Publication of 2022 turnover
After reassuring by publishing a slight increase in H1 2022 revenue of +4%, StreamWIDE closed the year on the same trend posting an increase in revenue of +5% to €17.6 million (we expected 17, €5 million). As expected, the Group benefited from strong sales growth in its platform business.
Recommendation
After updating our valuation model (market and comparable parameters), our target price stands at €28.00 (vs. €35.00). At current valuation levels, it’s clear that StreamWIDE is paying for itself at a discount. While the company’s business model implies less smooth growth than some publishers targeting only corporate customers, the company’s long-term vision and appeal remain the same. Our recommendation remains Buy.
