Original-Research

Mexedia SPA-SB (von GBC AG): Buy

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Original-Research: Mexedia SPA-SB - von GBC AG

Einstufung von GBC AG zu Mexedia SPA-SB

Unternehmen: Mexedia SPA-SB
ISIN: IT0005450819

Anlass der Studie: Research Report (Note)
Empfehlung: Buy
Kursziel: 36.00 EUR
Kursziel auf Sicht von: 31.12.2024
Letzte Ratingänderung:
Analyst: Matthias Greiffenberger, Marcel Schaffer

Advancing Mexedia: Expanding Services, Strategic Acquisitions, and Innovative Offerings
 
During the first half of 2023, the Mexedia Group witnessed a substantial surge in revenue propelled by strategic acquisitions of Phonetime Inc. and Matchcom Telecommunications Inc., executed through Mexedia Inc. These acquisitions strategically redirected revenue from Mexedia Ltd.'s voice-based electronic termination services to the flourishing U.S. market, with the goal of fortifying the competitive position and streamlining the integration of the newly acquired entities.
 
Concurrently, Mexedia S.p.A. SB, the parent company, introduced SMS electronic termination services, yielding positive impacts on both revenue and margin. The Mexedia Group achieved consolidated revenues of EUR133.36 million in the initial six months of 2023, showcasing an impressive growth of 59.4% compared to the corresponding period in the previous year.  
EBITDA remained steadfast at EUR4.10 million, reflecting a 1.9% increase from the parallel period in the prior year. Mexedia Ltd. contributed 71% to the EBITDA, while the remaining portion was attributed to Mexedia Inc. The dip in the EBITDA margin stemmed from continuous optimization processes within the U.S. companies.
 
Financial expenses rose to EUR2.36 million due to elevated working capital and foreign exchange losses linked to the multicurrency operations of Matchcom Telecommunications Inc., compared to EUR1.72 million in the corresponding period of the previous year. The overall net result for the group amounted to EUR1.44 million, a slight decrease from EUR1.58 million in the same period of 2022.
 
Following deliberations at the MKK Conference, the forecast was fine-tuned, anticipating revenues of EUR280 million for 2023 and EUR300 million for 2024. The management is laser-focused on margin improvement, sustainable growth, and a gradual transition to opportunities with higher margins.  
The positive market projections in the telecommunications sector are fueled by the escalating demand for communication services. Mexedia strategically positions itself for substantial revenue growth through initiatives such as the acquisition of Matchcom Telecommunications Inc. and Phonetime Inc., along with the introduction of Mexedia ON.
 
Mexedia ON, a pivotal element in the growth strategy, serves as a Customer Experience Platform offering innovative channels like Metaverse and Smart Voice Assistance. The refined forecast indicates an enhanced margin, with an anticipated EBITDA of EUR13.12 million for 2023 and EUR18.15 million for 2024. Mexedia is committed to a comprehensive strategy aimed at boosting the EBITDA margin, encompassing the optimization of existing services and the introduction of innovative solutions.

Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28447.pdf

Kontakt für Rückfragen
GBC AG
Halderstrasse 27
86150 Augsburg
0821 / 241133 0
[e-mail]
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Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,6a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: https://www.gbc-ag.de/de/Offenlegung
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Date and time of completion of the research report: 01.12.2023 (17:00) Date and time of the first disclosure of the research report: 06.12.2023 (12:00)

übermittelt durch die EQS Group AG.

Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

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Rating: Buy
Analyst: GBC