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Companies: PANTAFLIX AG
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Pantaflix has had a busy first half, with productions delayed from FY20 coming to completion and with more expected to complete in H221. H121 revenue of €22.7m will be the bulk of the year’s total, with management guiding to a figure of more than €30m. EBIT for the year will be in a range of -€2.5m and break-even, having narrowed to a €2.1m loss in H121 (H120: -€4.3m). The industry fundamentals remain positive across the group’s operations, particularly in terms of high levels of demand for cont
Pantaflix had a tough FY20, but expects a strong recovery in FY21 with management guiding to revenues of at least €30m. COVID-19 was very disruptive to production and release schedules but the pace has picked up notably in FY21. Management expects the FY21 EBIT loss to narrow to between €2.5m and breakeven, with market forecasts anticipating an even better outturn. The group has been making good progress with its B2B offering and is keen to scale its production slate in film and episodic. In May
Pantaflix had a difficult H120 due to the COVID-19 pandemic, leading to film projects being suspended or postponed. This resulted in a significant dip in revenue from €14.5m in H119 to €4.9m in H120. Production resumed in late H120, with releases scheduled for H220 and H121. Encouragingly, B2B activities are building steadily as the group diversifies monetisation of its platform. H120 costs were reduced by short-time working, aided by state support, reducing the EBIT loss to €4.3m (H119: €6.3m).
Pantaflix expects a tough FY20, followed by a strong recovery in FY21. The COVID-19 shutdown has disrupted current productions and the release of previously finished films, weighing heavily on FY20 revenue. EBIT should retrench less, given efficiencies put in place. With production hopefully resuming later in the year, the content pipeline should start unwinding. The Pantaflix VoD (video on demand) platform is building its presence in a busy market and has some interesting B2B opportunities. The
Pantaflix’s first half results show a marked reduction in the EBITDA loss, from €3.1m in H118 to €1.1m for the period, benefiting from lower operating expenses. The new corporate strategy put in place earlier in the year broadens the potential revenue streams, both in terms of channels to market and in the breadth of content. Management guidance suggests a significant improvement in EBIT and earnings in H219, with consensus forecasts suggesting that the group should move into profit in FY21.
Pantaflix’s content production business continues to do well, although FY18 earnings were impacted by timing issues, with revenues slipping into FY19 and costs already incurred. The content pipeline is strong, including a first series for Netflix. Longer-term growth should come from expanding the Pantaflix platform from transactional video-on-demand (TVoD) to subscription and advertising-supported models (SVoD and AVoD). It should also open up white-label and commercial B2B2C opportunities.
While the growth of the video on demand (VoD) platform will likely take the plaudits, Pantaflix’s film production business has continued its strong run of ramping up both the quality and volume of content. Continued investment in both businesses saw net losses expand to €4.4m in H118. However, the film production business has a strong pipeline and the VoD platform is growing rapidly. Despite the premium rating, further improvements to the newly launched KPIs or the announcement of additional par
Stefan Langefeld’s promotion to CEO is a strong validation of Pantaflix’s commitment to its disruptive VOD platform, where it continues to improve functionality and distribution. However, in 2017 it was the excellent performance of the production business that underpinned the 152% increase in revenues and return to operating profitability for the group.
Pantaflix has undergone significant transition over H117. The newly renamed company has delivered a number of functional improvements to its eponymous VOD platform, which has now begun to record revenues, and is expected to drive growth. Furthermore, the film production business continues to perform strongly. While we see risk to estimates, we do not believe that these should be the basis on which investors gauge the opportunity to participate in a disruptive, global VOD platform.
The launch of global video-on-demand (VOD) platform PANTAFLIX at the end of 2016 and the recent announcement of a new JV in China could prove transformative for Pantaleon, traditionally known for its hit film productions. The market opportunity is significant, it has a first-mover advantage and capital risk is limited. Although at an early stage of development, the direction of travel is positive and the shares have started to reflect the potential.
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