Interesting to note BWX provided FY ebitda guidance of $26m today
http://hotcopper.com.au/documentdown...WxRvPFHhlFA%3D
TIL fy2017 guidance was ebitda of 19-21m to put into perspective.
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Interesting to note BWX provided FY ebitda guidance of $26m today
http://hotcopper.com.au/documentdown...WxRvPFHhlFA%3D
TIL fy2017 guidance was ebitda of 19-21m to put into perspective.
The 30% growth number they said at results time. Didn't put the jitters into shareholders at the ASM like Trilogy did.
TIL at $21m is +30% as well .....although some would say that a chunk of that growth comes from full year of CS
Whatever - he valuation gap has got wider of late
Bring on next week
Maybe this explained the reason why BWX increased?
Just thought I'd have a look at a few things to try understand why BWX is priced at a higher PE...
(resource: 4traders for estimates and Financial results annoucement presentation for everything else)
EBITA
Company / 2015A / 2016A / 2017E / 2018E
TIL / 5.3m / 16.3m / 21.3m / 26.4m
BWX / 14.8m / 19.2m / 26.3m / 32.0m
EPS
Company / 2015A / 2016A
TIL / 7c / 15c
BWX / n/a / 14.1c
Gross Margin %
Company / 2015A / 2016A
TIL / 62.2 / 53.9
BWX / 56.8 / 61.9
Operating Cash Flow
Company / 2015A / 2016A
TIL / 4.7m / 5.7m
BWX / (1.8m) / 10.1m
Interest bearing liabilities (for TIL) / Loans and borrowings (for BWX) - (ie loans both current and non current combined)
Company / 2015A / 2016A
TIL / 1.6m / 35.2m
BWX / 27.1m / 7.0m
Good question, though I explained already why the price on the NZX and the ASX is unlikely to be widely diverging ... just check out my post above (arbitrage).
The other question is - why do people hope that Australia values TIL higher than we do?
I don't know ... but apparently there is a comparable company which is currently dearer. Given that markets tend to compare is it likely that either the other company becomes cheaper - or TIL moves up in price.
Historically seen - there are a number of NZ companies who listed as well on the ASX (particularly if they needed more cash). Some of them went up in price, some of them went down and for some it didn't make a difference. No guarantee in my view that TIL will go up.
Whose going to provide the liquidity for the AsX?
Be a bugger if it does a PPH when dual listed
More like MHJ I hope
... just happened to notice that TIL broke the MA200, which is not necessarily seen as an advantage ;).
I certainly hope for TIL share holders that the ASX listing will do the trick ... but I wouldn't bet the farm on it.
Discl: not holding;