RE: Heavy Selling2 May 2024 14:16
So I can't remember the exact numbers but it was something like £165m unrestricted cash. Current SP is about x1.5 that. So when you think of the US exit to come and a reduction in issued shares through buyback, £1 is very conservative. Once US exit complete you now have a 'profitable' business ... so 20m AEBITA for 23 and in theory growing. If you just look at a very low 6x, you are talking about 285m. That's without any outcome from the US business and growth in UK profitability...I think Flexiplay is a good play! Hearing enough about it.
I think you're £1.50 is very fair and if a company wants to pick up the business you'd think that's where they'd need to be. Even then, management might feel confident enough to bat it away and I can't say I'd blame them.