Hi LightForce,
Let's look at the numbers.
EBTIDA for the half of $4.5m (down -40% Half on Half), assume it is flat for the second half (generous) giving a FY19 EBTIDA of $9m
Market cap $320m (assumed new issue and $1.25 SP)
Debt ~$95m
Total EV: $415m
Currently trading on 46x EV/EBITDA for a business that has just gone backwards in profits. Sector trades on 6-8x EV/EBITDA maybe 15x for a high growth business.
The business has a debt problem, it has Net Debt to EBTIDA of 10x (3x is usually unpalatable to investors). It must be or will be at June 30th in breach of it's covenants.
Ann: Half Yearly Report and Accounts, page-11
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