Original-Research: Mexedia SPA-SB - von GBC AG

Einstufung von GBC AG zu Mexedia SPA-SB

Unternehmen: Mexedia SPA-SB
ISIN: IT0005450819

Anlass der Studie: Research Report (Note)
Empfehlung: Buy
Kursziel: 36.00 EUR
Kursziel auf Sicht von: 31.12.2024
Letzte Ratingänderung: 
Analyst: Matthias Greiffenberger, Marcel Schaffer

Advancing Mexedia: Expanding Services, Strategic Acquisitions, and
Innovative Offerings
During the first half of 2023, the Mexedia Group witnessed a substantial
surge in revenue propelled by strategic acquisitions of Phonetime Inc. and
Matchcom Telecommunications Inc., executed through Mexedia Inc. These
acquisitions strategically redirected revenue from Mexedia Ltd.'s
voice-based electronic termination services to the flourishing U.S. market,
with the goal of fortifying the competitive position and streamlining the
integration of the newly acquired entities.
Concurrently, Mexedia S.p.A. SB, the parent company, introduced SMS
electronic termination services, yielding positive impacts on both revenue
and margin. The Mexedia Group achieved consolidated revenues of EUR133.36
million in the initial six months of 2023, showcasing an impressive growth
of 59.4% compared to the corresponding period in the previous year.
EBITDA remained steadfast at EUR4.10 million, reflecting a 1.9% increase from
the parallel period in the prior year. Mexedia Ltd. contributed 71% to the
EBITDA, while the remaining portion was attributed to Mexedia Inc. The dip
in the EBITDA margin stemmed from continuous optimization processes within
the U.S. companies.
Financial expenses rose to EUR2.36 million due to elevated working capital
and foreign exchange losses linked to the multicurrency operations of
Matchcom Telecommunications Inc., compared to EUR1.72 million in the
corresponding period of the previous year. The overall net result for the
group amounted to EUR1.44 million, a slight decrease from EUR1.58 million in
the same period of 2022.
Following deliberations at the MKK Conference, the forecast was fine-tuned,
anticipating revenues of EUR280 million for 2023 and EUR300 million for 2024.
The management is laser-focused on margin improvement, sustainable growth,
and a gradual transition to opportunities with higher margins.
The positive market projections in the telecommunications sector are fueled
by the escalating demand for communication services. Mexedia strategically
positions itself for substantial revenue growth through initiatives such as
the acquisition of Matchcom Telecommunications Inc. and Phonetime Inc.,
along with the introduction of Mexedia ON.
Mexedia ON, a pivotal element in the growth strategy, serves as a Customer
Experience Platform offering innovative channels like Metaverse and Smart
Voice Assistance. The refined forecast indicates an enhanced margin, with
an anticipated EBITDA of EUR13.12 million for 2023 and EUR18.15 million for
2024. Mexedia is committed to a comprehensive strategy aimed at boosting
the EBITDA margin, encompassing the optimization of existing services and
the introduction of innovative solutions.

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Date and time of completion of the research report: 01.12.2023 (17:00)
Date and time of the first disclosure of the research report: 06.12.2023 (12:00)

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