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Some of the analysts who once said investors should buy Armtec Infrastructure are now saying that even after a huge selloff, shares of Armtec aren't a value play.
Armtec shares have been savaged since the company eliminated its dividend, losing half their value Thursday and declining further in Toronto trading on Friday.
Canaccord analyst Yuri Lynk said in a note Friday that "despite selloff not a value play yet." He now rates the company a sell, and he cut his target price to $2.50 from $18. Prior to Armtec's announcement, Mr. Lynk had rated the company a buy.
That's in line with the advice Friday from Raymond James analyst Frederic Bastien, who said there will likely be more selling as investors who had bought Armtec for the dividend bail out. (See this link for a story on Mr. Bastien's report.)
Mr. Lynk said he has reduced his estimate this year for Armtec's earnings before interest, taxes, depreciation and amortization to $30-million from $69-million this year and to $54 million from $86 million next year.
Add that to multiple contraction and the outlook for the shares falls big time. Mr. Lynk said that while Armtec historically had a 7-8 times forward EBITDA multiple, it will no likely shrink to 5-6 times.
"With no yield to support the shares, limited financial flexibility, and significant headline risk, we believe a multiple re-rating is very much likely," Mr. Lynk said.
M Partners analyst Michael Krestell is more bullish. Mr. Krestell had recommended just prior to the Armtec announcement that investors use a sell-off in the shares prior to the dividend cut to buy, saying the "buying opportunity is a compelling one." At that point, the stock had just closed at $10.84 and he had a price target of $22.
Armtec shares have been savaged since the company eliminated its dividend, losing half their value Thursday and declining further in Toronto trading on Friday.
Canaccord analyst Yuri Lynk said in a note Friday that "despite selloff not a value play yet." He now rates the company a sell, and he cut his target price to $2.50 from $18. Prior to Armtec's announcement, Mr. Lynk had rated the company a buy.
That's in line with the advice Friday from Raymond James analyst Frederic Bastien, who said there will likely be more selling as investors who had bought Armtec for the dividend bail out. (See this link for a story on Mr. Bastien's report.)
Mr. Lynk said he has reduced his estimate this year for Armtec's earnings before interest, taxes, depreciation and amortization to $30-million from $69-million this year and to $54 million from $86 million next year.
Add that to multiple contraction and the outlook for the shares falls big time. Mr. Lynk said that while Armtec historically had a 7-8 times forward EBITDA multiple, it will no likely shrink to 5-6 times.
"With no yield to support the shares, limited financial flexibility, and significant headline risk, we believe a multiple re-rating is very much likely," Mr. Lynk said.
M Partners analyst Michael Krestell is more bullish. Mr. Krestell had recommended just prior to the Armtec announcement that investors use a sell-off in the shares prior to the dividend cut to buy, saying the "buying opportunity is a compelling one." At that point, the stock had just closed at $10.84 and he had a price target of $22.
Αν δεν βάλεις όμως το πολλαπλάσιο, πρέπει οπωσδήποτε να βάλεις το "φορές", γιατί ουσιαστικά το ΕΒΙΤDA το συγκρίνει με κάτι. Πχ. το τίμημα εξαγοράς του πακέτου μετοχών ήταν έξι φορές τα EBITDA του 2012. (Αν χρησιμοποιείται σωστά ο δείκτης, θα πρέπει να είναι η αξία της επιχείρησης).
