Laserbond (ASX: LBL) – surface engineering specialist
COMPANY SCOREBOARD
| Pro Plus | Pro | Con Plus | Con |
|
|
|
ABOUT COMPANY
LaserBond (LBL) (https://laserbond.com.au/) is a specialised surface engineering company founded in 1992 that focuses on the development and application of materials using advanced additive manufacturing technologies to increase operating performance and life of wearing components in capital intensive industries.
In December 2021, the company acquired QSP Engineering, a QLD-based specialised surface engineering company for $9m cash. It generated over $3.5m revenue and around $1.1m NPAT in each of the past 3 years. The acquisition metrics represent 5.7x FY21 EBITDA and 9.6x NPAT.
In February 2024, the company acquired a 40% share of a WA business, Gateway, for $10m (i.e 4.5 x FY23 EBITDA $5.6m x 40%), with $4.9m in cash and $6m share at 85c.
CAPITAL STRUCTURE
| ASX Code | Share Price | Shares | Option (In) | Market Cap | Cash/Asset ($m) |
| LBL | 0.37 | 117331512 | 43412659.44 | 11.1/38.4 |
| Holders No | Top 20 (Cur) | Top 20 (Pre) | Director Hold | Performance Right | Note |
| 2884 | 57.65% | 62.13% | 10.66% | last raise $12m@87c |
Keith Knowles holds 1.9m shares or 1.6%.
BUSINESS
Below is the company’s past five years performance:
| LBL | 2024 | 2023 | 2022 | 2021 | 2020 |
| Operation Revenue | 41984 | 38612 | 30711 | 24664 | 22177 |
| Cost of Sale | -20342 | -18149 | -14010 | -12076 | -10654 |
| Gross Revenue | 21642 | 20463 | 16701 | 12588 | 11523 |
| Gross Margin | 0.5155 | 0.5300 | 0.5438 | 0.5104 | 0.5196 |
| Overheads | -12617 | -10725 | -8480 | -7225 | -5999 |
| Fixed Overheads | |||||
| Variable Overheads | |||||
| Total Operation Expense | -12617 | -10725 | -8480 | -7225 | -5999 |
| Operation Profit | 9025 | 9738 | 8221 | 5363 | 5524 |
| Other Revenue | 518 | 518 | 457 | 1021 | 663 |
| Interest Expense | -864 | -623 | -444 | -464 | -441 |
| D&A | -3464 | -3267 | -2902 | -2555 | -1982 |
| Income Tax | -1692 | -1608 | -1703 | -527 | -959 |
| Net Profit | 3523 | 4758 | 3629 | 2838 | 2805 |
| NOTES | jobkeeper 0.7k | jobkeeper 0.6k |
SUMMARY
The company’s profit has been used for the acquisition.
Gateway WA’s acquisition metrics can be used as a guidance for the company’s own valuation. So the company perhaps worth $40m plus $10m Gateway equity and about $10m cash liquidity, totaling $60m.