AdEPT Telecom Plc
AdEPT stands out amongst its peer group for delivering consistent strong growth in profits (we focus on EBITDA, but it’s just as true for Operating Profit or EPS).
Our peer group comparison shows that AdEPT is trading on a trailing EV/EBITDA multiple of 10.8x, in line with the peer group, in spite of delivering a much better track record of growth. Similarly, on a cashflow yield of 10.2% we argue that the share represent good value. We note that we are factoring in no further acquisitions into our March 2018e forecasts, but should they arise then there would be further upside to the numbers, in our view. We have commented that AdEPT does a good job of converting profit into cashflow and then recycling cash to drive EBITDA growth, this is made possible as the company being a non-infrastructure business has extremely low capital expenditure requirements.
Quick facts: AdEPT Technology Group PLC
Price: 313 GBX
Market Cap: £78.34 m
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