I would doubt it.
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I keep thinking that:
a) they must have run out of money for acquisitions and;
b) they must be flat out dealing with their new purchases.
But no, they buy something else.
I guess they have more headroom on the credit cards than me :sleep:
Good article on DGC in this morning,s NZ Herald.
DGC are an interesting outfit but the results of their acquisition drive have yet to be seen. So far everything has been a bolt-on addition. Also having more than 50% ownership in one set of hands is risky IMHO
I love the conviction of this man, the execution of the float and post float acquisitions, and space the business is in. But personally I would be wary of investing into the business at these levels. The market hasn't got a clue how it is pricing the business and I bet you no one has done the maths to figure out what the proforma earnings of the business is and its capital structure (proforma for the organic business plus the earnings from all the acquisitions, and capital structure being the balance sheet post year end, less all the cash spent, plus any debt incurred, and use of shares as script). Over the next few days I might do a back of the envelope guess (as I don't think its possible to do anything overly scientific as their just isnt enough information) but whatever the guess I will wager the implied multiples are staggeringly high. Once statutory accounts start trickling out I think the share price will come back as investors realise the implied multiples are sky high and implied dividend yield miniscule.
Just my own thoughts. Not advice. Will give a crack at an actual spreadsheet and share it when I have a chance.