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TMO

Time Out Group PLC

Media First-pass screen £39m
420/1000 Overall fit
AI beneficiary 35% 30
Operating leverage 25% 72
Valuation 25% 30
Downside protection 15% 38

First-pass take

Time Out is a leveraged, cyclical discretionary-spend business with zero AI exposure. While adjusted EBITDA grew 134% on 7% revenue growth (demonstrating operating leverage from fixed cost base), adjusted net debt stands at 2.7x EBITDA (4.9x statutory with leases). No valuation multiples disclosed; recent £8m placing and warrant dilution signal funding constraints.

Flags

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