Agreed. Way over sold in choppy markets off the back of a refusal to provide FY23 guidance in August.
There's no way an integrated chemicals manufacturer with 18% EBITDA margins should be trading at 7x FY23 EBITDA of ~$70mn.
I reckon fair value is closer to ~$3.50 off the back of a 15x multiple on FY23 EBITDA of $70mn. Global peers with inferior margins and business models trade at an average of 12x.
If you're interested, I prepared a long-form analysis way back in early September https://www.bayleycapital.com/dangerous-goods-logistics-a-chance-to-monopolise-a-40b-industry/
Ann: AGM Presentation, page-4
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48.5¢ |
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Mkt cap ! $138.3M | |||
| Open | High | Low | Value | Volume |
| 47.5¢ | 49.8¢ | 47.5¢ | $63.22K | 130.4K |
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| No. | Vol. | Price($) |
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| 3 | 52485 | 48.0¢ |
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| Price($) | Vol. | No. |
|---|---|---|
| 49.0¢ | 18604 | 2 |
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