First time I believe that Mayfield have confirmed the Genius Group's EBITDA contribution. Slide 12 states that Genius contributed a dismal $4.4m in CY2022.
A reminder that Genius forecasted $8.0m EBITDA for CY2022 and were acquired on a 4.9x multiple of that number (OK but not great by industry standards). Based on a $4.4m EBITDA contribution, that deal turned out to be a 7x multiple (a very ordinary deal for shareholders).
Given that Mayfield have disclosed 3x further centre acquisitions from Genius based on CY2023 forecasts in the latest Financial Results... I worry that Mayfield's shareholders are getting the sour end of a good deal for someone else...
What happened to the Incubator Agreement that provided for 4.25x multiples of 3 month trailing actuals?!
First time I believe that Mayfield have confirmed the Genius...
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