BLY 0.92% 54.0¢ boart longyear group ltd

Don't think a takeover will ever occur while the biggest equity...

  1. R21
    565 Posts.
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    Don't think a takeover will ever occur while the biggest equity holder has around 51% and the next around 20%. If Ares position of Xbn can't find a buyer there's buckley's chance to buyout the other 2.

    Fundamentals almost make it a compelling re-entry for me now.
    At 0.4:
    EV = US74m equity (A104m @ 0.71) + 687m debt - 38m cash = US723m
    EBITDA = US73.2 (doubling 1H18 adjusted EBITDA)

    EV/EBITDA = 723/73.2 = 9.87x , long term average is around 11-14x
    EV/Revenue = 723 / 788 = 0.91x (again just doubling 1H18 revenue). This varies wildly on industry, I'd expect a mature industry to have low ratio but lower than 1:1, I'm not sure?
 
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