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the discounted free cash flows, terminal value, and cash balances to arrive at the company’s enterprise value. As of the date
of valuation, SMS had 254 million outstanding shares. By dividing the enterprise value with the total number of outstanding
shares, we arrived at a target price of A$0.50 per share.
Conclusion
Structural Monitoring System (ASX: SMN) is an exciting investment opportunity for risk-averse investors seeking to
capitalize on the opportunities offered by the high growth aerospace industry. The company has developed patented
technology and has successfully commercialized monitoring products based it. In addition, the company has recently bagged
some big commercial orders from some of the known names in the aerospace industry such as Airbus. In our opinion,
association with such successful companies will provide market recognition and product validation to the company.
Additionally, there are multiple factors supporting the outlook of the aerospace industry. SMS is also planning to enter other
industries to realize higher growth and establish enhanced revenue streams. We maintain a bullish outlook for the aerospace
industry in the next 5-10 years. We expect SMS’ stock price to reach A$0.50 at a corresponding market capitalization of
A$127.65 million over a 24–48 month investment horizon.
Particulars 2008E 2009E 2010E 2011E
2012E
2013E
Revenues 600 4,236 7,210 10,879
14,721
18,397
Cost of Sales 200 932 2,163 3,264
4,416
5,519
Net Income (3,538) 392 1,898 4,617
7,423
10,090
EPS (In cents) (0.014) 0.002 0.007 0.018
0.029
0.040
© Khandaker Partners. All rights reserved. The information and data contained herein is not warranted or represented to be accurate and complete.
This report is intended for U.S. residents and for information purposes only and should not be considered as advice or solicitation to buy or sell any Security.
Exhibit 1: Consolidated Income Statement
Source: Khandaker Research
© Khandaker Partners. All rights reserved. The information and data contained herein is not warranted or represented to be accurate and complete.
This report is intended for U.S. residents and for information purposes only and should not be considered as advice or solicitation to buy or sell any Security.
Exhibit 2: Balance Sheet
Source: Khandaker Research
© Khandaker Partners. All rights reserved. The information and data contained herein is not warranted or represented to be accurate and complete.
This report is intended for U.S. residents and for information purposes only and should not be considered as advice or solicitation to buy or sell any Security.
Exhibit 3: Cash Flow Statement
Source: Khandaker Research
© Khandaker Partners. All rights reserved. The information and data contained herein is not warranted or represented to be accurate and complete.
This report is intended for U.S. residents and for information purposes only and should not be considered as advice or solicitation to buy or sell any
Security.
Disclaimer
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fee. Khandaker Partners has received a fee from the company under valuation coverage for producing and dissemination of
the research reports including introduction to certain sophisticated investors and highly specialized financial institution that
generally represent professional investor group. This material is for informational purposes only and is not an offer to sell or the
solicitation of an offer to buy. Additionally, Khandaker Partners Valuation Research, and the general guidance are not personal
recommendations for any particular investor or client and do not take into account the financial, investment or other objectives
or needs of, and may not be suitable for any particular investor or client. Before buying, investors and clients should consider
whether the investment is suitable. Investors and clients should consider Khandaker Partners Valuation Research as only a
single factor in making their investment decision while taking into account the current market environment. Accordingly,
Khandaker Partners does not assess the suitability (or the potential value) of any particular investment. Khandaker Partners
Valuation Research utilizes independent research data in the forming of a value. While Khandaker Partners believes the
research is information is reliable, they do not guarantee its accuracy, timeliness or completeness. Khandaker Partners
Valuation Research is generally updated quarterly, so you should review and consider any recent market or company news
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