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FY18 Results Update
AIRR Holdings Limited (AIRR) Australia’s unlisted rural and peri-urban rural merchandising buying group.
AIRR has continued its long track record of profitable growth with a 12.6% increase in NPAT in FY18. This was the fifth consecutive year of profitable growth for the company following a dip in profitability in 2013 which was the only year of negative growth for the company in almost a decade due to a dry summer. CAGR in EPS from 2010-2018 was 20% while 2010-2018 DPS CAGR was 16%. If we apply the current peer EV/EBITDA multiple of 9.99x, we arrive at a compco valuation of $9.85 a share. This implies a price to earnings ratio of 10.3x, well below the 15x long term PE of the Australian share market. Under the PrimaryMarkets trading platform, the shares now trade at prices determined by buyer and seller demand and the last traded price was $7.89 per share, putting the company on a PE ratio of 8.2x and at a substantial discount to the broader listed market and its listed peers.
The AIRR Board of Directors have directed PrimaryMarkets to manage a Trading Platform for the transacting of shares in AIRR.
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