thought I'd share some calculations I ran through in determining if I will hold onto my WEB shares.
using annual report as of 29/06/2019 (the more recent full-year reported earnings)
- 2019 EPS = 0.47
- 2019 Diluted avg shares = 136m
Assuming WEB can return to 2019 profit levels;
- New issued shares (cap raising of $346m @ 1.7) = 204m
- New total avg shares = 340m
- EPS = 0.19
With a revised EPS of 0.19, corresponding P/E would look like;
- share price of $3.11, P/E = 16.37
- share price of $1.70, P/E = 8.95
In other words, if you buy now @ $3.11 and take up the 1-1 offer, then your average P/E (@2019 profits) will be 12.66.
Personally, I like good quality stocks at around a PEG of <1. If you take WEB's revenue growth rate over the last 7 years, and again, assuming it can return to 2019+ profits, then 12.66 indicates a PEG of <0.5.
WEB Rev growth rate:
3yr = 33.49%
5yr = 30.45%
7yr = 30.28%
hope this helps. DYOR.
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