Edel - Mixed media markets

Edel’s H120 figures showed a 3% uplift in revenues versus H119, but at a slightly lower gross margin reflecting the shift in mix. Kontor New Media is benefiting from the continued growth of streaming and the book and vinyl markets have continued to perform well. However, sales of CDs, DVDs and Blu-ray are still under pressure, exacerbated by the closure of physical retail outlets due to COVID-19. The shares trade at a discount to global entertainment content and publishing stocks on historical EV/EBITDA and EV/sales multiples, in part due to limited liquidity.