MyHotelMatch

We have applied a 10x EV/EBIT multiple to c.€0.5m EBIT generated by MyAgency in FY 22 (group share, AV estimate). We thus add €5m to our SOTP. Other parameters are unchanged. As a reminder, the investment case remains intimately linked to the commercial success of Matching App.

We have removed referencing expenses planned in FY 23 (Google, €7m) due to the full commercial launch planned in early 2024 and increased the contribution of MyAgency (from a €0.2m loss at the EBIT level in FY 23 to a positive consolidated contribution of €0.6m). We don't rule out having to increase this after the full commercial launch process in 2024-25. It should weigh on the bulk of the group's cash expenses once the development of the Matching platform is achieved in 2024-25. We still forecast a significant net consolidated loss in 2023-25.

Our NAV has been upgraded because of the new contribution of MyAgency of €5m (vs. nil, initially). GAV attributed to the Matching platform was broadly unchanged.