We value from a corporate finance point of view, the investment made by LIFULL Co in acquiring Mitula Group, a digital classifieds group that operates vertical search sites and classified portals. The transaction took place on 9 May 2018.
We value from a corporate finance point of view, the investment made by LIFULL Co in acquiring Mitula Group, a digital classifieds group that operates vertical search sites and classified portals. The transaction took place on 9 May 2018.
Mitula Group
Mitula Group is a digital classifieds group operating vertical search sites and classified portals, based in Madrid. It operates 110 sites covering real estate, automotive, jobs and fashion in 54 different countries and 21 different languages. In addition, it operates 10 property portals in SE Asian markets.
Mitula is a company born and bred in Spain, but has been listed on the Australian stock market since 2015.
The Mitula Group's vertical search functionality gives users of its websites the ability to search listings from multiple verticals, such as real estate, automotive, employment and, in some countries, vacation rentals, and obtain search results from multiple advertisers with one search query. With access to search results from multiple advertisers, users are offered a more convenient and efficient search experience than searching on a single advertiser's website.
| Variable | 2015 | 2016 | 2017 |
| Invoicing | 20.568,035 | 28.022,988 | 33.595,067 |
| Ebitda | 2.588,623 | 8.173,723 | 5.277,721 |
| Net financial debt | -21.002,933 | -20.462,205 | -13.140,802 |
| Investment | 1,462 | 1,462 | 1,462 |
| Growth | 92% | 36% | 20% |
| Profitability | 13% | 29% | 16% |
| Solvency | -8,11% | -2,5% | -2,49% |
Source: Yahoo Finance (in thousands).
- Investment = Var. Fixed Assets + Amort. Fixed Assets
- Growth = Var. Turnover
- Profitability = EBITDA / Turnover
- Solvency = Net Financial Debt / EBITDA
| Valuation multiples 2017 | |
| Company value | 135,49M |
| EV/Ebitda | 12,57 |
| EV/Sales | 4,03 |
LIFULL Co and the acquisition of Mitula
Australian digital classifieds company Mitula Group said on Wednesday that Japanese real estate portal Lifull Co agreed to buy the company for about $140M and merge it with the online classifieds unit Lifull.
Mitula shareholders will receive 0.0753 Lifull shares for each share they own. This values Mitula at around A $ 0.8742 (Australian dollars) per share, a premium of around 95 percent, based on Wednesday's share close.
Mitula said its board recommended that shareholders vote in favour of the deal, in the absence of a superior proposal.
LIFULL Co., Ltd. is a company that operates real estate and housing information services. It is the most extensive real estate and housing information listing service. It was established in 1997 with the aspiration of changing the real estate industry. Its main service is the operation of LIFULL HOME’S, a website that provides real estate and housing information, which provides the industry's most extensive property information library in Japan. In addition to its focus on Mainstay Housing, LIFULL has expanded into related areas such as Nursing Care, Interior Design, and Insurance. The Group is also actively providing its services in 57 different countries around the world.
Other investments in the classified sector
| Company | Description | Country | Amount | Date |
| Adzuna | Adzuna is an intelligent search engine for job advertisements. | UK | £8M | 18/05/2018 |
| Carousell | Carousell is a Singapore-based consumer-to-consumer marketplace application for iOS and Android. | Singapore | $85M | 14/05/2018 |
| PatPat | PatPat is a shopping app for mums. | USA. USA. | $47,8M | 19/04/2018 |
| Floyd Design | Floyd Design is a new type of furniture company, primarily for urban living. | USA. USA. | $5,6M | 18/01/2018 |
| Yoti | Yoti is your digital identity application: the easiest and safest way to prove your identity online and in person. | UK | £8M | 16/01/2018 |