Financial Forecast MNH Thanks to acquisitions of various companies this year, MNH just released consolidated forecasts for Y1 activity, revenues would exceed 33 million euros including VOD in Europe, TV shopping in China, Software Licensing, Equity stakes in EIP (film production) and MNTV. The key elements of our business model relies on business ready to go: R&D, business development, Networks and clients have been prepared since two years with a low cost development tool as soon as we have mutualized overheads and risks: The VOD platform, the contracts with Chinese TV, The software development, films already in post production give MNH reasons to believe in strong forecasts with low liabilities. These numbers give MNH an enterprise value Y+1 at 120 Million euros calculated on a Price/sales of 4, the average comparative ratio in the Communication / TMT sector (cf Bloomberg). If we consider a 20% gross margin or earnings we could expect a PER Y+1 of 17 (average ratio again). Such a PER shall bring the share price at 0.25 euro mid term allowing a market cap of 125 Million euros (revenues X 4).
|