musicMagpie - FY22 in line with management's expectations
musicMagpie’s (MMAG’s) management has indicated that its full-year results to the end of November 2022 are in line with its expectations. A record Black Friday week offset the previously flagged weaker summer and early autumn trading, with reported revenue of £144.8m marginally below our forecasts. Net debt was better than expected due to improvements in working capital and lower capital investment in rentals. We have lowered our FY23 and FY24 revenue estimates by c 1% while maintaining our EBITDA. On our revised estimates, MMAG trades on FY23 and FY24 multiples of 0.2x EV/sales in both years and EV/EBITDA multiples of 3.3x and 2.7x, respectively.
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