Funny that 38% of dealerships are in WA - market expected AHG's...

Funny that 38% of dealerships are in WA - market expected AHG's auto div to be getting whacked - but they are up 8% - some acquisitions helped I am sure. My guestimate is for FY17 op EBITDA of 236 ish and u eps of about 32 cps approx.

Based on APE's EV, netting out the AHG stock as cash equiv, and valuing the non auto sales divs at $120m, I get an EV of $2.34 b (using 11.9x Auto EBITDA), and a value per share of $7. While there should be a fair discount for the WA dealership proportion of the business, the other side is that APE may want to climb the register, which provides a takeover risk to some extent. However with APE on a rough forward PE of 17x, you might look at 15x for AHG which is $4.80 ish based on the number I pulled out of my abacus.

The recent placement was at $4.52 - can't see why the SP can't get back to there shorter term now.