Good set of interims today - slight concern about the fall in the order book, offset somewhat by the increase in recurring EyeTrain revenue. I'm struggling to understand the fully diluted EV/EBITDA ratio quoted per the WH Ireland note. Any help would be appreciated....
My understanding is current market cap of £6.1m. There are £1.5m of Convertible Loan Notes which convert at 8p per share, so c18m of additional shares which will convert. Once this happens the market cap (at 18p per… Read More
WH Ireland's core EPS forecast is 2.57p EPS, which leaves PEG looking extremely undervalued.
And even using fully diluted EPS forecasts of 1.8p (fully diluted) from WHI and 1.9p from Hybridan still sees PEG on an extremely cheap rating imho given the order books and the likelihood of strong results both this year and next year.
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