Reply To: XL Media

Nick Hargrave

Valuation assumptions: The market consensus is £9m EBIT for 2023 and we assume a single digit multiple of 9x for this asset light and growing business i.e. the market re-rates upon recognition that the business has successfully recovered and re-positioned itself. For the risk price we assume £8m EBIT in 2023 at an even more modest 6x multiple.