Yes 6 times is probably too conservative and there are a number of similar size peers trading on higher multiples. I think of TNY which is trading at 10 times and I would much prefer to have the defensive revenue of delivering a core service (curriculum) paid for by schools (large % Govt owned) than advertising revenue to new mums if/when we enter a recession.
News: RCL Readcloud Says Breakeven Underlying EBITDA Expected In H2, page-11
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