Reworld Media has posted strong preliminary FY16 numbers, with EBITDA of €4.4m – well ahead of earlier guidance of around €3.3m and our estimate of €3.5m. This demonstrates the positive impact of the strategy to grow the digital aspects of the media brands and the improving performance of TradeDoubler. Our FY17 and FY18 forecasts are broadly unchanged and show a continuing positive trajectory as the brands gain traction. The market valuation is at an 18% discount to peers, more on a DCF basis.
