Full credits to: @Plum_Capital
Share price: $13
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.