Mf (Class Editori) pinches Cairo Communication (Rcs)

18 September 20204 years ago babelfish

Cairo Communication is currently worth less than the controlling interest (58.83%) held in Rcs Mediagroup. This is what the newspaper Mf / Milano Finanza critically underlines

This is what he underlines in a commentary-analysis by the newspaper Mf / Milano Finanza of the Class Editori group founded and directed by Paolo Panerai.

The financial newspaper starts from a premise: the media sector was one of the most affected by Covid-19 . "This is why the current data and assessments are probably not true, they do not represent the real value of a business in crisis since 2008".

However, looking at the performance of Piazza Affari – the numbers are still the numbers – it is impossible not to notice that, thanks to the new historical low reached yesterday (1.24 euros per share), Cairo Communication is currently worth less than the controlling stake (58.83%) held in Rcs Mediagroup, underlines the newspaper directed by Panerai, founder and shareholder of the Class Editori group.

This – remarks Mf / Milano Finanza – because if the group in via Rizzoli as of yesterday had a capitalization of 290.68 million, the market cap of the parent company, 166.68 million, is lower in value (173.92 million) of the share held in the company founded by Urbano Cairo.

All this without considering that “Cairo Communication as at 30 June last had an overall debt (including rental contracts pursuant to Ifrs 16) of 297.5 million. However, the figure also takes into account the total debt of RCS, 276.2 million ”.

This means that, in terms of equity value, the market precisely assigns to the listed parent company that refers (67.375%) to the owner of Torino Calcio an overall value lower than that of the reference shareholding held in its main asset, i.e. the company that in Italy publishes Corriere della Sera and Gazzetta dello Sport among others : " It should be noted that at the end of June the broadcaster La7 had revenues of 50.9 million and a loss of 6.3 million and Cairo Editore it had a turnover of 44.4 million and a profit of 1.9 million ”.

This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/mf-class-editori-pizzica-cairo-communication-rcs/ on Thu, 17 Sep 2020 13:40:04 +0000.