Ann: MUA Launches Investment Fund to Accelerate Strategy, page-22

Thanks for the link to the article Jausty. It was interesting that they made note that MUA have a cash bal of ~$14m.

The current market value is around $90m so once you back out the cash the market is valuing MUA at $76m. With their current EBITA of $11.5m, $76m does look very cheap. Revenue still grew +20% last year which is a very solid effort even if it was below their previous guidance and more importantly, most of that growth was driven by higher yields rather than just growing traffic to their website. Average yield per customer has a lot of potential to keep growing.

Adsense revenue does fluctuate month to month and even if their lower Adsense revenue is the new normal (which is worse case), based on their 18 Sep 17 presentation, Adsense only makes up ~20% of their total revenue and continues to decline each year as they move up the value curve and into transactions.

Dotproperty/fashiola were both inexpensive acquisitions of fast growing businesses that have only since accelerated in growth post acquisition.