Aquisition price $744m and was supposed to generate EBITA of $80m but has only generated $42m annualised for FY22 ($25m x12/7).
I was concerned myself when I read about the purchase of the Auto Pacific Group in the first instance, but I need to see a bit more before I reach the conclusions you have.
When they talked about the potential of APG to generate $80m in EBITA, they did suggest that there would be:
"an expected skew to H2 CY22 (i.e. H1 FY23) to align with new vehicle releases and seasonal demand".
This, together with their comment in the Annual report for 2022 regarding :
" a sharp increase in volatility in new vehicle supply across Q4 significantly impacted APG's revenue"
leaves me hoping for a better 2023.
Their results have always been a little clunky as they are so often cluttered with the inefficiencies linked to a new acquisition, or, in one instance, a sell-off of a division.
When you add COVID lockdowns and supply chain issues to the mix, it becomes hard to evaluate the past in order see the financial future clearly.
I think they've been a solid performer over the years although I too don't quite get the interest in "Water".
I'm prepared to wait a little longer and watch, if for no other reason than the SP is quite low at the moment.
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Last
$10.50 |
Change
-0.010(0.10%) |
Mkt cap ! $1.479B |
Open | High | Low | Value | Volume |
$10.53 | $11.06 | $10.36 | $3.568M | 336.0K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 1718 | $10.50 |
Sellers (Offers)
Price($) | Vol. | No. |
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$10.64 | 9746 | 1 |
View Market Depth
No. | Vol. | Price($) |
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1 | 1718 | 10.500 |
1 | 7547 | 10.470 |
1 | 2000 | 10.450 |
1 | 8529 | 10.430 |
1 | 2000 | 10.400 |
Price($) | Vol. | No. |
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10.640 | 9746 | 1 |
10.790 | 1836 | 1 |
11.150 | 690 | 1 |
11.160 | 1962 | 1 |
11.350 | 1801 | 1 |
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