EQT Holdings Limited

ASX:EQT

EQT Holdings Limited

ASX:EQT
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$30.77 (-0.8%)
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#255
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1
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#Irish Buisness
stale
Mujo
Added 7 months ago
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Good to see the loss making Irish business officially sold - 062fy5268n78kw.pdf (asx.com.au) - sometime for some cleaner results but should see EQT show some good profit growth.

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#Financials
stale
Mujo
Added 9 months ago
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Results yesterday in line with my expectations albeit quite messy with the acquisition and some one-offs. I expect the returns on capital to improve significantly over the next could of years as the exit of UK plays out in the financials and the synergies from the recent acquisition come through.

Strong equity markets should also help, but that can change in a dime.

$60M plus in EBIT should be doable for an EV around $1 billion currently. For the type of business i think its attractive.

I can see this being attractive to private equity if doesn't rerate - albeit looks like it is starting too. Very illiquid stock for the size.

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Valuation of $37.50
stale
Mujo
Added 10 months ago

Very rough initial thinking.

Sold the loss-making UK/Irish business ($7M loss FY23) and won't be a repeat of the integration costs from the AET integration ($8M). Still some ongoing IT investment going on but still should see a big jump in profit with markets also quite strong.

Could see around $50M in NPBT next year.

Mostly good glassdoor reviews.

Good quality business that has gone nowhere for 5 or so years but fundamentals are improving.

Think 20x NPBT is reasonable for a $1 billion valuation versus current EV of $650M. I can see 50% upside from here.

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