I think that the PE is closer to 24x. I'll explain my thinking - if you disagree with anything let me know, would appreciate other opinions.
NPAT = 2.613m Add back: Acquisition costs ($317k) & Other ($35k) - These are from pg5 in presentation. [I haven't added back the FX changes as I don't know what the currency will do and they don't hedge anything. Also didn't add back performance rights as they will probably have more to pay in this coming year - the extent of which I don't know]
I think that given they have grown well (45%) and EBITDA / EBIT / NPAT are also growing roughly in-line with revenue it's not bad. They are also continuing to expand their services offerings across verticals.
Comment on Baltec: Seems like it's got a decent FY24 ahead of it. "Baltec YTD sales of $17.6m" - pg 13 presentation Implies $8.0m so far for FY24 (FY23 = $20.1m - 1H FY23 $10.5 = $9.6m in 2H FY23. Then YTD - 2H FY23 = FY24 so far => $17.6m - $9.6m = $8.0m)
I'm not sure what it should be trading on, but it seems to be growing into it's previously expensive (imo) PE multiple. Hopefully another good year for the EGL team in FY24 and beyond.
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