Perplexes me how this Company trade at the levels it does. I assume everyone is out for LiS, White Graphene and BNNT to hit big? However, if I only took CIB as of value it did $20m in revenue last year and $30 new contract for FY25. Margins around 25%. Assume they get squeezed (to 20%) then earnings on this business is say $8m to $12m pre-management fee back to PPK on c.$50m in revenue. In 2019 and 2020 two similar (but larger) sold on multiples of 8.0x and 10.0x (Tencate Armour and 3M Ballistics business). PPK owns 50% of CIB so that alone sort of covers current SP (i.e. $100m / 100m shares * 50%). PowerPlus made $2m EBITDA several years ago which is of additional value, one of the businesses did a cap raise and if you believe numbers is worth $40m? And then you have deconsolidated the loses from LIS which improves P&L? Am I missing something?
PPK Price at posting:
35.0¢ Sentiment: Buy Disclosure: Held
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