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Wilhelmina International, Inc. Message Board

  • jamesryanhubbardjr jamesryanhubbardjr Jan 26, 2009 10:33 PM Flag

    NCEH: Valuation

    Anyone want to take a shot at the value of the stock post acquisition? 128MM shares at $0.16; no debt or cash immediately after acquisition. Enterprise value of $19.2MM.

    Factoring the seasonal 4Q revenue (shown in 07), 08 Rev should be about $14.8MM. Using a 14.1% EBITDA margin (from 3Qs of 08), you get $2.1MM of EBITDA in 08.

    EV / 08 EBITDA --> 9.2x

    Not bad considering the revenue is growing at close to 30% annually...also should be profitable for full year 08. I'd say NI in the range of $800k - $1.2MM (mostly due to getting Miami expenses in check).

    I'd think the stock gets some action after reverse split / name chance / relisting on major exchange.

    Thoughts?

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • Hi James,

      How many shares do you own since you are looking so closely?

      Did you already vote your shares?

      Revenue growth of 30%? For how long? The whole company had only have gross billing of $37 million for 2007. See page 18 of proxy.

      Page 19......EBITA of $1,425 in 2006, page 18 EBIDA of 861 in 2007. EBIDA going DOWN!

      They are currently a private company. While they have audited statements, the reality might vary significantly from what is presented.

      It will be interesting.

      • 1 Reply to ethison
      • I own a few thousand (not much) but thinking about building a stake. I have not voted.

        For rev growth I was looking at net billing for first the Qs of 07 vs. 08. About 30%. I'll be interested to see what the full year looks like. Hopefully soon!

        Yes EBITDA did drop in 07, but its way up in 08 so far and Q4 should be very positive to EBITDA. 07 looks to have been down due to a jump in WAM costs, which they seemed to solve in 08 so far.

        I could be wrong, just think that the stock is undervalued at $0.16. With a name change, re-listing, reverse split and a roll-up strategy, there is huge upside in my humble opinion.

 
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