The following document shows net cash of US$40,000,000 = AU$57,000,000.
http://www.asx.com.au/asxpdf/20151217/pdf/433ws805p3hqm0.pdf
$57,000,000 / 150,000,000 million shares = $0.38 per share in net cash!
Latest filing with SEC in USA shows the company's revenues for the first 6 months of 2015 at about US$12,000,000 with net profit of about US$6,000,000 - or about US$1,000,000 per month net profit. That is about AU$1,400,000 per month = Au$16,800,000 p.a. net profit.
$16,800,000 / 150,000,000 shares = about $0.11 per share per annum net profit.
Now at a moderate P/E of 12 say, this gives an enterprise value of $1.32 per share.
Add that to cash backing to give $1.32 + $0.38 = $1.70.
However you must also discount for sovereign risk (China) and promote for growth -after all, that is the reason WMC listed in Australia viz. the listing was a requirement for winning large Chinese government contracts.
So, if all published accounts are to be believed, that is my valuation, $1.70 per share.
I am rally looking forward to the most recent sales figurs - due at the end of January.
(My apologies if all of this has come out in bold print - my computer would not function in normal format).
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