Nexxen International Ltd. Share Price (NEXN.US)

Share Price .7.425...0.03 (0.41%) ...Bid: 6.60...Ask: 7.45...Spread: 0.85 (12.879%)

Market Cap: $419.88m.

Cavendish.

Price $6.5 Target price $25.4 Upside 294%

Nexxen’s FY25 results show FY25 net revenue in line with guidance of $350-360m, Q4 adjusted EBITDA +1% ahead of consensus, FY25 EFCF +8% ahead of our previous forecast, and a promising outlook that leads us to reiterate FY26E net revenue and EBITDA. As highlighted at Q3 results, Q4 net revenue growth yoy of -7% or -1% excluding political ad spend, reflects the Q4 25 impact of one third-party DSP lowering spend after a strong Q4 24. As expected, the DSP has increased its yoy spend with Nexxen to date in Q1 26, and following several actions management took in Q4, Q1 26 net revenue is exceeding initial expectations. Q4 25 adjusted EBITDA of $33.9m is +1% ahead of consensus of $33.5m, and the yoy change reflects the Q4 revenue, investment in new capabilities, and strengthened commercial and data teams. FY25 net cash of $133.3m reflects $100.9m of buyback, $20m of strategic equity investment in V (formerly VIDAA), and FY25 EFCF of +$64.1m, which is +8% ahead of our previous forecast due to lower cash tax. The outlook highlights compelling opportunities to accelerate growth, including the renewed and expanded strategic partnership with V, and the Smart TV home screen solution capitalising on strong traction following the September 2025 launch. At this point, we reiterate FY26E net revenue of $386m, which is in line with newly issued guidance of $375-390m and +1% ahead of consensus, and reiterate FY26E adjusted EBITDA of $128m, which is in line with guidance of $122-132m and +2% ahead of consensus. We then include the additional authorised $40m buyback in FY26E net cash, which increases FY26E adjusted EPS by +6%. For FY27E, we introduce net revenue and adjusted EBITDA growth of +9% and +10% to $419m and $141m, with scope for substantial upside as Nexxen’s momentum builds through FY26. After the US peers’ Q4 results, NTM EBITDA growth of -9% to +28% compares to Nexxen at +11%, yet Nexxen is deeply undervalued at just 1x 12-month forward EV/EBITDA vs peers trading on 5-10x. As management capitalises on the robust foundation highlighted at the excellent CMD in May, we look forward to new customer wins and partnerships, strong momentum through FY26, and attractive M&A opportunities.

Share Price ..5.73...-0.47 (-7.57%) ..Bid: 5.50..Ask: 5.96..Spread: 0.46 (8.364%)

Market Cap: $352.41m.

Doubled up today at $5.8.

Last this low April 2024

06/1/25 Sold for 428p ( had note = $10.7 ) but chart shows it as $21.8 !!

NEXN bb on this site with posts , it was Blinx in 2013; then it became Rhythmone; then Taptica.

Tremor 20/11/24 lse

The main issue with Nexn now is the lack of ambition with single digit forecasted rev growth. What we need is an ambitious strategy aiming towards 20% profitable rev growth, allowing for the operational gearing to kick in at the benefit of the shareholders. Second problem is the too high top compensation for many years, completelynot in line with performance. Both are responsibilities of the board.

Having just wasted 50m of our money (transferred to bod) now another 20m.

We get poorer while they get richer.

What will it take for mitaq to act?

Mind you, I am a lone voice (literally)............

jr

Q2 results were acceptable but had no growth.

Until they grow the revenue SIGNIFICANFLY it is an ideal machine to add more free shares and buy them back with s/h money for the sole benefit of the bod, the sp wil bob around where it is.

jr