#PICInquiry: AYO shares initially valued as high as R47 | IOL Business Report

PRETORIA – A senior Public Investment Corporation official has told retired Judge Rex Mpati that the enterprise value-to-earnings before interest, tax, depreciation and amortisation valuation method put AYO Technology Solutions’ actual value as high as R47 a share at the time of the company’s initial public offering.

Varghese said the P/E gave a base case value of R43 a share, which was derived from earnings a share of R2.68 a share multiplied by 16 x P/E. “The DCF valuation indicated a fair value of R45.29 a share. Another valuation method used in his model was EV/Ebitda, which indicated a fair value of R47 a share.”

“In a sense, AYO was like a special purpose acquisition company that would raise funds from the market to pursue specific target acquisitions using those funds to grow the business. The pre-listing statement gave broad outlines of around 10 businesses that Ayo targeted,” said Varghese.

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