Wellard's current EV is $200m (A$93m market cap + $110m net debt).
This is 4x EBITDA based on FY15 actual (actual FY15 and FY17 revenue were both about $500m - but Wellard's shipping capacity is now materially larger and better).
And <2x EBITDA based on broker forecasts for FY18 at the time of IPO (with similar shipping capacity and nothing has fundamentally changed in the industry).
Cattle prices have fallen 10-15% over the past month as the A$ increased 4%.
So what price do you reckon you'll be paying for the stock at once volumes and margins have been restored?
And therefore are the risks more than discounted?
The Turnaround has Begun, page-35
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Last
3.5¢ |
Change
-0.001(2.78%) |
Mkt cap ! $19.65M | |||
| Open | High | Low | Value | Volume |
| 3.6¢ | 3.8¢ | 3.5¢ | $11.21K | 314.4K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 100037 | 3.4¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 3.7¢ | 112643 | 2 |
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| Last trade - 14.57pm 31/07/2024 (20 minute delay) ? |
| WLD (ASX) Chart |