MyHotelMatch

This research has been commissioned and paid for by the company and is deemed to constitute an acceptable minor non-monetary benefit as defined in MiFID II

MyHotelMatch ^CR	Bloomberg MHM FP
Travel Services / France	Web Site \| Investors Relation

Creating the hotel matching market against Booking.com

Pros

Facing Booking, Tripadvisor or Airbnb, MHM intervenes on the mature hotel market. It wants to build on two advantages: strengthening the customer & hotel experience, and the price competitiveness of its service
At the market scale, the creation of the MHM platform requires little investment until the proof of concept (about €20-25m by 2024-25)
Very high risk project, therefore with related leverage and expected return

Cons

The financing structure of the project, as well as the valuation, remain dependent on significant subsequent fundraising at the scale of the company
In its first stage (development of the application, deployment), the model requires high fixed costs, with significant operational losses
The speed of development, and therefore of revenue and the achievement of the operational break-even point, is highly dependent on a double effect of proliferation: reference hoteliers and client-matchers

Updates

04/04/23	M&A /Corp.	Structuring the Group ahead of a commer...
21/02/23	Earnings	Successful restart of MyAgency achieved
15/11/22	Earnings	A good performance from My Agency in ...
14/08/22	Other news	Taking into account the share consolidati...
15/06/22	Target	Notre modèle est mis à jour de la nouvell...
15/06/22	DCF	Le modèle DCF incorpore une prime de ri...
26/11/21	Opinion	Buy vs Reduce
11/11/21	Opinion	Le potentiel de hausse est insuffisant pou...
11/11/21	Target	L'objectif de cours par action correspond ...
11/11/21	EPS	En l'état, SPAC ne dispose d'aucun actif ...
11/11/21	NAV	Notre ANR tient compte d'un goodwill lié ...
11/11/21	DCF	En l'absence d'actif, les flux à actualiser s...
09/11/21	Shareholdi...	Distribution de BSA. Premier investissem...
24/03/21	Earnings	H1 20 figures; a bit late indeed
03/11/20	Litigation	In a surprise move, FIPP has deprived F...
26/08/20	Other news	Reference shareholder transferred its risk...
25/08/20	Target	Following the late release of FY 19 conso...
05/08/20	Earnings	Reference shareholder will ensure FY 20 ...
03/07/20	Latest	Bientôt prête pour un nouveau départ
31/05/18	Target	The integration of the 2017 accounts amo...
31/05/18	DCF	The DCF valuation which is highly theore...
19/02/18	Other news	Line 16 - Blanc -Mesnil confirmed for 2024
02/01/18	Initiation cov.	A big bet on the Grand Paris developmen...

Key Data

	12/20A	12/21A	12/22E	12/23E	12/24E
Adjusted P/E (x)	-3.08	ns	-46.4	-2.10	-2.49
Dividend yield (%)	0.00	0.00	0.00	0.00	0.00
EV/EBITDA(R) (x)	-38.6	-41.6	-26.0	-2.29	-3.71
Adjusted EPS (€)	-0.01	0.00	0.00	-0.01	-0.01
Growth in EPS (%)	n/a	n/a	n/a	n/a	n/a
Dividend (€)	0.00	0.00	0.00	0.00	0.00
Sales (€th)	134	0.00	5,000	10,219	11,828
EBIT margin (%)	ns	ns	-6.02	-88.9	-65.7
Attributable net profit (€th)	-991	-15.0	-301	-8,282	-6,973
ROE (after tax) (%)	9.01	0.29	10.8	337	101
Gearing (%)
Next Div. Firm € 0.00 payment 30/06/2023