Do i understand it right:
(1) OneSource business, only 44% is with Strides Shareholders now… Arun and other firms owns 56%. They are basically rolling up those proviate entities under a demerged public entity, kinda complex transaction but something that helps cureent private owners.
(2) Post de merger, Strides promoters will hold 39% shares. How about Onesource? Would it mean Promoters own 56%? Or maybe there is some transaction going on that changes promoter ownership in OneSource?
From numbers perspective,
Strides FY24 expected Revenue $ 485m, EBITDA 18%.
Onesource ( Specific to Stride ownership) ~ $72 m (softgel $65+ Stelis $ 7 (30%))… Estimated equity valuation $ 400m… Approx Ev EBITDA 25.
Stride w/ o Onesource = $ 413m revenue. EBITDA ~$70m.
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