strong top line, with almost no cost increase, page-37

Thanks for mentioning this podcast.
Just listened to it.
Interesting, as usual with Steve.

If I am not wrong, we can now do a rather good estimate of OB Media results, given that Egg is now reporting its results both with 100 % of OB Media (like they did historically) and with 51 % of OB Media*.
By deduction, we can estimate that OB Media (for 100 %) had revenues of 35.5 m in FY 21 (+ 181 % yoy) and an OP EBITDA margin of 74.1 % (vs 57.9 % in FY 20). This large operating leverage is explained by the fact that OB Media is a platform.
Given this level of growth and margin, it is clear that, this part of Enero's business deserves a higher rating than the past valuation of Enero (when there was no significant contribution from OB Media).

2 other interesting elements regarding OB Media :
- the strong business increase in FY 21 is, in particular, reflected in the number of publishers that OB Media serves, which almost doubled in FY 21,
- OB Media has not been impacted by the trend towards more privacy, which is now negatively impacting some digital media companies, as OB Media does not rely on third party cookies.

* since FY 21, what they call "economic interest".