Baby Bunting, page-39

From todays AFR:
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As Street Talk revealed last week, analysts from Integral's joint lead managers, UBS and Morgan Stanley, who valued the company around 15 times to 18 times forecast net profit, had started fronting local and Asian fund managers. Solid feedback has prompted Integral's owners to bring the management roadshow forward by about a week, with CEO John Livingston and CFO Craig Bremner to start pressing the flesh in Sydney.
Finally in floats, Australia's biggest baby-only retailer Baby Bunting has priced at the top end of the range set by Morgan Stanley and co-lead manager Morgans of $1.25 to $1.40 a share.
Sources said the deal was heavily over-subscribed with the $1.40 issue price equating to a price-to-earnings multiple of 19.4 times and 10.5 times earnings before interest, tax, depreciation and amortisation.


Baby Bunting major shareholder TDM Asset Management will retain around 30 per cent of the company.
The Baby Bunting deal caps  a purple patch for TDM. The team listed Pacific Smiles, up 61.5per cent, last November, while another investment, CSG, has spiked 33 per cent this year.
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PE of 20 for an Australian retailer... I will give this one a miss on first day.