Axel Funhoff
axel.funhoff@emerald-advisers.com
Arnaud W. Goossens
arnaud.goossens@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.
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%
Medialaan
64%
Medialaan
77%
www.emerald-advisers.com
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
Nov-07
Roularta
Nov-09
Free-to-Air
Nov-11
Nov-13
www.emerald-advisers.com
Benchmarking summary
PRINTING
FREE TV
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
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
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
EPS Worms
6
5
4
3
2
1
0
Dec-03 Dec-06 Dec-09 Dec-12
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
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
www.emerald-advisers.com
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.
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
Jan-09
Jan-12
Jan-15
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
www.emerald-advisers.com
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
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
0.0
30
40
10
20
EBIT margin (%) 16e
30
www.emerald-advisers.com
PEG
2.0x
35.0
30.0
PEG
1.0x
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
www.emerald-advisers.com
PRINTING
FREE TV
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
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
5%
MN-MIL
0%
-5%
Oct-14
Apr-15
Oct-15
TMGAMS
10%
2%
0%
1%
-10%
-20%
0%
-30%
-1%
-40%
-50%
Dec-11
ROU-BRU
IPR-LIS
MN-MIL
-40%
Dec-12
Dec-13
ROU-BRU
Dec-14
Peer avg.
-2%
Oct-14
Apr-15
ROU-BRU
Peer avg.
Oct-15
www.emerald-advisers.com
10
EBITDA, 2015-2016
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%
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
www.emerald-advisers.com
11
Dividend Payout
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
60
50
50
40
30
30
20
20
10
10
0
Dec-11
IPR-LIS
100
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.
www.emerald-advisers.com
12
Net-debt-to-EBITDA
ROU-BRU
IPR-LIS
IPDCDUB
ES-MIL
4
2
MN-MIL
TMGAMS
-2
Dec-11 Dec-12 Dec-13 Dec-14
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
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.
www.emerald-advisers.com
13
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
100%
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
30%
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
www.emerald-advisers.com
14
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
TMG-AMS
-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
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%
0%
-5%
-10%
-15%
2006
2008
ROU-BRU
2010
2012
Avg
2014
-20%
2004
2006
2008
ROU-BRU
2010
2012
2014
Avg
www.emerald-advisers.com
15
Share liquidity
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.)
www.emerald-advisers.com
16
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
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