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Leading International Investment Research, Edison Investment Research

Equity Bottom-Up

<p>Exceptional revenue growth from RNTS Media&#8217;s programmatic technology and video ad formats continued into Q3 with revenues for the nine months up 83%. The company&#8217;s recently raised guidance seems comfortably achievable and we upgrade our revenue forecasts by 7% in FY16 and 9% in FY17. We now forecast adjusted EBITDA profitability from Q4 this year and in FY17. The 1.3x FY17 EV/sales rating, while a premium to peers, is looking increasingly justified.</p>

Exceptional revenue growth from RNTS Media&#8217;s programmatic technology and video ad formats continued into Q3 with revenues for the nine months up 83%. The company&#8217;s recently raised guidance seems comfortably achievable and we upgrade our revenue forecasts by 7% in FY16 and 9% in FY17. We now forecast adjusted EBITDA profitability from Q4 this year and in FY17. The 1.3x FY17 EV/sales rating, while a premium to peers, is looking increasingly justified.

Programmatic and video drive exceptional growth

RNTS Media NV

Programmatic and video drive exceptional growth