Looks a little expensive to me. PE of 18 or so based on pro forma FY15 forecast. The statutary NPAT is also forecast to be a fair bit lower than pro forma NPAT from what I can tell, so if you use the statutary figure the PE blows out a lot further.
I noticed part of the purpose of the offer in the prospectus is to :
'allow Existing Shareholders to realise part of their investment in Costa'. That's fair enough and pretty normal but I'd expect with that in mind they're not likely to be listing at a cheap valuation. The price may drop if a number of those existing shareholders sell to realise part of that investment. Mind you the market seems pretty mad at present for food stocks, so who knows.
If it became a fair bit cheaper I might have a closer look.
CGC Price at posting:
$2.16 Sentiment: None Disclosure: Not Held
