Fundamental Analyses, Contrarian Cashflows

Contrarian Cashflows

Fundamental Analyses

The purpose of Contrarian Cashflows is to document my investment research and share it with everyone who is interested in value investing. My long term aspiration for Contrarian Cashflows is to become a platform for professional investors and serious amateurs where they can get inspiration and discuss investing-related topics.
I plan to publish one company deep dive per month that is guided by my investment approach. All information I use for my write-ups is publicly available and most of the time directly sourced from public filings issued by the respective companies. To guarantee maximum transparency, for every post I provide a list of all used sources in the resources section.
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If you want to reach out to me directly, the best way is via LinkedIn, Twitter or email. You can find the details at my homepage contrariancashflows.com

Thematic (Sector/Industry)

<ul>
<li>Each week, I’ll share five intriguing investment ideas that recently caught my attention. These ideas are meant to spark your research and help you kickstart the week ahead with fresh insights.</li>
<li>Because these ideas are the result of my first-level idea generation process, they require more in depth research. Therefore, the ideas will often be concise, with occasional references to valuable work from other practitioners that I encourage you to explore.</li>
<li>If you have something fascinating to share that could benefit me and the wider community, don’t hesitate to send it my way—I’d love to hear from you!</li>
</ul>


Each week, I’ll share five intriguing investment ideas that recently caught my attention. These ideas are meant to spark your research and help you kickstart the week ahead with fresh insights.
Because these ideas are the result of my first-level idea generation process, they require more in depth research. Therefore, the ideas will often be concise, with occasional references to valuable work from other practitioners that I encourage you to explore.
If you have something fascinating to share that could benefit me and the wider community, don’t hesitate to send it my way—I’d love to hear from you!


Leading International Investment Research, Edison Investment Research

Edison Investment Research

Leading International Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Equity Bottom-Up

Edison Investment Research is terminating coverage on Reworld Media (ALREW). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.

Edison Investment Research is terminating coverage on Reworld Media (ALREW). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.

Reworld Media is delivering the financial returns on its strategy of digital transformation of well-established media brands, supplemented with the ad tech expertise of Tradedoubler (30% owned). FY17 figures show good revenue and margin progress from the media brands, with Tradedoubler starting to recover post repositioning and restructuring. The group also has a strengthening balance sheet. Our updated model suggests a strong uplift in adjusted PBT in FY18 driven by the growing digital element in Branding and the continuing turnaround at Tradedoubler. The rating is yet to reflect the improving quality of earnings or the scale of the opportunity.

Reworld Media is delivering the financial returns on its strategy of digital transformation of well-established media brands, supplemented with the ad tech expertise of Tradedoubler (30% owned). FY17 figures show good revenue and margin progress from the media brands, with Tradedoubler starting to recover post repositioning and restructuring. The group also has a strengthening balance sheet. Our updated model suggests a strong uplift in adjusted PBT in FY18 driven by the growing digital element in Branding and the continuing turnaround at Tradedoubler. The rating is yet to reflect the improving quality of earnings or the scale of the opportunity.

Reworld Media - Driving branding performance

The key elements of the H117 figures are the strong growth and margin improvement in the core media branding business and the return to profit at Tradedoubler. The latter&rsquo;s consolidation has lifted Reworld&rsquo;s half year revenues by 23% over H116. With the consolidation of Sporever, our current year figures are underpinned and our FY18 forecasts are slightly raised. The strong media brand portfolio, combined with the data and monetisation capabilities of Tradedoubler (30% owned) make the group an attractive partner to advertisers. On a lower cost base, this is translating into impressive earnings growth, not yet reflected in the rating.

The key elements of the H117 figures are the strong growth and margin improvement in the core media branding business and the return to profit at Tradedoubler. The latter&rsquo;s consolidation has lifted Reworld&rsquo;s half year revenues by 23% over H116. With the consolidation of Sporever, our current year figures are underpinned and our FY18 forecasts are slightly raised. The strong media brand portfolio, combined with the data and monetisation capabilities of Tradedoubler (30% owned) make the group an attractive partner to advertisers. On a lower cost base, this is translating into impressive earnings growth, not yet reflected in the rating.

Reworld Media has posted strong preliminary FY16 numbers, with EBITDA of &#8364;4.4m &#8211; well ahead of earlier guidance of around &#8364;3.3m and our estimate of &#8364;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.

Reworld Media has posted strong preliminary FY16 numbers, with EBITDA of &#8364;4.4m &#8211; well ahead of earlier guidance of around &#8364;3.3m and our estimate of &#8364;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.

France

ReWorld operates a social networking Internet website built around sustainable development.  The website allows individuals, companies and associations to exchange information, conduct marketing, and recruit members.

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Reworld Media Sa (ALREW FP)

Monday Delight: 08/09/25

Each week, I’ll share five intriguing investment ideas that recently caught my attention. These ideas are meant to spark your research and help...

Contrarian Cashflows

Reworld Media - Termination of coverage

Edison Investment Research is terminating coverage on Reworld Media (ALREW). Please note you should no longer rely on any previous research or...

Edison Investment Research

Reworld Media - Driving branding performance

Reworld Media is delivering the financial returns on its strategy of digital transformation of well-established media brands, supplemented with the...

Edison Investment Research

Media performance

The key elements of the H117 figures are the strong growth and margin improvement in the core media branding business and the return to profit at...

Edison Investment Research

Digital progress and momentum

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...

Edison Investment Research

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