Recommendations » UK
Dori Media (LON:DMG ) report:Interim results to June 2010
August 25, 2010, Wednesday, 16:45 GMT | 11:45 EST | 21:15 IST | 23:45 SGT
By Daniel Stewart & Co
- Dori Media Group (DMG) reported a strong set of 1H results inline with our expectations. Showing sequential top line growth on both 1H09 and 2H09. Further the outlook is improving and we expect a stronger 2H performance which should meet our forecasts for the group.
- DMGs library of content continues to expand as does the international revenue base. New platforms such as internet and mobile offer significant opportunities for distribution of content. These factors underpin future revenue, profits and cash.
- Our target price remains unchanged at 200p based on 4.5x FY11E EBTIDA, in line with broader UK media / broadcasters. Our longer term DCF points to 260p. We retain our Buy recommendation on the stock.
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