In year two of opening a new store it achieved average sales of $5.6 million and average EBITDA of $0.5 million (year 1- $0.3m), so even if they open 10 new stores over the next 2 years its only really going to boost the EBITDA to around $24m in FY18, bringing the current 20 times enterprise to ebitda multiple down to around 14 times( at current share price $2.67) still well above the IPO multiple of 10.5 times for FY16 (at ipo share price $1.40).
For the 12 months ended 28 June 2015, Baby Bunting generated sales of $180.2 million and statutory EBITDA of $12.0 million - 31 stores
FY2016 - forecast - June 2016 - sales 218m - ebitda 16m - 36 stores
334m market cap at current $2.67 , Cash after ipo $4.6m . Cash used for roll out strategy and pay a special dividend.
Baby Bunting is looking to grow the network of stores from the current level of 33 to over 70 stores
Baby warehouse in admin - could they buy them or some of their stores to boost roll out.
Gradual profit taking, page-40
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