In crunching the numbers and assuming FRM at the very least replicate the 1H16 EBITDA of ~$8m in 2H16 (as per prior years), implies FY16F EBITDA of $16m. After deducting Int Costs, Tax and Cap Ex, FRM will be looking at FCF of +$11m in FY16F (or 20cps). The question then becomes, what is the correct FCF yield for this buisness ... at a FCF yield of 10% = price target $2/share, at 7.5% FCF yield = $2.60/share, at 5% FCF yield = $3.90/share. I will let you guys choose the appropriate FCF yield .... but what this shows is that FRM still looks very cheap!!
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- Ann: Earnings Guidance HY Dec 2015
Ann: Earnings Guidance HY Dec 2015, page-38
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No. | Vol. | Price($) |
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No. | Vol. | Price($) |
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1 | 107312 | 0.093 |
1 | 153473 | 0.092 |
5 | 43343 | 0.090 |
1 | 58700 | 0.089 |
Price($) | Vol. | No. |
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0.135 | 13805 | 1 |
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