XLMedia - €15.0 million acquisition

**onlinex** · 16 January 2018, 10:11 am

http://www.londonstockexchange.com/e.../13495576.html

**RacingJim** · 16 January 2018, 12:31 pm

Interesting. Interesting that they've included an earn out as well. I've been warned off earn outs by the business sales advisors I've spoken to.

**allaboutthebets** · 16 January 2018, 2:42 pm

Originally Posted by RacingJim

Interesting. Interesting that they've included an earn out as well. I've been warned off earn outs by the business sales advisors I've spoken to.

Are you thinking of selling up?

**golfbettingsystem** · 16 January 2018, 3:55 pm

So if i’m reading this right then they’re paying (up to) around 12-15x earnings depending what the true margin actually is? Much more than some of the 1.5x quotes bandied about!!

**RacingJim** · 16 January 2018, 4:23 pm

Originally Posted by allaboutthebets

Are you thinking of selling up?

Yeh it's something I've looked into, not sure I'm quite ready for the stress/hassle at the moment but yeh at some point in the next 6-12 months I think I'll be looking for the exit.

**Triple7** · 16 January 2018, 5:17 pm

Originally Posted by golfbettingsystem

So if i’m reading this right then they’re paying (up to) around 12-15x earnings depending what the true margin actually is? Much more than some of the 1.5x quotes bandied about!!

It's a price based on an unaudited EBITDA margin of 75%. I guess they did some research to the margins and sure they can alter the price if during KYC and the audit they find out things are a bit different than communicated before.

Also unclear is how realistic the "significant growth" for that extra 7 mio is. Based on 7 mio it's 3 times revenue.

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