Mitula Group: Greenlighting New Revenue Flows
Edison | Jun 07, 2016 05:04AM ET
Mitula Group Ltd (AX:MUA) is a leading aggregator of online classified listings, operating in the global online advertising market. While MUA reports on a calendar year basis, it has reaffirmed its 30 June 2016 prospectus forecast for NPAT of A$10.1m. Our NPAT forecast for this period is within 1.2% of current guidance. More significantly, MUA has identified new revenue streams from its emerging markets that could lead to a medium-term revenue uplift not currently forecast.
Q3 results and prospectus forecast confirmed
MUA reported 26% q-o-q growth in March quarter revenues to A$6.7m, while q-o-q EBITDA increased 33% to A$3.3m to deliver a record EBITDA margin of 50%. The company has reaffirmed its prospectus guidance for NPAT of A$10.1m for the 12 months ending 30 June 2016, but trimmed its revenue and EBITDA guidance by 2.7% and 3.3% respectively. We note that our revenue forecast for the period (12 months to June 2016) is A$27.1m, slightly ahead of guidance for A$25.5m, but our EBITDA forecast of A$12.7m and NPAT forecast for A$10.2m are within 1.2% of guidance. We are not proposing earnings forecast changes at this point.
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