Based on the intensity of the discussion, the investing public seems surprisingly indifferent toward Savox, even though its profile would typically be expected to generate significant excitement. Alternatively, there might be hidden interest, and the (very) small public offering could be quickly oversubscribed.
The valuation doesn’t provoke strong dislike; rather, it prompts positive nodding if one believes in the sustainability of the numbers. The company has roughly as much net debt as the proceeds expected from the offering, so the EV (Enterprise Value) would land around the 200 million mark. Guidance for the current year is 65-75 million in revenue and a 14-18% adjusted EBIT margin. Assuming the midpoint for both, the valuation would be around 17-18x EBIT for this year. There is an order book in place, so in 그 respect, it seems very realistic. If growth continues even somewhat similarly, the price isn’t bad at all. The company’s targets for 2030 are outright bold, with average annual revenue growth exceeding 20% and an EBIT margin also over 20% in that year. If we take the ended year 2025 as the starting point for calculations, revenue was 56.1 million; thus, at the lower end of the target, 2030 revenue would be 140 million, and at the lower end of the EBIT margin target, EBIT would be 28 million. With that level of performance, the company would offer truly delicious returns, but there is certainly a lot to prove. It remains to be seen how the situation develops.