Edison Valuation20 Jan 2021 09:16
As is the case for MISSION, forecasts for peers remain highly subjective to assumptions on the speed and scale of the recovery, so we have continued to look at an average over FY19, FY20e and FY21e. MISSION’s shares trade at a discount to peers on EV/EBIT (11.5x 2021) and P/E on this basis. Parity indicates a share price of 87.6p (up from 76.9p in December), reflecting positive share price performances in the sector as advertising spending levels look set to recover. This is 33% above the current level.