CAF reported much better earnings than I expected, normalised at around $3.8m.
They also have $12m net cash and possibly $20m in future tax benefit.
This puts management's $62m bid in a much better light, if you adjust for those 'cash regains' multiple would have been 8x.
I really love the cash generation and capital light model in a service business industry undergoing generational change.
Ann: Full Year 2022 Results Presentation, page-3
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