Accounting for MyAgency's potential value (MyHotelMatch)
Accounting for MyAgency's potential valueTARGET CHANGE
CHANGE IN TARGET PRICE € 0.06 vs 0.05 +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 EPS
2023 : € 0.00 vs (0.01) ns
2024 : € (0.01) vs (0.01) ns
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 € 0.06 vs 0.04 +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.
Fonciere Paris Nord SA. Fonciere Paris Nord SA, formerly ADT SIIC SA, is a France-based investment company primarily engaged in the activities related to the acquisition and management of real estate. It has a portfolio of assets comprising various types of buildings, such as offices, commercial and residential buildings. The Company's real estate assets are located in Paris and the Paris suburbs, among others. As of December 31, 2011, the Company operated through subsidiaries, including Compagnie Financiere Fonciere et Immobiliere-CFFI, Maintreuil and Pamier. In June 2013, it sold its stake in Venus to FIPP.
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