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2.1¢ asset vision co ltd

What is PSZ worth post the TNT distribution?, page-5

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hankreardon

1,158 Posts.

593

19/01/20

18:13

Post #: 42460226

Originally posted by pCap: ↑

Good point Tamz - the $6m EBITDA forecast for 2020 excludes Glass. I also agree that the 2020 numbers will be messy, however I've attempted to forecast what PSZ will look like after the 2020 one offs are gone. I've also assumed that they should be able to get corp costs down to $2.5m (they should actually be able to get them closer to $1.5m for the size this company will be going forward). Given this, buying this company at Friday's close of 4.5c (or 1.9c post TNT distribution) gives you an amazingly cheap valuation on the remaining business as follows. The share price should (at least in theory) not need to decline after the TNT distribution given it should be worth north of 4.5c (probably about 7c or more in my view).
PSZ - Post TNT distribution

1
2020 2021
2 Revenue 50 52.5
3 EBITDA 3.5 4.0
4 DA 0.1 0.2
5 EBIT 3.4 3.8
6 Int 0.3 0.2
7 PBT 3.0 3.7
8 Tax 0.9 1.1
9 PAT 2.1 2.6
10

11 Net debt 3.9 2.1
12

13 Share price 0.019 0.019
14

15 Shares 305 305
16

17 EPS 0.0069 0.0084
18

19 P/E 2.71 2.23
20 Market cap 5.73 5.73
21 Enterprise value 9.63 7.86
22

23 EV/EBITDA 2.75 1.97
24 EV/EBIT 2.87 2.04
25 Earnings yield 22% 33%
26 Debt/EBITDA 1.11 0.53
27

28 Div payout 50% 50%
29 DPS 0.0035 0.0042
30 Div yield 18% 22%
31 Div yield (inc Fr) 24% 29%
Expand
Where do you get net debt of 3.9m from?

PSZ Price at posting: 4.5¢ Sentiment: Buy Disclosure: Held

Upvote

0 Great analysis

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(20min delay)
Last 2.1¢		Change 0.000(0.00%)		Mkt cap ! $15.46M

Open	High	Low	Value	Volume
2.1¢	2.1¢	2.1¢	$4.2K	200K

Buyers (Bids)

No.	Vol.	Price($)
1	227242	2.1¢

Sellers (Offers)

Price($)	Vol.	No.
2.6¢	288953	1

View Market Depth

No.	Vol.	Price($)
1	227242	0.021
2	292511	0.020
1	2631	0.019
1	1000000	0.015
1	20000	0.013

Price($)	Vol.	No.
0.026	288953	1
0.027	63400	1
0.029	88714	1
0.030	533300	2
0.031	2200000	2

Last trade - 10.24am 14/10/2024 (20 minute delay)

ASV (ASX) Chart

What is PSZ worth post the TNT distribution?, page-5

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	PSZ - Post TNT distribution
1		2020	2021
2	Revenue	50	52.5
3	EBITDA	3.5	4.0
4	DA	0.1	0.2
5	EBIT	3.4	3.8
6	Int	0.3	0.2
7	PBT	3.0	3.7
8	Tax	0.9	1.1
9	PAT	2.1	2.6
10
11	Net debt	3.9	2.1
12
13	Share price	0.019	0.019
14
15	Shares	305	305
16
17	EPS	0.0069	0.0084
18
19	P/E	2.71	2.23
20	Market cap	5.73	5.73
21	Enterprise value	9.63	7.86
22
23	EV/EBITDA	2.75	1.97
24	EV/EBIT	2.87	2.04
25	Earnings yield	22%	33%
26	Debt/EBITDA	1.11	0.53
27
28	Div payout	50%	50%
29	DPS	0.0035	0.0042
30	Div yield	18%	22%
31	Div yield (inc Fr)	24%	29%

What is PSZ worth post the TNT distribution?, page-5

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