Hi all, been a while since my last post though still been following the success story.
Lets revisit some numbers...
FY10 EBITDA (approx.) $22m. Lets adopt FY11 EBITDA of $22m plus 20% so $26.5 plus 20% EBITDA on $12m revenue for IPS, another $2.5m, provides for circa $27m.
Cash (minus IPS acquisition) say, $10m.
EBITDA multiple commonly used in this sector by analysts is 6 times.
FY11 EBITDA of $27m x 6 = $162m
Cash = $10m
Investment in IIN = approx. 23% x $425m x 90% (discounted by 10% to market price) = $88m.
Total Value of Business (no debt) = $162 + $10m + $88m = $260m.
Shares on Issue (710 million, accounting for an additional 4m for IPS).
Company Value / Share = $260m/710 = 36.6 cents.
I think the company is fully valued at current levels. Unless IIN increases significantly or AMM's growth surpassess that forecasted, i'm not sure if we'll see 40c + for some time. Great buying under 30 cents. Safe buying at current levels for longer term holders.
I do not hold shares - happy for comments on my crude numbers.
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Mkt cap ! $2.496M |
Open | High | Low | Value | Volume |
0.0¢ | 0.0¢ | 0.0¢ | $0 | 0 |
Buyers (Bids)
No. | Vol. | Price($) |
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1 | 30000 | 1.2¢ |
Sellers (Offers)
Price($) | Vol. | No. |
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4.9¢ | 60000 | 1 |
View Market Depth
No. | Vol. | Price($) |
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1 | 30000 | 0.012 |
1 | 377000 | 0.010 |
3 | 506000 | 0.009 |
1 | 200000 | 0.008 |
2 | 700000 | 0.007 |
Price($) | Vol. | No. |
---|---|---|
0.049 | 60000 | 1 |
0.050 | 500000 | 1 |
0.090 | 38470 | 1 |
0.000 | 0 | 0 |
0.000 | 0 | 0 |
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