CCI Holdings posted an EBITDA of 5.1M last year (04/05), and is...

CCI Holdings posted an EBITDA of 5.1M last year (04/05), and is budgeting for 15% growth this year, which will see an EBITDA of approximately 6M.

After the restructure of last year, interest will only be 0.9M (on the 10.2M of interet bearing debt), and Depreciation should be around 1M on the $5M of property plant and equipment held on the books. Amortisation of intangibles does not get charged against profit under IFRS, so the company will be looking at a profit of 4m pre-tax, or 2.8M NPAT (EPS 2.14c with 131M shares on issue) Peer sector stocks such as WOR, TSE and UGL are achieveing P/E multiples of 20-25, so conservatively CHL could recieve a re-rating to upwards of 40c from the current level of 18c over the course of this current FY.