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Gaertner-Redaktion Senior-Gärtner Beiträge: 25 Registriert: Jun 2000 erstellt am 06. September 2000 um 12:26 Uhr ---------------------------------------------------------------------- 50% Potential zum fairen Wert 5 September 2000 Improving fundamentals not reflected in price Excessively affected by the rights issue. After announcing plans for a capital increase Advanced Medien’s shares slumped from a high of €18 in February to below €10 in May. Despite completing the one for four rights issue the shares continued to slip, falling to a year low of €7.55 at the end of June. Fair value is, nevertheless, more than 50% above the current level. Better fundamentals and internationalisation have been overlooked. As one of the smallest listed German film companies the shares have had limited investor following. This was reinforced by the comparatively mature library acquired during the 1980s and low profile film rights. The group though has recently made increasingly higher profile deals, is developing more co-productions with strong partners and taken stakes in production companies. Joint venture with Wolfgang Petersen signed in May. Petersen is one of the most famous German directors, known for the international success of Das Boot, and recently as the director of Perfect Storm starring George Clooney. Under the agreement Advanced Medien will own half of any joint film. The ten productions could have a total production volume of $600m over the next five years. Major joint venture with Telepool in July. As the state-owned Telepool purchasing group is not allowed to buy shares in listed companies, a joint venture Europool has been formed. This will be 40% owned by Advanced Medien. This brings security of distribution for films to German TV, but more importantly enhanced credibility for Advanced Medien and access to greater funding. United Film Organisation (UFO) acquisition enhances US presence. In May Advanced Medien bought 51% of UFO, a niche TV film company. Whilst modest in comparison with the expansion of some German film companies, the purchase provides a foothold for the group in the US. Price at 05/09/00 €8.2 Local index 05/09/00 DAX 7428 Market capitalisation €136m $123m Value of free float €80m Reuters DVNG.F |
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| aus der Diskussion: | Nr.: 1! NEWS- & ADHOC - MELDUNGEN von Advanced Medien! |
| Autor (Datum des Eintrages): | utamaus (06.09.00 12:42:47) |
| Beitrag: | 28 von 53 (ID:1758324) |
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