Also can you provide comparison with LMN.
Thanks
TOI’s Forward EV/EBITDA multiple is 35.3x (based on total shares outstanding of 129,841,819 and 2023 EBITDA converted from EUR to $320M CDN).
TOI has always been trading at a premium compared to LMN (around 33x) due to its stronger organic growth – LMN focuses on Vertical Market Software (VMS) businesses targeting the media and communication sector. The company was recently spun out from CSU, with a limited operating history to compare with TOI.
TOI’s share price has gone down along with the general market recently, and we do not have a specific reason for the decline. We are okay to add some here, given that we think TOI’s portfolio of VMS businesses is solid, less affected by the macro environment and possess pricing power.