Fantastic outcome! What's next? This is still cheapGreat price on the railway 12.5x EBITDA. Good job!
Now we have
- Golf Canada $38M EBiTDA worth at least 8x EBITDA excluding the land (Glen Abbey etc.) so $305M
- Golf US BV $30M CAD worth at least $50M CAD given it was bought in the recession and land values in Florida have skyrocketed. They also have announced they are redeveloping a course.
- Aurora JV worth at least $15M CAD
- Glenn Abbey and excess land worth at least $200M CAD (they paid $90M for Glen Abbey way back).
- Revised debt is $280M CAD
- Cash from White Pass is $275M CAD
Sum of the parts work out to at least $19 but can get to $20 easily based on the hidden land value. This stock is still cheap!
The big question is what will they do with the cash? Dutch auction? Special dividend? Sale of the company? Privatisation?