Investment Fundamentals

Interesting facts:
- A2M owns 17.394% of SM1 (31,174k shares) – $372m.
- Around $0.2b cash on hand post purchase of additional SM1 shares
- Current Market Cap = $7.7b ($7.1b excluding cash and investments in SM1)
- massive upside in Australia, NZ, China, USA and UK

Sales
- FY15 $155.1m
- FY16 $352.8m
- FY17 $549.5m
- FY18 $922.7m

EBITDA
- FY15 $4.8m
- FY16 $54.6m
- FY17 $141.2m
- FY18 $283.0m

NPAT
- FY17 $90.6m
- FY18 $195.7m

SP movements (and true value)
- FY15 (29/6 SP $0.66)
- FY16 (27/6 SP $1.76)
- FY17 (26/6 SP $3.76, MC of $2.7b) – NPAT of $90.6m
- FY18 (25/6 SP $10.52, MC of $7.7b) – NPAT of $195.6m – when squared it represents a factor of 4.67. SP should technically be equivalent to market cap of $12.6b ($2.7m x 4.67) or SP >$17, hence extremely undervalued considering the following:
- China footprint and growth
- UK and US footprint and growth
- Strategic investment in SM1 (growing steadily and SP rising)

I will happily ride out this trough and watch the inevitable upswing. Just look at the last 4 years. After all, it hit a high of $13.78 (22 Feb 2018) and currently is trading at $10.58. A screaming buy!