Our market multiples–based valuation is $5.36 per share (vs $4.13 prev). We apply a 5-year average ASX300 EBITDA multiple of 10.5x to our FY25 estimate of EBITDA for Findi of $32.4m.
Findi has 48.8m shares on issue and 9.5m total options (exercisable at $0.90 per share and $2.00 per share) with various vesting dates, which we assume will issue giving a fully diluted share count for our valuation of 58.3m shares. The vast majority of options on issue are held by Findi’s directors, providing incentive alignment between both management and performance of the company.
Also look at the EBIT for FY26E and 27E - and if that growth is achieved - it won’t be a multiple of 10.5 - at a multiple of 20 the FY27 year puts FND at $20.00 a share plus some
And do your own numbers…
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This is the crux of it:
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