Hi ValueSnatcher,
It must be stated that the company's update only provides information on realized revenue, however with MML it's been stated a few times that it actually takes between 1 - 1/2 years for each disbursement case to be settled and only then does the cash actually get paid to JKL. Until then it only shows up in the balance sheet as a receivable. As such you cant really paint a full picture of the company's growth by just looking at EBITDA or EBIT at date
As updated though, the company states that the receivables as at 31 March 2016 is 19.65 mil. Having previously had 18.99mil on January 22nd, you can deduce that the net amount of cases won between 22nd Jan and 31st March to be have a quantum of 2.97 mil. [19.65- (18.99-2.31)] (you need to less off the amount of money received) - which if you were then to conservatively extrapolate to the whole year (as they've only drawn down a third of their 20m loan, which room to further exponentially increase business) ; you get a total amount of 15.71mil for the year. This is not too shabby considering this figure is just based off what growth they've managed to implement in 5 weeks? - considering the mountains of compliance work and integration time required after an acquisition...
On another note, with the new Investment Banker Anthony Hersch hired to promote growth in this department, as well as the appointment of Diana Jones - you can maintain some reasonable assurance that they would grow the business more so than they have done.
Someone correct me if I'm wrong
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