Can folks smarter than myself enlighten me on any mistakes I have made here?
I've used June '07 year end figures (not half year). I "think" I've pulled the right figures out but I could be wrong. :-)
Value to EBITDA multiple - measure the EV, ie. value of the business operations (as opposed to the value of the equity)
CND historical EBITDA = 21.6m
Cash on hand = 2.9m
Marketable Securities held by CND = 0
Interest income on marketable securities = 0
Sum of LT and ST debt = 13m (ST only)
Average (Value/EBITDA) of recent transactions = 8x (eg. Skilled's acquisition of Catalyst)
EBITDA - Interest income on marketable securities = 21.6 - 0 = 21.6
Estimated Enterprise Value = 8 x 21.6 = 172.8m
Add cash + Marketable Securities = 172.8 + 2.9(+) + 0 = 175.7m
Subtract debt to find equity value: 175.7 - 13 = 162.7m
Enterprise Value = 162.7m
EV/shares outstanding = 162.7m/56.5m = $2.87 per share (=12x historical EPS)
Cheers,
Matt
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