15/04/2016

FEP
Finance Club
Corporate Finance Department | www.fepfinanceclub.org

15/04/2016

Media Market
Since the crisis of 2007, AD spending has been
dropping constantly, reflecting the Portuguese
economy. From 2010 to 2015 we saw a CAGR of 11.18%.
AD Market

We expect a continuation of this trend as TV gains a

small market and with the Internet and Digital Market
growing the most, with a representation of 18% by
2020, more 5,5 p.p. than 2015.

Duopol y in TV segment
On March 7, 1957 public broadcaster Rdio e
Televiso de Portugal (RTP) began broadcasting
RTP1, the first television channel in the country. A
second RTP channel, RTP2, started broadcasting on
December 25, 1968. Private commercial channels
were launched in the early 1990s, with SIC on
October 6, 1992 and TVI on February 20, 1993.
Public television is still the most watched in 2016, but
Pay-Tv market is still growing as penetration in
Portugal has been growing following the push from
Telecom operators. Differently from other countries
the main channels with bigger audience from PAY-TV
are the news channels.
Pay-Tv household Penetration

INE and Eurostat

As the economy recovers, we expect an annual GDP

growth of 1.5% until 2020 and 2% from that year.
However the percentage of GDP in AD spending is
expected to grow slightly until 0.38% by 2020,
reflecting the historical average: CAGR of 1.36%.
AD Market forecast

INE

In the TV AD segment all that matter is audience

share, mainly prime time, from 20h00 to 00h00. TVI
has the lead, as from January 2016, with 22.4%
followed by SIC with 17.5%. They belong to MEDIA
CAPITAL and IMPRESA, respectively, which jointly
controls ~55% of the total revenues.
TV AD Revenues
FFC Analysis

While television is still the preferred channel of

spending, the Internet and Digital market are growing
rapidly which is in line with the worldwide trend. On
the other hand we have press and radio losing their
preference amongst the Portuguese community.
AD Market Structure
Companies Data and FFC Analysis

This duopoly is expected to continue as MEDIA

CAPITAL with TVI and TVI24 will continue to be
market leader followed by IMPRESA slightly behind
with SIC and SIC Notcias as the main channels.

INE

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15/04/2016

Press - from paper to digital

Press has also reached its peak in 2007, and has
been dropping ever since.. In this segment we can
also differentiate two main players: IMPRESA and
COFINA, with Correio da Manh and Pblico as the
main newspapers, respectively.

Summary
In the Portuguese advertisement market we can find
three big players: MEDIA CAPITAL, COFINA and
IMPRESA.
Investment Comparison

Press AD Revenues

Yahoo Finance
Companies Data

Not only are the revenues dropping but also the

number of newspapers and magazines in circulation.
By the end of 2015 only 109 of the 171 (2011)
magazines and newspapers were still alive.
Total number in Circulation (Millions)

MEDIA CAPITAL and COFINA leaders in TV and

Press segment, respectively, followed by IMPRESA in
both segments

Main Risks
Evolution of Advertising Market: on-going process
fragmentation and diversification
Development of Media Sector: Technology is
disrupting the media industry by broadening the
competitive landscape and changing habits of media
consumption
Content Production: high investment risk
production of proprietary high-quality content.

in

Valuation Methodology
ACPT and FFC Analysis

Companies started to react to this macro-economic

trend, as newspaper and magazines can now be
found online and on mobile.

Radio is still w orth mentioning

Radio has a small piece of the pie; however MEDIA
CAPITAL with Rdio Comercial, amongst others, has
gained a huge market share in the past three years.

A discounted cash flow analysis was used to estimate

the intrinsic value of companies share price due to the
predictability of cash flows in relation to growth and
profitability. The model is forecasted for five years
which is heavily dependent on macro-economic
factors. We also perform a valuation cross-check for
the implied EV/EBITDA and PER for each company.

1Y Price Targets
Current Price 1Y Target

Media Capital Market Share

IMPRESA
MEDIA-CAPITAL
COFINA

0.35
2.50
0.36

0.32
3.64
0.25

%
-9.28%
45.59%
-30.42%

FFC Analysis

Note
The following content is original and created by the
FEP Finance Club, which is run by students from
School of Economics and Management of Porto. The
report may contain inaccurate or outdated information
and should not be used as an exclusive mean for
investment decisions.
INE, Company Data and FFC Analysis

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15/04/2016
Date: 15/04/2016
Ticker: IPR.LS

Share Price

Headquarters: Pao de Arcos, Oeiras

Potential: -9.28%

Current Price: 0.35

Target Price: 0.32

Business Description
Impresa Sociedade Gestora de Participaes Sociais SA (IMPRESA SGPS SA) is
a Portugal-based holding company involved in the media industry, with interests
covering television broadcasting, newspapers and magazines publishing, among
others.

Yahoo Finance

Market Profile
52-Week High/Low 0.32 - 1.02
Avg. Vol (3M)
138
Shares Outs.
168M
Market Cap.
59.14M
Dividend Yield
0,00%
BETA
1.74
Revenue/Share
1.37
EV/EBITDA
10.44
PER
12.48
Free Float
49.69%
Closing Price
0.35
Investing.com

Multiples

The Company divides its business into three main segments: Television segment,
which includes video production and operation of private television channels in
Portugal, such as SIC, SIC Noticias, SIC Radical, SIC Internacional and SIC;
Publishing segment, which is active in the publishing of a range of newspapers and
magazines, including such titles as Expresso, Viso, Exame and Caras, and
Others segment, which comprises activities in the real estate sector, multimedia
solutions and geo-location technological solutions.
As of December 31, 2011, the Companys subsidiaries included Impresa
Publishing SA, SIC - Sociedade Independente de Comunicao SA, Impresa
Digital Produo Multimedia Lda and Impresa Servios Sociedade Unipessoal Lda,
among others.
Key Ratios
Total Revenues
Net Profit
EBITDA Margin
Return on Assets
Return on Equity
Cash Conversion Cycle
Debt/Assets
Financial Leverage
Interest Coverage
PER
EV/EBITDA
Net Debt/EBITDA

2014
2015
2016F
2017F
2018F
2019F
2020F
237,8
230,9
225,2
227,6
230,1
232,7
235,5
11,0
4,0
4,0
4,8
5,6
6,4
7,2
0,1
0,1
0,1
0,1
0,1
0,1
0,1
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,1
0,0
0,0
0,0
0,0
0,0
0,0
15,1 15,7 - 15,7 15,7 - 15,7 - 15,7 - 15,7
0,7
0,6
0,6
0,6
0,6
0,6
0,6
2,0
1,8
1,8
1,8
1,7
1,7
1,6
2,5
1,6
1,6
1,7
1,9
2,0
2,1
12,1
14,6
13,4
13,4
13,5
13,6
13,8
10,0
10,0
8,9
9,7
9,4
9,0
8,7
5,5
7,5
7,7
7,0
6,3
5,7
5,1

Source: Company Data and FFC Analysis

The company increased its subscription revenues by 11.7% YoY, but its publishing
side dropped 2.7% leading to a drop in advertising by 2.2% YoY. The continuation
of the plus the restructuring effect of its operational business leads to a small
decrease in the next year reaching an EBITDA Mg of 9.65% 1YF.
FFC Analysis

Its deleveraging process is still in place since 2008, however due to expected drop
on EBITDA, its Net Debt / EBITDA is expected to maintain in the upcoming years.

Sensitivity Analysis

The company has a target to tighten its operational costs, keep the deleveraging
effect and start turning the company ratios around.

WACC

Growth Rate
Sens.
Analysis
1,75% 2,00% 2,25%
7,76% 0,38
0,43
0,48
8,26% 0,28
0,32
0,36
8,76% 0,19
0,22
0,26

With the recovery of the Portuguese economy ROE is expected to start growing
but is still too low when taking into consideration the risk that the company is
facing.

FFC Analysis

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15/04/2016

P&L
EBITDA

Source: Team Estimates

Revenue structure 2016F

Million
Revenues
Television
Publishing
Others
Operational Costs
COGS
Services
Staff
Others
EBITDA
Depreciations
EBIT
Financial Operations
EBT
Taxes
Net Profit

TV
Total Revenues
Advertising revenues
Subscription revenues
Others

Source: Team Estimates

Publishing
Total revenues
Advertising revenues
Publish
Others

2012
228,56
158,65
68,67
1,24
207,99
81,52
64,17
59,66
2,64
20,57
11,39
9,18
13,35
- 4,16
1,05
- 5,22

2013
237,18
173,54
63,13
0,51
205,55
79,16
71,66
52,39
2,35
31,63
6,54
25,09
11,80
13,29
6,69
6,60

2014
237,78
177,60
58,77
1,41
205,47
81,40
67,81
53,69
2,58
32,31
4,42
27,89
11,34
16,55
5,55
11,01

2015
230,92
173,64
55,77
1,51
207,78
82,51
67,32
55,90
2,05
23,14
4,44
18,70
11,99
6,71
2,69
4,03

2016F
225,23
170,25
53,52
1,47
203,51
80,04
65,59
55,80
2,08
21,73
4,49
17,23
10,58
6,66
2,66
3,99

2017F
227,61
174,79
51,33
1,48
204,51
80,43
66,21
55,70
2,16
23,10
4,34
18,76
10,75
8,01
3,20
4,80

2018F
230,10
179,50
49,10
1,50
205,57
80,87
66,86
55,60
2,25
24,53
4,26
20,27
10,92
9,34
3,74
5,60

2019F
232,72
184,39
46,82
1,52
206,71
81,33
67,54
55,51
2,33
26,01
4,24
21,77
11,10
10,67
4,27
6,40

2020F
235,47
189,45
44,48
1,54
207,92
81,83
68,26
55,41
2,42
27,55
4,28
23,27
11,27
12,00
4,80
7,20

158,65
87,38
45,10
26,16

173,54
88,25
44,43
40,86

177,60
94,64
45,13
37,83

173,64
93,89
50,42
29,33

170,25
89,24
51,34
29,66

174,79
91,15
52,25
31,39

179,50
93,14
53,17
33,19

184,39
95,23
54,08
35,08

189,45
97,40
55,00
37,05

68,67
29,85
30,43
8,38

63,13
27,95
27,32
7,86

58,77
27,11
25,70
5,96

55,77
25,58
25,00
5,19

53,52
25,14
23,54
4,84

51,33
24,73
22,09
4,51

49,10
24,28
20,63
4,18

46,82
23,76
19,18
3,87

44,48
23,19
17,74
3,56

2017F
417,46
300,89
0,53
25,33
9,95
22,11
23,81
20,40
1,83
12,62
150,57
266,89
182,08
3,83
5,97
35,43
39,58

2018F
426,38
300,89
0,53
24,70
9,95
22,11
24,07
29,66
1,85
12,62
156,17
270,21
184,96
3,87
5,97
35,82
39,58

2019F
436,12
300,89
0,53
24,42
9,95
22,11
24,35
39,38
1,87
12,62
162,58
273,54
187,84
3,92
5,97
36,22
39,58

2020F
446,67
300,89
0,53
24,42
9,95
22,11
24,63
49,63
1,89
12,62
169,78
276,90
190,73
3,96
5,97
36,65
39,58

BS
Net Debt

Source: Team Estimates

Assumptions

RF
3,99%
Def. Spread 2,01%
Kd
6,00%
Beta
1,33
MRP
6,00%
Ke
11,94%
WACC
8,26%
Source: Team Estimates

Million
Total Assets
Goodwill
Intangible
Fixed Assets
Net Investments
Program Rights
Clients
Cash and Equivalents
Inventory
Others
Equity
Liabilities
IBD
Provisions
Financial Leases
Suppliers
Others

2012
421,04
300,89
0,45
30,62
12,81
30,1057
28,84
1,89
2,02
13,42
120,05
300,99
205,98
5,14
14,69
34,12
41,06

2013
421,88
300,89
0,33
29,29
12,89
25,70
37,46
1,43
2,20
11,69
126,87
295,01
189,66
5,89
11,09
40,96
47,40

2014
407,08
300,89
0,47
28,18
12,50
22,69
24,71
4,82
1,85
10,96
137,60
269,48
181,22
5,31
8,22
36,37
38,36

2015
403,47
300,89
0,53
27,84
9,95
22,11
24,16
3,52
1,86
12,62
141,77
261,70
176,32
3,89
5,97
35,94
39,58

2016F
409,37
300,89
0,53
26,35
9,95
22,11
23,56
11,55
1,81
12,62
145,77
263,60
179,20
3,79
5,97
35,06
39,58

FCFF
Million
EBIT
EBIT (1-T)
CAPEX
D&A
-WCI
FCFF

2013
2014
2015
2016F
25,09
27,89
18,70
17,23
12,46
18,55
11,22
10,34
- 0,96 - 0,68
2,68
3,00
6,54
4,42
4,44
4,49
- 1,19
7,92 - 1,30 - 0,34
18,77
31,55
11,67
11,49

2017F
18,76
11,25
3,32
4,34
0,14
12,42

2018F
20,27
12,16
3,64
4,26
0,15
12,93

2019F
21,77
13,06
3,96
4,24
0,16
13,50

2020F
23,27
13,96
4,28
4,28
0,16
14,13

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15/04/2016
Date: 15/04/2016
Ticker: CFN.LS

Headquarters: Porto
Potential: -30.42%

Current Price: 0.36

Target Price: 0.25

Business Description

Share Price

Cofina SGPS SA (Cofina) is a Portugal-based holding company primarily involved

in the publishing industry.
The Company develops activities in the area of media and content through
traditional press and online publications in various segments, including general
information, sport, business and automobile, among others.
Yahoo Finance

Market Profile
52-Week High/Low 0.36 - 0.62
Avg. Vol (3M)
72 744
Shares Outs.
102.57M
Market Cap.
36.92M
Dividend Yield
5.56%
BETA
0.89
Revenue/Share
1.01
EV/EBITDA
6.80
PER
7.30
Free Float
32.35%
Closing Price
0.36
Investing.com

Multiples

The Company is engaged in the publishing of a number of newspaper and

magazine titles, such as Correio da Manh, Jornal de Negcios, Destak, Record,
Metro, Sbado, Maxima, Vogue and Automotor, among others.
As of December 31, 2011, the Company had a number of subsidiaries, including
Cofina Media SGPS, Metronews - Publicaes SA, Mediafin SGPS SA, Presselivre
- Imprensa Livre SA, Grafedisport - Impresso e Artes Grficas SA and Web
Works - Desenvolvimento de Aplicaes, among others.

Key Ratios
Total Revenues
Net Profit
EBITDA Margin
Return on Assets
Return on Equity
Cash Conversion Cycle
Debt/Assets
Financial Leverage
Interest Coverage
PER
EV/EBITDA
Net Debt/EBITDA

2014
106,1
6,2
0,2
0,0
0,1
66,5
0,6
0,7
3,9
7,7
6,4
3,6

2015 2016F 2017F 2018F 2019F 2020F

100,7 98,1 95,6 93,0 90,3 87,4
5,1
4,6
4,1
3,5
2,8
2,0
0,1
0,1
0,1
0,1
0,1
0,1
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,0
89,2 91,0 92,8 94,6 96,4 98,2
0,5
0,5
0,5
0,6
0,6
0,6
0,7
0,7
0,7
0,7
0,7
0,7
3,2
2,8
2,6
2,3
2,0
1,7
7,3
5,6
6,7
8,5 11,2 16,4
5,5
5,7
6,1
6,6
7,2
8,1
4,1
4,1
4,2
4,4
4,7
5,2

Company Data and FFC Analysis

COFINAs revenues has been severed punished by the macro economic

landscape that Portugal is passing through, dropping 2.92% CAGR since 2013
until 2015. Looking forward things are not expected to get better, even taking into
consideration the efforts to go digital.

FFC Analysis

Sensitivity Analysis

By transforming its business, COFINA will have better gross margins but the huge

WACC

WACC

Growth Rate
Sens.
Growth
Rate drop in revenues will lead to a decrease in EBITDA Mg.
Sens. 1,75% 2,00%
Analysis
2,25%
Analysis
2,00%
2,25%
7,83% 0,29 1,75%
0,31
0,34
The companys financial situation will be put at pressure, with Interest coverage
8,33%
0,23
0,25
0,28
7,83% 0,29
0,31
0,34 tending to values near one. ROE and ROA also tend to decrease nto being
ratio
8,83% 0,18
0,20
0,22

8,33% 0,23
FFC Analysis
8,83% 0,18

0,25
0,20

enough
0,28 to cover its risks.

0,22

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15/04/2016

P&L
EBITDA

Source: Team Estimates

Net Debt

Source: Team Estimates

Million
Revenues
Circulation
Advertising
Others
Operational Costs
COGS
Services
Staff
Others
EBITDA
Depreciations
EBIT
Financial Operations
EBT
Taxes
Net Profit

2012
113,33
60,08
39,56
13,70
96,69
17,82
45,35
33,21
0,31
16,64
3,27
13,37
3,46
9,90
5,65
4,25

2013
107,66
56,56
34,83
16,27
90,03
15,44
42,17
32,37
0,04
17,63
5,27
12,36
3,26
9,09
4,29
4,80

2014
106,08
54,42
36,71
14,95
87,87
14,76
41,15
31,65
0,31
18,21
4,89
13,32
3,42
9,89
3,64
6,25

2015
100,68
52,85
33,80
14,03
85,69
12,76
41,16
31,49
0,28
14,98
2,84
12,15
3,77
8,38
3,32
5,06

2016F
98,14
51,06
33,43
13,65
84,08
12,73
39,90
31,19
0,26
14,06
2,18
11,88
4,20
7,68
3,07
4,61

2017F
95,64
49,26
33,11
13,28
82,49
12,69
38,66
30,90
0,25
13,15
1,91
11,25
4,39
6,86
2,74
4,12

2018F
93,03
47,44
32,70
12,89
80,84
12,62
37,38
30,60
0,23
12,20
1,79
10,41
4,57
5,83
2,33
3,50

2019F
90,30
45,60
32,21
12,49
79,11
12,52
36,08
30,30
0,22
11,19
1,77
9,42
4,76
4,66
1,86
2,79

2020F
87,44
43,75
31,62
12,07
77,31
12,38
34,73
30,00
0,20
10,12
1,82
8,31
4,94
3,36
1,35
2,02

2019F
147,76
88,79
0,19
3,05
3,17
8,23
29,85
1,74
12,73
29,38
118,38
82,40
12,14
12,13
11,71

2020F
150,51
88,79
0,19
3,05
3,17
7,86
33,05
1,68
12,73
29,34
121,16
85,50
11,98
11,98
11,71

BS
Million
Total Assets
Goodwill
Intangible
Fixed Assets
Net Investments
Clients
Cash and Equivalents
Inventory
Others
Equity
Liabilities
IBD
Provisions
Suppliers
Others

2012
142,42
93,40
0,63
8,17
3,92
7,10
15,74
2,08
11,37
14,74
127,68
97,40
6,43
8,72
15,13

2013
137,19
90,95
0,48
7,18
4,44
9,41
10,32
2,25
12,16
18,04
119,15
88,35
8,50
8,30
14,00

2014
134,51
89,32
0,49
5,88
3,90
9,09
12,66
1,87
11,30
20,28
114,23
77,55
10,32
9,16
17,20

2015
129,25
88,79
0,19
4,47
3,17
9,71
8,19
1,99
12,73
22,57
106,68
70,02
12,49
12,47
11,71

2016F
134,78
88,79
0,19
3,69
3,17
9,34
14,94
1,93
12,73
25,12
109,66
73,11
12,43
12,41
11,71

2017F
139,81
88,79
0,19
3,29
3,17
8,97
20,80
1,87
12,73
27,18
112,63
76,21
12,36
12,35
11,71

2018F
144,17
88,79
0,19
3,11
3,17
8,61
25,77
1,81
12,73
28,63
115,53
79,31
12,26
12,25
11,71

Assumptions

RF
Kd
Beta
MRP
Ke
WACC

3,99%
6,00%
2,33
6,00%
17,97%
8,33%

Source: Team Estimates

FCFF
EBIT
EBIT (1-T)
CAPEX
D&A
-WCI
FCFF

2013
12,36
6,52
2,99
5,27
- 0,82
7,98

2014
13,32
8,41
0,56
4,89
3,37
16,11

2015
12,15
7,34
1,30
2,84
4,73
13,61

2016F
11,88
7,13
1,40
2,18
0,32
8,23

2017F
11,25
6,75
1,51
1,91
0,29
7,44

2018F
10,41
6,24
1,61
1,79
0,24
6,67

2019F
9,42
5,65
1,71
1,77
0,19
5,90

2020F
8,31
4,98
1,82
1,82
0,13
5,11

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Corporate Finance Department | www.fepfinanceclub.org

15/04/2016
Date: 15/04/2016
Ticker: MCP.LS

Share Price

Current Price: 2.50

Target Price: 3.64

Headquarters: Queluz de Baixo, Oeiras

Potential: 45.59 %

Business Description
Grupo Media Capital SGPS SA (Media Capital) is a Portugal-based company
active in the media industry.
The Company operates essentially in Portugal, Spain and Latin America. The
structure adopted by Media Capital comprises six segments: Television,
Audiovisual Production, Music and Entertainment, Cinema and Video, Radio, and
Internet.

Yahoo Finance

Market Profile
52-Week High/Low 2.14 - 2.50
Avg. Vol (3M)
377
Shares Outs.
84.51M
Market Cap.
211.28M
Dividend Yield
7.49%
BETA
0.12
Revenue/Share
2.04
EV/EBITDA
7.89
PER
12.21
Free Float
0.26%
Closing Price
2.50
Investing.com

Multiples

Through its subsidiaries, Media Capital is engaged in the television (TV)

broadcasting; production of TV programs, movies and audiovisual works;
production and broadcasting of radio programs; music publishing; events
production and provision of agency services to artists; distribution of movie rights;
Internet advertising, and creation of Websites.
As of December 31, 2011, the Company wholly owned Media Global SGPS SA,
which was in possession of various subsidiaries, such as TVI Televiso
Independente SA, MCP Media Capital Produes SA, MCR II Media Capital
Radios SA and MCME Media Capital Msica e Entretenimento, among others.
Key Ratios
Total Revenues
Net Profit
EBITDA Margin
Return on Assets
Return on Equity
Cash Conversion Cycle
Debt/Assets
Financial Leverage
Interest Coverage
PER
EV/EBITDA
Net Debt/EBITDA

2014
179,8
8,4
0,0
0,0
0,1
99,3
0,6
1,5
0,3
15,1
5,8
86,1

2015
174,4
7,8
0,0
0,0
0,1
98,2
0,6
1,4
0,3
27,3
9,9
72,2

2016F
164,0
5,8
0,0
0,0
0,0
98,1
0,6
1,4
0,4
53,3
11,2
71,9

2017F
166,1
6,6
0,0
0,0
0,0
98,0
0,6
1,4
0,3
48,4
10,8
68,4

2018F
168,4
7,4
0,0
0,0
0,1
98,0
0,6
1,4
0,3
45,3
10,4
65,3

2019F
170,9
8,0
0,0
0,0
0,1
97,9
0,6
1,3
0,3
43,1
10,1
62,3

2020F
173,4
8,7
0,0
0,0
0,1
97,9
0,6
1,3
0,2
41,6
9,8
59,6

Source: Company Data and FFC Analysis

FFC Analysis

Sensitivity Analysis

WACC

Growth Rate
Sens.
Analysis
1,75% 2,00% 2,25%
7,46% 3,89
4,09
4,32
7,96% 3,47
3,64
3,82
8,46% 3,11
3,25
3,41
FFC Analysis

Media Capitals EBITDA improved 6% YoY in 4Q. For the full year, there was a
slight decrease of 2%, to 40.1 million, with a corresponding margin of 23%.
Consolidated advertising revenues went up by 5% YoY in the quarter and 2% for
2015 as a whole.
The TV segment posted an EBITDA of 13.0 million in Q4. For the full year, the
EBITDA was 31.6 million and the margin 22.3%. The Audiovisual Production
segment registered an annual EBITDA of 1.1 million (vs. 1.0 million in 2014)
and a 4Q EBITDA of 1.3.
Although it has a 45.59% upside potential, there is a high risk associated with this
stock: the lack of liquidity. As the Free flow is only 0.26% the liquidity risk is not
taken into consideration in our analysis.

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Corporate Finance Department | www.fepfinanceclub.org

15/04/2016

P&L
EBITDA

Source: Team Estimates

Net Debt

Source: Team Estimates

Assumptions

RF
Kd
Beta
MRP
Ke
WACC

3,99%
5,00%
1,29
6,00%
11,72%
7,96%

Source: Team Estimates

Million
Revenues
TV Advertising
Radio Advertising
Other Advertising
Others
Operational Costs
COGS
Services
Staff
Others
EBITDA
Depreciations
EBIT
Financial Operations
EBT
Taxes
Net Profit

2012
184,32
94,26
13,44
3,17
73,45
143,93
22,37
68,22
52,82
0,51
40,39
10,70
29,69
9,69
20,01
8,07
11,94

2013
181,72
86,10
13,43
3,15
79,03
143,64
25,74
66,78
50,50
0,62
38,07
8,67
29,40
8,82
20,58
6,90
13,68

2014
179,77
96,19
14,71
3,41
65,47
137,46
23,68
66,08
45,90
1,80
42,32
9,88
32,44
7,57
24,86
8,39
16,48

2015
174,39
97,56
16,05
3,14
57,64
133,17
17,52
70,09
43,45
2,11
41,22
10,26
30,96
5,91
25,05
7,75
17,30

2016F
163,97
92,74
15,10
2,92
53,20
126,60
17,24
66,50
40,76
2,11
37,36
10,50
26,86
5,89
20,97
5,77
15,20

2017F
166,15
94,74
15,54
2,97
52,89
126,51
18,24
67,98
38,07
2,21
39,64
9,70
29,94
5,91
24,03
6,61
17,42

2018F
168,44
96,83
16,00
3,02
52,59
126,51
19,28
69,53
35,38
2,32
41,93
9,24
32,69
5,93
26,76
7,36
19,40

2019F
170,87
99,01
16,47
3,07
52,30
126,62
20,36
71,15
32,69
2,43
44,25
9,03
35,22
5,96
29,26
8,05
21,22

2020F
173,42
101,30
16,97
3,13
52,03
126,85
21,47
72,84
30,00
2,54
46,58
8,97
37,61
5,98
31,63
8,70
22,93

2017F
325,86
153,18
15,17
11,52
1,60
82,99
37,95
9,20
0,02
14,24
136,37
189,49
118,66
6,68
35,80
28,34

2018F
329,22
153,18
15,17
10,76
1,60
82,99
38,49
12,77
0,02
14,24
139,30
189,92
119,11
6,73
35,74
28,34

2019F
334,19
153,18
15,17
10,46
1,60
82,99
39,07
17,47
0,02
14,24
143,83
190,36
119,55
6,78
35,68
28,34

2020F
340,67
153,18
15,17
10,46
1,60
82,99
39,67
23,34
0,02
14,24
149,86
190,81
120,00
6,83
35,63
28,34

BS
Million
Total Assets
Goodwill
Intangible
Fixed Assets
Net Investments
Program Rights
Clients
Cash and Equivalents
Inventory
Others
Equity
Liabilities
IBD
Provisions
Suppliers
Others

2012
351,28
153,57
18,49
21,62
1,60
79,91
40,91
10,79
0,19
24,22
126,09
225,19
113,37
7,73
53,07
51,02

2013
334,62
153,57
15,97
17,36
1,62
79,56
42,09
5,24
0,10
19,12
128,53
206,09
110,81
6,60
45,44
43,23

2014
332,04
153,57
13,83
16,26
1,69
82,07
41,94
3,00
0,04
19,65
134,89
197,15
118,72
6,94
42,48
29,01

2015
328,00
153,18
15,17
15,48
1,60
82,99
39,79
5,55
0,01
14,24
136,03
191,97
117,77
7,11
38,75
28,34

2016F
324,28
153,18
15,17
12,97
1,60
82,99
37,43
6,69
0,01
14,24
135,20
189,08
118,22
6,64
35,88
28,34

FCFF
EBIT
EBIT (1-T)
CAPEX
D&A
-WCI
FCFF

2013
2014
2015
2016F 2017F 2018F 2019F 2020F
29,40
32,44
30,96
26,86
29,94
32,69
35,22
37,61
19,55
21,49
21,38
19,47
21,71
23,70
25,53
27,27
- 3,19
7,25
4,92
8,00
8,24
8,48
8,73
8,97
8,67
9,88
10,26
10,50
9,70
9,24
9,03
8,97
- 9,85 - 2,41 - 1,39 - 0,98 - 0,55 - 0,57 - 0,58 - 0,60
21,56
21,71
25,32
21,00
22,61
23,89
25,25
26,67

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Corporate Finance Department | www.fepfinanceclub.org

15/04/2016

The Team
Director
Pedro Reis
Analysts
Catarina Lindo
Cludia Castro
Cludia Fernandes
Eduardo Magalhes
Gil Flores
Joo Santos
Joo Martins
Pedro Silva
Tiago Paiva

pedro.reis@fepfinanceclub.org

Media

catarina.lindo@fepfinanceclub.org
claudia.castro@fepfinanceclub.org
catarina.fernandes@fepfinanceclub.org
eduardopmagalhaes@fepfinanceclub.org
gil.flores@fepfinanceclub.org
joao.santos@fepfinanceclub.org
joao.martins@fepfinanceclub.org
pedro.silva@fepfinanceclub.org
tiago.paiva@fepfinanceclub.org

Oil & Gas

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Copyright 2016, FEP Finance Club, All rights reserved.

This document has been prepared by FEP Finance Club (FFC). This document is provided
solely to you and at your specific request. In consideration of FFC providing you with this
document, you hereby acknowledge and agree to the following terms and conditions:
The Information represents our view as of the date hereof and is subject to change and/or
withdrawal at any time without notice. The Information may be based on (a) data that may no
longer be current, (b) estimates that may involve highly subjective assessments and (c) models
that may change from time to time and be different from the assumptions and models used by
other persons.
The Information is not intended as an indicative price or quotation and the actual market price of
the security referred to herein can only be determined when and if executed in the market.
Consequently, the Information may not reflect hedging and transaction costs, credit
considerations, market liquidity or bid-offer spreads.
FFC does not guarantee the accuracy, reliability or completeness of the Information (including
any assumptions, modelling or back-testing used to develop such Information), which may have
been developed based upon trade and statistical services or other third party sources. Any data
on past performance, modelling or back-testing contained herein is no indication as to future
performance.
The Information should not be the basis for determining the value of any security or in making
any investing decision.
The Information is illustrative. It is not intended to predict actual results, which may differ
substantially from those reflected in the Information, and no assurances are given with respect
thereto. FFC does not represent that any Information in this document directly correlates with
values which could actually be achieved now or in the future. The value of any investment may
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