my take on afj, page-15

Glad I took a couple of days to get around to analysing this one. Saved me paying $1.50 and now I've been able to get a better entry.

Does anyone care to share their estimates for centre acquisitions? I know it is somewhat speculating, but due to the fact that the prospectus said they analysed over 150 centres - I think they might already have a few more on the short list...

Currently trading around 10.5x EBIT, I think that if they can prove to the market that they are comparable to GEM in regards to acquiring and integrating centres then they will slowly re-rate to a multiple around 15-20x...and if they grow EBIT while the re-rate occurs it will be a double whammy.

GEM was ranking a multiple in excess of 20 in 2010 when it was sitting on $7m EBIT...

The IPO looked a certain profit at around 7.5x EBIT...looks like "the boat fund" got about 470k units.
Thats a nice paper profit already!