TASTE

Mytaste Group

Research update

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203 Web Group - myTaste, the name of the game

Because of the announced name change to myTaste and the ongoing rights issue we have written an analysis update focusing on the value of myTaste.

Compared to other online recipe networks the valuation of 203 Web Group (myTaste) seems incomprehensibly low. We argue that this valuation gap will likely close when we approach the monetization of the app users.

Public online recipe networks and recent acquisitions value unique visitors at around 7 USD. The current valuation of 203 Web Group implies a multiple of 1.2 USD per unique visitor. We therefore see a significant valuation discrepancy between the instrict value and market value of 203.

Our conservative Fair Value estimate, in the Base case, of 23 SEK per share is unchanged and signals an attractive investment opportunity at today’s share price.

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