Worthwhile taking a look at AVC. As at 31 Dec their key assets were;
Cash - $7m
Receivables - $10m
Investments in Associates - $7m
Financial Assets - $8m
Important to note AVC has;
- operating cash burn of $8m pa.
- the only real value in the investment in associates is its interest in US Opportunities Limited - $3.7m. Questions remain on the Odyssey, Goph and Impact Investments on their carrying value as minimal information to support their value.
- financial investments are likely to be impaired as well as USQ down from $1.38 (IPO) to $1.00 and may come under more pressure if it needs to raise capital if leverage is too high. The only investment likely not to change in value is its $1.5m investment in Luxury Escapes.
Therefore the value for investments in associates and financial assets likely to only be in range of $7-$9m. Net assets likely to be closer to $20m at 30 June not justifying current market cap of $70m in what is a very challenging market for micro cap private equity. In markets like this should be trading around or below NTA - not 3.5x NTA and ceasing the buyback.
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Value of Investments and Financial Assets?
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Last
57.5¢ |
Change
0.000(0.00%) |
Mkt cap ! $45.45M |
Open | High | Low | Value | Volume |
57.5¢ | 57.5¢ | 57.5¢ | $4.745K | 8.252K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 26686 | 47.0¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
57.5¢ | 102455 | 2 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 26686 | 0.470 |
1 | 10000 | 0.465 |
1 | 20000 | 0.460 |
1 | 8826 | 0.335 |
1 | 3033 | 0.330 |
Price($) | Vol. | No. |
---|---|---|
0.575 | 102455 | 2 |
0.590 | 8594 | 2 |
0.600 | 15000 | 1 |
0.690 | 5200 | 1 |
0.700 | 20000 | 1 |
Last trade - 09.59am 20/05/2024 (20 minute delay) ? |
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AVC (ASX) Chart |