Coming into the reporting season, we began to believe that the ‘new media’ space had become rather fully priced and, therefore, vulnerable to disappointment. This situation has moderated to varying degrees in recent weeks. Isentia, a media intelligence company who largely operate via SaaS, delivered an interim result in line with guidance but disappointed with its earnings and cash flow composition. They discovered their true vulnerability to excessive valuation by failing to upgrade earnings to some way appease inflamed expectations. Prior to result the stock was trading on 28x (FY16) and today is priced closer to 22x.