Might even be worth more Dominator if one applies the multiples which Vulcan Steel (VSL) used to acquire Ulrich Aluminium in July 2022. They paid 1.6 times annual revenue and 4.3x the average FY22 and FY21 EBITDA. Assuming CAA CY24 EBITDA is $54m then the business is worth $232m. I'm thinking cash on hand at CY24 will be around $80m so the biz is worth $312m on 17.033m shares is around $18.30.

The doubt in my mind is how this value is extracted. CAA own 27% of the market, is the biggest player and the competition are largely private entities. CAA are in active convo with them & have been for a number of years and no one is budging.

Yes, they can continue to build market share in 1% increments by acquiring distribution centres, but where to from there?

We did get a private offer a numer of years ago, but (thankfully) contrarian investor Allan Gray kyboshed that. They have steadily built up their share, and they & Perpetual are the only instos on the register. Unless we get more insto interest, that PE of 8x is unattainable. I'm hopimg they pay a 50c final divvy to keep the retail shareholders happy. They've got the cash.