Wasn't expecting this out until tomorrow, so nice to see we get some extra reading time before market.
Reviewing what I wrote the other day vs the outlook: Will be very interesting to see what they have to say at agm - trying to extrapolate outlook from FY09 is a bit difficult. Maybe $1-$3m increase in EBITDA this half (after losing the Asian business)? Perhaps have close to $50m in the bank?
Even at $4.00, EV/EBIT is under 4.0 and likely to be tracking at well below 3.0 in current year if my calcs are correct.
Well for comparison, they have $49m in the bank. The forecast EBITDA might not be $1-$3m higher than first half last year, but it is still $2-$3m higher than their outlook at last year's agm, so perhaps that is good enough. They seem to have made a point of lowballing their estimates the last couple of years.
Amazing to think they have $26m more cash in the bank than this time last year and the outlook is better. Must have been nice for them to finally be able to show up at the agm to happy shareholders!
MAQ Price at posting:
$4.00 Sentiment: Buy Disclosure: Held
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