Member Info for edoinvestor

I would have expected a RNS this morning, it's frustrating

Right question to do to IR department, even if i'm pretty sure they won't answer

No RNS on final results yet. they said late may in the last RNS. 2 days reamining

Lukee, I sent you a private message

I've put together a simple sum-of-the-parts using FY2026 estimated EBITDA by division and net debt of $88M as reported in the March trading update.

On the divisional EBITDA I've used two scenarios — a conservative case (DIS $23M, Comparison $12M, Search $7M) and a slightly more optimistic case (DIS $25M, Comparison $14M, Search $9M) — both well within what the business has demonstrated it can deliver.

On multiples I've applied a bear/base/bull range: DIS at 7x/9x/11x, Comparison at 5x/6x/8x, and Search at 0x/2x/4x — the last of which is already pricing Search as worthless in the bear case.

Even in the most conservative scenario — lowest EBITDA estimates, distressed multiples across all three divisions, Search at zero — the implied share price is 40p. We are currently trading at 32p.

In other words, at the current price you are below the bear case on forward numbers, applying deeply distressed multiples to a business where DIS just reported 10% EBITDA growth and 155% cash conversion. The base case across both EBITDA scenarios implies 62-72p. The bull case 87p-101p.

The board has publicly stated any DIS disposal would deliver value materially in excess of the current market cap. Under Takeover Panel rules they are obliged to correct that statement if it were no longer true. They haven't.

The market is pricing illiquidity and forced sellers. Not fundamentals.

They told me hopefully a few week for the results

Never ending free fall

I sent him an email some weeks ago and in his view current valuation is no sense. Obviously he didn't share with me privilegd info

This is the only stock in my portfolio that has not recoverd anything even with AIM 100 positive. embarassing and annoying

The level of volumes has increased over the last days, even if with small impact on the price

DIS is a more resilent infrastructure asset in case of crisis caused by energy prices. Comparison and search may suffer due to decreasing consumptions

And in the end the usual UT

TACO trade ongoing

Only the dis deal with price above €200m and cash in shareholders' pockets can save us. the AIM market is completely broke

At these prices, the market is essentially saying DIS value is around 150$m (7x on EBITDA equal to $21m), Comparison is around 60$m (5x on EBITDA equal to $12m) and Search is equal to 0. If you deduct net debt you get current marke cap. Crazy

In the interview Michael said DiS purchase price will be higher by a wide amount than the gross debt. Gross debt should be 170$m. Thus, their expectation may be between $200m and $250m

No limit

So they will use the cash from DIS sale to settle debt and a special dividend/tender offer

In my view the floor foor DIS sale is $200 m i.e. 1x ev/sales. everything below $200m would be a shame

4% after it lost 20% with no news