AlphaValue Corporate Services
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


Bloomberg   MHM FP
Travel Services  /  France  Web Site   |   Investors Relation
Préparation du lancement de l'application de Matching
Upside 373%
Price (€) 1.32
Market Cap (€M) 4.49
Perf. 1W: -9.90%
Perf. 1M: -26.3%
Perf. 3M: -42.6%
Perf Ytd: -21.4%
10 day relative perf. to stoxx600: -15.6%
20 day relative perf. to stoxx600: -20.4%
Target Change13/06/2023

Accounting for MyAgency's potential value

Change in Target Price€ 5.67 vs 4.82+17.8%

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.

Change in EPS2023 : € -0.24 vs -1.43ns
2024 : € -1.20 vs -1.20ns

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.

Change in NAV€ 5.70 vs 4.49+26.9%

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.


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.

11 Nov 21 Opinion change
Reprise prochaine des acquisitions

09 Nov 21 Shareholding structure
Distribution de BSA. Premier investissement en...

24 Mar 21 Earnings/sales releases
H1 20 figures; a bit late indeed