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MusicMagpie
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=== Valuation: Fair value of 168p per share === Its primary method of valuing MMAG is a discounted cash flow (DCF) analysis, with a fair value of 168p per share. Beyond its explicit forecast period Edison assumes 5% annual revenue growth for βoutrightβ sales, fading down to c 4% growth by its terminal year, FY31, and rentals to increase revenue growth by 2β5% pa. The higher-margin subscriptions potentially increase the EBITDA margin from 8.4% in FY21 to c 21% by FY31. Edison uses a WACC of 10% (risk free rate of 3%, risk premium of 6%, Beta of 1.2 (limited trading history), and little debt) and a 2% terminal growth rate.
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