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trying to value cnd

  1. 60 Posts.

    Can folks smarter than myself enlighten me on any mistakes I have made here?

    I've used June '07 year end figures (not half year). I "think" I've pulled the right figures out but I could be wrong. :-)

    Value to EBITDA multiple - measure the EV, ie. value of the business operations (as opposed to the value of the equity)

    CND historical EBITDA = 21.6m
    Cash on hand = 2.9m
    Marketable Securities held by CND = 0
    Interest income on marketable securities = 0
    Sum of LT and ST debt = 13m (ST only)
    Average (Value/EBITDA) of recent transactions = 8x (eg. Skilled's acquisition of Catalyst)

    EBITDA - Interest income on marketable securities = 21.6 - 0 = 21.6
    Estimated Enterprise Value = 8 x 21.6 = 172.8m
    Add cash + Marketable Securities = 172.8 + 2.9(+) + 0 = 175.7m
    Subtract debt to find equity value: 175.7 - 13 = 162.7m
    Enterprise Value = 162.7m
    EV/shares outstanding = 162.7m/56.5m = $2.87 per share (=12x historical EPS)

    Cheers,

    Matt
 
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