here are some more figures to play around with
from AFR
"Goldman Sachs research analysts said the offer implied an enterprise value of about $490 million, based on a 60¢ a share takeover, $55 million deferred payments and $152 million net debt."
there are 479m share
$490m = $1.02
$490m - $55m - $152m = $283m OR approx. 60c
"CBA analyst Jordan Rogers said the new offer valued Billabong at 6.2-times forecast 2013 earnings before interest, tax, depreciation and amortisation. "
so based on the $490m figure forecast earning for '13 would be $79m
does anybody know what the usual multiple for retail might be?
ZQK is trading on a '14 PE of 19.5
so 6.2 vs 19.5
Apparently Inman is using a similar turnaround strategy
From AFR
She said rival Quiksilver’s new strategy was similar to Billabong’s. It is aiming to consolidate the back-end of the business and supply chain, offer fewer styles and keep the “DNA of the brands”, confirming that her strategy was right.
However, I don't think BBG and ZQK have similar business models.
ZQK I think was more into supplying retailers than actually being a retailer. But having said that I have seen some Quicksilver stores
Also their suite of brands seems stronger and of course they've got Kelly Slater out there selling their product
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