Hi all,
This business seems to be trading extremely cheap even excluding the non-covid related revenues.
FY21 Revs ex. covid revs = $517m
FY22 Revs ex. covid revs = $556m
Assume no growth in FY23 (unlikely given Medlab Acquisition) & assume 5% decrease on FY22 in non-covid revenues = $530m
Assume 26% EBITDA margin
FY23 EBITDA = $138m
96% cash conversion CFO = $130m
FY23 CapEx expected to be $10m (in-line with mgmt announcement)
FY23 FCF = $120m
Business now has $26m in cash & no debt
Therefore we have a business trading for:
4.3x FWD EBITDA
5x FCF / 20% FCF yield
Further with the acquisition of Medlab we now have ~16% market share of Medicare expenses.
Why is the market pricing it so pessimistically?
Why I think ACL is ridiculously cheap., page-35
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Last
$3.57 |
Change
-0.010(0.28%) |
Mkt cap ! $719.9M | |||
| Open | High | Low | Value | Volume |
| $3.60 | $3.61 | $3.55 | $1.158M | 323.6K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 4 | 12596 | $3.55 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $3.57 | 657 | 1 |
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| Last trade - 16.10pm 05/11/2024 (20 minute delay) ? |
| ACL (ASX) Chart |