TIL - Trilogy [formerly ECO - Ecoya]

[JoeGrogan]

PE of 12.7 if using EPS of 18c. NPAT up 35%. EPS growth of 20% --> Looks ok to me.

"Excluding acquisition costs and the loss attributable to the investment in TIL's newest brand Goodness, EBITDA would have been $21.1 million."

I wonder if they had reported $21.1m, whether or not that would have been enough to shift market sentiment?

[winner69]

Down 3 at close - spose could have been worse

Next week could be better .......or else long long wait to the half year

Hope Ross still touting the business around the traps. Takeover seems best route to riches

[winner69]

Joe - back out something for a full year of CS and that $1m adjustment the increase in NPAT doesn't look that flash

Wouldn't that $1m 'investment' in Goodness helped the reported sales growth? So a bit mischievous trying to say 'if we exclude' ebitda would have been better. Investment needed to stay in the game

[horus1]

They are doing due diligence as well as audit. It seems to me they have to be careful. But i'd say they thought there should be some impairment.It is a very detailed audit report.

[JayRiggs]

I don't understand the bit about Cs&Co contingent consideration.

NPAT of $12.7 million, an increase of 35% including the benefit from the CS&Co contingent consideration adjustment
CS&Co contingent consideration
•Contingent consideration discount unwind was in line
with the prior year as expected.
•An adjustment was also made to contingent
consideration based on the updated estimate of the
second earnout payment.
•The earnout calculation is currently under review and as
such a final earnout amount is yet to be agreed

I've quickly googled this:

Contingent consideration is the amount paid by the acquirer of a target company to the former owners of said company in case of the occurrence of certain future events. The exact events and their terms are outlined in the acquisition agreement entered into by both parties at the time of signing.

But still don't understand. Can someone with more financial know how explain please?

Also I see the 4.5c dividend excludes the Cs&Co earnings. Why is this?

The result doesn't look bad to me anyway. I haven't really looked into BWX, but they're trading on like 30 x earnings.
Gosh imagine if TIL was on that... it'd be $5.40 now!

Given today's result, what is a fair PE to put TIL at?
Say they can do +20% a year going forward, 20 would be fair? A $3.60 share price.

[winner69]

I don't understand the bit about Cs&Co contingent consideration.


I've quickly googled this:

But still don't understand. Can someone with more financial know how explain please?

Also I see the 4.5c dividend excludes the Cs&Co earnings. Why is this?

The result doesn't look bad to me anyway. I haven't really looked into BWX, but they're trading on like 30 x earnings.
Gosh imagine if TIL was on that... it'd be $5.40 now!

Given today's result, what is a fair PE to put TIL at?
Say they can do +20% a year going forward, 20 would be fair? A $3.60 share price.

Jay - Look at Note 22 d) in the Financial Statements as per link re the contingent consideration. There is a little story that explains it all
https://nzx.com/files/attachments/258987.pdf

Last year they thought they had to another $7m to pay as an earn out - a year on they reckon it will be $6m so have a favourable item of $1m in the P&L this year. Final figure to be agreed though

Read that note and it will be clear as mud - written by an accountant of course

[RupertBear]

Jeepers its all to much for my little brain! Cant decide if its a good result or not? Cant decide whether to hold or sell a few time for another beer and then it may become clear!

[percy]

Jay - Look at Note 22 d) in the Financial Statements as per link re the contingent consideration. There is a little story that explains it all
https://nzx.com/files/attachments/258987.pdf

Last year they thought they had to another $7m to pay as an earn out - a year on they reckon it will be $6m so have a favourable item of $1m in the P&L this year. Final figure to be agreed though

Read that note and it will be clear as mud - written by an accountant of course

Does the lower earn out mean the business brought is not performing as expected.?

[janner]

Jeepers its all to much for my little brain! Cant decide if its a good result or not? Cant decide whether to hold or sell a few time for another beer and then it may become clear!

Forget the crystal gazing RB. :-))))))

Look at the TA Look at the FA ... Then toss the coin. :-)))

Seriously RB if it was a piece of cake .. We would not be on here trying to understand..

Just be very sure you are happy with the decision when you push the button.

Win some.. Ride them.. Lose some . Get off !!!! .. At least until you become confident ..

DYOR..

[winner69]

Does the lower earn out mean the business brought is not performing as expected.?

Now now percy - putting doubt in people's mind

The targets were probably 'stretched'