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Edison Investment Research

Leading International Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Equity Bottom-Up

<p>We reduce EBITDA forecasts, updating for last November&rsquo;s trading statement and the September 2016 acquisition of Dot Property. This is not a reflection of Mitula&rsquo;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.</p>

We reduce EBITDA forecasts, updating for last November&rsquo;s trading statement and the September 2016 acquisition of Dot Property. This is not a reflection of Mitula&rsquo;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.

Australia

Mitula Group Limited owns and operates vertical search websites. The Company offers its website users the ability to search across listings from multiple segments, including real estate, automotive, employment, and holiday rentals. Mitula Group serves customers worldwide.

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Mitula (MUA AU)

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...

Edison Investment Research

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