

ROU-BRU

10%

IPR-LIS

TMG-AMS

0%
2004 2006 2008 2010 2012 2014

20%

15%

15%

MN-MIL

2%

ROU-BRU

IPR-LIS

ES-MIL

6%

25%

Historical NWC/Sales, Sector

0%
-5%
-10%
-15%
2006

2008
ROU-BRU

2010

2012
Avg

2014

-20%
2004

2006

2008
ROU-BRU

2010

2012

2014

Avg

Source: FactSet, Emerald Financial Advisers

www.emerald-advisers.com

15

Share liquidity

Annualised share turnover, as a % of MCap

Premium/Discount vs. Sector

0%

90

-10%

80

-20%

70

-30%

60

-40%

50

-50%

40

-60%

30

-70%

20

-80%

10
0
Jan-03

-90%
Jan-06
ROU-BRU

Jan-09

Jan-12

Jan-15

-100%
Jan-03

Sector median

Jan-07

Jan-11

Jan-15

% prem./(disc.)

Source: FactSet, Emerald Financial Advisers

www.emerald-advisers.com

16

2003 2004 2005 2006

Consolidated P&L (m)
Sales
438
499
493
609
EBITDA
61
65
56
78
EBIT
44
46
39
51
Pretax profit
41
45
37
49
25
Net profit
27
29
22
Combined P&L (m)
2003 2004 2005 2006
Sales
EBITDA
EBIT
Pretax profit
Net profit
Cash Flow (m)
2003 2004 2005 2006
Adj. EBITDA
60
65
56
72
-10
5
-1
22
WCR
Gros Op CF
49
70
55
95
FCF
31
52
39
69
Capex
-42
-28
1
-50
-4
-17 -214
Net acq./(disp.)
-6
Dividends
-4
-5
-7
-8
Equity issue
6
0
-1
51
Others
28
-26
13
334
Net Debt incr./(decr.)
15
-10
28
182
Balance Sheet (m)
2003 2004 2005 2006
WC
44
39
39
17
Capital Employed
224
237
296
660
Discontinued Assets
0
0
0
0
Cash & Equivalent
26
27
35
42
75
263
Gross Debt
48
39
Equity
177
200
216
285
Growth (%)
2003 2004 2005 2006
31
Sales
9
15
-3
-14
40
EBITDA
30
7
EBIT
64
3
-17
48
Net profit
249
10
-23
10
FCF
17
65
-25
78
-12
2
-57
NWC
31
Capital Employed
61
5
25
123
Shareholder Equity
44
13
8
32
Financial Ratios
2003 2004 2005 2006
69
67
71
Gross margin (%)
68
EBITDA margin (%)
14
13
11
13
EBIT margin (%)
10
9
8
9
4
Net margin (%)
6
6
5
90
87
Opex/Sales (%)
86
86
Depreciation/Sales (%)
3
3
3
3
Depreciation/EBITDA (%)
24
22
30
25
48
Tax rate (%)
37
38
40
6
0
8
Capex/Sales (%)
10
FCF/Sales (%)
7
10
8
11
WCR/Sales (%)
-2
1
0
4
3
WC/Sales (%)
10
8
8
51
47
60
108
Capital Employed/Sales (%)
Gearing (%)
12
6
17
74
Net Debt/EBITDA (x)
0.4
0.2
0.7
2.8
6
ROCE post-tax (%)
15
13
9
ROE (%)
18
16
11
10
Dividend Payout (%)
19
25
33
33
Valuation
2003 2004 2005 2006
517
579
Market Capitalisation (m)
270
453
+ Net Financial Debt ()
23
12
40
222
+ Restated Min. + others (m)
25
37
36
38
23
17
- Associates & Inv. (m)
18
16
824
480
576
= Enterprise Value (m)
300
Assoc. NFD (gr. share) (m)
0
0
0
0
1.4
1.2
EV/Sales (x)
0.7
1.0
EV/EBITDA (x)
4.9
7.4 10.3 10.5
EV/EBIT (x)
6.9 10.4 14.9 16.1
9.3 14.8 11.9
EV/FCF (x)
9.5
EV/Capital Employed (x)
1.3
2.0
1.9
1.2
P/E (x)
9.8 15.0 22.4 22.9
2.4
2.0
P/BVPS (x)
1.5
2.3
11.6 11.4
7.5 11.9
FCF yield (%)
Per share data
2003 2004 2005 2006
# of shares
9.88 9.93 9.96 11.01
# of avg sh. (FD, ex-treas.)
9.60 9.64 9.70 10.78
Share price
27.35 45.64 51.94 52.65
EPS
2.70 2.95 2.26 2.25
EPS FD
2.78 3.04 2.32 2.30
BVPS
17.93 20.15 21.65 25.88
DPS
0.50 0.75 0.75 0.75

Enterprise Value (m): 164

Market Cap. (m): 262
Free-float MCap (m): 66

www.emerald-advisers.com
Source: Company data, Emerald Financial Advisers

2009
707
53
10
-3
-4
2009

2009
36
-10
26
12
-20
57
0
2
-89
-39
2009
-39
584
0
72
198
312
2009
-8
-24
-23
na
-89
-20
-9
-2
2009
76
8
4
-1
92
3
42
-84
3
2
-1
-6
83
39
2.4
3
-1
0
2009
184
127
15
10
316
0
0.4
5.9
30.9
27.4
0.5
-42.3
0.6
6.3
2009
13.13
12.62
14.02
-0.32
-0.33
23.75
0.00

2008
782
70
33
18
14
2008

2008
67
62
129
109
-35
4
-9
28
-178
-81
2008
-49
640
0
110
275
318
2008
3
-14
-31
-14
117
na
-7
12
2008
75
9
4
2
92
3
37
31
5
14
8
-6
82
50
2.4
3
5
0
2008
393
165
22
12
568
0
0.7
8.2
17.4
5.2
0.9
27.5
1.2
27.8
2008
13.13
12.62
29.96
1.05
1.09
24.22
0.00

2007
767
81
50
36
16
2007

2007
80
4
84
50
-38
-14
-8
-13
47
24
2007
13
689
0
32
278
284
2007
31
4
-11
-36
-27
-24
4
0
2007
74
11
7
2
89
3
29
55
5
7
1
2
90
83
3.0
3
6
52
2007
669
246
38
11
942
0
1.2
11.6
19.0
18.7
1.4
40.4
2.4
7.5
2007
11.04
10.62
60.61
1.44
1.50
25.70
0.75

2010
77
-19
58
33
-8
-9
0
0
-30
-15
2010
-20
602
0
44
155
345
2010
3
54
131
na
183
-49
3
11
2010
78
12
9
4
88
2
22
37
1
5
-3
-3
85
31
1.4
6
9
21
2010
248
111
17
11
365
0
0.5
4.5
6.4
11.2
0.6
7.7
0.7
13.2
2010
13.13
12.62
18.85
2.36
2.45
26.28
0.50

2010
712
82
57
51
31
2010

2011
63
4
66
47
0
1
-6
-3
-60
-22
2011
-24
581
0
35
124
351
2011
0
-15
-32
-50
44
19
-4
2
2011
76
10
6
2
91
2
22
43
0
6
1
-3
79
25
1.3
3
4
30
2011
275
89
16
12
369
0
0.5
5.3
10.4
7.9
0.6
16.9
0.8
17.0
2011
13.14
12.48
20.95
1.17
1.24
26.73
0.35

2011
731
70
36
28
15
2011

Financial summary

2012
39
17
56
48
-4
0
-4
0
-59
-20
2012
-41
549
0
79
148
345
2012
-3
-35
-73
na
2
72
-5
-2
2012
75
6
2
0
94
2
34
28
1
7
2
-6
77
19
1.5
1
-1
0
2012
185
70
14
14
254
0
0.4
5.6
53.7
5.3
0.5
-70.1
0.5
26.0
2012
13.14
12.48
14.06
-0.19
-0.20
26.23
0.00

2012
712
45
5
-4
-3
2012

2013
677
42
-49
-57
-58
2013
491
46
23
16
-58
2013
21
-16
5
-4
-6
1
0
0
16
7
2013
-25
511
0
51
127
287
2013
-3
-6
na
na
na
-38
-7
-17
2013
76
6
-4
-9
94
3
41
-3
1
-1
-2
-4
75
26
1.8
6
-18
0
2013
155
76
35
14
253
0
0.4
6.0
-5.1
-66.2
0.5
-2.5
0.5
-2.5
2013
13.14
12.48
11.81
-4.41
-4.64
21.84
0.00

2014
300
20
4
-3
-142
2014
477
48
33
26
-142
2014
17
4
21
34
-7
9
0
0
-30
6
2014
-51
221
152
34
116
143
2014
-58
-54
na
na
na
99
-57
-50
2014
72
7
2
-47
94
3
45
-89
2
11
1
-17
74
56
4.2
8
-66
0
2014
162
82
20
123
141
0
0.3
7.2
36.0
4.1
0.6
-1.1
1.1
21.0
2014
13.14
12.48
12.36
-10.84
-11.41
10.90
0.00

2015e
289
23
12
6
25
2015e
465
57
43
37
25
2015e
20
-6
14
27
-10
12
0
0
0
29
2015e
-45
276
0
63
116
173
2015e
0
19
129
na
-19
-12
25
21
2015e
75
8
5
9
91
3
39
40
3
10
-2
-15
95
30
2.2
12
16
0
2015e
262
53
21
171
164
-6
0.6
7.0
13.5
6.0
0.6
9.8
1.5
10.5
2015e
13.14
12.48
19.95
1.92
2.03
13.16
0.00

2016e
290
28
15
9
29
2016e
471
62
47
41
29
2016e
25
-3
22
36
-10
16
0
0
0
42
2016e
-42
263
0
105
116
202
2016e
2
18
19
16
29
-7
-5
17
2016e
76
10
6
10
91
3
35
30
3
12
-1
-14
91
5
0.4
12
16
15
2016e
262
11
20
155
138
-6
0.5
5.0
9.2
3.9
0.5
8.5
1.3
13.6
2016e
13.14
12.48
19.95
2.23
2.34
15.37
0.33

2017e
292
31
18
13
34
2017e
482
68
53
47
34
2017e
28
0
28
43
-10
16
-4
0
0
45
2017e
-42
247
0
150
116
231
2017e
0
11
15
15
22
1
-6
14
2017e
76
11
7
12
90
3
32
30
3
15
0
-14
85
-15
-1.1
14
16
30
2017e
262
-34
20
139
108
-6
0.4
3.5
6.1
2.5
0.4
7.4
1.1
16.5
2017e
13.14
12.48
19.95
2.56
2.69
17.58
0.77
54.0
0.0
15.6

2.5
8.3
-1.9

-18.7

03-14 15-17e
2.6
0.0
2.4
0.0
-7.0
0.0
na
15.2
na
15.2
-4.4
15.6

-6.6

03-14 15-17e
-4.5
0.0
12.4

-5.3

-0.1

03-14 15-17e

CAGR CAGR
03-14 15-17e
-3.4
0.5
-9.8
14.3
-19.7
21.0
na
43.7
na
15.2
03-14 15-17e
1.8
9.3
10.4
13.1
15.2
03-14 15-17e
16.5
-10.8
na
na
-7.4
39.3
0.7
25.6
-14.5
0.0

Financial tear-sheet

17

Disclaimer

Emerald Financial Advisers is a brand of Vigilant Financial Advisory SPRL and Elysion Capital BVBA. Legal representatives of Emerald Financial Advisers are therefore both Vigilant Financial Advisory
SPRL and Elysion Capital BVBA.
This Report is solely for the information of the recipients. All information contained in this research report has been compiled from sources believed to be reliable. However, no representation or warranty,
express or implied, is made with respect to the completeness or accuracy of its contents, and it is not to be relied upon as such. Opinions contained in this research report represent the authors current
opinions on the date of the report only. Emerald Financial Advisers is not soliciting an action based upon it, and under no circumstances is it to be used or considered as an offer to sell, or a solicitation of
any offer to buy.
This report is provided solely for the information of professional investors who are expected to make their own investment decisions without undue reliance on this report and Emerald Financial Advisers
accepts no liability whatsoever for any direct or consequential loss arising from any use of this report or its contents.
ANALYST CERTIFICATION:
Emerald Financial Advisers has been mandated by the subject company to produce a neutral, fair, and elaborate equity research report about the subject company with the aim to increase investors
awareness about the stock. The authors hereby declare that this report represents their personal opinion and that the company has neither limited nor in any other way influenced the content of this report.
No part of the research analyst's compensation was, is, or will be, directly or indirectly, related to the specific opinions or views expressed by the research analyst in this research report.
The authors also declare that they are not shareholders of the subject company and that they have no other economic interest in the subject company than through their current mandate.
This Report is and at all times shall remain the exclusive property of Emerald Financial Advisers.
This Report contains statements, estimates and projections provided by the Client concerning anticipated future performance. Such statements, estimates and projections reflect assumptions by our Client
concerning anticipated results, which may or may not prove to be correct. No representations, expressed or implied are made as to the accuracy of such statements, estimates and projections.
All communication regarding this Report and requests for additional information should be directed to Emerald Financial Advisers:
Arnaud W. Goossens
Managing Partner
arnaud.goossens@emerald-advisers.com
Axel Funhoff
Managing Partner
axel.funhoff@emerald-advisers.com
For more information about
EMERALD FINANCIAL ADVISERS
please visit:
www.emerald-advisers.com

www.emerald-advisers.com

18