Showing the benefit of geographic reach
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.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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