"Combined with the Friedland IPO for $300 million (3 co-managers for the IPO). Think i've seen a few small $10 million or so insto raises since the new year that euroz is on as well. Roughly half a billion or so announced (not yet completed since the new year) so heres to a strong 2nd half!"
Yes, but by way of expectation management, remember that this is a people business - 80% of operating costs are employee expenses. Usually employee expenses are a relatively fixed cost, but in EZL's case there is a de facto "profit share" between employees and the owners of the business, meaning that employee costs tend to flex up and down in tandem with Revenue.
From what I've seen, historically the employee cost delta in any given financial period is equivalent to between half and two-thirds of the revenue delta. In the first half, Revenue was up $12.9m on pcp, and employee expenses was up $7.0m, so effectively a 54% : 46% employee : shareholder "participation" split. I wouldn't be surprised to see a 60%:40% split in the second-half.
EZL Price at posting:
89.0¢ Sentiment: None Disclosure: Held
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