AlphaValue Corporate Services
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Bloomberg   MHM FP
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Preparing to launch Matching App
Upside 1,210%
Price (€) 0.51
Market Cap (€M) 2.98
Perf. 1W: 7.08%
Perf. 1M: -25.5%
Perf. 3M: -11.4%
Perf Ytd: -45.3%
10 day relative perf. to stoxx600: -9.70%
20 day relative perf. to stoxx600: -18.3%
Target Change13/06/2023 17:49

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.


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.