Using mid range guidance these are my calculations:
Revenue
EBITDA
NPAT
EV/EBITDA
DEBT/EBITDA
Share price (PE 12)
1
$222M
$74.5M
$31.8M
5.91
0.85
$1.27
This is a very strong position and probably conservative considering ACF normally achieve/exceed upper guidance. That level of DEBT/EBITDA provides the opportunity for another decent acquisition.
They have a further $15M of debt headroom. They could access this and still remain within their DEBT/EBITDA target. Add $6M cash at bank and we are looking at consideration of up to $21m. At a 3.8x multiple that is a company with $5.5M EBITDA and around $14M annual revenue.
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