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Reworld Media #5

presented by October France

€1,700,000

3.25%

60 months

A+

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location

Location

Boulogne-Billancourt, France

activity

Activity

Information & Communication

Presentation of the company

Created in 2012, Reworld Media is active in the media sector. The company, managed by Pascal Chevalier and Gautier Normand, has 500 employees and is based in Boulogne-Billancourt. The company is listed on Alternext since 2014.

The company has activities in 11 countries.

The company’s main activity is edition of online and paper magazine.

The company owns more than 15 media brands with digital and print activities.

Project Description

Reworld Media wishes to borrow 1 700 000 € over 60 months with 6 months of deferred payments to finance the external growth. This project will be realised in the next few months.

As a reminder, the October lending community supported the group four times in april 2018 with 2,025M€, in february 2018 for 2,037M€, in May 2017 for 3M€ and in April 2016 for 1M€ to finance the group’s development.

The amount offered on the platform is limited to 833000€, which is in line with the regulatory limits.

Analyst’s Opinion

The borrower is a holding company whose revenues are derived from services invoiced to its subsidiaries. The financial analysis was carried out on consolidated financial statements, which reflect the group’s performance.

With a turnover of 185 591 000 € in 2017 and an experienced team, the group has a good track record combined with an acceptable operating margin.

The turnover increase is linked to an increased number of subscribers. The forecast is based on last’s year performance.

The group has an excellent repayment capacity with a forecast FCCR (Fixed Charge Cover Ratio *) at 2,33 and an excellent financial structure, with a forecast net debt / ebitda ratio of 1,2 and a net debt / shareholder equity of 42%.

The analysis of the project leads to a credit rating of A+ and a 3,25% annual interest rate.

*The multiple of FCCR at 2,33 means that the company has a safety margin of 133% relative to its ability to repay its credit maturities.

The expert opinion is given as an indication on the basis of the elements provided by the project holder and information from our databases (External data provider). This opinion is only an element of reflection in the decision making of a lender to participate in the financing of a project.

Strong points:

  • Good historical performance based on a diversified client base 
  • Excellent repayment ability with a forecasted FCCR of 2,33 
  • Major player in the publishing sector

Point of caution:

  • Integration risks

*The multiple of FCCR at 1,2 means that the company has a safety margin of 20 % relative to its ability to repay its credit maturities.

The expert opinion is given as an indication on the basis of the elements provided by the project holder and information from our databases (ModeFinance, Crif, Cerved). This opinion is only an element of reflection in the decision making of a lender to participate in the financing of a project.