I suspect this share price has been driven almost exclusively by tax loss selling in recent months, as opposed to company fundamentals.
Because if they get to the "$60m-Revenue-by-2025" objective, even at the current 18%+ EBIT margin (so zero scale benefits assumed) that would result in EBIT of close to $11m (and EBITDA of ~$14.0m given the current $3.3m pa D&A run-rate).
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I think that, if that outcome does eventuate, the market is likely to happily re-rate the stock, probably to an EV/EBIT multiple of 10x (corresponding EV/EBITDA = 7.5x). So EV of $110m.
Assuming there is no further build of the $4.0m net cash balance (unlikely), that would translate into a Market Cap of ~$114m (or $1.05/share)
The question is how they get to $60m in two years' time, when the LTM Revenue was only $36m, and the current Revenue run-rate is around the $40m pa level.
Will require >20% pa growth.
Will be a tough ask if it is to be done purely organically, so I assume it includes an assumption of an acquisition or two.
.
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Last
70.0¢ |
Change
0.005(0.72%) |
Mkt cap ! $81.72M |
Open | High | Low | Value | Volume |
70.5¢ | 70.5¢ | 69.0¢ | $64.38K | 92.64K |
Buyers (Bids)
No. | Vol. | Price($) |
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2 | 5827 | 68.5¢ |
Sellers (Offers)
Price($) | Vol. | No. |
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70.0¢ | 10842 | 1 |
View Market Depth
No. | Vol. | Price($) |
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2 | 5827 | 0.685 |
6 | 101862 | 0.680 |
2 | 31080 | 0.675 |
1 | 1492 | 0.670 |
2 | 2269 | 0.660 |
Price($) | Vol. | No. |
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0.700 | 10842 | 1 |
0.710 | 565 | 1 |
0.725 | 16757 | 2 |
0.730 | 15385 | 2 |
0.735 | 18380 | 2 |
Last trade - 16.10pm 14/06/2024 (20 minute delay) ? |
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Last
70.0¢ |
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Change
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Open | High | Low | Volume | ||
69.0¢ | 70.0¢ | 69.0¢ | 2579 | ||
Last updated 15.39pm 14/06/2024 ? |
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