Italy's Mondadori says core earnings could rise by over 10% this year

Arnoldo Mondadori Editore

29/06/2023 12:50

ROME, June 29 (Reuters) - Italy's Arnoldo Mondadori
Editore  MOED.MI  lifted its adjusted core earnings target for
the year, the publishing house said in a statement on Thursday.
    The group now sees its adjusted earnings before interest,
taxes, depreciation and amortization (EBITDA) rising by a high
single-digit or low double-digit amount in 2023.
    Mondadori, which publishes books and operates more than 500
retail outlets across Italy, had previously guided for a
single-digit increase in EBITDA.
    It also expects its margins to rise between 16%-17% this
year, up from a previous forecast of 15%, while confirming its
single-digit growth forecast for revenues. 
    Mondadori, controlled by the Berlusconi family's Fininvest
holding, will also buy out 51% of Star Shop Distribuzione for an
enterprise value of 9 million euros ($9.8 million) to be paid in
cash.
   Under the deal, Mondadori will have the right to buy the
remaining 49% of the group through put and call options. 
    Star Shop Distribuzione operates in the distribution of
third party publishers in the comics sector.
($1 = 0.9152 euros)

 (Reporting by Federica Urso
Editing by Keith Weir)
 ((federica.urso@tr.com))