They won't have any trouble getting the capital raising imo, but we shouldn't kid ourselves, this is to fund growth ... it's not ... it is to replace debt in the main (20m). My experience when a company is forced to replace debt with equity is it isn't good. At ten times their outlook 2020 EBITDA, they don't look cheap even at these prices sadly. Buyers are buying on belief of better times ahead and leveraging their asset base.
On EBITDA - there's a lot of moving parts due to the application of a new accounting std - AASB15 which it appears has adjusted 2018 EBITDA from 30m to 7m. This new accounting standard mail be the reason behind such a quick capital raising after increasing debt facilities only 6 months ago ???
Ann: Half Yearly Report and Accounts, page-20
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$2.20 |
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Mkt cap ! $897.5M | |||
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