Pantelakis Securities, in a research note published last Friday, raised its target price for Alter Ego Media (AEM) to €6.90 per share from €6.55 per share, positively assessing the acquisition of a 50.1% stake in More.gr. The brokerage reiterated its Overweight recommendation on the company’s stock.

According to Pantelakis Securities, the acquisition of More.gr, combined with the recent participation in Stages Network, creates a new growth pillar for Alter Ego Media that is expected to contribute more than 20% of the group’s consolidated operating profits (EBIT) by 2027.

This new business segment in the live entertainment sector enhances Alter Ego Media’s product diversification while strengthening its earnings profile. It also provides access to a fast-growing industry, creating a long-term driver of profitability. At the same time, the new activity introduces an additional revenue stream, reducing the group’s reliance on advertising income.

In its detailed analysis, Pantelakis outlines the financial impact of the new business unit, estimating that by 2027 it will generate revenue: of €21.4 million, Operating profit (EBIT): €8.3 million and Net profit: €5.1 million. Based on these projections, analysts estimate the valuation of the live entertainment segment at approximately €109 million.

Pantelakis Securities also reiterates its positive outlook for Alter Ego Media’s performance in 2025, the fiscal year that has just concluded. The brokerage estimates net profit of €18.3 million, representing an increase of approximately 68% compared with 2024. Regarding operating profitability, Pantelakis forecasts EBIT of €26.4 million, up roughly 55% year-on-year, reflecting strong operational performance and improved margins.

Overall, Pantelakis views the expansion into live entertainment—through More.gr and Stages Network—as a strategic move that strengthens Alter Ego Media’s growth profile and establishes a third pillar of development alongside broadcasting and publishing.