Executing to strategy
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.Mitula Group is a website operator and is engaged in managing and operating its own vertical search companies around the world. As of Dec. 31, 2015, Co. operated a portfolio of 58 websites in 46 countries and in 18 languages. Co. operates its websites under three main brands, 'Mitula', 'Nestoria' and 'Nuroa'.
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