Wow - big confirmation so early in the year. Seeing Fight over Diverger at $6.6m (Statutory) $6.9 Underlying and EV of ($41.8 (@1.11)-$0.385 cash +$1.1m borrowings) = $42.5m/(call it $7.4 for LTM/FY24) = 6.6x-7.0x EV/rrEBITDA
On that Basis SEQ (Is a different mix of business - but not wildly dis-similar)
at $10.0m (EBITDA) and EV of ($81.8m (@0.61)-$25m cash) = $56.8m/ = 5.6x EV/rrEBITDA - but this has a rocket under growth and $14.6m of franking Credits. (In a t/o situation - expect these to trade at 70%-90% of value?? - call it $11m
So I have them at post franking credits EV $45m EBITDA $10m (with a growth rocket) - but at 4.5x looks cheap (plus is ex-raise with all that cash...
If anyone else has a different Metric - please add (I may be wrong...!!!)
As always - DYOR
SEQ Price at posting:
61.0¢ Sentiment: Buy Disclosure: Held
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