BDL 0.00% 13.5¢ brandrill limited

independent expert's valuation bdl asl merged

  1. 75 Posts.

    Marger Scheme Booklet
    BDO Kendalls Appendix A1 14

    Value per Ausdrill share $2.97-$3.43
    Value of 14.5 Brandrill shares $3.06-$4.00

    By my own (rough) reckoning using the most recent financial statements and assuming a 30 percent decline in EBITDA in FY10 compared to FY09, EBIT, shareholder return the merged company is undervalued, well geared compared to its peers and currently trading at a 15% discount to merged NTA

    Code Merged BDL ASL
    Date 13/10/2009
    Share price 1.86

    All in '000
    Total shares outstanding 207000
    Cash 45000
    Receivables 111000
    Inventory 101000
    Other current assets 3000
    Current assets 260000
    Total assets 737000
    Intangible assets 3000
    Payables 76000
    Current liabilities 192000
    Non-current liabilities 189000
    Total liabilities 284000

    Revenue 690000
    EBITDA 97826
    EBIT 53282
    Earnings attributable to members 28500

    Current ratio 1.35
    Quick ratio 3.38
    Debt/Asset ratio 0.39
    Debt/Equity 0.63

    Market capitalisation 385,020
    Enterprise Value 513,020
    Tangible enterprise Value 510,020

    Enterprise multiple (EV/EBIT) 9.63
    Enterprise multiple (EV/EBITDA) 5.24

    PER 7.23
    NTA per share 2.17
    EPS 0.257
    Price/NTA 0.856

    So, thoughts on whether the merged company will hit $3 within 12 months?

    Food for thought / comment, dyor


 
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