ECL 0.00% $3.01 excelsior capital ltd

Ann: Appendix 4D and Financial Reports to 31 December 2022, page-2

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    Eclectic mix, to say the least:

    ECL INVESTMENTS.JPG
      

    But that in no way detracts from a very good operating performance in the form of both organic Revenue growth as well as margin expansion (a combination which is currently a rarity in the corporate world):

    ECL EBITDA and EBIT.JPG


    The question is whether this is merely cyclical, or something more enduring.

    Although that question could very well be moot, because even if it is cyclical, I sense this cyclical upswing has still got some way to run.  

    Mkt Cap = $77m
    Cash and Liquid Investments = ~$25m

    So currently paying EV =  $52m

    For a business that is currently generating an EBIT run rate of ~$15mpa.

    Even if one factors in the somewhat colourful history of the company, EV/EBIT of 3.5x looks and feels like an obvious mis-pricing.

    .
 
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