RE:RE:RE:RE:RE:Adapth trade a 6 times ebitda less Capex Still flawed. Co. does give enough data to calc sustaining equip. capex. Acquisitions are likely muddying the waters too. You can't rely on note 6.
2021 transfers in + acquistions - disposals = $8,578
2020 transfers in + acquistions - disposals = -$4,149 ????
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besttobe wrote: ISFCA wrote "Also, flawed comparison because Apria and Adapthealth define patient equipment capex differently".
Apria
Adjusted EBITDA less Patient Equipment Capex = Adjusted EBITDA less purchases of patient equipment net of dispositions (“Patient Equipment Capex”).
Ok....Quipt EBITDA $21 mil - $8 mil Equipt rental capex less disposals = 13mil.
Current Market Cap of Quipt 239/13= 18 times...
Still over valued...according to Crawford multiples....
10 (Apria multiple) x $13 = $130 million.
Quipt is unprofitable and his zero FCF.
ISFCA you have been schooled.