Web Site : http://www.dorimedia.com


Dori Media Group (DMG) is active in the international television market, specializing in the various business aspects of the Telenovela genre. The Group's business model focuses on a number of distinct but complementary businesses, each generating income independently: producing and distributing Telenovela; operating television channels; and selling related merchandise, thus creating a synergistic business group.


Broker Forecasts : DS

2007 EPS = 15.3p
2008 EPS = 22.13p


Major Shareholders (Shares in issue 20,403,727) :

Mapal Eden Telenobles Ltd. 7,770,161 (38.08%)
Miella Venture Partners inc. 4,261,303 (20.88%)
Mr. Yair Dori 3,245,000 (15.90%)
B.F Holdings GmbH 970,000 (4.75%)

News today :


DORI MEDIA GROUP


Dori Media Acquires a 50% Stake in Central Park Productions S.A. and its T.V.
Production Studios in Buenos Aires, Argentina

Dori Media Group ('DMG' or 'the Company'), the international media company
active in the field of television, with a focus on production, distribution,
broadcasting and merchandising of Telenovela, announces today that Dori Media
International GmbH, a fully owned subsidiary of DMG, has finalized an agreement
to acquire, for the sum of US$1.1 million in cash, a 50% stake in Central Park
Productions S.A. ('CPP'), an Argentinean T.V. production company specializing in TV productions and providing production services, who has owned production
facilities and TV studios in Buenos Aires, Argentina, since 1997. CPP has USD
3.1 .million of debt giving the company an enterprise value of USD5.3 million.
DMG has also provided a loan to CPP for approximately US$1.8 million which
decreases CPP's current liabilities to US$1.3 million; this loan may be off-set
against future productions filmed at CPP's studios for Dori Media Contenidos
S.A. ('DMC'), DMI's wholly owned Argentinean production house.

Celina Amadeo, who will be appointed as CEO of Central Park Productions and as
Vice President of Production at DMC, holds the remaining 50% stake of CPP. Mrs.
Amadeo has an extensive background in T.V. production Owning Studios Sonotex
(1990-2000) in Buenos Aires and having produced around 50 Telenovelas, including hits such as 'Chiquititas', 'Perla Negra' and 'El Refugio'.

Incorporated in 1997, Central Park Productions has produced more than 30 of its
own Telenovelas and has assisted many other production houses with their
productions, including several for DMG. CPP has 3 production studios that cover
a combined area of approximately 2,000 square meters and approximately 500
square meters of offices. The studios are fully equipped and have the capability to film outdoors, on location. The acquisition of this 50% stake in Central Park Productions gives Dori Media Contenidos S.A. guaranteed access to, and production time at the studios. DMG has previously used the studios to shoot hits such as 'El Refugio' and 'Collar de Esmeralda'

Central Park Productions is currently servicing DMG in its new worldwide hit
production, 'LaLola' (based on the original idea of Sebastian Ortega,
Underground Productions) and the production of 'Patito Feo' which is produced by Ideas del Sur from Argentina and the Mexican media giant Televisa (DMG owns the rights to and distributes 'Patito Feo' worldwide except to the American
continent, Spain Andorra, Italy, Greece and Portugal).

Nadav Palti, President and CEO of DMG, commented: 'We are delighted at having
completed this deal which will provide Dori Media with guaranteed production
time at these very important and extremely busy studios. In addition to this,
not only will Dori Media benefit from the obvious synergies and cost savings
generated by filming at what will be our own studios, this acquisition is also
very much part of our strategy to strengthen our production arm in Latin America to make us one of the major production houses in the region.'

For further information on Dori Media Group, please visit our website on
www.dorimedia.com or contact:

13th Nov 2007

DORI MEDIA GROUP

Dori Media Group ('DMG'), the international media company active in the field of television, with a focus on production, distribution, broadcasting and
merchandising of Telenovela, today announced that, only a month after its
participation in the MIPCOM audiovisual content market in Cannes (France), the
Company has sold over 2,301 hours of its Telenovela series and formats to
broadcasters from 11 countries. The deals, which were completed by DMG's fully
owned Swiss subsidiaries, Dori Media International GmbH ('DMI') and Dori Media
Distribution GmbH ('DMD'), are expected to generate total combined sales of
US$3.7 million with the potential total rising to US$6.6 million if further
options for the additional sale of more hours are exercised in the final
agreements. All of these deals have been closed at MIPCOM, however further sales are expected to be generated from the event following the conclusion of several on-going negotiations before the end of the year.

MIPCOM, an audiovisual content market event in Cannes, France, is one of the
world's largest television festivals for industry professionals from around the
globe. Dori Media once again participated in the event in October and was
provided with a unique opportunity to present to industry professionals its
4,000 TV hour library of Telenovelas.

Amongst others, Dori Media series sold at MIPCOM include: 'LaLola', 'Patito
Feo', 'Sos Mi Vida', 'Rebelde Way', 'Juanita, la Soltera' and 'The Champion'.

Nadav Palti, President and CEO of Dori Media Group, commented: 'The strength of
our Telenovela programming guaranteed another successful participation at
MIPCOM. There was high demand from TV buyers and producers from all continents
around the world for our Telenovelas at the show, with new hits like 'Lalola'
and 'Patito Feo' and more established ones such as 'Sos Mi Vida' and 'Rebelde
Way' continuing to sell very well, both in their original formats and in
flexible formats, for adaptation to local market places. Dori Media Group
continues to be an essential partner for TV channels looking to broadcast
Telenovelas and their formats on their own TV networks.'

Daniel Stewart update this morning :

Dori Media - BUY

Price: 169p Target price: 278p Code: DMG.L Analyst: James Hollins | 020 7776 6571

Extremely positive MIPCOM sales

Dori Media has announced exceptionally positive immediate sales from its participation at MIPCOM in Cannes (global audiovisual content market).
The group has reported the sale of >2,300 hours of its telenovela series and formats to worldwide producers and broadcasters from 11 countries.
This equates to initial revenue of $3.7m, although Dori estimates that this could increase to $6.6m if further options are taken up within the agreements.

These figures compare to sales of 1,760 hours at MIPCOM in 2006 (annual growth of 31%), resulting in initial sales growth of 88% ($3.7m vs $2.0m), suggesting higher yield per hour sold.

The figures announced this morning reflect a significant uplift from the same event last year, demonstrating the strength of Doris telenovela catalogue, as well as the industry excitement around its new titles (such as LaLola and Patito Feo).

Ongoing sales of series and formats from older telenovelas (Sos Mi Vida, Rebelde Way etc) reflect the growing international demand for telenovelas and highlight the attractive recurring and high margin revenues from Doris catalogue (currently >4,00 hours of telenovelas).

The initial sales ($3.7m) are broadly reflected in our existing forecasts (growth in FY08E TV rights revenue of 39.9%), although any additional sales may result in an increase to our estimates.

With risks on the upside, we retain our Buy recommendation and 278p price target (shares currently trading at 11.9x FY07E EPS, falling to 9.1x FY08E; EV/EBITDA to FY07E of 6.4x, FY08E 3.8x).

We also highlight our realistic bull case scenario that drives a target valuation of 400p (see note Driving Material Growth, 1 October 2007, Buy).

Nice update today :

DORI MEDIA GROUP


DORI MEDIA EXPECTS TO REPORT 2007 RESULTS ABOVE MARKET EXPECTATIONS ON THE BACK
OF STRONG SALES AND POSITIVE DEVELOPMENTS

Dori Media Group ('Dori Media' or 'DMG'), the international media company active in the field of television, with a focus on production, distribution,
broadcasting and merchandising of Telenovela, is pleased to update the market on its performance for the year ended 31 December 2007, in advance of the
announcement of its preliminary results on February 21, 2008.

The Directors are expecting to report a strong set of preliminary results for
the year ended 31 December 2007, around 10% ahead of current market
expectations. Dori Media's revenues have been strengthened by a very successful
participation at the MIPCOM audiovisual content market in Cannes (France) where, as reported in December, DMG closed deals worth more than US$6.3 million with the potential total rising to US$9.9 million if further contractual options are exercised.

Other positive developments include Dori Media's acquisition of a 50% stake in
Dori Media Central Studios (formerly Central Park Productions) in Buenos Aires,
which guaranteed DMG precious production time at one of the busiest studios in
the city and enabled Dori Media Central Studios to secure a US$3.6 million three year deal to let one of their three television studios to Ideas Del Sur.

Dori Media would also like to report a very promising start to Dori Media
Spike's agreement with 'HOT', the biggest multi channel platform in Israel, to
run their movie and general entertainment channels. DMG won an RFP to run 'Hot'
in July 2007 with revenues expected to reach between US$52.5 million and US$67.5 million over the initial 3 year contract. The income generated from this agreement will not appear on DMG's 2007 preliminary results as the deal
commenced on January 1st 2008.

Nadav Palti, President and CEO of Dori Media Group, commented: '2007 was a very
successful year for Dori Media and our preliminary results will reflect this.
The launch of our latest Telenovela 'LaLola' was a particular highlight having
been sold to 24 countries in less than six months.

'We are very confident about the Group's prospects for 2008, particularly as
there is a growing appetite for Telenovelas among the Western European TV
audience. We also look forward to the contribution of Dori Media Paran and Dori
Media Darset to our success in 2008 following their promising start to the
year'.

Daniel Stewart comment today :

Dori Media - BUY

Price: 151p Target price: 278p Code: DMG.L Analyst: James Hollins | 020 7776 6571

Trading ahead of expectations

Dori Media has announced that its FY07 results (to 31 December) will be c.10% ahead of expectations.

The outperformance in FY07was principally based on a strong surge in revenue at the end of the year following a hugely successful Cannes MIPCOM festival ($6.3m and $9.9m actual/potential total sales) and the launch of its latest in-house Telenovela production, LaLola.

LaLola has now been sold into 24 countries globally in less than six months. This is an outstanding performance and provides positive immediate upside, as well as longer-term secondary and high margin revenue generation.

Elsewhere, the group has expanded its production capabilities (acquisition of studios in Argentina announced October 2007), securing in-house production time and driving revenue from leasing of one of the three studios.

Critically, the group has also today stated that the start-up of its HOT contract (estimated annual revenues of $20m over three years) has been very promising, underpinning our FY08E forecasts.

With the company very confident about the groups prospects for 2008 we see forecast risk very much on the upside and expect to raise numbers at the time of its prelims on 21 February 2008.

Based on a 10% outperformance of our FY07E estimates, the group is trading at just 9.7x FY07E earnings and 8.2x FY08E.

This rating significantly undervalues the groups base of TV production, broadcasting and distribution operations, with a strong, niche and fast growing position in the global Telenovela and broader TV industry.

We retain our Buy recommendation with 84% upside to our unchanged 278p price target.

Fantastic results, with huge growth coming in the next two years. I don't normally post recommendations to buy or hyperbole about companies but this company is flying in a very very secure market. The deal with SOny is particularly exciting, and they have m managed all the growth without diminishing margins.

Nice set of results :)

Daniel Stewart comment today :


Dori Media - BUY

Price: 159p Target price: 343p Code: DMG.L Analyst: James Hollins | 020 7776 6571


FY results; forecasts & target upgrades

Dori Media is our key pick in the media sector. The company has reported FY07A results c.19% ahead of our expectations.

We are upgrading our FY08E estimate by 13% and introducing a FY09E forecast of 51.5c (+24% vs FY08E).

We apply a 13x target multiple to FY09E EPS (343p target, 116% upside) and reiterate our Buy stance.

Doris FY07A results reflect top-line growth of 47.1% ($30.0m vs $20.4m), with solid increases across all divisions.

The largest division by revenue, TV series rights sales (+71% YoY, c.60% of group sales), benefited from strong recurring revenue, as well as substantial growth from new additional content, including Lalola.

Group gross margin increased from 73.4% in FY06A to 73.7% in FY07A (vs 69.0% forecast) with lower-than-expected content acquisition costs.

The group reported EPS of 33.8c, equating to 19.3% out performance against our 28.41c forecast and representing YoY earnings growth of 25.4%.

Following the FY07A results, and given our bullish outlook, we are upgrading FY08E PBT from $11.1m to $12.5m (+12.4%), with a resulting (unchanged tax rate of 21.0%) increase in earnings of 12.6%, from 36.97c to 41.62c.

We are introducing a forecast for FY09E, showing top-line growth of 35.2% to $82.5m, with earnings growth of 23.8% to 51.51c.

The resulting FY08E and FY09E multiples of 7.5x and 6.0x fail to reflect the strength of the business.

We believe that the company deserves a genuine growth multiple and premium to the UK television production sub-sector.

Doris growth potential and existing position in the global Telenovela industry, in our opinion, justify a target of 13x FY09E earnings. On this basis, we apply a target price of 343p.

The value of the cash generative nature of the business is borne out in our DCF-based valuation that drives our bull-case valuation of 405p.