ashley services

any interest for this coy? education sector..VET clone..p/e ratio decent, nice yield , Fully franked i imagine
stock looks tight

PER (Pro Forma FY2015F NPATA)
§ 11.4x – 12.8x P/E

	Column 1	Column 2
1	Transaction	§ IPO of Ashley Services Group (“Ashley Services”) on the ASX
2	Security	§ Shares (being fully paid ordinary shares in Ashley Services)
3	Syndicate	§ Evans and Partners Pty Ltd (“EAP”) and Canaccord Genuity (Australia) Limited (“Canaccord”)
4	Ticker	§ ASH.ASX
5	Issue Price	§ $1.56 – $1.76 per Share
6	Total proceeds under the Offer	§ $92.0 million – $105.1 million
7	Mkt. cap. at the Issue Price	§ $233.6 million – $263.3 million
8	Enterprise Value at Issue Price	§ $237.8 million – $267.5 million
9	NPATA FY2015F	§ $20.5 million
10	EV/Pro Forma FY2015F EBITA	§ 8.0x – 9.0x
11	PER (Pro Forma FY2015F NPATA)	§ 11.4x – 12.8x
12	Implied annualised forecast dividend yield (based on Statutory FY2015F NPATA)	§ 4.4% – 4.9%
13	Implied pro forma forecast dividend yield (based on pro forma FY2015F NPATA)	§ 5.1% – 5.7%
14	Gearing	§ Pro forma net debt : $4.2m
15	Use of Proceeds	The funds received under the Offer will be used as follows: § $31.8m will be paid as partial consideration for the purchase of Integracom; § $35.1m – $47.5m will be paid to the Existing Shareholders by way of a dividend and sale of Shares; and § $25.0m – $25.8m will repay existing bank debt, provide funds for working capital, and pay the costs of the Offer.