As expected, specialist forex dealer Argentex Group (AGFX Mrktcap £68m) reset the FY23 guidance bar today, announcing FY23 sales and operating profit would come in broadly the same as last year (revenues of £50.4m & EBIT of £12.3m). This is somewhat short of broker Singer's forecasts of £60.0m (-16%) and £13.8m (-11%) respectively.
More positively, the H2 2023 run-rate is presently tracking at approx. £25.4m sales and £6.9m EBIT, compared to £25m and £5.4m in the previous half.
Which to me doesn't look quite as awful as yesterday's stock price collapse implies.
Indeed, shares (60p) appear to trade on FY23 EV/EBIT and PER multiples of only 5x and 7x respectively, assuming Dec '23 net cash (freely distributable) of c. £10m.
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