It just became too cheap.
At just over $200m MC, you received approx $100m in cash and CTD shares, with the CTD share price at a low given market conditions.
If you look back at FY19 numbers, that's mid to low single digit EV/EBITDA multiples on the remaining business (post recent sale to CTD)... Now that the Chinese can travel again and cruising kicked off in Aus (~October onwards), FY19 numbers are definitely achievable.
HLO is still cheap, without a doubt. Cruising has kicked off, many agents have left the space, and HLO have a very talented MD. Look at his track record post acquisition/merger, and he's improved the business on many counts. Granted, HLO was a mess beforehand, but he cleaned things up and truly exceeded synergy targets.
This has more to run, and shareholders should receive CTD shares through in-specie distributions (once escrow is over), as well as increased dividends.
It just became too cheap.At just over $200m MC, you received...
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Last
$1.87 |
Change
-0.040(2.09%) |
Mkt cap ! $301.0M | |||
| Open | High | Low | Value | Volume |
| $1.93 | $1.93 | $1.87 | $868.1K | 458.4K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 2500 | $1.87 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $1.91 | 10000 | 1 |
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| Last trade - 16.10pm 06/09/2024 (20 minute delay) ? |
| HLO (ASX) Chart |