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I don't think £3.50 is realistic. Most reports have implied a £1.5B EV, which would be around £2.80

My view of fair value at the moment (based on estimate of deal probability and price) is around 240p.

At 205p the market is pricing in a high likelihood of no deal. Seems a little strange.

Looks like some decent £20k buys going through

*casting some doubt

Effing autocorrect!

Maybe wording in the RNS suggesting that things are at an early stage is casting done don't on likelihood of a solid offer.

In the interview that he did a couple of weeks ago he mentioned that previously they would have hoped for >300p but that a deal might now happen slightly below. Still a large premium.

In the interview that he did

Haven't spent a huge amount of time looking into the financials but looks like EBITDA conversion to FCF is pretty underwhelming...

I don't trust anything that they say at this point but reassured to have Kestrel involved and motivated to maximise any sale. Can't wait to get some cash out of this to reinvest elsewhere...

I'm sceptical that there's any residual value in Search given the magnitude of change at Google with integration of Gemini into search results, and effectively the death of traditional SEO.

Very cheap if they get anything close to the Mission 365 numbers over the next few years.

Are ridiculously generous here in my opinion. Basically wipes out the last few months of buybacks.

The share buybacks seem to have dried up a bit over the past week or so. Not sure why - anyone?

What I think we should get and what I think we will get are unfortunately different numbers.

I have zero faith in Billy and Michael to negotiate a favourable deal. Just got to hope that Max Royde can make sure nothing stupid happens.

I would go further and suggest that the profit warning should have been clear at the H1 results. They knew at that point that Search was doing zilch but they were happy to mask it with the "normal" earnings in Q1 prior to the AFD change.

If you're being cynical, as is my predisposition, the fact that they switched to 6 monthly financial reporting was an incredibly convenient method to obfuscate the drop in actual Search earnings...

The problem with Search value is that currently EBITDA = 0...

They need to prove that RSOC is growing and profitable.

You were right about the layout being poor! Haha

The debt that is due in 2026 could be pushed onto the (ample) remaining available RCF. So it's effectively due 2027.

They would almost certainly be able to refinance on a longer maturity.

I assume that the potential acquirers of DIS are unlikely to be interested in Search or Comparison. More likely to get better prices as standalone businesses.

Well Michael has overseen the complete collapse of the company so I wouldn't pay too much attention to his comments...

Hopefully we can trade into the mid 50s in the short term and hold out for a pleasant surprise on value of either DIS or Comparison.

I think 12x EBITDA for DIS would be a reasonable valuation, but shave some of that off for the fact that this sale is not being made from a position of strength.

Comparison probably worth no more than 5x given the earnings volatility. Agree with Luke that they would be better off holding out until these websites have reached scale.

Search not worth selling unless they can show some momentum towards medium term growth and profitability.