Profits!!2 Feb 2010 12:08
Have just been working on some figures going forward with regard to the half year results and guidance given and also taking into account the new acquisition and possibly another two to come!
Slight assumption at the end i know, but the management have only spent £5.25m of the £10m available? They may want to keep some back for performance related payouts!
Annualised Revenue is £23m and EBITDA is going to be at least £2.3m for April 2010, we were told this.
This means annualised turnover at the present time without further growth and the Boucon acquisition is £30m.
I believe Spiritel will make underlying EBITDA of £2.5m for 2010?
This equates to around £0.6m operational profit and 3.5p per share.
For 2011 turnover should be £30m for the group as of half year, plus a mere 20% organic growth and cross-selling of £6m? Could be alot more!
Plus £2m for Boucon(1/2/10) and i have allowed around £4m for new acquisitions which should be acquired by April 2010 for the start of the new financial year.
Total turnover for 2011 of £42m which equtes to around £5.5m underlying EBITDA!
This would mean op. profits of around £3.3m and eps of 18.7p.
Leaving Spiritel going forwardon a P/E of around 3.2 at the current 60p.
This share is so undrvalued at the current level. Once the profits start to roll in the £4.5m overdraft will be paid off and other debts will soon disappear. Leaving the £10m loan notes to be cashed in, but not until 2014.
I believe a strong buy. But a limited market in shares as Penta own around 80% and including all major shareholders a free float of about 2.5m shares out of a total of 17.66m