A flash note from Euroxx Securities assessed the acquisition of a 50.1% stake in More.gr by Alter Ego Media, highlighting the strategic benefits and potential financial upside of the deal.

According to the brokerage, the deal is expected to create significant synergies, as the company moves to develop a vertically integrated and collaborative business model that will cover venue management, event promotion and, following the acquisition, ticket distribution.

“The transaction is expected to generate meaningful synergies, as the company is shaping a vertically integrated and collaborative business model covering event venue management, event promotion and now ticket distribution,” Euroxx said in the note.

The brokerage added that the move is also aligned with Alter Ego Media’s broader strategy to diversify its revenue sources and gradually reduce its dependence on the advertising market, historically a key income stream for media groups.

Revenue and profitability outlook

Following the acquisition of More.gr, Euroxx estimates that Alter Ego Media could reach annual revenue of around €165 million, with EBIT of approximately €40 million.

More.gr operates one of the leading online ticketing platforms in Greece and Cyprus, selling and issuing tickets for concerts, theater performances, festivals and sporting events.

Valuation gap with global peers

In valuation terms, Euroxx estimates that the transaction was carried out at approximately 8x EV/EBIT (enterprise value to earnings before interest and taxes).

Despite the strategic expansion, the brokerage said Alter Ego Media continues to trade at a substantial discount to international peers.

According to Euroxx estimates, the company trades at around 6.5x EV/EBIT for 2026, representing roughly a 76% discount compared with companies in the live entertainment sector. By contrast, companies operating primarily in ticketing services are typically valued globally at multiples approaching 19x EV/EBIT, the note said.

Source: ot.gr