@hcosah, Just keep in mind that that (aspirational?) target for...

@hcosah, Just keep in mind that that (aspirational?) target for JacPac, whilst not requiring further "acqusitions" to achieve (we are told), will require (substantial?) capex. It will require some expansion of capability in existing facilities (die-cutting & gluing equipment) to get to the mid term target of $90m revenues, and will require "additional equipment" to get to the year-5 target of $150m. Call it "organic growth" or call it what you like, it's cash out the door. That said, I am comforted by the fact that they seem to be highly focused on leveraging their exisring printing & distribution capacity/capability.

They make much noise about the pcp being particularly buoyant ("post covid recovery"), thus presenting a headwind to current comparatives (when we strip out the impact of the Ovato & JacPac acqusitions). Which is fair enough, I guess. But the cynic in me doesn't remember them mentioning a "transient buoyant" period back when they reported their H1 FY23 results.

I guess navigating BS is path of the course... Rant over.