Latest full year accounts came out on the 1/3/23.

EVO now has cash of $17m Term deposits of $9m and no debt after selling the NZ child care business

It is profitable with an underlying EBITA on the remaining Australian child care business (24 child care centres) to the tune of $14.3m. (See the split out in Note 4 of the latest accounts)

Market cap is around $80m at 50 cents a share

With an enterprise value of around $58m (say) this is selling on a EBIT multiple of around 4 times. (Privately centers seem to trade on an EBIT multiple of 5 up)

There is opportunity for organic growth (currently occupancy seems around 75%)

Management has done it all before. Chris Scott was formerly CEO of G8. (Some stink around this I know - AFR wrote an article last year on a particular director)

ASX listed Child care businesses do not in my opinion have any business moat. They all seem to be about PE arbitrage between private and public markets. However this business is not going to go broke and gives you a cheap cash stream (though no dividends as yet.

Would be interested if anyone else has any insight into EVO.