Yeah, this whole takeover has been fairly opportunistic. That's probably why they're extending the olive branch of rolling in existing shareholders. Pre-covid PSQ centres were doing ~$260k/year in EBITDA. As you'd expect, covid really knocked these guys around. If they can get back to pre-covid (no reason they can't, imo) then were talking about a centre based EBITDA of $35m give or take. I'd assume almost all the head office costs can be pulled out from the PSQ business rather than need to be replicated in the expanded group. So they are getting $35m in EBITDA at $1.75 is 8x EBITDA (that works out a little too accurately lol). Still seems low, no reason it couldn't/shouldn't be pushed to 10x EBITDA.
But yes, it was definitely very cheap at 91c.
Yeah, this whole takeover has been fairly opportunistic. That's...
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