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Saturday, February 27, 2016 3:31:38 PM
Sure looks to me like they are setting up the case that they are fast growing, very much under-valued and presumably ready to sell the business. At least that's my interpretation, but I didn't compare it to earlier ones.
No doubt you are correct since with the lower PPS, they note the enterprise value as a multiple of revenue was 2.1 times.
The first bullet bullet point in "Public Comparables" on page 6 notes "for public drinks companies, the multiples of enterprise value to annual revenue are typically 5 - 6 times.
I'm just not sure if their end game is to bail out when they are so close to crossing the finish line. After years of unprofitability, to get out now seems short sighted unless they are giving up and believe Sales and Administrative expenses are simply too closely tied to revenue growth.
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