Member Info for edoinvestor

Other purchases from insitutional today

What's your break even guys? for me it's about 59/60

Can't wait to sell this shi**y stock

Volumes continue to be above the average. It seems someone is accumulating, maybe in the US

No sense the closing as always

Actually it started to go down after your comment G_G_G ahah

anyway as Lukee said it's a waiting game. We need to be patient

Bye bye 50's

Material volumes today... let's see if the market is anticipating some news

Ah ok, don't know where I read 1st of december

-4% .. cant't wait to sell this ******* sh**

9 months results will be shared on monday

What do you think will be the market reaction on monday's results?

You're right. I think thak Kestrel is deeply involved in the process being Max Royde in the Board.

In my opinion between 200 and 250 it would be a good deal. Under 200 a bad deal and over 250 great.

It also depends on the Ebitda they will use to apply the multiple. Reasonably, they should use that of next year, that taking into account .co and other wins, may be around $25m. In a range of multiples between 8x and 10x we get an Ev between 200 and 250. What do you think?

Intellectual Property Management Company Inc (100% Stake)

Completed: 26/10/2022

Target Country: USA

Implied Equity Value: 6.5784 GBP

Net Debt: n.a.

Enterprise Value: 6.5784 GBP

Reported Revenue: n.a.

Reported EBITDA: n.a.

Reported EBIT: n.a.

Revenue Multiple: n.a.

EBIT Multiple: n.a.

EBITDA Multiple: n.a.

Deal Value: 6.5784 GBP

NameAction Inc. (100% Stake)

Completed: 06/12/2021

Target Country: Chile

Implied Equity Value: n.a.

Net Debt: n.a.

Enterprise Value: n.a.

Reported Revenue: n.a.

Reported EBITDA: n.a.

Reported EBIT: n.a.

Revenue Multiple: n.a.

EBIT Multiple: n.a.

EBITDA Multiple: n.a.

Deal Value: n.a.

HEXONET GmbH

Completed: 07/08/2019

Target Country: Germany

Implied Equity Value: n.a.

Net Debt: n.a.

Enterprise Value: 8.942 GBP

Reported Revenue: 14.8137

Reported EBITDA: 0.7182

Reported EBIT: n.a.

Revenue Multiple: 0.6061

EBIT Multiple: n.a.

EBITDA Multiple: 12.5

Deal Value: 8.942 GBP

TPP Wholesale Pty Ltd

Completed: 01/08/2019

Target Country: Australia

Implied Equity Value: n.a.

Net Debt: n.a.

Enterprise Value: 13.2492 GBP

Reported Revenue: 9.3857

Reported EBITDA: 2.1532

Reported EBIT: n.a.

Revenue Multiple: 1.4353

EBIT Multiple: n.a.

EBITDA Multiple: 6.2564

Deal Value: 13.2492 GBP

KeyDrive SA

Completed: 02/08/2018

Target Country: Luxembourg

Implied Equity Value: 27.0331 GBP

Net Debt: 6.5695 GBP

Enterprise Value: 33.6026 GBP

Reported Revenue: 43.1506

Reported EBITDA: 4.3497

Reported EBIT: 3.2055

Revenue Multiple: 0.7638

EBIT Multiple: 10.2819

EBITDA Multiple: 7.577

Deal Value: 33.6027 GBP

Instra Corporation

Completed: 08/12/2015

Target Country: Australia

Implied Equity Value: n.a.

Net Debt: n.a.

Enterprise Value: 15.9786 GBP

Reported Revenue: 7.2328

Reported EBITDA: 1.0903

Reported EBIT: n.a.

Revenue Multiple: 2.2297

EBIT Multiple: n.a.

EBITDA Multiple: 14.7916

Deal Value: 15.9786 GBP

Quick check — the acquisition price you’re using looks like the equity consideration, not the enterprise value. Multiples like EV/EBITDA and EV/Sales should only be calculated using EV = equity price + net debt – cash. Without adjusting for net debt and earn-out triggers, Price/EBITDA is not directly comparable across deals. Mergermarket normally reports EV-based figures, which is what my earlier numbers were referring to.

Based on Mergermarket data, the EV and the EV/Sales and EV/EBITDA multiples paid by TIG in its historical acquisitions were the following:

• Instra (2015): EV/EBITDA 14.7×, EV/Sales 2.29×

• KeyDrive (2018): EV/EBITDA 7.5×, EV/Sales 0.8×

• TPP Wholesale (2019): EV/EBITDA 6.2×, EV/Sales 1.4×

• HEXONET (2019): EV/EBITDA 12.5×, EV/Sales 0.6×

These numbers are correct — but using them as a benchmark to value DIS is not conceptually sound. In those cases TIG was the consolidator, acquiring smaller, fragmented operators with lower scale and lower margins. Naturally, acquisition targets tend to trade at lower multiples.

DIS today represents the post-integration platform, with scale, higher recurring revenues and much stronger economics. A consolidator is valued at higher multiples than the companies it consolidates, not at the average of its acquisition targets — this is true across the domains/hosting/identity industry.

Also, for DIS there is no need to estimate debt levels, because the transaction will almost certainly be executed on a debt-free/cash-free basis. So the EV is essentially aligned with the equity value of the sale.

For these reasons, the Instra / KeyDrive / TPP / HEXONET multiples should be seen as a historical floor — not a ceiling. A competitive process can logically result in higher valuation multiples for DIS.

I had a look at the multiples TIG paid in its acquisitions in Domains where available. I found 4 transactions:

- Instra (2015): EV/EBITDA: 14.7, EV/SALES: 2.29;

- Key Drive (2018): EV/EBITDA: 7.5, EV/SALES: 0.8;

- TPP Wholesale Pty Ltd (2019): EV/EBITDA: 6.2, EV/SALES: 1.4;

- HEXONET GmbH (2019): EV/EBITDA: 12.5 , EV/SALES: 0.6.

Consider that the biggest transaction is Key Drive with a $ 33 m EV.

Sent G_G_G

Wtf is happening again?