Pantelakis Securities has reaffirmed its confidence in Alter Ego Media’s investment strategy by raising its target price to €7.50 per share, up from €6.90, while maintaining its Overweight recommendation. Based on the closing share price of €5.47 on 13 July, the new valuation implies a 37% upside potential. The brokerage also estimates that the successful development of the new ANT1+ platform could add a further €0.60 per share to the company’s fair value.
In its report, Pantelakis describes Alter Ego Media as a group undergoing a profound transformation, evolving from a traditional media company into an integrated media and entertainment group.
Live Entertainment: The Third Growth Pillar
A key driver behind the valuation upgrade is Alter Ego Media’s strategic expansion into the fast-growing Live Entertainment sector through its investments in more.com and Stages Network.
Pantelakis expects this business to become the Group’s most important growth engine over the coming years, contributing 24% of incremental revenue growth and 44% of incremental EBIT growth during the 2025–2028 period. At the same time, the brokerage forecasts that EBIT generated by the Live Entertainment segment will increase by 51% in 2027, reinforcing the view that the Group’s entry into ticketing and live events represents a highly value-accretive strategic move.
The report places particular emphasis on more.com, describing it as the leading online ticketing platform in Greece and Cyprus, with approximately 1.85 million registered users. According to Pantelakis, this business provides Alter Ego Media with a new high-margin revenue stream while simultaneously reducing its dependence on the cyclical nature of the advertising market.
ANT1+: Strategic Entry into Subscription Streaming
The report also places significant emphasis on Alter Ego Media’s agreement to acquire a 33.3% stake in the new ANT1+ platform, describing the transaction as the company’s long-awaited strategic entry into the subscription television market. According to Pantelakis, the new platform enjoys substantial competitive advantages, launching with an existing subscriber base of approximately 70,000 subscribers and a business that is already close to break-even, significantly reducing execution risk compared with similar international streaming platforms. Furthermore, the partnership between Alter Ego Media, ANTENNA Group and Motor Oil creates a new content production and distribution ecosystem within the Greek market.
The brokerage estimates that, should the venture develop in line with its expectations, Alter Ego Media’s stake in ANT1+ could add €0.60 per share to the company’s valuation—a benefit that has not yet been incorporated into the base target price of €7.50.
Strategic Acquisitions Continue to Create Value
Pantelakis believes that the Group’s recent acquisitions do more than simply increase its scale—they fundamentally reshape its business model. The integration of the digital media assets acquired in 2025, together with the investments in more.com, Stages Network, and ANT1+, creates a more diversified business portfolio with stronger recurring earnings and significant synergies across content, distribution, data and commercial monetisation. According to the brokerage, this strategy makes Alter Ego Media less dependent on the advertising cycle while substantially strengthening its long-term growth prospects.
Strong Earnings Outlook
For 2026, Pantelakis forecasts revenue growth of 22.7% to €171.9 million, EBITDA of €67.4 million (+25.5%), and EBIT of €38.7 million (+32.7%). Net profit is expected to reach €25.1 million, while earnings per share are projected to grow at a 24% compound annual growth rate (EPS CAGR) over the 2025–2028 period.
Pantelakis also notes that, even after raising its target price, Alter Ego Media continues to trade at a significant discount to comparable international peers. Combined with the Group’s strong growth trajectory, robust cash position and proven track record of executing successful acquisitions, the brokerage believes the current valuation remains compelling and therefore reiterates its Overweight recommendation.
