Bankinter: In a Significant Event, Rovi announced that it expects its EBITDA 2024 to be lower, in a range between 10% and 15%, than expected by the market. The company will publish its annual results on 25 February. It maintains its forecasts for the current financial year 2025 (Sales down 10%/0%).
Analysis team’s opinion: Negative news. Consensus market estimates indicate sales 2024 of €787m (down 5% year-on-year) which is in line with the company’s guidance. For EBITDA there is no guidance, the consensus expects €236M (down 3% year-on-year) and our estimate is €207M (12% below consensus). With the company’s guidance, EBITDA 2024 would be around €200m. We lower our estimates to adjust them to the lower range of the profit warning and cut our Target Price to €60.10/share from €73.00/share. We reiterate our Sell recommendation.
