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

MyHotelMatch

CR
Bloomberg   MHM FP
Travel Services  /  France  Web Site   |   Investors Relation
Creating the hotel matching market against Booking.com
Target
Upside 60.6%
Price (€) 0.03
Market Cap (€M) 6.55
Perf. 1W: 18.1%
Perf. 1M: 35.1%
Perf. 3M: 14.5%
Perf Ytd: 78.6%
10 day relative perf. to stoxx600: 8.57%
20 day relative perf. to stoxx600: 21.6%
DCF Change31/05/2018

Integration of the 2017 accounts

Change in DCF€ 0.06 vs 0.04+40.5%

The DCF valuation which is highly theoretical at present is naturally very sensitive to the redevelopment calendar. The nearer we get to redevelopment (our anchorage point is the realisation of the Grand Paris Express project), the DCF automatically benefits. This metric is liable to be called into question at any time.



Change in Target Price€ 0.09 vs 0.08+6.61%

The integration of the 2017 accounts amounts to recording the carrying cost of an asset which no longer generates a rental stream ahead of its redevelopment. Note that the risks associated with the theoretical value of this redevelopment are those of a very long-term calendar.



Updates

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