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
$15.02 |
Change
0.130(0.87%) |
Mkt cap ! $4.180B |
Open | High | Low | Value | Volume |
$15.08 | $15.23 | $14.92 | $15.79M | 1.042M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
4 | 4767 | $14.93 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$15.03 | 2408 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 34 | 14.930 |
1 | 134 | 14.860 |
1 | 673 | 14.850 |
2 | 1000 | 14.550 |
3 | 236 | 14.500 |
Price($) | Vol. | No. |
---|---|---|
15.100 | 800 | 1 |
15.250 | 849 | 1 |
15.280 | 1308 | 1 |
15.380 | 1700 | 1 |
15.400 | 681 | 2 |
Last trade - 16.10pm 16/08/2024 (20 minute delay) ? |
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