Couldn't agree more. At today's valuation it would make sense to take RBL private, invest in the business for 2-3 years and then IPO it overseas
Recent transactions suggest a business like RBL should be valued at 4-6x GTV. Look at Depop, Poshmark, Vinted, etc. Instead RBL trades at 1.5x. If you use 4x GTV on their 2024 guidance of $1.5bn the company could be worth $5bn. Discount that to today at a 15% and you get to a $3.5bn enterprise value. That's 4x higher than current valuation. One can argue 4x-6 GMV is crazy but the point is you have a lot of headroom here with RBL at $3 per share
The other thing is their 12.5% EBITDA guidance for 2024 doesn't make any sense to me. If they really increase gross profit margin from 28% to 41% their EBITDA margin should be 20%+
Couldn't agree more. At today's valuation it would make sense to...
-
- There are more pages in this discussion • 6 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Add ATG (ASX) to my watchlist
 (20min delay)
|
|||||
|
Last
39.5¢ |
Change
-0.010(2.47%) |
Mkt cap ! $112.7M | |||
| Open | High | Low | Value | Volume |
| 39.0¢ | 40.5¢ | 39.0¢ | $43.51K | 108.8K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 14240 | 39.5¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 40.5¢ | 236038 | 5 |
View Market Depth
| Last trade - 14.38pm 13/09/2024 (20 minute delay) ? |
| ATG (ASX) Chart |