More points than 65% of the 3,062 companies with complete grades
Quality points: four grades for balance sheet, profitability, cash flow and growth, 0 to 5 each.
No range
No reliable range can be derived for this company. The reason is given under Valuation.
Some of the quality rules are met.
What this means. The quality points show how many of the published rules for balance sheet, profitability, cash flow and growth the latest reports meet. Separately, the range shows how the latest closing share price compares with the company’s own valuation history.
What it does not mean. Neither the points nor the range is a price target, a forecast or a recommendation to buy or sell. A company with many points can be richly valued, and a price below its range often has a reason.
When a new report changes a grade, Pro tells you why. You do not have to check every report yourself.
Watchlist and alertsOther companies in Communication and media, analysed under the same rules. With Plus you filter by grades and figures and put them side by side.
Companies in Communication and mediaEvery figure with its five thresholds and the rounding to the grade. With a free account for every company, over 5 years.
To the calculationAll values come from the annual reports filed with the US Securities and Exchange Commission (SEC). Each figure is checked against five fixed thresholds; each threshold reached counts one point. The grade is the rounded mean of its figures.
How well the company can cover its financial obligations.
Net debt to operating income 0.71× · Current ratio 0.64
What is behind each grade
Every figure with its five thresholds, the distance to the next one and the rounding to the grade. With a free account: email only, no payment details.
Keep reading for freeHow effectively it turns revenue into operating profit.
Operating margin 28.5% · Return on equity 12.6%
How much cash remains after operating costs and investment.
Free cash flow to revenue 27.0% · Profit covered by cash flow 1.34× · Free cash flow positive 5 of 5 years
How quickly revenue and operating profit have increased.
Revenue growth per year 4.6% · Operating income per year 2.0%
The comparison is within the SEC industry “Miscellaneous Publishing”. Grades are absolute and are not adjusted to the industry: in a weak industry a weak grade stays weak.
More quality points do not mean a company is the better investment, only that more quality rules are met. It says nothing about the price.
No range is reported for this company. The company reports as a foreign issuer (Form 40-F) in USD, while it trades in the US in dollars, often as a depositary receipt (ADR) for several ordinary shares. We show a range only once the ratio between the traded security and the ordinary share and the currency conversion are documented. The grades are not affected: they only use ratios within the annual report.
Every figure comes from the annual report of that year and has not been revised afterwards. Amounts in USD. Negative net debt means more cash than financial debt.
Amounts in USD, as in the annual report (Form 40-F). Earnings per share and share count refer to the company’s ordinary shares, not to the securities traded in the US, which may represent several ordinary shares.
More than a snapshot
Revenue, earnings and cash flow by fiscal year show how steadily the company performs. With a free account over 5 years.
Keep reading for free4 of 8 points, measured over 10 years (2016 to 2025). Classification: present. These points are not part of the quality points.
| Feature | Points | Measured |
|---|---|---|
| Return on capital, level | 1/3 | The company earns on average 7.7% of its assets per year as operating profit, measured over 10 years. Comparable companies are around 10%. |
| Return on capital, consistency | 1/3 | 4 of 10 years above 10%. Consistency is the real evidence, because anyone has one good year. |
| Pricing power | —/2 | Gross profit is not reported separately in the filing. |
| Stability in a downturn | 2/2 | Operating margin averaging 24%. Tested in 2020 and 2022: 2020 32%, 2022 28%. Holding counts from two thirds of the company's own average. |
What is measured is the trace of a moat: a durably high return on capital and margins that survive a downturn. The causes (switching costs, network effects, brand, licences, economies of scale) appear in no filing and are not claimed here.
Filings with the US Securities and Exchange Commission, newest first, in plain words. Insider purchases and sales only when they took place on the market; grants and tax withholding are not listed. Every entry links to the filing.
Every filing of the last twelve months
1 more entry. With Pro, plus an alert when a new report changes a grade on your watchlist.
Discover ProSee when something changed
When each grade changed and why, since the first analysis. With Pro, plus an alert for each new report that changes a grade on your watchlist.
Discover ProHow the company developed over time
Every earlier analysis with its date: quality points, the four grades, position against the range and how many companies had fewer points that day. With Plus.
Discover Plus| Company figures | Annual reports filed with the US Securities and Exchange Commission (SEC), machine-readable version (XBRL). Not estimated, not smoothed. |
|---|---|
| Prices | Daily closing prices from EOD Historical Data (EODHD) in USD, not converted. Price date 23 Oct 2026, closing price of that trading day. |
| Latest filing | 40-F, 5 Mar 2026 |
| Rule set | Version 3.0.0 |
| Time horizon | The grades describe a state that can change with every annual report, so roughly quarterly. The forward test is first evaluated after 36 months. |
| Editor | Florian Maier |
| Produced on | 25.10.2026 11:38 |
| Conflicts of interest | see the transparency note |
Not investment advice and not an investment recommendation. Limits of the method and assumptions: risk notice.