On the basis of the trading update & letter to the shareholders, here are the numbers I have approximated.
Allowing for a 12.5% EBITDA margin in FY24
a 27.5% tax rate
& ~15.5m in d&a charges.
We get an NPAT of 102m, hopefully also resulting in excess cash of $300million.
An implied SP on a basis of a 18x price to earnings ratio is ~$7.00.
In the shorter term. the SP may well come under a lot of pressure as the CEO has flagged "disciplined investment" and sacrifice of bottom lines/margin now so that greater market share can be captured.
Investment returns between now and 2024 are likely to be skewed in to the right. (I.e over 12-18 months the SP may go backwards, but the market will realise and re-rate the stock when it delivers on its promises in 2024.)
On the basis of the trading update & letter to the shareholders,...
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Last
35.0¢ |
Change
0.005(1.45%) |
Mkt cap ! $100.4M | |||
| Open | High | Low | Value | Volume |
| 33.5¢ | 35.0¢ | 33.0¢ | $134.9K | 398.1K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 21944 | 35.0¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 36.0¢ | 10000 | 1 |
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| Last trade - 16.10pm 07/11/2024 (20 minute delay) ? |
| ATG (ASX) Chart |