Ann: Class - Continuing to Win Market Share & Grow Revenue, page-9

@SimonGr
yer accounts growth slowing no doubt, to be expected of course. Let me know what your model says once updated


let me know your thoughts on the logic of this calc trying to workout NPV of existing subs
FCF (of existing subs)= SMSF Subs* ARPU* EBITDA Margin-Maintainance Capex on these subs
= 163k*$215*47%-(12%*163k*$215)=$12.2m

Now MYO trades on FCF yield of 32x but an avg stock trades on 20x so mid point is 26x to be fair
So the NPV per share of existing SMSF subs ($12.2m*26)/(117k shares)=$2.7

So the existing SMSF subs base is worth $2.7 by itself.
this doesn't account for:
-New SMSF subs growth
-ARPU growth
-EBITDA margins should be higher as these are low maintenance existing subs
-Portfolio subs
-As retention rate is 99% (ex AMP) this basically assumes the subs are annuities