The Athens Stock Exchange officially welcomed Alter Ego Media’s stock into its ranks, with founder and main shareholder Vangelis Marinakis ceremoniously ringing the opening bell on January 27. This milestone was underscored by the exceptional figures achieved during the company’s Initial Public Offering (IPO), which accompanied its share capital increase.
Alter Ego Media’s success is reflected in the impressive numbers that tell the story. Investor interest far exceeded expectations, with total demand reaching a staggering €676.8 million—oversubscribing the issuance by an extraordinary 11.9 times. The company successfully raised €57 million, drawing support from investors who not only recognized its strong track record but also placed their confidence in its future potential. This was achieved through the issuance of 14,249,000 new common registered shares with voting rights, priced at €4 per share.
A Bold Vision for the Future
Alter Ego Media’s leadership is clear about its ambitious aspirations. Central to its strategy is the transformation of the group into a cutting-edge Media Tech Group, with the IPO proceeds earmarked for targeted investments. The company plans to focus on advancing new technologies, producing innovative original content, and pursuing acquisition opportunities.
With its debut on the Athens Stock Exchange, Alter Ego Media is poised to reshape the Greek media landscape, at a time when the media sector is once again attracting significant investment interest, both domestically and internationally.
Vangelis Marinakis: Driving a New Era for the media sector
Vangelis Marinakis, founder and main shareholder of Alter Ego Media, reflected on the journey that led to this defining moment. His decision to invest in the media sector during the economic crisis of the last decade has now been decisively validated. Marinakis noted: “Today marks the beginning of a new chapter—not just for Alter Ego Media, but for the entire media sector in our country, which for years has struggled to keep pace with the changing times. Our entry into the Athens Stock Exchange was made possible not only by our robust financial health but also by our vision: our unwavering commitment to our mission and our core values of independence, freedom of expression, and the delivery of high-quality content. The overwhelming success of our public offering, along with the broad participation of investors, represents a significant endorsement of our vision. It is a resounding vote of confidence. The decisions we make now hold even greater weight for the industry. We are transforming the public’s relationship with the media, restoring trust and, ultimately, strengthening the bond between citizens and their country. This trust is built on journalism that is accountable to society, champions transparency, and upholds the principles of freedom, democracy, and pluralism.”
Market leaders highlight the broader impact
Yianos Kontopoulos, CEO of the Athens Stock Exchange Group, emphasized the broader implications for both Alter Ego Media and the Greek financial market as a whole: “The new year finds the Athens Stock Exchange continuing its upward trajectory of growth and stability, despite the multiple challenges and uncertainties shaping the European and global landscape. The positive momentum of the Greek economy is clearly reflected in the sustained interest and trust of the international investment community in the Athens Stock Exchange. Last year, the presence of foreign investors in our market capitalization increased further, reaching 58%. Within this optimistic and promising environment, we are delighted to welcome the leadership, team, and partners of Alter Ego Media, and we congratulate them on the remarkable success of their public offering.”
A Symbol of renewed market confidence
Vasiliki Lazarakou, President of the Hellenic Capital Market Commission, highlighted the symbolic importance of Alter Ego Media’s IPO success in today’s economic context: “The nearly 12-fold oversubscription of the issuance is a clear testament to the enthusiastic reception from investors. It represents a vote of confidence in the company itself as well as in the Athens Stock Exchange. Furthermore, it demonstrates that our market has firmly returned to a dynamic growth trajectory. The Capital Market Commission is committed to supporting the ongoing efforts to enhance and elevate the Greek stock market.”
Alter Ego Media’s remarkable debut signals not only a transformative step for the company but also an inflection point for the Greek media sector and its growing integration into the global investment landscape.
On its first trading day, Alter Ego Media’s stock surged by 8.75%, closing at €4.35, as unsatisfied IPO demand drove activity in the secondary market. Over 2.4 million shares, or 4.22% of the company’s total issuance, were traded on the day, pushing Alter Ego Media’s market capitalization to €247.9 million.
Analysts are bullish on Alter Ego Media’s prospects, projecting share price targets between €5.40 and €5.75 over the next 6-12 months, offering a potential upside of 20-25%. The company’s financial outlook is equally strong, with revenues in 2024 forecasted to grow 10% year-on-year to €119.6 million. EBITDA is expected to reach €44.3 million, while operating profits (EBIT) are anticipated to soar 92.6% to €15.8 million.
Projections for 2025 suggest continued momentum, with revenues climbing to €127.8 million, EBITDA increasing to €51.2 million, and EBIT rising to €23.7 million. These figures reflect Alter Ego Media’s solid growth trajectory and its ability to capitalize on expanding opportunities in the media sector.
Alter Ego Media’s valuation metrics reinforce its appeal. The company’s EV/EBITDA multiple is forecasted at 3.9x for 2024 and 3.5x for 2025, marking it as an undervalued proposition compared to industry peers. Additionally, the prospect of dividend payouts for the 2024 fiscal year further enhances its attractiveness to investors, with yields estimated at 2.3% to 2.9% for 2025-2026.