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Share
02/02/25
10:21
Share
We still believe....
At some point the gap between the current share price ($2.60) and the value of the business has to shrink even if it takes another 5 years.
Just need to keep the pressure on receiving a dividend payout ratio of 75% (or higher) until some event happens.
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| FY23A | FY24A | FY25E |
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| 1 | Buy back price | $6.44 | | |
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| 2 | Less Cash at bank | $0.81 |
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| 3 | Value of Operations | $5.63 |
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| 4 | EBITDA per share | $0.84 | $1.15 | $1.48 |
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| 5 | EBITDA multiple | 6.66 | 6.66 | 6.66 |
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| 6 | Value of Operations |
| $7.65 | $9.86 |
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| 7 | Plus Cash at bank |
| $0.86 | $1.05 |
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| 8 | Value of VGW per share | | $8.52 | $10.91 |
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