Thanks to acquisitions of various companies this year, MNH just
released consolidated forecasts for Y1 activity, revenues would
exceed 33 million euros including VOD in Europe, TV shopping in
China, Software Licensing, Equity stakes in EIP (film production)
and MNTV. The key elements of our business model relies on
business ready to go: R&D, business development, Networks and
clients have been prepared since two years with a low cost
development tool as soon as we have mutualized overheads and
risks: The VOD platform, the contracts with Chinese TV, The
software development, films already in post production give MNH
reasons to believe in strong forecasts with low liabilities. These
numbers give MNH an enterprise value Y+1 at 120 Million euros
calculated on a Price/sales of 4, the average comparative ratio
in the Communication / TMT sector (cf Bloomberg). If we consider
a 20% gross margin or earnings we could expect a PER Y+1 of 17
(average ratio again). Such a PER shall bring the share price at
0.25 euro mid term allowing a market cap of 125 Million euros
(revenues X 4).