Quantitative Equity Research Report | Release: 25 May 2021, 23:02 UTC | Reporting Currency: EUR | Trading Currency: EUR | Exchange: BOLSA DE MADRID Page 1 of 4 Promotora de Informaciones SA A PRS QQQ 25 May 2021, 22:43 UTC Economic Moat Uncertainty Price/Fair Value Trailing Dividend Yield % Market Cap Investment Style Sector Industry None Very High 1.1 — 626.0800 Mil Small Value Communication Entertainment Services 40 30 Last Close 20 0.91 Qoant 10 Fair Value 0.82 Overvalued Fairly Valued 0.1 Undervalued 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 YTD Performance — — 1.15 0.85 0.74 0.91 1.38 0.83 0.88 0.81 1.11 Price/Fair Value -41.98 -72.99 70.21 -35.50 -32.56 0.57 -52.95 28.48 -13.60 -37.99 2.02 Total Return % -34.90 -79.61 44.51 -42.21 -27.49 -2.46 -64.57 40.04 -28.87 -26.07 -25.43 +/- Index Total Return % as of 25 May 2021. Last Close as of 25 May 2021. Fair Value as of 25 May 2021, 22:43 UTC. Index: Morningstar Spain GR EUR. There is no one analyst in which a Quantitative Fair Value Estimate and Quantitative Star Rating are attributed to; however, Mr. Lee Davidson, Head of Quantitative Research for Morn- ingstar, Inc., is responsible for overseeing the methodology that supports the quantitative fair value. As an employee of Morningstar, Inc., Mr. Davidson is guided by Morningstar, Inc.’s Code of Ethics and Personal Securities Trading Policy in carrying out his responsibilities. For information regarding Conflicts of Interests, visit http://global.morningstar.com/equitydisclosures Valuation as of 25 May 2021 Financials as of 25 May 2021 (Fiscal Year End 31 Dec 2021) 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 YTD Fiscal PRS is Over Valued 2,641 2,623 1,511 1,408 1,348 1,157 1,309 1,065 937 691 159 Revenue (Mil) 217.21 139.21 102.08 35.77 121.22 100.01 152.91 132.50 61.50 -6.55 -6.55 Operating Income (Mil) at a 11% premium. 8.22 5.31 6.76 2.54 8.99 8.64 11.68 12.44 6.56 -0.95 -0.95 Operating Margin (%) -451.22 -255.03 -648.71-2,236.83 5.29 -67.86 -102.56 -269.35 -182.30 89.74 -13.80 Net Income (Mil) Last Close Economic Moat -4.65 -2.03 -4.88 -41.63 0.07 -0.87 -1.29 -0.54 -0.27 0.13 -0.02 Diluted Earnings/Share 0.91 None Operating Cash Flow Financial Health 269 250 56 106 168 152 132 156 70 54 45 Qoant Fair Value Moderate (Mil) 0.82 -217.98 -168.76 -93.64 -74.11 -80.47 -65.79 -67.43 -62.46 -61.57 -45.41 -7.80 Capital Spending (Mil) Qoant Uncertainty : 1-Star Price 51.24 81.64 -38.01 31.79 87.60 86.38 64.87 93.86 8.45 8.75 37.40 Free Cash Flow (Mil) Very High 1.23 113 126 135 54 72 78 79 497 665 707 707 Avg Shares Outstand(Mil) 5-Star Price 0.23 — — — — — — — — — — Dividend Per Share 0.54 Valuation as of 25 May 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Current Calendar — — 1.15 0.85 0.74 0.91 1.38 0.83 0.88 0.81 1.11 Price/Fair Value Contact — 0.18 0.14 0.14 0.29 0.31 0.16 0.90 0.86 0.71 1.09 Price/Sales Gran Via, 32, Madrid, — 28013 — — — — — — — — — — — Price/Earnings +34 913301000 2.87 1.87 1.63 2.65 2.58 2.66 1.20 — — — 12.32 Price/Cash Flow — 0.29 0.09 0.19 — — — — — — — — Price/Book http://www.prisa.com Operating Performance as of — (Fiscal Year End 31 Dec 2021) 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Q3 Fiscal (%) -5.63 -3.28 -9.03 -43.45 0.18 -3.02 -5.08 -15.03 -11.28 7.06 -1.42 Return on Assets -24.76 -13.39 -34.21 -395 — — — — — — -408 Return on Equity -6.02 -2.88 -11.14 -59.2 — — — — — — -53.37 Rtn on Invested Capital Business Description education systems. Geographically, it operates in Promotora de Informaciones SA operates under the Spain, Portugal, Chile, Brazil, Mexico, and other commercial name 'Prisa' which is a multimedia countries out of which Spain accounts for most of group in Spain and Portugal. The business is oper- the revenue for the company. ated through various segment which includes Edu- cation, Radio, Press, and others. Its Education seg- ment includes primarily the sale of educational books and the services and materials related to the ©2021 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions ® presented herein do not constitute investment advice; are provided solely for informational purposes and therefore is not an offer to buy or sell a security; are not warranted to be correct, complete or accurate; and are ß subject to change without notice. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, the information, data, analyses or opinions or their use. The information herein may not be reproduced, in any manner without the prior written consent of Morningstar. Please see important disclosures at the end of this report. Quantitative Equity Research Report | Release: 25 May 2021, 23:02 UTC | Reporting Currency: EUR | Trading Currency: EUR | Exchange: BOLSA DE MADRID Page 2 of 4 Uncertainty) Quantitative Equity Reports Overview Micro-Caps: Log (Quant FVE/Price) between (0.75*Quantitative Uncertainty, 1.5*Quantitative Uncertainty) QQQQQ – the stock is undervalued with a reasonable margin of safety. Log (Quant FVE/Price) > 1*Quantitative Uncertainty Micro-Caps: Log (Quant FVE/Price) > 1.5*Quantitative Uncertainty The quantitative report on equities consists of data, statistics and quantitative equity ratings on equity securities. Morningstar, Inc.’s quantitative equity After the initial calculation for the star rating, there is a final filtering step ratings are forward looking and are generated by a statistical model that is based on the momentum of the company. We rank the companies based on based on Morningstar Inc.’s analyst-driven equity ratings and quantitative their 12-1 month momentum, then restrict those below the 30th percentile to a statistics. Given the nature of the quantitative report and the quantitative maximum of 3 stars. ratings, there is no one analyst in which a given report is attributed to; however, Mr. Lee Davidson, Head of Quantitative Research for Morningstar, iv. Quantitative Uncertainty: Intended to represent Morningstar’s level of Inc., is responsible for overseeing the methodology that supports the uncertainty about the accuracy of the Quantitative Fair Value Estimate. quantitative equity ratings used in this report. As an employee of Morningstar, Generally, the lower the Quantitative Uncertainty, the narrower the potential Inc., Mr. Davidson is guided by Morningstar, Inc.’s Code of Ethics and Personal range of outcomes for that particular company. The rating is expressed as Low, Securities Trading Policy in carrying out his responsibilities. Medium, High, Very High, and Extreme. Low – the interquartile range for possible fair values is less than 10% Quantitative Equity Ratings Medium – the interquartile range for possible fair values is less than 15% Morningstar’s quantitative equity ratings consist of: (i) Quantitative Fair Value but greater than 10% Estimate, (ii) Quantitative Star Rating, (iii) Quantitative Uncertainty, (iv) High – the interquartile range for possible fair values is less than 35% but Quantitative Economic Moat, and (v) Quantitative Financial Health (collectively greater than 15% the “Quantitative Ratings). Very High – the interquartile range for possible fair values is less than 80% but greater than 35% The Quantitative Ratings are calculated daily and derived from the analyst- Extreme – the interquartile range for possible fair values is greater than driven ratings of a company’s peers as determined by statistical algorithms. 80% Morningstar, Inc. (“Morningstar”, “we”, “our”) calculates Quantitative Ratings for companies whether or not it already provides analyst ratings and qualitative v. Quantitative Financial Health: Intended to reflect the probability that a firm coverage. In some cases, the Quantitative Ratings may differ from the analyst will face financial distress in the near future. The calculation uses a predictive ratings because a company’s analyst-driven ratings can significantly differ from model designed to anticipate when a company may default on its financial other companies in its peer group. obligations. The rating is expressed as Weak, Moderate, and Strong. Weak – assigned when Quantitative Financial Health < 0.2 i. Quantitative Fair Value Estimate: Intended to represent Morningstar’s Moderate – assigned when Quantitative Financial Health is between 0.2 estimate of the per share dollar amount that a company’s equity is worth and 0.7 today. Morningstar calculates the Quantitative Fair Value Estimate using a Strong – assigned when Quantitative Financial Health > 0.7 statistical model derived from the Fair Value Estimate Morningstar’s equity analysts assign to companies. Please go to http://global.morningstar.com/ Other Definitions equitydisclosures for information about Fair Value Estimate Morningstar’s i. Last Close – Price of the stock as of the close of the market of the last equity analysts assign to companies. trading day before date of the report. ii. Quantitative Valuation– Using the below terms, intended to denote the ii. Quantitative Economic Moat: Intended to describe the strength of a firm’s relationship between the security’s Last Price and Morningstar’s quantitative competitive position.