lol - I mean $288k and $900k!Might have to wait two or three...

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Rothbard

967 Posts.

272

27/02/19

19:36

Post #: 37592575

Originally posted by mal85: ↑

Well 900m would be a massive step up!
Last year they did 0.175 first half and then 0.71m for the year or 0.535m for the second half or 25%/75% split.
These were my quick estimates- I must say I haven't spent too long on them, SRH is (still) a small position and had multiple reports to look through last 2 days.

2013 2014 2015 2016 2017 DH18 2018 DH19 2019E
Rev 24.324 16.273 13.761 16.269 16.936 8.092 19.193 10.329 24.9509
EBITDA

0.814 0.504 0.8 0.488 1.371 0.668
PBT -1.918 -1.283 -0.09 -0.157 0.154 0.174 0.71 0.288
OCF

0.098 1.022 1.033 0.431 1.47 0.775
Debt -5.6 -5 -3 -2.496 -1.992
-1.379 -1.479
COGS

10.219 11.493 5.902 12.896 6.684 16.96661
Change inventories

-0.103 0.183 0.651 0.239 0.158 0.2
GP

5.947 5.626 2.841 6.536 3.803 8.184288
other income

0.113 0.102 0.076 0.124 0.023 0.04
Salary

3.23 3.277 1.704 3.591 2.081 4.2
MV costs

0.144 0.134 0.058 0.129 0.094 0.18
Occupancy

0.353 0.362 0.169 0.338 0.191 0.38
IT costs

0.156 0.16 0.071 0.151 0.07 0.15
Travel

0.308 0.183 0.063 0.173 0.167 0.33
Other

1.366 0.813 0.363 0.907 0.554 1
EBITDA

0.503 0.799 0.489 1.371 0.669 1.984288
D&A

0.451 0.459 0.241 0.515 0.296 0.673674
EBIT

0.052 0.34 0.248 0.856 0.373 1.310614
Finance costs

0.21 0.187 0.073 0.143 0.084 0.1
PBT

-0.158 0.153 0.175 0.713 0.289 1.210614
Tax

0.041 -0.035 0 -0.003 0 0
NPAT

-0.117 0.118 0.175 0.71 0.289 1.210614
ROE

1.75%
9.51%
13.96%

Expand

lol - I mean $288k and $900k!
Might have to wait two or three years for $900m

Noted re last year's second half of $710k. That puts your $900k into perspective - so I agree, it's quite achievable.

Any major surprises in SRH's results over the next few years are likely to be to the upside imo. They've built a very solid base - via restructuring, rationalisation and investment - and the benefits are only just starting to flow through to the top and bottom lines.

SRH Price at posting: 34.0¢ Sentiment: Buy Disclosure: Held

1 Upvote

0 Great analysis

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lol - I mean $288k and $900k!Might have to wait two or three...

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	2013	2014	2015	2016	2017	DH18	2018	DH19	2019E
Rev	24.324	16.273	13.761	16.269	16.936	8.092	19.193	10.329	24.9509
EBITDA			0.814	0.504	0.8	0.488	1.371	0.668
PBT	-1.918	-1.283	-0.09	-0.157	0.154	0.174	0.71	0.288
OCF			0.098	1.022	1.033	0.431	1.47	0.775
Debt	-5.6	-5	-3	-2.496	-1.992		-1.379	-1.479
COGS				10.219	11.493	5.902	12.896	6.684	16.96661
Change inventories				-0.103	0.183	0.651	0.239	0.158	0.2
GP				5.947	5.626	2.841	6.536	3.803	8.184288
other income				0.113	0.102	0.076	0.124	0.023	0.04
Salary				3.23	3.277	1.704	3.591	2.081	4.2
MV costs				0.144	0.134	0.058	0.129	0.094	0.18
Occupancy				0.353	0.362	0.169	0.338	0.191	0.38
IT costs				0.156	0.16	0.071	0.151	0.07	0.15
Travel				0.308	0.183	0.063	0.173	0.167	0.33
Other				1.366	0.813	0.363	0.907	0.554	1
EBITDA				0.503	0.799	0.489	1.371	0.669	1.984288
D&A				0.451	0.459	0.241	0.515	0.296	0.673674
EBIT				0.052	0.34	0.248	0.856	0.373	1.310614
Finance costs				0.21	0.187	0.073	0.143	0.084	0.1
PBT				-0.158	0.153	0.175	0.713	0.289	1.210614
Tax				0.041	-0.035	0	-0.003	0	0
NPAT				-0.117	0.118	0.175	0.71	0.289	1.210614
ROE					1.75%		9.51%		13.96%

lol - I mean $288k and $900k!Might have to wait two or three...

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