AlphaValue Corporate Services
This research has been commissioned and paid for by the company and does therefore not constitute an inducement caught by the prohibition under MiFID II


Bloomberg   MHM FP
Travel Services  /  France  Web Site   |   Investors Relation
Preparing to launch Matching App
Upside 1,397%
Price (€) 0.46
Market Cap (€M) 2.66
Perf. 1W: -24.6%
Perf. 1M: -56.6%
Perf. 3M: -22.8%
Perf Ytd: -51.0%
10 day relative perf. to stoxx600: -33.6%
20 day relative perf. to stoxx600: -56.0%
M&A /Corp. Action04/04/2023

Structuring the Group ahead of a commercial launch

Both the human resources and commercial initiatives implemented since February 2023 will contribute to structuring the Group ahead of a public launch of the Matching app.


  • Mr Yves ABITDBOL (founder and CEO of MyAgency) was named as CEO of MHM. The latter will be granted with a global operating leadership. Mr OTT will stay as Executive President.
  • Mr Yoann COUILLEC (20 years of experience, in Amadeus notably, Phd), was named as Group CTO. A key position vis-a-vis full commercial launch of Matching App.
  • Mr Joël RUBINO (entrepreneur, marketing, innovation) joined the Board in February.
  • MHM announced the signature of an agreement with one of the leaders in travel reservations worldwide. It will provide MHM with distribution potential by granting its own clients with large possibilities of reserving hotels worldwide.


Human Resources

The structuring of Human Resources at the Group level has been accelerated via an organisation welcoming two main axes : technical and commercial. With the Board’s expansion welcoming experts and entrepreneurs with experience of both big data and Artificial Intelligence, MHM gains a useful partner to accompany its development in differentiating practices. In our view, the latter are key to developing the company’s disruptive business model.

As far as the technical side is concerned, Mr Couellec (hired in last December) new function of CTO will enable him to oversee the deployment in Project mode. This is particularly important at this stage of MHM’s development. Under his management, the Group will hire c.15 people from both the digital and Artificial Intelligence communities to achieve the first test version of the Matching app which is awaited in H1 23.

Commercial aspects and governance

Mr Abitol, the founder of MyAgency, is now responsible for the full operational leadership of MHM and has been appointed CEO. The success of MyAgency’s turnaround in 2022 (acquired in 2022 by MHM) validated the relevance of the company’s positioning. Since Mr Ott remains the Executive President of MHM, he will remain closely involved in MHM’s development after having overseen the entirety of the early stage phase.

This split between executive and chairman will give the Group the type of organisation required to concentrate the operational functions around a limited number of key people. In our view, and due to the company’s profile, this is a key success factor.


No change to our forecasts. The structuring of the key functions is on track. Hiring 15 people will increase the fixed costs structure and will be only visible in FY 24, but it supports the company’s logical development.

At pixel time and within this exploratory deployment phase of the company’s offer, the operational expenses look much lower than our initial forecasts. This is favourable in terms of both cash costs and risk reward. Beyond these cash and risk aspects, the success of the commercial launch and ramp-up (recruitment of clients and its dynamic) will remain key in 2024 and 2025, to evaluate both the revenue potential and the final economic profitability.


27 Feb 24 Earnings/sales releases
Preliminary results for 2023. The App is moving...

04 Oct 23 Earnings/sales releases
Strong growth in H1 23, imminent launch of the...

13 Jun 23 Earnings/sales releases
MHM will use AI

21 Feb 23 Earnings/sales releases
Successful restart of MyAgency achieved

15 Nov 22 Earnings/sales releases
A good performance from My Agency in H1 22

14 Aug 22 Other news/comments
Taking into account the share consolidation.