The company expects FY25 results to be in line with expectations, with 10% revenue growth in constant currency. We leave both FY25 and FY26 forecasts unchanged. We believe the value of LBG’s proprietary access and engagement with Gen Z and Millennials is overlooked and see upside potential particularly in the company’s rapidly growing US business. Its shares trade at 7.0x EBITDA CY25, between marketing and advertising services peers (5.7x) and publishing peers (8.3x). We believe LBG’s superior g ....
