Equity Company Note 21 September 2018: 8:16 CET Lucisano Media Group Date and time of production A 60-Year Journey in the Italian Film Industry BUY Lucisano Media Group - Key estimates and data Target Price: EUR 3.3 Y/E December 2017A 2018E 2019E 2020E Revenues EUR M 38.39 38.87 46.85 50.92 EBITDA EUR M 14.17 14.78 18.32 19.75 Italy/Media EBIT EUR M 5.77 4.63 6.82 6.75 Initiation of Coverage Net Income EUR M 3.80 2.97 4.75 4.74 Dividend ord. EUR 0.05 0.05 0.05 0.05 Adj. EPS EUR 0.26 0.20 0.32 0.32 Intesa Sanpaolo EV/EBITDA x 4.7 3.7 2.9 2.6 Research Department Adj. P/E x 9.2 9.1 5.7 5.7 Alberto Francese A: actual; E: estimates; Source: Company data and Intesa Sanpaolo Research Research Analyst +39 02 8794 9815 . A leading fully vertically integrated player. Founded in 1958 by Fulvio Lucisano, Lucisano
[email protected] Media Group is the oldest integrated Italian player active in the production, acquisition, distribution of film and TV products, and in the management of multiplexes. Over its history, Lucisano Media Group has produced over 150 films, has distributed approximately 500 foreign movies and can count on over 325 Italian and International films in its library to date. The group has also become the third-largest operator in the Italian multiplex circuit with 57 screens directly managed. In FY17A, revenues increased by 0.7% to EUR 38.4M, with revenues from services (production, Corporate Brokerage Team distribution and multiplexes) down by 4.6% to EUR 28.1M and other revenues (grants and tax Alberto Francese Gabriele Berti credit) up by 19% to EUR 10.2M.