RNTS Media: Taking Its Divisional Name, Fyber
Edison | Jun 04, 2017 05:45AM ET
Reflecting the closer integration of its assets, RNTS Media NV (DE:RNM) will rename to Fyber. Revenue growth of 17% in Q1 falls short of full-year targets but is expected to accelerate as the year progresses and management has reiterated its full year targets of revenues over €280m and EBITDA over €3m. Putting in place additional financing would lift a significant overhang on the shares.
Decent Q1 but must accelerate to hit FY17 targets
Pro forma Q117 revenues increased by 17% to €49.7m. While this falls short of the c 30% growth rate targeted by management for the year, Q1 is typically a seasonally small quarter and management believes it is on course to deliver its full year targets. Gross margins at 29.4% were down y-o-y (Q116: 31.0%), due to the strong growth of lower-margin Fyber RTB and margin pressure in Inneractive which is sacrificing some margin in the short term as it expands its position in China. Despite this, gross margins are tracking ahead of our forecasts due to continued expansion at Fyber RTB which is now close to the group average. RNTS moved back into adjusted EBITDA loss of €5m in Q1, a function of seasonality with operational expenses only slightly up on Q416, reflecting the expansion into China.
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