Euroxx Securities has raised its target price for Alter Ego Media to €7.50 per share, while reiterating its “Overweight” recommendation and estimating an upside potential of approximately 40% from current trading levels. According to the brokerage, the stock’s recent underperformance does not yet reflect the contribution of recent acquisitions or the significant synergies expected from the Group’s strategic expansion.
Particular emphasis is placed on the creation of a third business pillar, Live Entertainment, through the acquisitions of Stages Network and more.com. According to the analysis, these transactions are transforming Alter Ego into a fully integrated media and entertainment platform that combines content production, event organization, venue management, and ticketing services, creating substantial opportunities for cross-selling and margin enhancement.
From a financial perspective, Euroxx forecasts that the Group will generate €168.8 million in revenue in 2026, with EBITDA of €67.1 million and EBIT of €39.1 million. The brokerage expects profitability to continue improving over the coming years, projecting annual EBIT growth in excess of 20%. Based on its estimates, the stock is currently trading at a significant 42% discount relative to peers, at an EV/EBIT multiple of 7.7x estimated 2026 EBIT.
The report also highlights the ANT1+ joint venture as a potential catalyst for additional value creation. Euroxx notes that it has not incorporated any contribution from the streaming platform into its base-case forecasts, pending regulatory approvals and the commercial relaunch of the venture. Nevertheless, it estimates that the successful development of the new streaming platform could generate an additional 6.5%–8.6% upside to its target price, equivalent to approximately €0.49–€0.65 per share, providing further upside potential for shareholders.
Finally, Euroxx comments on Alter Ego Ventures’ investment in Alterlife, stating that the acquisition of a minority stake supports the development of a broader subscription-based ecosystem around the Group. According to the analysis, the partnership could leverage Alterlife’s extensive membership base to promote premium content and streaming services, while also creating opportunities for synergies in marketing, advertising, content production, and the organization of live events within the wellness sector.
Source: tovima.com
