All good! I would welcome counterpoints as I feel like my thoughts and resultant valuations feel a bit too good to be true so I feel like I might be missing something..!
Market certainly doesn't seem to like it but I feel that tends to happen when numbers are "messy".
AYS is certainly messy because it requires the calculation of:
- EV to consider the net cash position post-divestment of Click -- net cash at 30 June of $25m, plus >$50m of net cash from sale of Click
- the EBITDA run-rate of AYS, not the reported EBITDA; and
- some guess work around margins.
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- Ann: AGL: Enters binding agreement to acquire Click Energy Group
Ann: AGL: Enters binding agreement to acquire Click Energy Group, page-17
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