Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on MITULA GROUP LTD. We currently have 4 research reports from 1 professional analysts.
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MITULA GROUP LTD
MITULA GROUP LTD
Executing to strategy
13 Feb 17
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.
Showing the benefit of geographic reach
18 Aug 16
Mitula Group (MUA), a leading aggregator of online classified listings, has delivered H116 normalised profit of A$5.6m, a year-on-year increase of 94%. H116 normalised EBITDA of A$7.14m was 3.4% below the company’s guidance issued in May due to weaker currency and trading conditions in the South American markets. However, Mitula delivered a record EBITDA margin of 52.5%, up from 43.7% y-o-y, and this is superior to its peer group’s median EBITDA margin of 32.8%. MUA is trading at a 46% discount to our blended valuation of A$1.40/share.
Greenlighting new revenue flows
07 Jun 16
Mitula Group (MUA) is a leading aggregator of online classified listings, operating in the global online advertising market. While MUA reports on a calendar year basis, it has reaffirmed its 30 June 2016 prospectus forecast for NPAT of A$10.1m. Our NPAT forecast for this period is within 1.2% of current guidance. More significantly, MUA has identified new revenue streams from its emerging markets that could lead to a medium-term revenue uplift not currently forecast.
29 Mar 16
Mitula Group is a leading aggregator of online classified listings, operating in the global online advertising market. Its specific growth techniques, together with existing scale and a focus on higher-growth markets, should drive medium-term growth ahead of the sector, we believe. The company listed on ASX in July 2015, raising A$26.52m gross at an offer price of A$0.75/share. Mitula Group is already profitable, has met its prospectus guidance for CY15, is on track to meet its 2016 fiscal year prospectus forecasts, and has made its first post-IPO acquisition, buying Spain-based real estate classifieds aggregator, Nuroa Internet SL for ~€3m (A$4.47m).
N+1 Singer - NCC Group - Further issues in Assurance
22 Feb 17
NCC released a trading update yesterday afternoon highlighting further issues in its Assurance division. Sales growth has been lower than expected in all regions, resulting in a significant reduction in full year expectations. We have reduced our EPS forecasts by 25% in FY’17 and 22%/25% in FY’18/’19 respectively. Escrow continues to perform in line with expectations. In response to these issues the Board has announced a strategic review into all of the Assurance businesses. The results of the strategic review are expected to be announced at the FY results in July. With an extended period of uncertainty on the horizon we believe it will be hard for investors to gain confidence in NCC in the short term. That said we see fundamental value in the stock. Escrow is unaffected by this warning and remains an extremely high quality business, which we value at £353m in our SOTP. At the current share price this leaves Assurance valued at c.5x cal’17 EBITDA. While this appears to be an attractive multiple for a rare cybersecurity asset, we would like further clarity on the underlying nature of the current issues, hence our Hold recommendation. Our 138p target price assumes a 12x EBITDA multiple for Assurance but we apply a 20% discount to the group to account for the current uncertainty.
20 Feb 17
Hayward Tyler Group* (HAYT): Trading update and financial position (CORP) | Petra Diamonds (PDL): Interim results (BUY) | Gemfields* (GEM): Interim results (CORP) | Premaitha Health* (NIPT): Middle East momentum (CORP) | Sound Energy (SOU): Acquisition update and TE-8 well spud (HOLD) | Proactis* (PHD): Interim trading on track (CORP) | 7digital* (7DIG): Automotive contract win (CORP)
21 Feb 17
Lighthouse Group* (LGT): Middle Britain growth (CORP) | Utilitywise* (UTW): Double-digit sales growth (CORP) | Trakm8* (TRAK): Earnings expectations cut again (CORP) | dotDigital* (DOTC): Myriad growth opportunities (CORP) | Artilium* (ARTA): Five-year Telenet deal secured and prepaid (CORP) | Netcall* (NET): Cloud investment pays off (CORP)
N+1 Singer - Small-cap quantitative research - New quality style screen + 11 quality focus stocks
09 Feb 17
We introduce our fourth and final style screen representing “quality”. This screens for stocks with the best combination of high returns on capital/equity, EBIT margins and operating cash-flow conversion rates. These criteria should help us monitor how strong underlying returns translate into share price performance over time and under varying market conditions. The screen selects the “best” 25 stocks from our universe of just over 500 stocks and, as usual, we focus on a shorter list of stocks we cover or otherwise know and believe to be particularly interesting. We provide brief investment summaries on these focus stocks on pages 4 – 9. We will monitor performance and refresh the screen in approximately 3-4 months time.
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
N+1 Singer - PROACTIS Holdings - H1 in line
20 Feb 17
A positive interim trading update confirms that H1 results are in line with expectations, with revenues up 36% to c£11.8m on the back of strong organic growth (13%) and an in-line contribution from acquisitions. We make no changes to our forecasts, recommendation and target price pending the release of interim results on 26 April.