Futures higher; data wave incoming this week - what’s moving markets
Exponential growth of programmatic and video ad formats enabled RNTS Media NV (DE:RNM) to grow revenues by 69% in FY16, at the top of its peer set. Management has reiterated its expectation of ongoing strong growth in 2017 and EBITDA profitability. The recent restructuring of the €150m convertible bonds frees the group’s hand to put in place additional financing, required to satisfy earnouts. This would remove an overhang on the shares, which trade in line with peers on FY17e EV/sales multiples.
Guidance for strong growth reiterated
Pro forma (PF) preliminary results were as indicated in the February trading update. Gross revenues increased by 69% to €218.1m and the EBITDA loss, adjusted for one-off and non-cash items, was €5.8m with the Q4 EBITDA loss close to break-even at €0.5m. Underpinning this increase was the exceptional growth in programmatic trading (+300%) and video ad formats (+280%), which accounted for 59% and 44% of revenues in the year. With the full integration of acquisitions and its focus on mobile, programmatic and video, management expects growth to continue in FY17 and has reiterated its guidance for revenues and adjusted EBITDA profits of above €280m and €3m respectively.
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