Aton Capital has increased the price of RBC's shares, forecasted for the end of the year, from $3.8 to $4.1, having retained its recommendation "to buy". RBC's non-audited 2004 results exceeded Aton Capital's forecasts in all primary figures. The company's consolidated revenue surged 61 percent to $75.1, whereas Aton Capital forecasted $74.6m and RBC expected $71m. RBC TV contributed $17m to revenue against $15m forecasted by Aton Capital. EBITDA gained 145 percent to $20.1m (Aton Capital's forecast was $19m). The EBITDA margin increased 9 percentage points to 27 percent. The company has not presented EBITDA for RBC TV separately. According to estimates made by Aton Capital's analysts, it remained negative at $2m in 2004. RBC's net income grew 203 percent to $11m (Aton Capital's forecast was $6m). TV channel RBC TV showed a net loss of $5m compared to $9m in 2003. The company is planning to reach RBC TV's operational break-even point in the second quarter of 2005 and receive a net income of $2m at the end of this year. Renaissance Capital analysts say RBC has also presented its forecast for 2005's figures, which fully corresponds to their expectations in terms of revenue and EBITDA but exceeds their net income forecasts. According to RBC's projections, its revenue will total $98m in 2005, EBITDA - $29.4m and net income - $22m. Renaissance Capital's recommendation is "to buy". The target price is being revised. Yesterday, RBC's shares were traded from $3.3 to $3.38 on the RTS exchange.