reject the offer!!, page-146

here are some more figures to play around with

from AFR

"Goldman Sachs research analysts said the offer implied an enterprise value of about $490 million, based on a 60¢ a share takeover, $55 million deferred payments and $152 million net debt."

there are 479m share

$490m = $1.02
$490m - $55m - $152m = $283m OR approx. 60c



"CBA analyst Jordan Rogers said the new offer valued Billabong at 6.2-times forecast 2013 earnings before interest, tax, depreciation and amortisation. "

so based on the $490m figure forecast earning for '13 would be $79m

does anybody know what the usual multiple for retail might be?

ZQK is trading on a '14 PE of 19.5

so 6.2 vs 19.5

Apparently Inman is using a similar turnaround strategy

From AFR

She said rival Quiksilver’s new strategy was similar to Billabong’s. It is aiming to consolidate the back-end of the business and supply chain, offer fewer styles and keep the “DNA of the brands”, confirming that her strategy was right.

However, I don't think BBG and ZQK have similar business models.

ZQK I think was more into supplying retailers than actually being a retailer. But having said that I have seen some Quicksilver stores

Also their suite of brands seems stronger and of course they've got Kelly Slater out there selling their product