As DADI acquisition has been approved by ACCC, EV should include DADI, so EV would be around $1.228b, EV/EBITDA =~7. Where market consensus is about 10.
Toxfree acquisition was valued over 10 for EV/EBITDA;
DADI acquisition is valued at around 11 based on FY18 earnings upon the acquisition announcement.
Peer, CWY, is currently valued at around 10 of EV/EBITDA.
I believe BIN is undervalued at the moment, that is also in line with three broker valuation of over $2 ($2; $2.08 and $2.55 price targets).
All imo.
BIN Price at posting:
$1.55 Sentiment: Buy Disclosure: Held
