Mitula Group: Showing The Benefit Of Geographic Reach
Edison | Aug 18, 2016 04:12AM ET
Mitula Group Ltd (AX: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.
Interim NPAT up 94%
MUA reported a 94% lift in normalised NPAT to A$5.6m in H116 on the back of 52.7% revenue growth and margin expansion in both gross profit and EBITDA. The company delivered a record EBITDA margin of 52.5%, up from 43.7% y-o-y. Revenue and EBITDA, however, were respectively 3% and 6% below the Q216 guidance provided by the company in May due to lower than expected revenue from the Americas, which were affected by currency weakness against the US dollar and lower click-out rates. Offsetting this was strong growth from Asia-Pacific and EMEA, demonstrating the benefit of MUA’s geographic reach.
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