Value Track published an updated report on MailUp Group with a EUR 3.35 fair value vs a current market price of EUR 2.62
MailUp S.p.A. (the “Company” or “MailUp”), a company listed on the multilateral trading facility AIM Italia / Alternative Investment Market and operating in the marketing technology field (Reuters: MAIL.MI) (Bloomberg: MAIL IM) (ISIN IT0005040354), hereby notifies that Value Track, the independent financial analysis boutique led by Marco Greco, published an update report on MailUp Group (MAIL.MI / MAIL IM), with a EUR 3.35 fair value (vs a current market price of EUR 2.62, ref. Oct 17) starting from the following key 1H17 messages:
– Organic Revenues growth is accelerating (+29% YoY);
– EBITDA margin in the main business units, i.e. MailUp, Agile Telecom, Acumbamail is increasing;
– Operating Cash Flow generation remains positive with a cash conversion ratio at 75% after tax.
The valuation takes into account on one side the upward re-rating of sector multiples and a lower discount rate for DCF and on the other side expected company’s EBITDA estimates.