Interesting to look at the details of MDE* (acquired by SCEE) which seems to have a comparable business to Mayfield. MDE expects to have an operating margin of 15 % in FY 24. This is to compare with an EBITDA margin of 10 % for Mayfield for H1 24. Based on this, Mayfield has probably still a significant potential to improve its margin.
Also interesting to note that MDE is expected to have a further strong growth for its EBIT in FY 25, as it expects an increase of 67 % of its EBIT in FY 25 (at least 5 m$ vs 3 m$ in FY 24).
