The most positive takeaway is this, imo...
1H group EBITDA was $44.3m. Back of the envelope calculations on today's announcement would suggest that in H2 Creative Tech did ~$30m EBITDA. The group guidance is $78m-$81m. So it seems like Brand Transformation EBITDA will come in around $4m-$7m. Given the milestone payments are based on hitting an undisclosed EBITDA margin (ROA DNA) or undisclosed EBIT target (GetIT) I am leaning towards the assumption some of these contingency payments on the balance sheet will be reduced or eliminated.
I guess the softening in the business' earnings takes this from being stupid cheap to just silly cheap. Lol
Ann: Trading Update, page-4
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$1.23 |
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Mkt cap ! $111.6M | |||
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