Zman, you are spot on.
EBITDA is the most important factor considering the industry but PBT cannot be ignored. Current normalised PBT of $5.2m is rather low considering their debt level. They have 70 clinics - thats $75K per clinic. Rather low for radiology. Some of them must be running at a loss considering that their recent acquisition(s) had mostly larger sites.
The share price reduced from 1.12 to 0.15 and the CEO is receiving 15m options with a strike price of 50% premium to the current level? Does that sound like a reasonable KPI? What about minimum profit levels or at least revenue targets?
The debt is concerning. In particular if they are looking at a further $50m unsecured facility.
I am still not sure about the direct and short-mid term benefit of the $10m Enlitic or the sport sponsorship. That is a lot of money for a company with a market cap of $80m.
CAJ Financial Analysis, page-8
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