No worries Marcus. As ZEN have only been on the ASX for 18 months there isn't enough publicly available accounts data to have a picture of how they've performed through the same cycles as PEA. Looking forward, I don't have sufficient understanding of this business to understand whether there is some characteristic of ZEN's management or business model to justify their apparent premium
Yes - my prognosis on PEA is cautious. I do believe, however, that there is limited downside in the next couple of years due to the long term nature of its contracts. I also think that the company's own earnings forecasts for FY19 are conservative. My own are as follows:
Revenue: $79.6m + other income $0.7m
Operating Costs: $23.2m (made up of consumables/parts $6.9m, employee benefits $12.4m and other $3.9m)
EBITDA: $57.1m
Depreciation+Amortisation: $22.2m
Interest cost: $4.1m
NPBT: $30.9m
Tax: $9.3m
NPAT: $21.6m
Free cash flow: $23.1m, FCF yield approx. 9.4% at today's $0.57 SP.
This assumes $20m stay-in-business capex (hopefully overstated as they consolidate with Contract Power) and no change in working capital.
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No worries Marcus. As ZEN have only been on the ASX for 18...
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Last
$1.09 |
Change
0.005(0.46%) |
Mkt cap ! n/a |
Open | High | Low | Value | Volume |
$1.09 | $1.09 | $1.09 | $80.13K | 73.80K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
3 | 20979 | $1.09 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$1.09 | 93741 | 7 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 42510 | 0.620 |
1 | 20000 | 0.580 |
1 | 5000 | 0.550 |
0 | 0 | 0.000 |
0 | 0 | 0.000 |
Price($) | Vol. | No. |
---|---|---|
0.630 | 12637 | 1 |
0.640 | 36649 | 2 |
0.645 | 7751 | 1 |
0.650 | 20578 | 2 |
0.655 | 8750 | 1 |
Last trade - 13.41pm 24/09/2019 (20 minute delay) ? |
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Andy Udell, CCO
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