ACU 3.13% 15.5¢ acumentis group limited

As a peer in the Real Estate complex, driven by volume (as well...

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    As a peer in the Real Estate complex, driven by volume (as well as value) MEA has had it's issues, increased SOI. In Dec as it looked like both ACU and MEA were on the same trajectory due to green shoots. Since then MEA has gone 3-3.5x while ACU has languished as final exiting director shares liquidated (believe near or at end now).

    Granted MEA is projecting a $16m EBITDA v's $1m last year and is now trading at around $110m MC and ~7x EBITDA multiple. They certainly deserve the rise and getting closer to fair value if the market holds. They are far more exposed to house price and finance volatility than ACU. ie ACU is lower upside / downside (lower volatility).

    ACU looks like eking out a ~$5m EBITDA for 20/21 (IMO DYOR) and potentially $7-8m in 21/20 (IMO DYOR). At present ACU is running around 3.5x EBITDA multiple (vs 20/21 projected) and ~2.3X multiple vs 21/22 (projected). Opteon multiple was 9X.

    MEA also launched a program in 2018 to transform it's business via digitising it's processes. Some of the underlying improvement in EBITDA are attributed to that investment. ACU has been on this journey for a similar amount of time. It would be good to see the product of the investment over 2-3 years in automation, AI / machine learning which has been documented a number of times as project One. Valuation is clearly a space where digital can make a difference to the bottom line. Purchase of the JV partners (Tas and WA) is part of the effort to bring sytems, people and processes together for efficiencies/accuracy/security. HTW is following suit.

    Last edited by barrybigjobs: 30/06/21
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