The most undervalued roll-up stock on the ASX, page-7

"In terms of the analyst multiple in the report, he is actually about right. He is obviously only taking into account the current guidance and if you exclude earnings from minority interests, depreciation and tax, you get EPS of circa 9 cents. Cheers."

Thanks, @johnsham,

This is the problem I have with trying to cobble together prospective financials of a business that basically didn't exist until only very recently; there is no historical context.

So, to help me refine my numbers, could you comment on my abridged pro-forma P&L for FY2018 (both before the acquisitions announced on 21/12/2017 and 22/12/2017, as well as after them):

Before Recent Acquisitions:
EBITDA = 13.25 (mid-point of guidance)
D&A = -2.0
EBIT = -11.3
Interest = 0.1
Pre-Tax Profit = 11.4
Tax = -3.3
Consolidated NPAT = 7.4
Minority Share of Profits = -0.7
NPAT Attributable to ZNT Shareholders = 7.4

SoI = 73.6m
=> EPS = 10.0cps

Therefore, the P/E at a price of 118c (the price that corresponds with the BP evaluation) is 11.8x, not 14x.

So where am I going wrong?


After Recent Acquisitions:
(And feel free to critique these figures, too)
EBITDA = 15.5
D&A = -2.4
EBIT = 13.3
Interest = 0
Pre-Tax Profit = 13.3
Tax = -4.0
Consolidated NPAT = 9.3
Minority Share of Profits = -0.9
NPAT Attributable to ZNT Shareholders = 8.4

SoI = 73.6m
=> EPS = 11.4cps

Therefore, P/E (at yesterday's closing price) = 10.9x