Profitablity per distribution channel, page-2

One way to look at the valuation.

Let's take a very cautious approach and consider that the auction business (70 % of sales) is worth close to 0.

So, in such a scenario, all the existing valuation (EV= 53 m$) comes from the non auction business which made a cash profit of 4.18 m$ according to my estimate.
So it corresponds to a valuation of EV/EBITDA of 6.3 x for this division (if we annualise H1 25 results) and a free cash flow yield of around 9 % (after applying a normal tax rate to this EBITDA and Capex/revenue in line with the last 2 years).
This looks really cheap for a business which has a high margin and a good growth profile (+ 43 % for revenues and + 107 % for volumes).

I would value such a profile at a free cash flow yield more around 4 % to 5 %, or the double of its existing valuation (while valuing the auction business around 0 which is probably too cautious*).

* last time, I tried to calculate the value of their auction business (via a DCF), I got a value of 36 m$ or around 8.30 c per share.