Value per Ausdrill share $2.97-$3.43 Value of 14.5 Brandrill shares $3.06-$4.00
By my own (rough) reckoning using the most recent financial statements and assuming a 30 percent decline in EBITDA in FY10 compared to FY09, EBIT, shareholder return the merged company is undervalued, well geared compared to its peers and currently trading at a 15% discount to merged NTA
Code Merged BDL ASL Date 13/10/2009 Share price 1.86
All in '000 Total shares outstanding 207000 Cash 45000 Receivables 111000 Inventory 101000 Other current assets 3000 Current assets 260000 Total assets 737000 Intangible assets 3000 Payables 76000 Current liabilities 192000 Non-current liabilities 189000 Total liabilities 284000
Revenue 690000 EBITDA 97826 EBIT 53282 Earnings attributable to members 28500
Current ratio 1.35 Quick ratio 3.38 Debt/Asset ratio 0.39 Debt/Equity 0.63
Market capitalisation 385,020 Enterprise Value 513,020 Tangible enterprise Value 510,020
