There are two excellent articles on Vision Group published today on the Mivision website: (i) Vision Group Turmoil Continues and (ii)Dr. Harry Unger on His Vision (this article appears in the October 2010 issue of the Mivision magazine). See www.mivision.com.au.
Further, the Australian Financial Review reports today (page 28) that it is rumoured National Hearing Care was sold by Crescent Capital for 10 times EBITDA.
Vision Group, as little as a year ago, made over $35 million in EBITDA, which on a comparable basis would result in the Company being enterprise valued at over $350 million, or approximately $250 million net of debt; unfortunately its value has been destroyed by events linked to its poor leadership and doctor group, where it is now valued at little over $21.2 million.
That's $230+ million of shareholder wealth destruction.
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