We reduce EBITDA forecasts, updating for last November’s trading statement and the September 2016 acquisition of Dot Property. This is not a reflection of Mitula’s operational performance, which continues to progress to strategy, but of additional investment in its self-serve platform, expansion into the fashion vertical and the strengthening of its market capabilities. Mitula is growing strongly, enjoys high EBITDA margins and is well financed. The 40% EV/EBITDA discount to its peer group average deserves investor attention.