The trading platform business plunged over -38% in August posting new decade lows in the process after releasing its 1H23 result which showed that revenue growth had slowed and costs were higher than expected plus no interim dividend declared. IRE is currently trading on an FY23 EV/Cash EBITDA multiple of 16.5x and 22.7x if you include cloud transition costs which is simply too expensive in our opinion for a stock trying to steady a wobbly ship.
- We would need to see a clear turnaround of fortunes for MM to consider the stock
MM has no interest in IRE
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