Hi Be,
Do you have any data on the cost per terminal, capex, and payback?
I am trying to understand the growth capex requirements for this business, as they look to add ~200-300 terminals per month or so.
Generally speaking, I prefer to rate businesses on EBIT rather than EBITDA (which has been flat as SMP is chasing topline growth)
It looks like the terminal spend was around $2.2m for past 6 month period, though at the same time, it's difficult to know how many terminals were purchased by the company during this period (as some were inactive, so net additions unclear). Although $1,000 per terminal does seem high. (would have thought closer to $600 in line with banks).
Spent on intangibles (I'm assuming all capitalised software development around $2m (ahead of Amortisation of $1,4m).
Is $4m pa a reasonable run rate to assume? As I don't see why this should grow in line with new terminals - assumed it would be more of a fixed cost.
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