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Leading International Investment Research, Edison Investment Research

Equity Bottom-Up

<p>RNTS Media&rsquo;s FY16 preliminary update points to pro forma (PF) FY16 revenue growth of at least 65%, in line with its recently raised guidance and our forecasts. RNTS reached EBITDA break-even during Q4, as expected. Contingent on planned financing, FY17 guidance for revenue growth of 30% and EBITDA profitability of over &euro;3m has been introduced, a clear signal of ongoing strong momentum; we leave forecasts unchanged.</p>

RNTS Media&rsquo;s FY16 preliminary update points to pro forma (PF) FY16 revenue growth of at least 65%, in line with its recently raised guidance and our forecasts. RNTS reached EBITDA break-even during Q4, as expected. Contingent on planned financing, FY17 guidance for revenue growth of 30% and EBITDA profitability of over &euro;3m has been introduced, a clear signal of ongoing strong momentum; we leave forecasts unchanged.

RNTS Media NV

Strong momentum to continue into FY17