"At $70-80m free cash/assets (after payables) you're paying roughly 10x for what seems to be trough earnings. "
That's the correct - but very much understated - take, I think.
If one excludes the P&L volatility from Investment Gains/Losses (which have been greatly reduced since the OZG/WIZ sale in 2020), EZL has never made less than $15m in Pre-Tax Profit over any 12-month period (that low happened in the 12-m to June 2023), as can be seen in the chart:
![]()
On average, EZL's PBT over any 12-month period has been $25m, and the peak is in excess of $35m.
Taxing those trough, average and peak PBT numbers at 30%, yields Raw P/E multiples of 13.7x (based on trough earnings), 8.2x based on mid-cycle average and 5.9x on a peak scenario:
![]()
Adjusting for the $65m net cash balance (cash-at-bank less net broker payables), gives valuations that are half the level of the raw multiples.
Feels very much like one of those rare situations of:
Heads: I win a lot.
Tails: I don't lose much at all.
.
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- Ann: Appendix 4E and Full Year Statutory Accounts
EZL
euroz hartleys group limited
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5.81%
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91.0¢

Ann: Appendix 4E and Full Year Statutory Accounts, page-5
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Last
91.0¢ |
Change
0.050(5.81%) |
Mkt cap ! $149.9M |
Open | High | Low | Value | Volume |
90.0¢ | 98.0¢ | 90.0¢ | $114.9K | 124.1K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
2 | 1875 | 91.0¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
93.5¢ | 10000 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
2 | 1875 | 0.910 |
1 | 20000 | 0.905 |
1 | 725 | 0.900 |
1 | 10000 | 0.880 |
1 | 7888 | 0.870 |
Price($) | Vol. | No. |
---|---|---|
0.935 | 10000 | 1 |
0.965 | 10000 | 1 |
0.975 | 19000 | 1 |
1.020 | 18500 | 1 |
1.030 | 20000 | 1 |
Last trade - 15.59pm 28/07/2025 (20 minute delay) ? |
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EZL (ASX) Chart |