Alter Ego Media redefines the media landscape with a landmark stock market debut

14:08 28/1/2025 - Πηγή: iEfimerida

The Athens Stock Exchange officially welcomed Alter Ego Media’s stock into its ranks, with founder and main shareholder Vangelis Marinakis ceremoniously ringing the opening bell on January 27. This

milestone was underscored by the exceptional figures achieved during the company’s Initial Public Offering (IPO), which accompanied its share capital increase.

Alter Ego Media’ssuccess is reflected in the impressive numbers that tell the story.Investor interest far exceeded expectations, with total demandreaching a staggering €676.8 million—oversubscribing the issuanceby an extraordinary 11.9 times. The company successfully raised €57million, drawing support from investors who not only recognized itsstrong track record but also placed their confidence in its futurepotential. This was achieved through the issuance of 14,249,000 newcommon registered shares with voting rights, priced at €4 pershare.

A Bold Vision forthe Future

Alter Ego Media’sleadership is clear about its ambitious aspirations. Central to itsstrategy is the transformation of the group into a cutting-edge MediaTech Group, with the IPO proceeds earmarked for targeted investments.The company plans to focus on advancing new technologies, producinginnovative original content, and pursuing acquisition opportunities.

With its debut onthe Athens Stock Exchange, Alter Ego Media is poised to reshape theGreek media landscape, at a time when the media sector is once againattracting significant investment interest, both domestically andinternationally.

VangelisMarinakis: Driving a New Era for the media sector

Vangelis Marinakis, founder and main shareholder of Alter Ego Media, reflected on the journey that led to this defining moment. His decision to invest in the media sector during the economic crisis of the last decade has now been decisively validated. Marinakis noted: “Today marks the beginning of a new chapter—not just for Alter Ego Media, but for the entire media sector in our country, which for years has struggled to keep pace with the changing times. Our entry into the Athens Stock Exchange was made possible not only by our robust financial health but also by our vision: our unwavering commitment to our mission and our core values of independence, freedom of expression, and the delivery of high-quality content. The overwhelming success of our public offering, along with the broad participation of investors, represents a significant endorsement of our vision. It is a resounding vote of confidence. The decisions we make now hold even greater weight for the industry. We are transforming the public’s relationship with the media, restoring trust and, ultimately, strengthening the bond between citizens and their country. This trust is built on journalism that is accountable to society, champions transparency, and upholds the principles of freedom, democracy, and pluralism.”

Market leadershighlight the broader impact

Yianos Kontopoulos, CEO of the Athens Stock Exchange Group, emphasized the broader implications for both Alter Ego Media and the Greek financial market as a whole: “The new yearfinds the Athens Stock Exchange continuing its upward trajectory ofgrowth and stability, despite the multiple challenges anduncertainties shaping the European and global landscape. The positivemomentum of the Greek economy is clearly reflected in the sustainedinterest and trust of the international investment community in theAthens Stock Exchange. Last year, the presence of foreign investorsin our market capitalization increased further, reaching 58%. Withinthis optimistic and promising environment, we are delighted towelcome the leadership, team, and partners of Alter Ego Media, and wecongratulate them on the remarkable success of their publicoffering.”

A Symbol ofrenewed market confidence

Vasiliki Lazarakou, President of the Hellenic Capital Market Commission, highlighted the symbolic importance of Alter Ego Media’s IPO success in today’s economic context: “The nearly12-fold oversubscription of the issuance is a clear testament to theenthusiastic reception from investors. It represents a vote ofconfidence in the company itself as well as in the Athens StockExchange. Furthermore, it demonstrates that our market has firmlyreturned to a dynamic growth trajectory. The Capital MarketCommission is committed to supporting the ongoing efforts to enhanceand elevate the Greek stock market.”

Alter Ego Media’sremarkable debut signals not only a transformative step for thecompany but also an inflection point for the Greek media sector andits growing integration into the global investment landscape.

On its first tradingday, Alter Ego Media’s stock surged by 8.75%, closing at €4.35,as unsatisfied IPO demand drove activity in the secondary market.Over 2.4 million shares, or 4.22% of the company’s total issuance,were traded on the day, pushing Alter Ego Media’s marketcapitalization to €247.9 million.

Analysts are bullishon Alter Ego Media’s prospects, projecting share price targetsbetween €5.40 and €5.75 over the next 6-12 months, offering apotential upside of 20-25%. The company’s financial outlook isequally strong, with revenues in 2024 forecasted to grow 10%year-on-year to €119.6 million. EBITDA is expected to reach €44.3million, while operating profits (EBIT) are anticipated to soar 92.6%to €15.8 million.

Projections for 2025suggest continued momentum, with revenues climbing to €127.8million, EBITDA increasing to €51.2 million, and EBIT rising to€23.7 million. These figures reflect Alter Ego Media’s solidgrowth trajectory and its ability to capitalize on expandingopportunities in the media sector.

Alter Ego Media’svaluation metrics reinforce its appeal. The company’s EV/EBITDAmultiple is forecasted at 3.9x for 2024 and 3.5x for 2025, marking itas an undervalued proposition compared to industry peers.Additionally, the prospect of dividend payouts for the 2024 fiscalyear further enhances its attractiveness to investors, with yieldsestimated at 2.3% to 2.9% for 2025-2026.

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