It is interesting to see the $0.22 - 0.26 valuation by E&Y was based on $17m-19m EBITA forecast. This is indeed very conservative valuation, given that HFA is pretty much at the bottom of the cycle.
What EBITDA is going to look like in a year's time? It seems to me anywhere between $17m and $100m is reasonable.....depends on how much effort and how successful Apollo will market Lighthouse products.
How the valuation would look like if the same valuation approach, i.e.. using EBITDA multiples, is applied? I just did a quick calcuation:
If EBITDA is doubled to $38m, valuation will be $0.37 (after new shares issued to Apollo);
If EBITDA is doubled to $60m, valuation will be $0.64(after new shares issued to Apollo);;
If EBITDA reaches $100m, valuation will be $1.12(after new shares issued to Apollo).
Looking back to HFA's historical EBITDA numbers, such EBITDA range as mentioned ($17m to $100m) is quite achievable.
Please do your own research.
It is interesting to see the $0.22 - 0.26 valuation by E&Y was...
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