Μake us preferred on Google TP ICAP Midcap has initiated coverage of Alter Ego Media with a “Buy” rating and a price target of €8.30 per share, implying 33% upside from the reference price of €6.20. The firm highlights the Group’s strong growth prospects and significant potential to create value for shareholders.
In its 47-page analytical report, titled “The Emergence of a Leading Greek Media & Entertainment Player,” the international investment firm describes Alter Ego Media as a distinctive investment opportunity in the European media sector. It notes that the Group combines higher growth rates, stronger profit margins and a more attractive valuation than comparable European companies.
Higher Growth and Profitability Than European Media Groups
The report places particular emphasis on Alter Ego Media’s financial performance, which, according to TP ICAP, sets it apart from the larger publicly listed European groups in the sector.
The Group’s revenue grew at an average annual rate of 16% between 2021 and 2025, while TP ICAP forecasts average annual growth of 11% for the 2025-2028 period.
At the same time, its operating profit margin (EBIT) increased from 3.8% in 2022 to 20.8% in 2025, with TP ICAP estimating that it will reach 27.7% in 2028.
The report compares Alter Ego Media with major European groups, including TF1, M6, ITV, RTL Group, Atresmedia and ProSiebenSat.1, concluding that the Greek company has one of the strongest growth and operating profitability profiles in the European market.
Attractive Valuation With a 30% Discount
Despite its strong performance, TP ICAP points out that Alter Ego Media shares are trading at an average discount of approximately 30% compared with their European peers.
Based on 2027 estimates, the EV/EBIT multiple stands at 7.4 times, a level the firm considers particularly attractive given the Group’s growth prospects, high profitability and free cash flow generation.
The €8.30 price target is based on the discounted cash flow (DCF) method, which analysts believe best captures the potential value creation resulting from the Group’s business transformation.
From Traditional Media to an Integrated Media & Entertainment Ecosystem
A central element of TP ICAP’s investment thesis is Alter Ego Media’s strategic transition from a traditional media group into an integrated platform for content, digital services and entertainment.
The firm recognizes the successful restructuring and development of established assets such as MEGA, To Vima and Ta Nea, which now provide the foundation for expanding the Group’s activities.
The acquisitions of Newsit and Tlife strengthened Alter Ego Media’s leading position in digital publishing, while its entry into Live Entertainment through Stages Network and More.gr creates a new growth pillar with significant profitability potential.
According to the report, Live Entertainment activities could eventually contribute up to 25% of the Group’s total operating profit, further diversifying its revenue streams and reducing its dependence on television advertising.
New Opportunities From Content and Streaming
The report also makes particular mention of the potential commercial exploitation of MEGA’s extensive audiovisual library, which contains more than 132,200 hours of content.
TP ICAP believes that the further commercialization of content rights through television, digital platforms, international distribution and streaming services could generate additional revenue and profits.
In this context, particular importance is attached to the planned joint streaming platform with the Antenna Group and Motor Oil, which could substantially strengthen the position of Greek media groups in the subscription content market.
Analysts estimate that Alter Ego Media’s participation in the new platform could add €0.30 to €0.80 per share in value, on top of the base valuation. In addition, they identify potential additional annual operating benefits of up to €20 million from savings in content costs and new rights exploitation agreements. These benefits have also not been factored into the price target.
Additional potential value is also attributed to the Group’s 13% stake in Digea.
Strong Prospects for the Next Three Years
According to TP ICAP’s forecasts, Alter Ego Media’s revenue is expected to increase from €140.1 million in 2025 to €173.7 million in 2026 and €191.9 million in 2028.
Similarly, operating profit (EBIT) is estimated to rise from €29.2 million in 2025 to €37.2 million in 2026 and €53.2 million in 2028.
The improvement in profitability is expected to be accompanied by a significant increase in free cash flow, which is projected to reach €36.9 million in 2028, up from €7.5 million in 2025.
At the same time, TP ICAP forecasts a gradual increase in the dividend per share, from €0.12 for the 2025 financial year to €0.22 for 2028.
The Next Chapter for Alter Ego Media
The report’s main conclusion is that Alter Ego Media has largely completed the restructuring phase of its traditional operations and is entering a new period of growth, driven primarily by acquisitions, digital expansion, Live Entertainment and more effective exploitation of its content.
TP ICAP believes the Group is well positioned to benefit both from further growth in the Greek advertising market and from opportunities arising from the consolidation of a fragmented sector.
With its €8.30 price target, “Buy” recommendation and additional value-creation opportunities that have not yet been factored into its valuation, the report identifies Alter Ego Media as a particularly compelling investment opportunity in the European Media & Entertainment sector.
