FY15 Valuation - Steady As She Goes
From the AGM, “a2MC Australia’s total sales from July to October 2014 have grown +38% in AUD on PCP”, but one must be mindful of the AUD. A good positive AGM, all is on track as far as I’m concerned, no change to my FY15 valuation as it stands.
Quote:
Originally Posted by
MAC
Base Case Valuation: FY15 $1.10
Sensitivity Analysis:
Base Case (as below) $1.10
ATM Revenue Target Six Months Early (HY15 NZ$230M) $1.25
ATM Revenue Target Six Months Late (HY17 NZ$230M) $0.85
Base Case Basis:
DCF, WACC 11.0%, 30yr PG 3.0%, NZ$230M in revenues at FY16 as estimated by the A2 Milk Company, a continuation of 50% price point premiums, a continuation of gross margins at 35%.