Q1 Results Roughly As Expected
Q1 Results Roughly As Expected
Q1 Results Roughly As Expected. STAF filed its 10-Q for the first quarter, reporting Revenue of $41.4 million, inline with our estimate. The Professional segment reported a slightly higher number due to more election-related Headway business. However, gross margins were slightly lower, at 10.4%, due to that additional business. The biggest variant from our model was the higher SG&A figure, at $7.1 million, however we would expect there is additional noise in this figure relating to the UK disposal and professional fees. As a result of the lower GM and higher SG&A, Adjusted EBITDA was $(685,000).
第一季度成果基本符合預期。STAF已提交其第一季度的10-Q報表，報告營業收入爲4140萬美元，與我們的預測相符。專業部門報告了稍高的數字，因爲有更多與選舉有關的業務。然而，由於這些額外業務，毛利率略有下降，爲10.4%。我們模型中最大的差異是SG&A數字更高，在710萬美元，但我們預計這個數字還包括了英國清算和專業費用方面的額外噪音。由於低毛利和高SG&A，調整後的EBITDA爲（685,000）美元。
10-Q Notes. The shares outstanding jumped after the close of the first quarter, from 634,219 to 905,893. The increase was related to shares owed to an investor, which have now been fully issued.
10-Q備註。在第一季度結束後，已發行的股票數量從634,219股增至905,893股。增加是與一位投資者擁有的股票有關，這些股票現已全部發行。
The 10-Q noted that the Company retained Transact Capital on February 15 to explore M&A opportunities, which could include the sale of Staffing 360. The Company was unable to comment beyond this, but we note that Transact brokered a previous transaction involving Headway, prior to its acquisition by STAF.
10-Q指出公司於2月15日委任Transact Capital探討併購機會，可能包括出售Staffing 360。公司無法對此發表評論，但我們注意到，在STAF收購Headway之前，Transact曾經經紀過一筆交易。
Model Update. We made no changes to our model, other than updating the shares outstanding.
模型更新。我們沒有對模型進行任何更改，只是更新了已發行股票的數量。
Maintaining Rating & Target. The first quarter was roughly as expected. Perhaps the biggest surprise of the Q was that it has engaged a firm to assist in M&A activities, which could lead to its sale or to becoming a larger player in the Staffing market through acquisitions. With no significant changes we are reiterating our Buy rating and $10 target price. Our target price is based on an EV/aEBITDA multiple of roughly 6 times our aEBITDA estimate for the last nine months of 2024 of $5.4 million and a forward EV/Revenue multiple of 0.20.
維持評級和目標價。第一季度成果基本符合預期。也許最令人驚訝的是，公司聘請一家公司協助開展併購活動，這可能導致其被出售或通過收購成爲員工市場中的更大的參與者。我們沒有進行任何重大改變，仍然重申我們的買入評級和10美元的目標價。我們的目標價基於EV/aEBITDA乘數，該乘數約爲我們對2024年後9個月aEBITDA預測的6倍540萬美元，以及正向的EV/營業收入乘數0.20。
譯文內容由第三人軟體翻譯。
