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03/12/15

13:38

Post #: 16538567
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Originally posted by johnnyfiasco ↑

CM8 is definitely undervalued when compared to the multiples that are being applied to MBE EBITDA. However it is not as undervalued as that slide represents. On current run rate MBE underlying EBITDA for FY16 is forecast to hit 15M. This will bring back the disparity in valuation between the two considerably.

Also, someone raised the point about the $1.1m EBITDA for november being an underlying number. My interpretation of the update is that the $1.1m is actual ebitda, not underlying. This is definitely worth clarifying with management though. Does anyone have this confirmation by any chance?

All in all, a nice announcement. However I still think the cash generation of free cash flow from op activities will be a the catalyst for a real re-rate. Hopefully in Feb post half year results.

All in my opinion

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The slide presentation makes clear that EBITDA of $1.1m includes Track EBITDA (consistent with IFRS) as well as CM8's "underlying" EBITDA.

So, the run rate of EBITDA ($1.1m * 12 = $13.2m) is clearly well below the $15.9m the company has been highlighting previously from the combination of the two businesses. They should have provided an explanation as to why.

CM8 Price at posting: 28.5¢ Sentiment: None Disclosure: Not Held
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