Pacific Smiles is a leading Australian branded dental group, currently operating 42 dental centres containing more than 200 active dental chairs. Pacific Smiles provides dentists with fully serviced and equipped facilities including support staff, materials, marketing and administrative services. Pacific Smiles generates its revenue through service fees charged to the dentists by whom it is engaged
More than 250 dentists, assisted by more than 700 support staff, attend to approximately 400,000 patient appointments at Pacific Smiles centres each year
The Company’s growth model is focused on organic new centre rollout rather than acquisitions. This allows Pacific Smiles to steadily and strategically expand its geographic footprint and provide the benefits of the Pacific Smiles service model to an increasing number of Australia’s dentists and patients
The Offer is expected to raise a minimum of $30.9 million and a maximum of $49.7 million
Estimated forecast FY15 dividend yield of 3.8% - 5.0% and annualised FY15 dividend yield of 6.6% - 8.6%
An allocation of Shares is available for CommSec One clients who are Australian residents
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Key Offer Statistics
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Issuers
Pacific Smiles Group Limited ABN 42 103 087 449 (“Company”) and Pacific Smiles SaleCo Limited (“SaleCo”)
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Indicative Price Range1
$1.00 - $1.30 per Share
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Total number of New Shares issued under the Offer
15.6 million
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Total number of Existing Shares offered under the Offer2
15.3 million to 22.6 million
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Total number of Shares to be offered under the Offer3
30.9 million to 38.2 million
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Total number of Shares on issue at Completion of the Offer
152.0 million
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Market capitalisation at the Indicative Price Range
$152 million - $198 million
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Enterprise value at the Indicative Price Range4
$141 million - $187 million
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Pro Forma Net Cash (as at 30 June 2014)
$10.9 million
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Enterprise value to pro forma forecast FY2015 EBITDA multiple5
8.1x – 10.7x
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Offer Price to pro forma forecast FY2015 NPAT per Share multiple6
