Full credits to: @Plum_Capital

Share price: $13

jakk1

Market cap

6.4M shares outstanding (as of May 10, 2021) + 3.35M shares in convertibles + 195K shares converted as per June 3rd PR = 10M shares (source: seekingalpha).

==> MC (fully diluted) = $130M

Cash

  • $84M cash, minus $3.6M of restricted = $80.4M
  • $6.7M of short-term debt
  • Old Term Loan $128.9M @ 10.5%
  • New Term Loan $99M (matures June 2027) @ LIBOR+700BPS
  • Unknown refinancing costs (say ~$5M)
  • Preferred $20M @ 6%

==> net debt (excl WC) ~ $80M

==> EV ~ $210M

Valuation

TTM Adj. EBITDA ~ $49.2M

EV / EBITDA ~ 4.3

Comps (Hasbro, Mattel, Funko) trade at 10+ multiples.