Q: Can you compare the valuations of Lumine and Topicus please? Thanks
5i Research Answer:
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 typically been trading at a premium compared to LMN (around 33x) due to its larger size and growth – LMN focuses on Vertical Market Software (VMS) businesses targeting the media and communication sector. However, the premium has narrowed as LMN has recently reported very strong overall growth.