Sorry, must have missed this tag the other day.
Nothing fancy. But looking at EBITDA of 173M for a half or 346M for a full. Looking back to the lofty share price of $39, we were trading at a 31 multiple, which may have been justified if we were going to continue to grow at 50% annual rates. I am not sure how we got so far overvalued. Looking out with risks to immigration, I'm not applying much of a growth multiplier to IEL. For my comfort I want it about 12. (8.3% EBITDA yield, or about comparable to a risk free 6% in a mortgage offset). We are currently about 14.5 with a share price at $18.
This places it pretty well at about $15 a share, which looking at the technical side isn't unrealistic.
I understand IEL can grow Revenue by capturing increased market share, not solely on sector growth. Particularly when they do sneaky shit like this, that shows they grew 33%, while the Australian segment shrunk 17% in the last half, despite growing over calendar yr 23. Thats a large shock to the system in the last 6 months. Australia makes up over half their revenue and it shows growth in Canada, the UK, and the USA all down in the last 6 months. Market is correct to have caution.
For me, it's on a watchlist and ill check in time to time, but the sector itself needs to improve enough to justify a higher multiple, or IEL has to come down to be a bit more fairly priced. I'll also tack on, a stock being 'fairly priced' isnt always enough to get me excited. Particularly if the technicals look down right horrible and a high likelihood it becomes 'cheap'
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Sorry, must have missed this tag the other day. Nothing fancy....
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Last
$14.11 |
Change
0.380(2.77%) |
Mkt cap ! $3.927B |
Open | High | Low | Value | Volume |
$13.60 | $14.11 | $13.56 | $27.07M | 1.946M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
2 | 10243 | $14.10 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$14.11 | 53183 | 4 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 1090 | 14.070 |
2 | 1436 | 13.950 |
1 | 19168 | 13.930 |
1 | 4107 | 13.920 |
1 | 1669 | 13.910 |
Price($) | Vol. | No. |
---|---|---|
14.110 | 22834 | 2 |
14.120 | 4107 | 1 |
14.130 | 5338 | 2 |
14.170 | 1075 | 2 |
14.200 | 64545 | 5 |
Last trade - 16.10pm 19/07/2024 (20 minute delay) ? |
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IEL (ASX) Chart |