RE:RE:RE:RE:Trading way too low Yes. And, SECU looks cheap on a pro forma basis as well.
Pro forma LTM EBITDA is about $9.5 million. That includes three good quarters and one horrible quarter. Let's call it $8 million. There are at least $2 million of cost synergies...given the heavy cost base on the Avante side (and listing fees).
SECU has about $60 million of net assets (including cash) that they can liquidate.
Pro forma share count will be ~30 million.
And SECU will take on about $17 million of debt for the deal. They will also pay about $11 million for the equity. So net assets will be reduced by $28 million.
EV = $2.60 x 30m - $60 million net assets +$28 million for Avante = $46 million
With EBITDA of >$10 million...this trades at 4.6x pro forma...
That's pretty good for a company that will pay a divi and will have enough cash to grow...