Had a quick revisit of this one after the full year FY23 results this morning.
The contract renewal with McDonald's in Aug 2022 was one hell of a renewal. McDonald's is >90% of Plexure's revenue, and it has more than doubled since the renewal. I certainly didn't realise it was that big at the time.
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![56a15800507fe43bf0130fb1dc88bd61a57d65.png](//strawman.com/member/uploads/objects/65/56a15800507fe43bf0130fb1dc88bd61a57d65.png)
If I normalise all their numbers, they're running at around NZ$10.5m/annum EBIT or around 20x EV/EBIT. Looks interesting - just unsure where the organic growth will be coming from in future years since everything else outside the contract renewal looks pretty flat.
Something you don't see every often - the company has really ramped down the amount of intangibles (mainly software dev) being capitalising. As a result amortisation was $9m higher than what was actually spent on capex, and NPAT is not shown in its most favourable light.
![d57f7e46e9916e3d3ca7d3e37dc08a8a498851.png](//strawman.com/member/uploads/objects/46/d57f7e46e9916e3d3ca7d3e37dc08a8a498851.png)
Normally companies like to dress up the bottom line numbers, and this is very much a dressing down. Which is very interesting.