Good point Tamz - the $6m EBITDA forecast for 2020 excludes Glass. I also agree that the 2020 numbers will be messy, however I've attempted to forecast what PSZ will look like after the 2020 one offs are gone. I've also assumed that they should be able to get corp costs down to $2.5m (they should actually be able to get them closer to $1.5m for the size this company will be going forward). Given this, buying this company at Friday's close of 4.5c (or 1.9c post TNT distribution) gives you an amazingly cheap valuation on the remaining business as follows. The share price should (at least in theory) not need to decline after the TNT distribution given it should be worth north of 4.5c (probably about 7c or more in my view).
PSZ - Post TNT distribution 1 2020 2021 2 Revenue 50 52.5 3 EBITDA 3.5 4.0 4 DA 0.1 0.2 5 EBIT 3.4 3.8 6 Int 0.3 0.2 7 PBT 3.0 3.7 8 Tax 0.9 1.1 9 PAT 2.1 2.6 10 11 Net debt 3.9 2.1 12 13 Share price 0.019 0.019 14 15 Shares 305 305 16 17 EPS 0.0069 0.0084 18 19 P/E 2.71 2.23 20 Market cap 5.73 5.73 21 Enterprise value 9.63 7.86 22 23 EV/EBITDA 2.75 1.97 24 EV/EBIT 2.87 2.04 25 Earnings yield 22% 33% 26 Debt/EBITDA 1.11 0.53 27 28 Div payout 50% 50% 29 DPS 0.0035 0.0042 30 Div yield 18% 22% 31 Div yield (inc Fr) 24% 29%
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Good point Tamz - the $6m EBITDA forecast for 2020 excludes...
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Open | High | Low | Value | Volume |
2.1¢ | 2.1¢ | 2.1¢ | $4.2K | 200K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
2 | 292511 | 2.0¢ |
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Price($) | Vol. | No. |
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2.7¢ | 63400 | 1 |
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1 | 2631 | 0.019 |
1 | 1000000 | 0.015 |
1 | 20000 | 0.013 |
1 | 111111 | 0.009 |
Price($) | Vol. | No. |
---|---|---|
0.027 | 63400 | 1 |
0.029 | 88714 | 1 |
0.030 | 533300 | 2 |
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0.032 | 28334 | 1 |
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