Redeye initiates coverage of Fable Media Group, an affiliate company with stellar financial performance. Since the reverse acquisition of Fable Media ApS in early 2022, the company has reduced its debt and is poised to enter the next phase with a clean balance sheet and ample room to distribute earnings to shareholders. We argue that the market has not given FMG the recognition it deserves despite delivering several strong quarterly reports, and we expect a multiple expansion once the balance sheet cleanup is complete.