KAZ / SMX Comparison

  1. 834 Posts.

    These two companies now apparently are trading on Par for FY03 figures. With EV/EBITDA both at 6.8 and on a growth footing these are both an absolute steal...

    KAZ SMX US Companies
    Price 35c 50c
    Shares 780M 328M*
    EV 273M 164M
    Rev 270## 150***
    EBITDA $40M $24M**
    EV/Rev 1.0 1.1
    EV/EBITDA 6.8# 6.8** 13-18X
    Cash Balance $55M $45M
    Bank Debt $50M $0
    FY03 Price Tgt $0.80 $1.10
    FY03 EV/EBITDA 15X 15X
    FY04 Growth 18X 18X
    Price Premium $0.96 $1.32

    * Assumes full buyback of 32M subtracted from
    360M shares on issue.
    ** $24M EBITDA for FY03 - Easily achived now
    loss making businesses are gone & marginal
    performing SMS branches back on track.
    ***Assumes 10% inc in SMS revenue over FY02
    # Assumes $40M EBITDA FY03 - Recent Guidance
    of $36.5 for FY02.
    # FY02 Rev of $247M assume 10% inc in FY03

    All the Best

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