XLMedia has released a comprehensive interim trading update and remains in-line with our expectations. It covers a number of strategy updates regarding new and improved revenue streams such as revenue share agreements, new websites, and new product offerings. A focus on efficiencies and the principal business has seen cost reductions and disposals of non-core assets. XLM trades on an FY1 Adj EV/EBITDA multiple of 1.4x, which is a significant discount to UK media peers on 6.2x.
