My current expectations for FY23 final figures (A$m) are:
Operating EBITDA
19.0
1
Normalised NPBT
10.1
2
Statutory Profit/Loss
(0.5)
I will review them after the next 4C, and obviously they will shift with any further acquisitions or own goals. At current EV of ~$134m I see an EV/OpEBITDA multiple of 7, so we are discussing the same ballpark valuation @tamz.
Where we differ is that I think EV/NPBT is the most applicable metric because leases, interest expenses, and D&A are all realities for an acquirer. That multiple is currently ~13-14x and I'm not forecasting that number to have grown organically since last year thanks to increases in interest expenses and D&A. NPAT is even worse, being dragged on by SBC, the ALC acquisition, Daltry and I've made small provisions for financing costs and losses on investments.
TNT Price at posting:
7.1¢ Sentiment: Sell Disclosure: Not Held